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"iso4217:GBP" } }, "fact-295": { "value": "42173000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-296": { "value": "20543000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2022-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-297": { "value": "5000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-298": { "value": "-12000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-299": { "value": "293000", "decimals": -3, "dimensions": { "concept": "wilmingtonplc:CashClassifiedAsHeldForSale", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-300": { "value": "0", "decimals": -3, "dimensions": { "concept": "wilmingtonplc:CashClassifiedAsHeldForSale", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-301": { "value": "67808000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-302": { "value": "42173000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-6": { "value": "Wilmington plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-305": { "value": "General information The Company is a public company limited by shares, incorporated and domiciled in the UK. The address of its registered office is 10 Whitechapel High Street, London E1 8QS. The Company is listed on the Main Market on the London Stock Exchange. The Company is a provider of data, information, education and training in the global Governance, Risk and Compliance (\u2018GRC\u2019) markets.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-3": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-4": { "value": "UK", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-303": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-5": { "value": "10 Whitechapel High Street, London E1 8QS", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-304": { "value": "
1. Statement of accounting policies
The material accounting policy information applied in preparing the financial
statements are outlined below. These policies have been consistently applied for
all the years presented, unless otherwise stated.
a) Basis of preparation
The Group and Company consolidated financial statements have been prepared
in accordance with UK-adopted International Financial Reporting Standards ('IFRS')
and the Companies Act 2006 applicable to companies reporting under IFRS.
The Group have taken the Section 408 exemption and therefore not included the
Company income statement.
The consolidated financial statements have been prepared under the historical
cost convention, except in respect of certain financial instruments that have been
measured at fair value. The consolidated financial statements are presented in
Sterling, the functional currency of Wilmington plc, the parent company. All values
are rounded to the nearest thousand pounds (\u00a3\u2019000) except where otherwise
indicated.
Pursuant to Section 408 of the Companies Act 2006 the Company\u2019s own income
statement and statement of other comprehensive income are not presented
separately in the Company financial statements, but they have been approved
by the Board.
Going concern
Management prepared forecasts for the assessment period to provide a \u2018base case\u2019
scenario, considered to reflect the most likely outcome based on detailed analysis
of current trading, expected future trends, and potential impact of known risks.
The results of this base case scenario modelling demonstrate adequate resources
to continue in operational existence and meet liabilities as they fall due at all
relevant testing dates. The subsequent analysis focused on applying the \u2018reverse
stress test\u2019 to the base case in order to demonstrate the conditions under which
a threat to business continuity could materialise and its impact.
The Group has also performed a detailed analysis to support the use of the going
concern basis in preparing its consolidated financial statements for the year ended
30 June 2024, covering an assessment period to 30 September 2025.
Going concern assessment process
Management prepared forecasts for the assessment period to provide a \u2018base
case\u2019 scenario, considered to reflect the most likely outcome based on detailed
analysis of current trading, expected future trends, and potential impact of known
risks. The results of this base case scenario modelling demonstrate adequate
resources to continue in operational existence and meet liabilities as they fall due
at all relevant testing dates. The subsequent analysis focused on applying \u2018reverse
stress testing\u2019 to the base case to demonstrate the conditions under which a threat
to business continuity could materialise.
All scenarios modelled in the stress testing exercise demonstrated that the
Group remains in a net cash position throughout the going concern period, and it
is therefore not considered plausible for the Group to be in a scenario where it was
unable to meet its liquidity needs. The review therefore focused on other potential
scenarios that would create a going concern risk. The reverse stress testing
exercise demonstrated that there would need to be a significant and sustained
drop in the Group\u2019s profitability in combination with an associated demand
for cash, that will create a shift towards a net debt position. To determine the
likelihood of this scenario occurring, extreme downside assumptions were applied
and layered to the base case as follows:
\u2022 cancellation of flagship events;
\u2022 significant customer disruption causing material revenue loss; and
\u2022 significant inflationary pressures and supply disruption with associated
material cost impact.
The application of these downside assumptions did not trigger a net debt scenario
at any relevant testing date. To gain further assurance over this conclusion, it has
however, considered a range of mitigative actions that could be applied to protect
the Group\u2019s position as follows:
\u2022 reduce controllable costs, for example discretionary reward, recruitment
freezes and travel restrictions;
\u2022 optimise working capital by negotiating longer payment terms whilst
continuing to pay suppliers in full;
\u2022 limit capital expenditure on new product development; and
\u2022 implement strategic action in respect of the Group\u2019s asset base.
Based on the assessment performed, together with the performance of the
Group to date in the financial year ending 30 June 2025, the Directors consider
that the Group has adequate resources to continue in operational existence and
meet its liabilities as they fall due over the going concern assessment period.
Accordingly the Directors have concluded that it was appropriate to adopt the
going concern basis in preparing the financial statements.
b) New standards and interpretations
There was no material impact from the adoption of new standards, interpretations
and amendments effective in the year ended 30 June 2024, including:
International Financial Reporting Effective for accounting
Standards (IFRS/IAS)
Description
periods starting after
Amendments to IAS 12 Deferred Tax related to 1 January 2023
Income Taxes Assets and Liabilities
Amendments to IAS 8 Accounting Definition of 1 January 2023
Policies, Changes in Accounting Accounting Estimates
Estimates and Errors
Amendments to IAS 1 Presentation Disclosure of Accounting 1 January 2023
of Financial Statements and IFRS Policies and Making
Practice Statement 2 Materiality Judgements
New standards and interpretations not yet effective
Standards, interpretations and amendments issued but not yet effective have
not been applied and are not expected to have a material impact on the Group\u2019s
consolidated financial statements for the year ended 30 June 2025. The impact
of IFRS 18 Primary Financial Statements is under assessment and will become
effective in the financial year ending 30 June 2028, subject to UK endorsement.
c) Critical accounting judgments and estimates
The preparation of financial statements requires management to make judgments,
estimates and assumptions that affect the amounts reported for income and
expenses during the year and that affect the amounts reported for assets and
liabilities at the reporting date. At the 2024 annual reporting date there are
no critical accounting judgments or significant estimation uncertainties.
Accounting judgments and significant estimation uncertainties have been
considered in relation to climate change including the risks identified on
pages 59 to 61. Management considered any impact on forward looking
information and estimates such as those used in going concern and viability,
the carrying value of assets including goodwill, and the useful economic lives
of assets. No material impact has been identified. Management will continue to
regularly assess judgments and estimation uncertainties in relation to climate
change.
Goodwill and intangible assets
Management makes estimates in measuring the carrying amount of goodwill and
intangible assets. In considering whether goodwill and intangible assets have been
impaired, the recoverable amount of cash generating units has been determined
based on value in use calculations. These calculations require management to
estimate future cash flows, a long term growth rate and an appropriate discount
rate. The sensitivity of the carrying amount of goodwill to these variables
is considered in note 12.
Acquisition accounting
Business combinations are accounted for under the acquisition method based
on the fair values of the consideration paid. Assets and liabilities are measured
at fair value at the acquisition date. The Group estimates the provisional fair
values and useful lives of acquired assets and liabilities at the date of acquisition.
The valuation of acquired intangibles is subject to estimation of future cash flows
and the discount rate applied to them. The valuation of the customer related
intangible assets is determined based on an excess earnings methodology, the
valuation of the marketing-related intangible asset is based on a royalty savings
method and the valuation of the technology-based intangible asset is based
on a replacement cost method.
Deferred consideration receivable
Amounts due are specified in the disposal agreements and are therefore not
estimated. The discount rates used to discount the deferred consideration
receivable to calculate the net present value are estimates. A discount rate of 14%
was used for the disposal of MiExact and 12% for the disposal of UK Healthcare,
this was based on management\u2019s best estimate of the market interest rate that
reflects the specific risk of the loan note to the borrower. Consideration receivable
is initially recognised at fair value and subsequently measured at amortised cost.
If the discount rate increased/ decreased by 1 percentage point, the deferred
consideration balance for UK Healthcare would decrease by of \u00a30.4m/increase
by \u00a30.4m.
Tax
Management make judgments as to whether certain tax deductions claimed
will be allowable when tax authorities review tax filings. Some legislation is
hard to interpret and practical application of legislation will vary based on precise
circumstances. The Group has made claims based on tax advice from advisors
in each jurisdiction where it is required to file tax returns and the outcome of
these claims bears a degree of uncertainty until review periods are complete.
Significant adjustments to tax charges in future periods are therefore possible
depending on the outcome of tax authorities\u2019 reviews.
Climate-related risks
In preparing the Group\u2019s financial statements consideration has been given to the
impact of both physical and transition climate-related risks, as described in the
Task Force on Climate-Related Financial Disclosures ('TCFD') section on page 60.
Climate scenario analysis was used as a tool to identify and assess a potential
range of future outcomes, by capturing different assumptions about policies and
physical climate conditions.
There is inherent uncertainty over the assumptions used within these scenarios
and how they will impact the Group\u2019s operations, cash flows and profitability.
The climate-related estimates and assumptions have been applied primarily to
going concern, impairment of non-financial assets, property plant and equipment,
indefinite life intangible assets and provisions.
d) Basis of consolidation
The Group\u2019s consolidated financial statements incorporate the results and net
assets of Wilmington plc and all its subsidiary undertakings made up to 30 June
each year. Subsidiaries are all entities over which the Group has control. The Group
controls an entity when the Group is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns
through its power over the entity. Subsidiaries are fully consolidated from the date
on which control is transferred to the Group.
They are deconsolidated from the date that control ceases. Where necessary,
adjustments are made to the financial statements of subsidiaries to bring the
accounting policies used into line with those used by the Group. All inter-group
transactions, balances, income and expenses are eliminated on consolidation;
however, for the purposes of segmental reporting, internal arm\u2019s length recharges
are included within the appropriate segments.
e) Business combinations
The acquisition method of accounting is applied in accounting for the acquisition
of subsidiaries. The acquiree\u2019s identifiable assets and liabilities are recognised at
their fair value at the acquisition date. Goodwill arising on acquisition is recognised
as an asset and measured at cost, representing the excess of the aggregate of the
consideration, the amount of any non-controlling interests in the acquiree, and the
fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any)
over the net of the fair values of the identifiable assets and liabilities at the date
of acquisition. The consideration is measured at fair value, which is the aggregate
of the fair values of the assets transferred, liabilities incurred or assumed and the
equity instruments issued in exchange for control of the acquiree.
f) Impairment of non-financial assets
Intangible assets with finite useful lives and property, plant and equipment are
tested for impairment if events or changes in circumstances indicate that the
carrying amount may not be recoverable. When an impairment test is performed,
the recoverable amount of the asset is assessed and its carrying amount is
reduced to that amount if lower, and any impairment losses are recognised in the
income statement. The recoverable amount is the higher of the value in use and
of the fair value less costs to sell, where the value in use is the present value of the
future cash flows expected to be derived from the asset.
If, in a subsequent period, the amount of the impairment loss decreases due to a
change in the estimates used to determine the asset\u2019s recoverable amount since
the last impairment loss was recognised, the previously recognised impairment
loss is reversed to the extent that the carrying amount of the asset does not
exceed the carrying amount that would have been determined (net of amortisation
or depreciation) had no impairment loss been recognised for the asset in prior
years. The reversal of an impairment loss is recognised in the income statement.
Goodwill is not amortised, but it is reviewed for impairment at least annually.
Goodwill is allocated to cash generating units (\u2018CGUs\u2019) for the purpose of
impairment testing, so that the value in use is determined by reference to the
discounted cash flows of the CGU. The cash flows considered are the expected
post-tax cash flows of the CGU, for projections over a three year period
extrapolated using estimated long term growth rates. The recoverable amount
of the CGU, as for any asset, is the higher of the value in use and the fair value
less costs to sell. If a CGU is impaired, the impairment losses are allocated firstly
against goodwill, and then on a pro-rata basis against intangible and other assets.
An impairment of goodwill is not reversed.
g) Foreign currencies Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u2018functional currency\u2019). The consolidated financial statements are presented in Sterling, which is the Company\u2019s functional and the Group\u2019s presentation currency. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of transactions and the translation of monetary assets and liabilities denominated in foreign currencies at period end exchange rates are recognised in the income statement. On consolidation, assets and liabilities of foreign undertakings are translated into Sterling at year end exchange rates. The results of foreign undertakings are translated into Sterling at average rates of exchange for the year (unless this average is not a reasonable approximation of the cumulative effects of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions). Foreign exchange differences arising on retranslation are recognised directly in a separate component of equity, the translation reserve. In the event of the disposal of an undertaking with assets and liabilities denominated in a foreign currency, the cumulative translation difference in the translation reserve that is associated with the undertaking is charged or credited to the gain or loss on disposal recognised in the income statement. h) Revenue Revenue is measured at the transaction price and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
The Group\u2019s revenue comprises different types of product and services across the
Group as follows:
\u2022 Subscription income for online services, information and journals is normally
received in advance and is therefore recorded as a contract liability on the
balance sheet. Revenue is then recognised evenly over time as the performance
obligations are satisfied over the term of the subscription. These revenue
streams relate to one performance obligation that is settled over time using the
output method on a straight line basis as the customer simultaneously receives
and consumes the benefit from the service.
\u2022 Revenue is recognised on the sale of training material, research projects and
similar publications once the product has been delivered to the customer.
These revenue streams relate to one performance obligation that is settled
at a point in time as Wilmington has a right to payment once control of the
asset is transferred to the customer.
\u2022 Advertising in hard copy publications is recognised on the issue of the related
publication. This revenue stream relates to one performance obligation that
is settled at a point in time as Wilmington has a right to payment once the
advertising is published in the hard copy publication.
\u2022 Marketing and advertising services revenues are recognised over the period
of the advertising subscription or over the period when the marketing service
is provided. When payment is received in advance it is recorded on the
balance sheet as a contract liability and revenue is then recognised over time
as the performance obligations are satisfied over the term of the contract.
These revenue streams relate to one performance obligation that is settled
over time using the output method on a straight line basis as the customer
simultaneously receives and consumes the benefit from the service.
\u2022 Revenue from the licence of static data reports is recognised once the data
has been delivered to the customer. This revenue stream relates to one
performance obligation that is settled at a point in time as Wilmington has
a right to payment once control of the asset is transferred to the customer.
\u2022 Revenue from the licence of static data reports where the customer has access
to the data for a finite period of time and the reports have significant updates
during that period is recognised over the period of the contract. When payment
is received in advance it is recorded on the balance sheet as a contract liability
and revenue is then recognised over time as the performance obligations are
satisfied over the term of the contract. This revenue stream relates to one
performance obligation that is settled over time using the output method
on a straight line basis as the customer simultaneously receives and consumes
the benefit from the service.
\u2022 Revenue from licences to dynamic data that is updated on an ongoing basis
is recognised over the period of the contract. When payment is received in
advance it is recorded on the balance sheet as a contract liability and revenue
is then recognised over time as the performance obligations are satisfied over
the term of the contract. This revenue stream relates to one performance
obligation that is settled over time using the output method on a straight line
basis as the customer simultaneously receives and consumes the benefit from
the service.
\u2022 Revenue from classroom or online training courses where the training is
delivered as an ongoing process is recognised using the output method over
the period that the training is provided to the customer. When payment is
received in advance it is recorded on the balance sheet as a contract liability
and revenue is then recognised over time as the performance obligations are
satisfied over the term of the contract. This revenue stream relates to one
performance obligation that is settled over time using the output method
as the customer simultaneously receives and consumes the benefit from
the service.
\u2022 Revenue from training courses where the Group provides in-house training
to corporate customers is recognised on completion of the training course.
This revenue stream relates to one performance obligation that is settled
at a point in time as Wilmington has a right to payment once the service has
been delivered to the customer.
\u2022 Revenue from the memberships of professional organisations is recognised on a straight line basis over the period of membership. When payment is received in advance it is recorded on the balance sheet as a contract liability and revenue is then recognised over time as the performance obligations are satisfied over the term of the contract. This revenue stream relates to one performance obligation that is settled over time using the output method on a straight line basis as the customer simultaneously receives and consumes the benefit from the service. \u2022 Revenue from consulting projects is recognised over time using the output method on a performance completed to date method where there is an enforceable right to payment for performance completed to date. This revenue stream relates to one performance obligation that is settled over time using the output method as the customer simultaneously receives and consumes the benefit from the service. \u2022 Event revenue (including revenue from conferences) typically includes attendee fees, event sponsorship and advertising and is recognised when the event is held. Customers and sponsors are often required to pay in advance before commencement of the event, and these advance receipts are recognised as a contract liability on the balance sheet from the point at which they become due. This revenue stream relates to one performance obligation that is settled at a point in time as Wilmington has a right to payment once the service has been delivered to the customer. Contract liabilities represents consideration received for performance obligations not yet satisfied, the revenue deferred at the current financial year end is expected to be recognised in the following financial year. i) Operating expenses In accordance with IAS 1 paragraph 102, expenses are presented in the accounts based on their nature. The nature of our operating expenses is that they split into costs to fulfil revenue contracts and administrative costs and therefore are shown in this split in the financial statements. Distribution costs are not separately identified due to the digital nature of the Group\u2019s products as they are considered immaterial. Fulfilment costs are associated directly with the production of a product, event or service and are charged to the income statement as incurred. At each reporting date a prepayment is recognised for any third-party costs which are paid for in advance of the relevant event being run except in relation to marketing costs. Administrative costs are additional operational costs that are not directly associated with the production of a product, event or service. These include expenses relating to central administrative and management functions and are expensed to the income statement as incurred. Material items within operating expenses are disclosed in the financial statements and include staff costs, depreciation and amortisation and fulfilment costs. j) Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Board of Directors (the \u2018Board\u2019) which is considered as the Group\u2019s chief operating decision maker and is responsible for allocating resources and assessing performance of the operating segments. The three divisions (HSE, Legal and Financial Services) are the Group\u2019s segments and generate all of the Group\u2019s ongoing revenue. The Board considers the business from both a geographic and product perspective. Geographically, management considers the performance of the Group between the UK, Europe (excluding the UK), USA and the Rest of the World. k) Adjusting items The Group\u2019s income statement separately identifies adjusting items. Such items are those that in the Directors\u2019 judgment are one off in nature and need to be disclosed separately by virtue of their size and incidence. In determining whether an item or transaction should be classified as an adjusting item, the Directors consider quantitative as well as qualitative factors such as the frequency, predictability of occurrence and significance. This focus on quantitative and qualitative factors may result in the classification of an item as adjusting, where one of apparently similar nature is not. The Group distinguishes between restructuring costs that are recurring and those that relate to one off or transformational Group programmes that impact many operations. Recurring restructuring costs that are incurred in the normal course of business are recorded as part of the Group\u2019s underlying trading results within profit before tax. Restructuring costs that are one off and individually material or relate to programmes linked to the Group\u2019s wider transformation and require approval at executive level are disclosed separately in the Consolidated income statement. When these adjusting items relate to a transformational programme to the business, the cost may apply to multiple years. This is consistent with the way that financial performance is measured by management and reported to the Board. Adjusting items may not be comparable to similarly titled measures used by other companies. Disclosing adjusted items separately provides additional understanding of the performance of the Group. l) Current and deferred tax Current and deferred tax is recognised as income or an expense and included in the income statement for the period, except to the extent that it relates to items recognised directly in other comprehensive income or directly in equity, in which case it is recognised in other comprehensive income or equity, respectively. The tax effect of adjusting items is calculated by applying the relevant prevailing rate of taxation to the adjusting expense or income to the extent it is taxable or tax deductible. The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company\u2019s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. m) Dividends Dividend distributions are recognised in the consolidated financial statements when the shareholders\u2019 right to receive payment is established. Final dividend distributions are recognised in the period in which they are approved by the shareholders, whilst interim dividend distributions are recognised in the period in which they are declared and paid. n) Intangible assets Intangible assets are stated at historical cost less accumulated amortisation. Intangible assets are recorded at cost and are amortised through the income statement on a straight line basis over their estimated useful lives. Their estimated useful lives depend on the classification of the assets as follows: Computer software 20\u201333% per annum Databases 8\u201320% per annum Customer relationships 8\u201333% per annum Brands 5\u201320% per annum Publishing rights and titles 5\u201310% per annum Computer software that is integral to a related item of hardware is classified as computer equipment within property, plant and equipment. Other computer software and internally developed software and databases are classified as intangible assets if they meet the definition and recognition criteria set out in I AS 38. Costs associated with the production of internally developed software are capitalised once it is probable that they will generate future economic benefits and satisfy the other criteria set out in IAS 38. Computer software intangible assets (including the cost of internally developed software and databases) are initially recognised at cost. They are subsequently amortised through the income statement on a straight line basis over their estimated useful lives up to five years. Assets that are not in use at the reporting date (assets under development) are recognised at cost and amortisation commences when those assets begin to generate economic benefit. Research costs are expensed as incurred.o) Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Cost includes the original purchase price of the asset plus any costs of bringing the asset to its working condition for its intended use. Depreciation is not provided on freehold land. On other assets it is provided at the following annual rates, on a straight line basis, in order to write down each asset to its residual value over its estimated useful life. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Land, freehold and leasehold buildings
(excluding freehold land)
2\u201310% per annum
Fixtures and fittings
10\u201333% per annum
Computer equipment
25\u201333% per annum
Motor vehicles
25% per annum
Leasehold improvements are included in land, freehold and leasehold buildings. Gains and losses arising on disposal are determined by comparing the proceeds with the carrying amount and are recognised within the income statement. When the gain or loss arising on disposal is significant or material, it is disclosed separately on the income statement within other income or expenses. p) Investments in subsidiaries Investments in subsidiaries are stated at cost less provision for any impairment in value. q) Non-current assets and disposal groups held for sale Non-current assets (or disposal groups) are classified as held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. r) Financial instruments Financial assets The Group classifies its non-derivative financial assets as \u2018amortised cost\u2019 for the purposes of IFRS 9. Management determines the classification at initial recognition and re-evaluates this designation at each reporting date. Loans and other receivables Loans and other receivables are measured based on the Group\u2019s business model for managing the financial asset and its contractual cash flow characteristics. Loans and other receivables are initially recognised at fair value plus transaction costs. They are subsequently carried at amortised cost using the effective interest method less any expected credit losses, with changes in carrying value recognised in the income statement. Loans and other receivables are classified as current assets if they mature within twelve months of the reporting date, but are otherwise classified as non-current assets. Trade receivables Trade receivables are initially recognised at the transaction price, which is usually the invoiced amount. They are subsequently carried at amortised cost using the effective interest method (if the time value of money is significant), less provision for expected credit losses. Provisions are made specifically, where there is evidence of a risk of non-payment taking into account ageing, previous losses experienced and general economic conditions. The Group assesses for impairment using the expected credit losses model as required by IFRS 9. For trade receivables, the Group applies the simplified approach which requires expected lifetime losses to be recognised from the initial recognition of the receivables. The Group measures its trade receivables at amortised cost for the purposes of IFRS 9 and are presented as current assets as all collections are due in one year or less. Cash and cash equivalents Cash and cash equivalents comprise cash in hand, current balances with banks and similar institutions, and other short term highly liquid investments which are subject to insignificant risk of changes in value and have original maturities of three months or less. Cash and cash equivalents are offset against bank overdrafts and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts. Bank overdrafts are otherwise shown as borrowings within current liabilities on the balance sheet. There were no overdrafts used for the year ended 30 June 2024 or the year ended 30 June 2023. The Group measures cash and cash equivalents at amortised cost for the purposes of IFRS 9. Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost and debt instruments at fair value through other comprehensive income. Expected credit losses are updated at each reporting date to reflect changes in credit risk. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the financial assets, general economic conditions and an assessment of the current and forecast conditions at the reporting date. Financial liabilities Trade and other payables Trade and other payables are initially recognised at fair value, which is usually the invoiced amount. They are subsequently carried at amortised cost using the effective interest method (if the time value of money is significant). If due within twelve months or less, the trade or other payable is classified as a current liability. It is otherwise classified as a non-current liability. The Group measures trade and other payables at amortised cost for the purposes of IFRS 9. Loans and other borrowings Loans and other borrowings are initially recognised at the fair value of the amounts received net of transaction costs. They are subsequently carried at amortised cost using the effective interest method, with changes in carrying value recognised in the income statement. Loans and other borrowings are classified as current liabilities if they mature within twelve months of the balance sheet date, but are otherwise classified as non-current liabilities. The Group measures loans and other borrowings at amortised cost for the purposes of IFRS 9. Financial instruments and hedge accounting The Group manages its capital and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Group makes use of derivative financial instruments if doing so reduces exposure to interest rate risk and foreign currency risk. There were no derivative financial instruments used in the Group for the year ended 30 June 2024 or the year ended 30 June 2023. s) Provisions Provisions are recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle it. If the effect is material, provisions are determined by discounting the expected future cash flows at an appropriate discount rate. t) Retirement benefits The Group does not operate a defined benefit pension scheme. The Group contributes to defined contribution pension schemes for a number of employees. Contributions to these arrangements are charged in the income statement in the period in which they are incurred. The Group has no further payment obligation once the contributions have been paid. u) Share based payments The Group operates an equity-settled, share based compensation plan, under which the entity receives services from employees as consideration for equity instruments (share awards and options) of the Group. The fair value of the employee services received in exchange for the grant of share awards and options is recognised as an expense. The total amount to be expensed is determined by reference to the fair value of the share awards and options granted, excluding the impact of any non-market service and performance vesting conditions (for example profitability and remaining as an employee of the entity over a specified time period). Non-market vesting conditions are included in assumptions about the number of share awards and options that are expected to vest. The total amount expensed is recognised over the vesting period, which is the period over which all of the specified existing conditions are to be satisfied. At each balance sheet date, the entity revises its estimates of the number of share awards and options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in the income statement, with a corresponding adjustment to the share based payments reserve within equity. The payment in lieu of dividend payable in connection with the grant of the share awards is considered an integral part of the grant itself, and the charge will be treated as an equity-settled transaction. The cumulative share based payment charge held in reserves is recycled into retained earnings when the share awards or options lapse or are exercised. The social security contributions payable in connection with the grant of the share awards will be treated as a cash-settled transaction. v) Leases The Group recognises a right-of-use asset and corresponding liability at the date the leased asset is made available for use by the Group. The liability is measured at the present value of future lease payments over the lease term including fixed payments, in-substance fixed payments, and variable lease payments that are based on an index or a rate, less any lease incentives receivable. Lease liabilities are remeasured to include any payments to be made under extension options which are reasonably certain to be exercised. The lease payments are discounted using the interest rate implicit in the lease; where this rate cannot be determined an incremental borrowing rate is used. The incremental borrowing rate is determined with reference to the rate that the lessee would pay to borrow the funds necessary to obtain an asset of similar value, in a similar economic environment, with similar terms and conditions, adjusted for the country-specific risk of the lessee. The Group records an interest charge in respect of the lease liability over the lease term. The right-of-use asset is measured at cost, based on the value of the initial measurement of the associated lease liability, adjusted for any lease payments already made less any lease incentives received, initial direct costs incurred, and any dilapidation or restoration costs required by the terms and conditions of the lease. The right-of-use asset is depreciated over the term of the lease on a straight line basis, or if shorter, over the leased asset\u2019s useful economic life. Lease liabilities are remeasured when there is a change in future lease payments arising from a change in an index or rate, a change in the estimate of the amount expected to be payable under a residual value guarantee, or as appropriate, changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised. The Group recognises an expense in the Consolidated income statement in respect of short term leases (being those with an initial term of twelve months or less) and leases of low-value items on a straight line basis over the life of the lease. w) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. The share premium reserve represents the amount paid to the Company by shareholders above the nominal value of shares issued. Where any Group company purchases the Company\u2019s equity share capital (\u2018treasury shares\u2019), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled or reissued.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-306": { "value": "a) Basis of preparation The Group and Company consolidated financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards ('IFRS') and the Companies Act 2006 applicable to companies reporting under IFRS. The Group have taken the Section 408 exemption and therefore not included the Company income statement. The consolidated financial statements have been prepared under the historical cost convention, except in respect of certain financial instruments that have been measured at fair value. The consolidated financial statements are presented in Sterling, the functional currency of Wilmington plc, the parent company. All values are rounded to the nearest thousand pounds (\u00a3\u2019000) except where otherwise indicated. Pursuant to Section 408 of the Companies Act 2006 the Company\u2019s own income statement and statement of other comprehensive income are not presented separately in the Company financial statements, but they have been approved by the Board. Going concern Management prepared forecasts for the assessment period to provide a \u2018base case\u2019 scenario, considered to reflect the most likely outcome based on detailed analysis of current trading, expected future trends, and potential impact of known risks. The results of this base case scenario modelling demonstrate adequate resources to continue in operational existence and meet liabilities as they fall due at all relevant testing dates. The subsequent analysis focused on applying the \u2018reverse stress test\u2019 to the base case in order to demonstrate the conditions under which a threat to business continuity could materialise and its impact. The Group has also performed a detailed analysis to support the use of the going concern basis in preparing its consolidated financial statements for the year ended 30 June 2024, covering an assessment period to 30 September 2025. Going concern assessment process Management prepared forecasts for the assessment period to provide a \u2018base case\u2019 scenario, considered to reflect the most likely outcome based on detailed analysis of current trading, expected future trends, and potential impact of known risks. The results of this base case scenario modelling demonstrate adequate resources to continue in operational existence and meet liabilities as they fall due at all relevant testing dates. The subsequent analysis focused on applying \u2018reverse stress testing\u2019 to the base case to demonstrate the conditions under which a threat to business continuity could materialise. All scenarios modelled in the stress testing exercise demonstrated that the Group remains in a net cash position throughout the going concern period, and it is therefore not considered plausible for the Group to be in a scenario where it was unable to meet its liquidity needs. The review therefore focused on other potential scenarios that would create a going concern risk. The reverse stress testing exercise demonstrated that there would need to be a significant and sustained drop in the Group\u2019s profitability in combination with an associated demand for cash, that will create a shift towards a net debt position. To determine the likelihood of this scenario occurring, extreme downside assumptions were applied and layered to the base case as follows: \u2022 cancellation of flagship events; \u2022 significant customer disruption causing material revenue loss; and \u2022 significant inflationary pressures and supply disruption with associated material cost impact. The application of these downside assumptions did not trigger a net debt scenario at any relevant testing date. To gain further assurance over this conclusion, it has however, considered a range of mitigative actions that could be applied to protect the Group\u2019s position as follows: \u2022 reduce controllable costs, for example discretionary reward, recruitment freezes and travel restrictions; \u2022 optimise working capital by negotiating longer payment terms whilst continuing to pay suppliers in full; \u2022 limit capital expenditure on new product development; and \u2022 implement strategic action in respect of the Group\u2019s asset base. Based on the assessment performed, together with the performance of the Group to date in the financial year ending 30 June 2025, the Directors consider that the Group has adequate resources to continue in operational existence and meet its liabilities as they fall due over the going concern assessment period. Accordingly the Directors have concluded that it was appropriate to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-354": { "value": "The Group and Company consolidated financial statements have been prepared in accordance with UK-adopted International Financial Reporting Standards ('IFRS') and the Companies Act 2006 applicable to companies reporting under IFRS. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-355": { "value": "The consolidated financial statements have been prepared under the historical cost convention, except in respect of certain financial instruments that have been measured at fair value. The consolidated financial statements are presented in Sterling, the functional currency of Wilmington plc, the parent company. All values are rounded to the nearest thousand pounds (\u00a3\u2019000) except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-356": { "value": "Going concern Management prepared forecasts for the assessment period to provide a \u2018base case\u2019 scenario, considered to reflect the most likely outcome based on detailed analysis of current trading, expected future trends, and potential impact of known risks. The results of this base case scenario modelling demonstrate adequate resources to continue in operational existence and meet liabilities as they fall due at all relevant testing dates. The subsequent analysis focused on applying the \u2018reverse stress test\u2019 to the base case in order to demonstrate the conditions under which a threat to business continuity could materialise and its impact. The Group has also performed a detailed analysis to support the use of the going concern basis in preparing its consolidated financial statements for the year ended 30 June 2024, covering an assessment period to 30 September 2025. Going concern assessment process Management prepared forecasts for the assessment period to provide a \u2018base case\u2019 scenario, considered to reflect the most likely outcome based on detailed analysis of current trading, expected future trends, and potential impact of known risks. The results of this base case scenario modelling demonstrate adequate resources to continue in operational existence and meet liabilities as they fall due at all relevant testing dates. The subsequent analysis focused on applying \u2018reverse stress testing\u2019 to the base case to demonstrate the conditions under which a threat to business continuity could materialise. All scenarios modelled in the stress testing exercise demonstrated that the Group remains in a net cash position throughout the going concern period, and it is therefore not considered plausible for the Group to be in a scenario where it was unable to meet its liquidity needs. The review therefore focused on other potential scenarios that would create a going concern risk. The reverse stress testing exercise demonstrated that there would need to be a significant and sustained drop in the Group\u2019s profitability in combination with an associated demand for cash, that will create a shift towards a net debt position. To determine the likelihood of this scenario occurring, extreme downside assumptions were applied and layered to the base case as follows: \u2022 cancellation of flagship events; \u2022 significant customer disruption causing material revenue loss; and \u2022 significant inflationary pressures and supply disruption with associated material cost impact. The application of these downside assumptions did not trigger a net debt scenario at any relevant testing date. To gain further assurance over this conclusion, it has however, considered a range of mitigative actions that could be applied to protect the Group\u2019s position as follows: \u2022 reduce controllable costs, for example discretionary reward, recruitment freezes and travel restrictions; \u2022 optimise working capital by negotiating longer payment terms whilst continuing to pay suppliers in full; \u2022 limit capital expenditure on new product development; and \u2022 implement strategic action in respect of the Group\u2019s asset base. Based on the assessment performed, together with the performance of the Group to date in the financial year ending 30 June 2025, the Directors consider that the Group has adequate resources to continue in operational existence and meet its liabilities as they fall due over the going concern assessment period. Accordingly the Directors have concluded that it was appropriate to adopt the going concern basis in preparing the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-357": { "value": "b) New standards and interpretations There was no material impact from the adoption of new standards, interpretations and amendments effective in the year ended 30 June 2024, including:
International Financial Reporting Effective for accounting
Standards (IFRS/IAS)
Description
periods starting after
Amendments to IAS 12 Deferred Tax related to 1 January 2023
Income Taxes Assets and Liabilities
Amendments to IAS 8 Accounting Definition of 1 January 2023
Policies, Changes in Accounting Accounting Estimates
Estimates and Errors
Amendments to IAS 1 Presentation Disclosure of Accounting 1 January 2023
of Financial Statements and IFRS Policies and Making
Practice Statement 2 Materiality Judgements
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-307": { "value": "b) New standards and interpretations There was no material impact from the adoption of new standards, interpretations and amendments effective in the year ended 30 June 2024, including:
International Financial Reporting Effective for accounting
Standards (IFRS/IAS)
Description
periods starting after
Amendments to IAS 12 Deferred Tax related to 1 January 2023
Income Taxes Assets and Liabilities
Amendments to IAS 8 Accounting Definition of 1 January 2023
Policies, Changes in Accounting Accounting Estimates
Estimates and Errors
Amendments to IAS 1 Presentation Disclosure of Accounting 1 January 2023
of Financial Statements and IFRS Policies and Making
Practice Statement 2 Materiality Judgements
New standards and interpretations not yet effective Standards, interpretations and amendments issued but not yet effective have not been applied and are not expected to have a material impact on the Group\u2019s consolidated financial statements for the year ended 30 June 2025. The impact of IFRS 18 Primary Financial Statements is under assessment and will become effective in the financial year ending 30 June 2028, subject to UK endorsement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-358": { "value": "New standards and interpretations not yet effective Standards, interpretations and amendments issued but not yet effective have not been applied and are not expected to have a material impact on the Group\u2019s consolidated financial statements for the year ended 30 June 2025. The impact of IFRS 18 Primary Financial Statements is under assessment and will become effective in the financial year ending 30 June 2028, subject to UK endorsement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-308": { "value": "c) Critical accounting judgments and estimates The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for income and expenses during the year and that affect the amounts reported for assets and liabilities at the reporting date. At the 2024 annual reporting date there are no critical accounting judgments or significant estimation uncertainties. Accounting judgments and significant estimation uncertainties have been considered in relation to climate change including the risks identified on pages 59 to 61. Management considered any impact on forward looking information and estimates such as those used in going concern and viability, the carrying value of assets including goodwill, and the useful economic lives of assets. No material impact has been identified. Management will continue to regularly assess judgments and estimation uncertainties in relation to climate change. Goodwill and intangible assets Management makes estimates in measuring the carrying amount of goodwill and intangible assets. In considering whether goodwill and intangible assets have been impaired, the recoverable amount of cash generating units has been determined based on value in use calculations. These calculations require management to estimate future cash flows, a long term growth rate and an appropriate discount rate. The sensitivity of the carrying amount of goodwill to these variables is considered in note 12. Acquisition accounting Business combinations are accounted for under the acquisition method based on the fair values of the consideration paid. Assets and liabilities are measured at fair value at the acquisition date. The Group estimates the provisional fair values and useful lives of acquired assets and liabilities at the date of acquisition. The valuation of acquired intangibles is subject to estimation of future cash flows and the discount rate applied to them. The valuation of the customer related intangible assets is determined based on an excess earnings methodology, the valuation of the marketing-related intangible asset is based on a royalty savings method and the valuation of the technology-based intangible asset is based on a replacement cost method. Deferred consideration receivable Amounts due are specified in the disposal agreements and are therefore not estimated. The discount rates used to discount the deferred consideration receivable to calculate the net present value are estimates. A discount rate of 14% was used for the disposal of MiExact and 12% for the disposal of UK Healthcare, this was based on management\u2019s best estimate of the market interest rate that reflects the specific risk of the loan note to the borrower. Consideration receivable is initially recognised at fair value and subsequently measured at amortised cost. If the discount rate increased/ decreased by 1 percentage point, the deferred consideration balance for UK Healthcare would decrease by of \u00a30.4m/increase by \u00a30.4m. Tax Management make judgments as to whether certain tax deductions claimed will be allowable when tax authorities review tax filings. Some legislation is hard to interpret and practical application of legislation will vary based on precise circumstances. The Group has made claims based on tax advice from advisors in each jurisdiction where it is required to file tax returns and the outcome of these claims bears a degree of uncertainty until review periods are complete. Significant adjustments to tax charges in future periods are therefore possible depending on the outcome of tax authorities\u2019 reviews. Climate-related risks In preparing the Group\u2019s financial statements consideration has been given to the impact of both physical and transition climate-related risks, as described in the Task Force on Climate-Related Financial Disclosures ('TCFD') section on page 60. Climate scenario analysis was used as a tool to identify and assess a potential range of future outcomes, by capturing different assumptions about policies and physical climate conditions. There is inherent uncertainty over the assumptions used within these scenarios and how they will impact the Group\u2019s operations, cash flows and profitability. The climate-related estimates and assumptions have been applied primarily to going concern, impairment of non-financial assets, property plant and equipment, indefinite life intangible assets and provisions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-309": { "value": "d) Basis of consolidation The Group\u2019s consolidated financial statements incorporate the results and net assets of Wilmington plc and all its subsidiary undertakings made up to 30 June each year. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All inter-group transactions, balances, income and expenses are eliminated on consolidation; however, for the purposes of segmental reporting, internal arm\u2019s length recharges are included within the appropriate segments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-401": { "value": "e) Business combinations The acquisition method of accounting is applied in accounting for the acquisition of subsidiaries. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair value at the acquisition date. Goodwill arising on acquisition is recognised as an asset and measured at cost, representing the excess of the aggregate of the consideration, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the fair values of the identifiable assets and liabilities at the date of acquisition. The consideration is measured at fair value, which is the aggregate of the fair values of the assets transferred, liabilities incurred or assumed and the equity instruments issued in exchange for control of the acquiree. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-310": { "value": "e) Business combinations The acquisition method of accounting is applied in accounting for the acquisition of subsidiaries. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair value at the acquisition date. Goodwill arising on acquisition is recognised as an asset and measured at cost, representing the excess of the aggregate of the consideration, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the fair values of the identifiable assets and liabilities at the date of acquisition. The consideration is measured at fair value, which is the aggregate of the fair values of the assets transferred, liabilities incurred or assumed and the equity instruments issued in exchange for control of the acquiree. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-386": { "value": "f) Impairment of non-financial assets Intangible assets with finite useful lives and property, plant and equipment are tested for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When an impairment test is performed, the recoverable amount of the asset is assessed and its carrying amount is reduced to that amount if lower, and any impairment losses are recognised in the income statement. The recoverable amount is the higher of the value in use and of the fair value less costs to sell, where the value in use is the present value of the future cash flows expected to be derived from the asset. If, in a subsequent period, the amount of the impairment loss decreases due to a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. The reversal of an impairment loss is recognised in the income statement. Goodwill is not amortised, but it is reviewed for impairment at least annually. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) for the purpose of impairment testing, so that the value in use is determined by reference to the discounted cash flows of the CGU. The cash flows considered are the expected post-tax cash flows of the CGU, for projections over a three year period extrapolated using estimated long term growth rates. The recoverable amount of the CGU, as for any asset, is the higher of the value in use and the fair value less costs to sell. If a CGU is impaired, the impairment losses are allocated firstly against goodwill, and then on a pro-rata basis against intangible and other assets. An impairment of goodwill is not reversed. Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost and debt instruments at fair value through other comprehensive income. Expected credit losses are updated at each reporting date to reflect changes in credit risk. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the financial assets, general economic conditions and an assessment of the current and forecast conditions at the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-311": { "value": "f) Impairment of non-financial assets Intangible assets with finite useful lives and property, plant and equipment are tested for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When an impairment test is performed, the recoverable amount of the asset is assessed and its carrying amount is reduced to that amount if lower, and any impairment losses are recognised in the income statement. The recoverable amount is the higher of the value in use and of the fair value less costs to sell, where the value in use is the present value of the future cash flows expected to be derived from the asset. If, in a subsequent period, the amount of the impairment loss decreases due to a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the asset in prior years. The reversal of an impairment loss is recognised in the income statement. Goodwill is not amortised, but it is reviewed for impairment at least annually. Goodwill is allocated to cash generating units (\u2018CGUs\u2019) for the purpose of impairment testing, so that the value in use is determined by reference to the discounted cash flows of the CGU. The cash flows considered are the expected post-tax cash flows of the CGU, for projections over a three year period extrapolated using estimated long term growth rates. The recoverable amount of the CGU, as for any asset, is the higher of the value in use and the fair value less costs to sell. If a CGU is impaired, the impairment losses are allocated firstly against goodwill, and then on a pro-rata basis against intangible and other assets. An impairment of goodwill is not reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-312": { "value": "
g) Foreign currencies
Items included in the financial statements of each of the Group\u2019s entities are
measured using the currency of the primary economic environment in which the
entity operates (the \u2018functional currency\u2019). The consolidated financial statements
are presented in Sterling, which is the Company\u2019s functional and the Group\u2019s
presentation currency.
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the date of the transaction. Foreign exchange gains
and losses resulting from the settlement of transactions and the translation of
monetary assets and liabilities denominated in foreign currencies at period end
exchange rates are recognised in the income statement.
On consolidation, assets and liabilities of foreign undertakings are translated
into Sterling at year end exchange rates. The results of foreign undertakings
are translated into Sterling at average rates of exchange for the year (unless
this average is not a reasonable approximation of the cumulative effects of the
rates prevailing on the transaction dates, in which case income and expenses are
translated at the dates of the transactions). Foreign exchange differences arising
on retranslation are recognised directly in a separate component of equity, the
translation reserve.
In the event of the disposal of an undertaking with assets and liabilities
denominated in a foreign currency, the cumulative translation difference in the
translation reserve that is associated with the undertaking is charged or credited
to the gain or loss on disposal recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-313": { "value": "
h) Revenue
Revenue is measured at the transaction price and represents amounts receivable
for goods and services provided in the normal course of business, net of discounts,
VAT and other sales related taxes.
The Group\u2019s revenue comprises different types of product and services across the Group as follows: \u2022 Subscription income for online services, information and journals is normally received in advance and is therefore recorded as a contract liability on the balance sheet. Revenue is then recognised evenly over time as the performance obligations are satisfied over the term of the subscription. These revenue streams relate to one performance obligation that is settled over time using the output method on a straight line basis as the customer simultaneously receives and consumes the benefit from the service. \u2022 Revenue is recognised on the sale of training material, research projects and similar publications once the product has been delivered to the customer. These revenue streams relate to one performance obligation that is settled at a point in time as Wilmington has a right to payment once control of the asset is transferred to the customer. \u2022 Advertising in hard copy publications is recognised on the issue of the related publication. This revenue stream relates to one performance obligation that is settled at a point in time as Wilmington has a right to payment once the advertising is published in the hard copy publication. \u2022 Marketing and advertising services revenues are recognised over the period of the advertising subscription or over the period when the marketing service is provided. When payment is received in advance it is recorded on the balance sheet as a contract liability and revenue is then recognised over time as the performance obligations are satisfied over the term of the contract. These revenue streams relate to one performance obligation that is settled over time using the output method on a straight line basis as the customer simultaneously receives and consumes the benefit from the service. \u2022 Revenue from the licence of static data reports is recognised once the data has been delivered to the customer. This revenue stream relates to one performance obligation that is settled at a point in time as Wilmington has a right to payment once control of the asset is transferred to the customer. \u2022 Revenue from the licence of static data reports where the customer has access to the data for a finite period of time and the reports have significant updates during that period is recognised over the period of the contract. When payment is received in advance it is recorded on the balance sheet as a contract liability and revenue is then recognised over time as the performance obligations are satisfied over the term of the contract. This revenue stream relates to one performance obligation that is settled over time using the output method on a straight line basis as the customer simultaneously receives and consumes the benefit from the service. \u2022 Revenue from licences to dynamic data that is updated on an ongoing basis is recognised over the period of the contract. When payment is received in advance it is recorded on the balance sheet as a contract liability and revenue is then recognised over time as the performance obligations are satisfied over the term of the contract. This revenue stream relates to one performance obligation that is settled over time using the output method on a straight line basis as the customer simultaneously receives and consumes the benefit from the service. \u2022 Revenue from classroom or online training courses where the training is delivered as an ongoing process is recognised using the output method over the period that the training is provided to the customer. When payment is received in advance it is recorded on the balance sheet as a contract liability and revenue is then recognised over time as the performance obligations are satisfied over the term of the contract. This revenue stream relates to one performance obligation that is settled over time using the output method as the customer simultaneously receives and consumes the benefit from the service. \u2022 Revenue from training courses where the Group provides in-house training to corporate customers is recognised on completion of the training course. This revenue stream relates to one performance obligation that is settled at a point in time as Wilmington has a right to payment once the service has been delivered to the customer.
\u2022 Revenue from the memberships of professional organisations is recognised
on a straight line basis over the period of membership. When payment is
received in advance it is recorded on the balance sheet as a contract liability
and revenue is then recognised over time as the performance obligations are
satisfied over the term of the contract. This revenue stream relates to one
performance obligation that is settled over time using the output method on
a straight line basis as the customer simultaneously receives and consumes the
benefit from the service.
\u2022 Revenue from consulting projects is recognised over time using the output
method on a performance completed to date method where there is an
enforceable right to payment for performance completed to date. This revenue
stream relates to one performance obligation that is settled over time using
the output method as the customer simultaneously receives and consumes the
benefit from the service.
\u2022 Event revenue (including revenue from conferences) typically includes attendee
fees, event sponsorship and advertising and is recognised when the event
is held. Customers and sponsors are often required to pay in advance before
commencement of the event, and these advance receipts are recognised as
a contract liability on the balance sheet from the point at which they become
due. This revenue stream relates to one performance obligation that is settled
at a point in time as Wilmington has a right to payment once the service has
been delivered to the customer.
Contract liabilities represents consideration received for performance obligations
not yet satisfied, the revenue deferred at the current financial year end is expected
to be recognised in the following financial year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-315": { "value": "
i) Operating expenses
In accordance with IAS 1 paragraph 102, expenses are presented in the accounts
based on their nature. The nature of our operating expenses is that they split
into costs to fulfil revenue contracts and administrative costs and therefore
are shown in this split in the financial statements. Distribution costs are not
separately identified due to the digital nature of the Group\u2019s products as they are
considered immaterial. Fulfilment costs are associated directly with the production
of a product, event or service and are charged to the income statement as incurred.
At each reporting date a prepayment is recognised for any third-party costs
which are paid for in advance of the relevant event being run except in relation
to marketing costs. Administrative costs are additional operational costs that are
not directly associated with the production of a product, event or service. These
include expenses relating to central administrative and management functions and
are expensed to the income statement as incurred. Material items within operating
expenses are disclosed in the financial statements and include staff costs,
depreciation and amortisation and fulfilment costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-314": { "value": "
j) Segmental reporting
Operating segments are reported in a manner consistent with the internal
reporting provided to the Executive Board of Directors (the \u2018Board\u2019) which is
considered as the Group\u2019s chief operating decision maker and is responsible
for allocating resources and assessing performance of the operating segments.
The three divisions (HSE, Legal and Financial Services) are the Group\u2019s segments
and generate all of the Group\u2019s ongoing revenue. The Board considers the business
from both a geographic and product perspective. Geographically, management
considers the performance of the Group between the UK, Europe (excluding the
UK), USA and the Rest of the World.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-316": { "value": "
k) Adjusting items
The Group\u2019s income statement separately identifies adjusting items. Such items are
those that in the Directors\u2019 judgment are one off in nature and need to be disclosed
separately by virtue of their size and incidence. In determining whether an item
or transaction should be classified as an adjusting item, the Directors consider
quantitative as well as qualitative factors such as the frequency, predictability
of occurrence and significance.
This focus on quantitative and qualitative factors may result in the classification
of an item as adjusting, where one of apparently similar nature is not. The Group
distinguishes between restructuring costs that are recurring and those that relate
to one off or transformational Group programmes that impact many operations.
Recurring restructuring costs that are incurred in the normal course of business are
recorded as part of the Group\u2019s underlying trading results within profit before tax.
Restructuring costs that are one off and individually material or relate to
programmes linked to the Group\u2019s wider transformation and require approval
at executive level are disclosed separately in the Consolidated income statement.
When these adjusting items relate to a transformational programme to the
business, the cost may apply to multiple years.
This is consistent with the way that financial performance is measured by
management and reported to the Board. Adjusting items may not be comparable
to similarly titled measures used by other companies. Disclosing adjusted items
separately provides additional understanding of the performance of the Group.
", "dimensions": { "concept": "wilmingtonplc:DescriptionOfAccountingPolicyForAdjustingItems", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-319": { "value": "l) Current and deferred tax Current and deferred tax is recognised as income or an expense and included in the income statement for the period, except to the extent that it relates to items recognised directly in other comprehensive income or directly in equity, in which case it is recognised in other comprehensive income or equity, respectively. The tax effect of adjusting items is calculated by applying the relevant prevailing rate of taxation to the adjusting expense or income to the extent it is taxable or tax deductible. The current tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company\u2019s subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss. Deferred tax is determined
using tax rates (and laws) that have been enacted or substantively enacted by the
balance sheet date and are expected to apply when the related deferred tax asset
is realised or the deferred tax liability is settled.
Deferred tax assets are recognised only to the extent that it is probable that
future taxable profit will be available against which the temporary differences can
be utilised.
Deferred tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when the
deferred taxes assets and liabilities relate to income taxes levied by the same
taxation authority on either the same taxable entity or different taxable entities
where there is an intention to settle the balances on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-359": { "value": "
recognised directly in other comprehensive income or directly in equity, in which
case it is recognised in other comprehensive income or equity, respectively.
The tax effect of adjusting items is calculated by applying the relevant prevailing
rate of taxation to the adjusting expense or income to the extent it is taxable
or tax deductible.
The current tax charge is calculated on the basis of the tax laws enacted or
substantively enacted at the balance sheet date in the countries where the
Company\u2019s subsidiaries operate and generate taxable income. Management
periodically evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the
tax authorities.
Deferred tax is recognised, using the liability method, on temporary differences
arising between the tax bases of assets and liabilities and their carrying
amounts in the consolidated financial statements. However, the deferred tax
is not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction
affects neither accounting nor taxable profit nor loss. Deferred tax is determined
using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-317": { "value": "
m) Dividends
Dividend distributions are recognised in the consolidated financial statements
when the shareholders\u2019 right to receive payment is established. Final dividend
distributions are recognised in the period in which they are approved by the
shareholders, whilst interim dividend distributions are recognised in the period
in which they are declared and paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-318": { "value": "
n) Intangible assets
Intangible assets are stated at historical cost less accumulated amortisation.
Intangible assets are recorded at cost and are amortised through the income
statement on a straight line basis over their estimated useful lives. Their estimated
useful lives depend on the classification of the assets as follows:
Computer software 20\u201333% per annum
Databases 8\u201320% per annum
Customer relationships 8\u201333% per annum
Brands 5\u201320% per annum
Publishing rights and titles 5\u201310% per annum
Computer software that is integral to a related item of hardware is classified
as computer equipment within property, plant and equipment. Other computer
software and internally developed software and databases are classified as
intangible assets if they meet the definition and recognition criteria set out in I
AS 38. Costs associated with the production of internally developed software are
capitalised once it is probable that they will generate future economic benefits
and satisfy the other criteria set out in IAS 38. Computer software intangible
assets (including the cost of internally developed software and databases) are
initially recognised at cost. They are subsequently amortised through the income
statement on a straight line basis over their estimated useful lives up to five
years. Assets that are not in use at the reporting date (assets under development)
are recognised at cost and amortisation commences when those assets begin
to generate economic benefit. Research costs are expensed as incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-360": { "value": "n) Intangible assets Intangible assets are stated at historical cost less accumulated amortisation. Intangible assets are recorded at cost and are amortised through the income statement on a straight line basis over their estimated useful lives. Their estimated useful lives depend on the classification of the assets as follows: Computer software 20\u201333% per annum Databases 8\u201320% per annum Customer relationships 8\u201333% per annum Brands 5\u201320% per annum Publishing rights and titles 5\u201310% per annum Computer software that is integral to a related item of hardware is classified as computer equipment within property, plant and equipment. Other computer software and internally developed software and databases are classified as intangible assets if they meet the definition and recognition criteria set out in I AS 38. Costs associated with the production of internally developed software are capitalised once it is probable that they will generate future economic benefits and satisfy the other criteria set out in IAS 38. Computer software intangible assets (including the cost of internally developed software and databases) are initially recognised at cost. They are subsequently amortised through the income statement on a straight line basis over their estimated useful lives up to five years. Assets that are not in use at the reporting date (assets under development) are recognised at cost and amortisation commences when those assets begin to generate economic benefit. Research costs are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-387": { "value": "n) Intangible assets Intangible assets are stated at historical cost less accumulated amortisation. Intangible assets are recorded at cost and are amortised through the income statement on a straight line basis over their estimated useful lives. Their estimated useful lives depend on the classification of the assets as follows: Computer software 20\u201333% per annum Databases 8\u201320% per annum Customer relationships 8\u201333% per annum Brands 5\u201320% per annum Publishing rights and titles 5\u201310% per annum Computer software that is integral to a related item of hardware is classified as computer equipment within property, plant and equipment. Other computer software and internally developed software and databases are classified as intangible assets if they meet the definition and recognition criteria set out in I AS 38. Costs associated with the production of internally developed software are capitalised once it is probable that they will generate future economic benefits and satisfy the other criteria set out in IAS 38. Computer software intangible assets (including the cost of internally developed software and databases) are initially recognised at cost. They are subsequently amortised through the income statement on a straight line basis over their estimated useful lives up to five years. Assets that are not in use at the reporting date (assets under development) are recognised at cost and amortisation commences when those assets begin to generate economic benefit. Research costs are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-323": { "value": "
o) Property, plant and equipment
Property, plant and equipment is stated at historical cost less accumulated
depreciation. Cost includes the original purchase price of the asset plus any costs
of bringing the asset to its working condition for its intended use. Depreciation
is not provided on freehold land. On other assets it is provided at the following
annual rates, on a straight line basis, in order to write down each asset to its
residual value over its estimated useful life. The assets\u2019 residual values and useful
lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Land, freehold and leasehold buildings
(excluding freehold land)
2\u201310% per annum
Fixtures and fittings
10\u201333% per annum
Computer equipment
25\u201333% per annum
Motor vehicles
25% per annum
Leasehold improvements are included in land, freehold and leasehold buildings.
Gains and losses arising on disposal are determined by comparing the proceeds
with the carrying amount and are recognised within the income statement.
When the gain or loss arising on disposal is significant or material, it is disclosed
separately on the income statement within other income or expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-365": { "value": "o) Property, plant and equipment Property, plant and equipment is stated at historical cost less accumulated depreciation. Cost includes the original purchase price of the asset plus any costs of bringing the asset to its working condition for its intended use. Depreciation is not provided on freehold land. On other assets it is provided at the following annual rates, on a straight line basis, in order to write down each asset to its residual value over its estimated useful life. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
Land, freehold and leasehold buildings
(excluding freehold land)
2\u201310% per annum
Fixtures and fittings
10\u201333% per annum
Computer equipment
25\u201333% per annum
Motor vehicles
25% per annum
Leasehold improvements are included in land, freehold and leasehold buildings. Gains and losses arising on disposal are determined by comparing the proceeds with the carrying amount and are recognised within the income statement. When the gain or loss arising on disposal is significant or material, it is disclosed separately on the income statement within other income or expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-320": { "value": "
p) Investments in subsidiaries
Investments in subsidiaries are stated at cost less provision for any impairment
in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-321": { "value": "
q) Non-current assets and disposal groups held for sale
Non-current assets (or disposal groups) are classified as held for sale when their
carrying amount is to be recovered principally through a sale transaction and a sale
is considered highly probable. They are stated at the lower of carrying amount and
fair value less costs to sell.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-361": { "value": "q) Non-current assets and disposal groups held for sale Non-current assets (or disposal groups) are classified as held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are stated at the lower of carrying amount and fair value less costs to sell. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-322": { "value": "r) Financial instruments Financial assets The Group classifies its non-derivative financial assets as \u2018amortised cost\u2019 for the purposes of IFRS 9. Management determines the classification at initial recognition and re-evaluates this designation at each reporting date. Loans and other receivables Loans and other receivables are measured based on the Group\u2019s business model for managing the financial asset and its contractual cash flow characteristics. Loans and other receivables are initially recognised at fair value plus transaction costs. They are subsequently carried at amortised cost using the effective interest method less any expected credit losses, with changes in carrying value recognised in the income statement. Loans and other receivables are classified as current assets if they mature within twelve months of the reporting date, but are otherwise classified as non-current assets. Trade receivables Trade receivables are initially recognised at the transaction price, which is usually the invoiced amount. They are subsequently carried at amortised cost using the effective interest method (if the time value of money is significant), less provision for expected credit losses. Provisions are made specifically, where there is evidence of a risk of non-payment taking into account ageing, previous losses experienced and general economic conditions. The Group assesses for impairment using the expected credit losses model as required by IFRS 9. For trade receivables, the Group applies the simplified approach which requires expected lifetime losses to be recognised from the initial recognition of the receivables. The Group measures its trade receivables at amortised cost for the purposes of IFRS 9 and are presented as current assets as all collections are due in one year or less. Cash and cash equivalents Cash and cash equivalents comprise cash in hand, current balances with banks and similar institutions, and other short term highly liquid investments which are subject to insignificant risk of changes in value and have original maturities of three months or less. Cash and cash equivalents are offset against bank overdrafts and the net amount is reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts. Bank overdrafts are otherwise shown as borrowings within current liabilities on the balance sheet. There were no overdrafts used for the year ended 30 June 2024 or the year ended 30 June 2023. The Group measures cash and cash equivalents at amortised cost for the purposes of IFRS 9. Impairment of financial assets The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost and debt instruments at fair value through other comprehensive income. Expected credit losses are updated at each reporting date to reflect changes in credit risk. The expected credit loss is based on the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the financial assets, general economic conditions and an assessment of the current and forecast conditions at the reporting date. Financial liabilities Trade and other payables Trade and other payables are initially recognised at fair value, which is usually the invoiced amount. They are subsequently carried at amortised cost using the effective interest method (if the time value of money is significant). If due within twelve months or less, the trade or other payable is classified as a current liability. It is otherwise classified as a non-current liability. The Group measures trade and other payables at amortised cost for the purposes of IFRS 9. Loans and other borrowings Loans and other borrowings are initially recognised at the fair value of the amounts received net of transaction costs. They are subsequently carried at amortised cost using the effective interest method, with changes in carrying value recognised in the income statement. Loans and other borrowings are classified as current liabilities if they mature within twelve months of the balance sheet date, but are otherwise classified as non-current liabilities. The Group measures loans and other borrowings at amortised cost for the purposes of IFRS 9. Financial instruments and hedge accounting The Group manages its capital and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Group makes use of derivative financial instruments if doing so reduces exposure to interest rate risk and foreign currency risk. There were no derivative financial instruments used in the Group for the year ended 30 June 2024 or the year ended 30 June 2023. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-362": { "value": "
Financial assets
The Group classifies its non-derivative financial assets as \u2018amortised cost\u2019 for the
purposes of IFRS 9. Management determines the classification at initial recognition
and re-evaluates this designation at each reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-363": { "value": "
Loans and other receivables
Loans and other receivables are measured based on the Group\u2019s business model
for managing the financial asset and its contractual cash flow characteristics.
Loans and other receivables are initially recognised at fair value plus transaction
costs. They are subsequently carried at amortised cost using the effective interest
method less any expected credit losses, with changes in carrying value recognised
in the income statement.
Loans and other receivables are classified as current assets if they mature
within twelve months of the reporting date, but are otherwise classified as
non-current assets.
Loans and other borrowings
Loans and other borrowings are initially recognised at the fair value of the amounts
received net of transaction costs. They are subsequently carried at amortised cost
using the effective interest method, with changes in carrying value recognised in
the income statement.
Loans and other borrowings are classified as current liabilities if they mature
within twelve months of the balance sheet date, but are otherwise classified
as non-current liabilities.
The Group measures loans and other borrowings at amortised cost for the
purposes of IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-388": { "value": "Loans and other receivables Loans and other receivables are measured based on the Group\u2019s business model for managing the financial asset and its contractual cash flow characteristics. Loans and other receivables are initially recognised at fair value plus transaction costs. They are subsequently carried at amortised cost using the effective interest method less any expected credit losses, with changes in carrying value recognised in the income statement. Loans and other receivables are classified as current assets if they mature within twelve months of the reporting date, but are otherwise classified as non-current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-364": { "value": "
Trade receivables
Trade receivables are initially recognised at the transaction price, which is usually
the invoiced amount. They are subsequently carried at amortised cost using the
effective interest method (if the time value of money is significant), less provision
for expected credit losses. Provisions are made specifically, where there is evidence
of a risk of non-payment taking into account ageing, previous losses experienced
and general economic conditions.
The Group assesses for impairment using the expected credit losses model
as required by IFRS 9. For trade receivables, the Group applies the simplified
approach which requires expected lifetime losses to be recognised from the initial
recognition of the receivables.
The Group measures its trade receivables at amortised cost for the purposes of
IFRS 9 and are presented as current assets as all collections are due in one year
or less.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-369": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand, current balances with banks
and similar institutions, and other short term highly liquid investments which are
subject to insignificant risk of changes in value and have original maturities of
three months or less. Cash and cash equivalents are offset against bank overdrafts
and the net amount is reported in the balance sheet when there is a legally
enforceable right to offset the recognised amounts. Bank overdrafts are otherwise
shown as borrowings within current liabilities on the balance sheet. There were no
overdrafts used for the year ended 30 June 2024 or the year ended 30 June 2023.
The Group measures cash and cash equivalents at amortised cost for the purposes
of IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-366": { "value": "
Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit losses
associated with its financial assets carried at amortised cost and debt instruments
at fair value through other comprehensive income. Expected credit losses are
updated at each reporting date to reflect changes in credit risk.
The expected credit loss is based on the Group\u2019s historical credit loss experience,
adjusted for factors that are specific to the financial assets, general economic
conditions and an assessment of the current and forecast conditions at the
reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-389": { "value": "Financial liabilities Trade and other payables Trade and other payables are initially recognised at fair value, which is usually the invoiced amount. They are subsequently carried at amortised cost using the effective interest method (if the time value of money is significant). If due within twelve months or less, the trade or other payable is classified as a current liability. It is otherwise classified as a non-current liability. The Group measures trade and other payables at amortised cost for the purposes of IFRS 9. Loans and other borrowings Loans and other borrowings are initially recognised at the fair value of the amounts received net of transaction costs. They are subsequently carried at amortised cost using the effective interest method, with changes in carrying value recognised in the income statement. Loans and other borrowings are classified as current liabilities if they mature within twelve months of the balance sheet date, but are otherwise classified as non-current liabilities. The Group measures loans and other borrowings at amortised cost for the purposes of IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-367": { "value": "
Trade and other payables
Trade and other payables are initially recognised at fair value, which is usually
the invoiced amount. They are subsequently carried at amortised cost using the
effective interest method (if the time value of money is significant).
If due within twelve months or less, the trade or other payable is classified
as a current liability. It is otherwise classified as a non-current liability.
The Group measures trade and other payables at amortised cost for the purposes
of IFRS 9.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-368": { "value": "
Financial instruments and hedge accounting
The Group manages its capital and makes adjustments to it in light of changes
in economic conditions and the risk characteristics of the underlying assets.
The Group makes use of derivative financial instruments if doing so reduces
exposure to interest rate risk and foreign currency risk. There were no derivative
financial instruments used in the Group for the year ended 30 June 2024 or the
year ended 30 June 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-390": { "value": "Financial instruments and hedge accounting The Group manages its capital and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Group makes use of derivative financial instruments if doing so reduces exposure to interest rate risk and foreign currency risk. There were no derivative financial instruments used in the Group for the year ended 30 June 2024 or the year ended 30 June 2023. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-324": { "value": "
s) Provisions
Provisions are recognised in the balance sheet when the Group has a present legal
or constructive obligation as a result of a past event, and it is probable that an
outflow of economic benefits will be required to settle it. If the effect is material,
provisions are determined by discounting the expected future cash flows at an
appropriate discount rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-325": { "value": "
t) Retirement benefits
The Group does not operate a defined benefit pension scheme.
The Group contributes to defined contribution pension schemes for a number
of employees. Contributions to these arrangements are charged in the income
statement in the period in which they are incurred. The Group has no further
payment obligation once the contributions have been paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-327": { "value": "
u) Share based payments
The Group operates an equity-settled, share based compensation plan, under
which the entity receives services from employees as consideration for equity
instruments (share awards and options) of the Group. The fair value of the
employee services received in exchange for the grant of share awards and options
is recognised as an expense. The total amount to be expensed is determined by
reference to the fair value of the share awards and options granted, excluding the
impact of any non-market service and performance vesting conditions (for example
profitability and remaining as an employee of the entity over a specified time
period). Non-market vesting conditions are included in assumptions about
the number of share awards and options that are expected to vest. The total
amount expensed is recognised over the vesting period, which is the period over
which all of the specified existing conditions are to be satisfied. At each balance
sheet date, the entity revises its estimates of the number of share awards and
options that are expected to vest based on the non-market vesting conditions.
It recognises the impact of the revision to original estimates, if any, in the income
statement, with a corresponding adjustment to the share based payments reserve
within equity.
The payment in lieu of dividend payable in connection with the grant of the
share awards is considered an integral part of the grant itself, and the charge
will be treated as an equity-settled transaction. The cumulative share based
payment charge held in reserves is recycled into retained earnings when the
share awards or options lapse or are exercised. The social security contributions
payable in connection with the grant of the share awards will be treated
as a cash-settled transaction.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-328": { "value": "
v) Leases
The Group recognises a right-of-use asset and corresponding liability at the date
the leased asset is made available for use by the Group.
The liability is measured at the present value of future lease payments over the
lease term including fixed payments, in-substance fixed payments, and variable
lease payments that are based on an index or a rate, less any lease incentives
receivable. Lease liabilities are remeasured to include any payments to be made
under extension options which are reasonably certain to be exercised. The lease
payments are discounted using the interest rate implicit in the lease; where this
rate cannot be determined an incremental borrowing rate is used. The incremental
borrowing rate is determined with reference to the rate that the lessee would
pay to borrow the funds necessary to obtain an asset of similar value, in a
similar economic environment, with similar terms and conditions, adjusted for
the country-specific risk of the lessee. The Group records an interest charge
in respect of the lease liability over the lease term.
The right-of-use asset is measured at cost, based on the value of the initial
measurement of the associated lease liability, adjusted for any lease payments
already made less any lease incentives received, initial direct costs incurred, and
any dilapidation or restoration costs required by the terms and conditions of the
lease. The right-of-use asset is depreciated over the term of the lease on a straight
line basis, or if shorter, over the leased asset\u2019s useful economic life.
Lease liabilities are remeasured when there is a change in future lease payments
arising from a change in an index or rate, a change in the estimate of the amount
expected to be payable under a residual value guarantee, or as appropriate,
changes in the assessment of whether a purchase or extension option is
reasonably certain to be exercised.
The Group recognises an expense in the Consolidated income statement in respect
of short term leases (being those with an initial term of twelve months or less) and
leases of low-value items on a straight line basis over the life of the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-326": { "value": "
w) Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable
to the issue of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds. The share premium reserve represents the amount paid
to the Company by shareholders above the nominal value of shares issued.
Where any Group company purchases the Company\u2019s equity share capital
(\u2018treasury shares\u2019), the consideration paid, including any directly attributable
incremental costs (net of income taxes), is deducted from equity attributable
to the Company\u2019s equity holders until the shares are cancelled or reissued.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-329": { "value": "
2. Measures of profit
Reconciliation to profit on continuing activities before tax
To provide shareholders with additional understanding of the trading performance
of the Group, adjusted EBITA has been calculated as profit before tax after
adding back:
\u2022 impairment of goodwill;
\u2022 amortisation of intangible assets excluding computer software;
\u2022 adjusting items (included in operating expenses);
\u2022 other income \u2013 gain on disposal of subsidiaries;
\u2022 other income \u2013 gain on disposal of property, plant and equipment and lease
modification; and
\u2022 net finance income.
Adjusted profit before tax, adjusted EBITA and adjusted EBITDA reconcile to profit
on continuing activities before tax as follows:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Profit before tax
24,208
20,492
Impairment of goodwill
4,434
\u2014
Amortisation of intangible assets excluding computer software
2,090
1,078
Adjusting items (included in operating expenses)
598
147
Other income \u2013 gain on disposal of subsidiaries
(5,465)
(2,212)
Other income \u2013 gain on disposal of property, plant and
equipment and lease modification
(2,189)
\u2014
Adjusted profit before tax
23,676
19,505
Net finance income
(1,997)
(232)
Adjusted operating profit (\u2018adjusted EBITA\u2019)
21,679
19,273
Depreciation of property, plant and equipment included in
operating expenses
1,711
2,121
Amortisation of intangible assets \u2013 computer software
1,004
1,525
Adjusted EBITA before depreciation (\u2018adjusted EBITDA\u2019)
24,394
22,919
Adjusted EBITA
21,679
19,273
Add EBITA from statutory discontinued operations
3,874
4,833
Total Group adjusted EBITA
25,553
24,106
Adjusted profit before tax
23,676
19,505
Add adjusted profit before tax from statutory
discontinued operations
3,874
4,833
Total Group adjusted profit before tax
27,550
24,338
Remove operating profit from sold and closed businesses
(3,484)
(7,410)
Ongoing adjusted profit before tax
24,066
16,928
", "dimensions": { "concept": "wilmingtonplc:DisclosureOfMeasuresOfProfit", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-330": { "value": "
3. Segmental information
In accordance with IFRS 8 the Group\u2019s operating segments are based on the
operating results reviewed by the Executive Board, which represents the chief
operating decision maker.
During the year, the Group reorganised its business into three Divisions (HSE,
Legal and Financial Services) to compliment the changes to the Group structure
as a result of the significant disposals and the acquisition, the segments give
greater focus to the customer base. These reportable segments reflect the internal
reporting provided to the Chief Operating Decision Maker (the Executive Board)
on a regular basis to assist in making decisions and to assess performance.
Segment information has been restated in the prior period to align to the current
reportable segments.
The Group\u2019s dynamic portfolio provides customers with a range of information,
data, training and education solutions. The Board considers the business from both
a geographic and product perspective. Geographically, management considers the
performance of the Group between the UK, Europe (excluding the UK), the USA
and the Rest of the World.
a) Business segments
Revenue Profit/(loss) Revenue Profit
Year ended Year ended Year ended Year ended
30 June 2024 30 June 2024 30 June 2023 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
HSE
4,837
1,201
\u2014
\u2014
Legal
15,986
6,173
14,014
6,014
Financial Services
68,850
20,726
64,717
15,900
Ongoing
89,673
28,100
78,731
21,914
Non-core
8,651
(390)
14,334
2,577
Group total
98,324
27,710
93,065
24,491
Unallocated central overheads
\u2014
(4,166)
\u2014
(3,703)
Share based payments
\u2014
(1,865)
\u2014
(1,515)
98,324
21,679
93,065
19,273
Impairment of goodwill
(4,434)
\u2014
Amortisation of intangible assets
excluding computer software
(2,090)
(1,078)
Adjusting items (included
in operating expenses)
(598)
(147)
Other income \u2013 gain on disposal
of subsidiaries
5,465
2,212
Other income \u2013 gain on disposal
of property, plant and equipment
and lease modification
2,189
\u2014
Net finance income
1,997
232
Profit before tax from
continuing operations
24,208
20,492
Taxation
(7,009)
(3,317)
Profit for the financial year from
continuing operations
17,199
17,175
There are no intra-segmental revenues which are material for disclosure.
Unallocated central overheads represent central costs that are not specifically
allocated to segments. Total assets and liabilities for each reportable segment are
not presented; as such information is not provided to the Board.
b) Segmental information by geography
The UK is the Group\u2019s country of domicile and the Group generates the majority
of its revenue from external customers in the UK. The geographical analysis of
revenue is on the basis of the country of origin in which the customer is invoiced:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
UK
52,353
49,441
USA
25,761
24,050
Europe (excluding the UK)
10,777
10,481
Rest of the World
9,433
9,093
Revenue from continuing operations
98,324
93,065
c) Timing of revenue recognition
The timing of the Group\u2019s revenue recognition is as follows:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Revenue from products and services transferred
at a point in time
60,322
55,223
Revenue from products and services transferred over time
38,002
37,842
Revenue from continuing operations
98,324
93,065
During the year the Group recognised \u00a333,659,000 of revenue that was held
as a contract liability at 30 June 2023 (2023: \u00a331,405,000 related to amounts held
at 30 June 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-391": { "value": "b) Segmental information by geography The UK is the Group\u2019s country of domicile and the Group generates the majority of its revenue from external customers in the UK. The geographical analysis of revenue is on the basis of the country of origin in which the customer is invoiced:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
UK
52,353
49,441
USA
25,761
24,050
Europe (excluding the UK)
10,777
10,481
Rest of the World
9,433
9,093
Revenue from continuing operations
98,324
93,065
c) Timing of revenue recognition The timing of the Group\u2019s revenue recognition is as follows:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Revenue from products and services transferred
at a point in time
60,322
55,223
Revenue from products and services transferred over time
38,002
37,842
Revenue from continuing operations
98,324
93,065
During the year the Group recognised \u00a333,659,000 of revenue that was held as a contract liability at 30 June 2023 (2023: \u00a331,405,000 related to amounts held at 30 June 2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-370": { "value": "b) Segmental information by geography The UK is the Group\u2019s country of domicile and the Group generates the majority of its revenue from external customers in the UK. The geographical analysis of revenue is on the basis of the country of origin in which the customer is invoiced:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
UK
52,353
49,441
USA
25,761
24,050
Europe (excluding the UK)
10,777
10,481
Rest of the World
9,433
9,093
Revenue from continuing operations
98,324
93,065
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-331": { "value": "
4. Profit from continuing operations
a) Profit for the year from continuing operations is stated
after charging/(crediting):
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment \u2013 included in
operating expenses
1,711
2,121
Short-term and low-value leases
143
94
Amortisation of intangible assets \u2013 computer software
1,004
1,525
Non-adjusting profit on disposal of property, plant and
equipment
\u2014
(36)
Share based payments (including social security costs)
1,865
1,515
Amortisation of intangible assets excluding computer
software
2,090
1,078
Adjusting items (included in operating expenses)
598
147
Adjusting item \u2013 gain on disposal of subsidiaries
(5,465)
(2,212)
Adjusting item \u2013 gain on sale of property, plant and
equipment and lease modification
(2,189)
\u2014
Research and development expenditure credit
\u2014
(200)
Impairment of goodwill
4,434
\u2014
Foreign exchange loss
87
179
Fees payable to the auditor for the audit of the Company
and consolidated financial statements
249
153
Fees payable to the auditor and their associates for
other services:
\u2013 The audit of the Company\u2019s subsidiaries pursuant
to legislation
251
240
\u2013 Audit related other services
18
17
The gain on property, plant and equipment and lease modification relates to the
sale of a building realising a gain of \u00a30.9m, and an early exit of the head office
lease releasing a gain of \u00a31.3m. The gain on exit of the head office contains a lease
modification. The right-of use asset was reduced by \u00a31.0m and the lease liability
was reduced by \u00a32.8m, property, plant and equipment were impaired by \u00a30.4m,
a provision was unwound of \u00a30.8m, and professional fees and a lease surrender
expense of \u00a30.9m were recognised.
Further information can be found in note 22.
b) Adjusting items
The following items have been charged to the income statement during the year
but are considered to be adjusting so are shown separately:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Expense relating to strategic activities
598
147
Other adjusting items (included in operating expenses)
598
147
Impairment of goodwill
4,434
\u2014
Amortisation of intangible assets excluding computer software
2,090
1,078
Total adjusting items (classified in profit before tax)
7,122
1,225
During the year, the Compliance Week CGU was impaired. Please see note 12 for
further information. Expenses related to strategic activities represent acquisition
costs of \u00a30.6m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-402": { "value": "4. Profit from continuing operations a) Profit for the year from continuing operations is stated after charging/(crediting):
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment \u2013 included in
operating expenses
1,711
2,121
Short-term and low-value leases
143
94
Amortisation of intangible assets \u2013 computer software
1,004
1,525
Non-adjusting profit on disposal of property, plant and
equipment
\u2014
(36)
Share based payments (including social security costs)
1,865
1,515
Amortisation of intangible assets excluding computer
software
2,090
1,078
Adjusting items (included in operating expenses)
598
147
Adjusting item \u2013 gain on disposal of subsidiaries
(5,465)
(2,212)
Adjusting item \u2013 gain on sale of property, plant and
equipment and lease modification
(2,189)
\u2014
Research and development expenditure credit
\u2014
(200)
Impairment of goodwill
4,434
\u2014
Foreign exchange loss
87
179
Fees payable to the auditor for the audit of the Company
and consolidated financial statements
249
153
Fees payable to the auditor and their associates for
other services:
\u2013 The audit of the Company\u2019s subsidiaries pursuant
to legislation
251
240
\u2013 Audit related other services
18
17
5. Operating expenses from continuing operations
Year ended 30 June 2024
Year ended 30 June 2023
Fulfilment costs Administration Total Fulfilment costs Administration Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Operating expenses before depreciation and amortisation
69,050
4,880
73,930
65,516
4,630
70,146
Depreciation of property, plant and equipment
1,711
\u2014
1,711
2,121
\u2014
2,121
Amortisation of intangible assets \u2013 computer software
1,004
\u2014
1,004
1,525
\u2014
1,525
Operating expenses before amortisation of intangibles excluding computer software,
impairment and adjusting items
71,765
4,880
76,645
69,162
4,630
73,792
Amortisation of intangible assets \u2013 databases
117
\u2014
117
71
\u2014
71
Amortisation of intangible assets \u2013 customer relationships
1,188
\u2014
1,188
611
\u2014
611
Amortisation of intangible assets \u2013 brands
493
\u2014
493
190
\u2014
190
Amortisation of intangible assets \u2013 publishing rights and titles
292
\u2014
292
206
\u2014
206
Impairment of goodwill (note 4b)
4,434
\u2014
4,434
\u2014
\u2014
\u2014
Other adjusting items (note 4b)
598
\u2014
598
\u2014
147
147
Operating expenses
78,887
4,880
83,767
70,240
4,777
75,017
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-392": { "value": "4. Profit from continuing operations a) Profit for the year from continuing operations is stated after charging/(crediting):
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment \u2013 included in
operating expenses
1,711
2,121
Short-term and low-value leases
143
94
Amortisation of intangible assets \u2013 computer software
1,004
1,525
Non-adjusting profit on disposal of property, plant and
equipment
\u2014
(36)
Share based payments (including social security costs)
1,865
1,515
Amortisation of intangible assets excluding computer
software
2,090
1,078
Adjusting items (included in operating expenses)
598
147
Adjusting item \u2013 gain on disposal of subsidiaries
(5,465)
(2,212)
Adjusting item \u2013 gain on sale of property, plant and
equipment and lease modification
(2,189)
\u2014
Research and development expenditure credit
\u2014
(200)
Impairment of goodwill
4,434
\u2014
Foreign exchange loss
87
179
Fees payable to the auditor for the audit of the Company
and consolidated financial statements
249
153
Fees payable to the auditor and their associates for
other services:
\u2013 The audit of the Company\u2019s subsidiaries pursuant
to legislation
251
240
\u2013 Audit related other services
18
17
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-371": { "value": "4. Profit from continuing operations a) Profit for the year from continuing operations is stated after charging/(crediting):
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Depreciation of property, plant and equipment \u2013 included in
operating expenses
1,711
2,121
Short-term and low-value leases
143
94
Amortisation of intangible assets \u2013 computer software
1,004
1,525
Non-adjusting profit on disposal of property, plant and
equipment
\u2014
(36)
Share based payments (including social security costs)
1,865
1,515
Amortisation of intangible assets excluding computer
software
2,090
1,078
Adjusting items (included in operating expenses)
598
147
Adjusting item \u2013 gain on disposal of subsidiaries
(5,465)
(2,212)
Adjusting item \u2013 gain on sale of property, plant and
equipment and lease modification
(2,189)
\u2014
Research and development expenditure credit
\u2014
(200)
Impairment of goodwill
4,434
\u2014
Foreign exchange loss
87
179
Fees payable to the auditor for the audit of the Company
and consolidated financial statements
249
153
Fees payable to the auditor and their associates for
other services:
\u2013 The audit of the Company\u2019s subsidiaries pursuant
to legislation
251
240
\u2013 Audit related other services
18
17
The gain on property, plant and equipment and lease modification relates to the sale of a building realising a gain of \u00a30.9m, and an early exit of the head office lease releasing a gain of \u00a31.3m. The gain on exit of the head office contains a lease modification. The right-of use asset was reduced by \u00a31.0m and the lease liability was reduced by \u00a32.8m, property, plant and equipment were impaired by \u00a30.4m, a provision was unwound of \u00a30.8m, and professional fees and a lease surrender expense of \u00a30.9m were recognised. Further information can be found in note 22. b) Adjusting items The following items have been charged to the income statement during the year but are considered to be adjusting so are shown separately:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Expense relating to strategic activities
598
147
Other adjusting items (included in operating expenses)
598
147
Impairment of goodwill
4,434
\u2014
Amortisation of intangible assets excluding computer software
2,090
1,078
Total adjusting items (classified in profit before tax)
7,122
1,225
During the year, the Compliance Week CGU was impaired. Please see note 12 for further information. Expenses related to strategic activities represent acquisition costs of \u00a30.6m.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-332": { "value": "
5. Operating expenses from continuing operations
Year ended 30 June 2024
Year ended 30 June 2023
Fulfilment costs Administration Total Fulfilment costs Administration Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Operating expenses before depreciation and amortisation
69,050
4,880
73,930
65,516
4,630
70,146
Depreciation of property, plant and equipment
1,711
\u2014
1,711
2,121
\u2014
2,121
Amortisation of intangible assets \u2013 computer software
1,004
\u2014
1,004
1,525
\u2014
1,525
Operating expenses before amortisation of intangibles excluding computer software,
impairment and adjusting items
71,765
4,880
76,645
69,162
4,630
73,792
Amortisation of intangible assets \u2013 databases
117
\u2014
117
71
\u2014
71
Amortisation of intangible assets \u2013 customer relationships
1,188
\u2014
1,188
611
\u2014
611
Amortisation of intangible assets \u2013 brands
493
\u2014
493
190
\u2014
190
Amortisation of intangible assets \u2013 publishing rights and titles
292
\u2014
292
206
\u2014
206
Impairment of goodwill (note 4b)
4,434
\u2014
4,434
\u2014
\u2014
\u2014
Other adjusting items (note 4b)
598
\u2014
598
\u2014
147
147
Operating expenses
78,887
4,880
83,767
70,240
4,777
75,017
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-372": { "value": "5. Operating expenses from continuing operations
Year ended 30 June 2024
Year ended 30 June 2023
Fulfilment costs Administration Total Fulfilment costs Administration Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Operating expenses before depreciation and amortisation
69,050
4,880
73,930
65,516
4,630
70,146
Depreciation of property, plant and equipment
1,711
\u2014
1,711
2,121
\u2014
2,121
Amortisation of intangible assets \u2013 computer software
1,004
\u2014
1,004
1,525
\u2014
1,525
Operating expenses before amortisation of intangibles excluding computer software,
impairment and adjusting items
71,765
4,880
76,645
69,162
4,630
73,792
Amortisation of intangible assets \u2013 databases
117
\u2014
117
71
\u2014
71
Amortisation of intangible assets \u2013 customer relationships
1,188
\u2014
1,188
611
\u2014
611
Amortisation of intangible assets \u2013 brands
493
\u2014
493
190
\u2014
190
Amortisation of intangible assets \u2013 publishing rights and titles
292
\u2014
292
206
\u2014
206
Impairment of goodwill (note 4b)
4,434
\u2014
4,434
\u2014
\u2014
\u2014
Other adjusting items (note 4b)
598
\u2014
598
\u2014
147
147
Operating expenses
78,887
4,880
83,767
70,240
4,777
75,017
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-333": { "value": "
6. Finance income and expense
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Interest receivable on cash and cash equivalents
1,953
373
Unwinding of the discount on royalty payments receivable
219
105
Finance income
2,172
478
Interest expense for lease liabilities
(175)
(246)
Finance expense
(175)
(246)
Net finance income
1,997
232
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-408": { "value": "6. Finance income and expense
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Interest receivable on cash and cash equivalents
1,953
373
Unwinding of the discount on royalty payments receivable
219
105
Finance income
2,172
478
Interest expense for lease liabilities
(175)
(246)
Finance expense
(175)
(246)
Net finance income
1,997
232
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-406": { "value": "6. Finance income and expense
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Interest receivable on cash and cash equivalents
1,953
373
Unwinding of the discount on royalty payments receivable
219
105
Finance income
2,172
478
Interest expense for lease liabilities
(175)
(246)
Finance expense
(175)
(246)
Net finance income
1,997
232
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-403": { "value": "6. Finance income and expense
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Interest receivable on cash and cash equivalents
1,953
373
Unwinding of the discount on royalty payments receivable
219
105
Finance income
2,172
478
Interest expense for lease liabilities
(175)
(246)
Finance expense
(175)
(246)
Net finance income
1,997
232
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-393": { "value": "6. Finance income and expense
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Interest receivable on cash and cash equivalents
1,953
373
Unwinding of the discount on royalty payments receivable
219
105
Finance income
2,172
478
Interest expense for lease liabilities
(175)
(246)
Finance expense
(175)
(246)
Net finance income
1,997
232
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-373": { "value": "6. Finance income and expense
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Interest receivable on cash and cash equivalents
1,953
373
Unwinding of the discount on royalty payments receivable
219
105
Finance income
2,172
478
Interest expense for lease liabilities
(175)
(246)
Finance expense
(175)
(246)
Net finance income
1,997
232
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-334": { "value": "
7. Taxation
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Current tax
UK corporation tax at current rates on UK profits for the year
5,009
3,096
Adjustments in respect of previous years
394
(54)
5,403
3,042
Foreign tax
1,568
1,291
Adjustments in respect of previous years
(19)
89
Total current tax
6,952
4,422
Total deferred tax
57
(1,105)
Taxation from continuing operations
7,009
3,317
Factors affecting the tax charge for the year:
The effective tax rate is higher (2023: lower) than the average rate of corporation
tax in the UK of 25.0% (2023: 20.5%). The differences are explained below:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Profit before tax
24,208
20,492
Profit before tax multiplied by the average rate of corporation
tax in the year of 25.0% (2023: 20.5%)
6,052
4,200
Tax effects of:
Impairment of goodwill
1,109
\u2014
Gain on disposal of subsidiaries
(1,367)
(453)
Foreign tax rate differences
156
178
Adjustment in respect of previous years
379
35
Other items not subject to tax
623
462
Deferred tax UK intangibles and capital allowances movement
(88)
(904)
Effect on deferred tax of a change in the corporation tax rate
408
(83)
Other deferred tax movements
(263)
(118)
Taxation from continuing operations
7,009
3,317
Deferred tax assets and liabilities are measured at the rates that are expected
to apply in the periods of the reversal.
The Company\u2019s profits for this accounting year are taxed at an effective rate
of 29.4% (2023: 16.2%).
The tax effect of adjusting items as disclosed in note 9 is an expense of \u00a3571,000
(2023: credit of \u00a31,598,000).
19. Deferred tax Movements on deferred tax assets are as follows:
Share UK intangibles
based US deferred Tax Lease Right-of-use and capital US
payments consideration losses liabilities assets allowances intangibles Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 July 2022
504
248
289
\u2014
\u2014
(1,137)
(903)
(999)
Deferred tax credit/(charge) in the income statement for the year
89
(25)
\u2014
\u2014
\u2014
904
21
989
Deferred tax credit included directly in equity for the year
212
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
212
Effect on deferred tax of a change in the corporation tax rate
40
20
23
\u2014
\u2014
\u2014
\u2014
83
Exchange translation difference
\u2014
(77)
\u2014
\u2014
\u2014
\u2014
110
33
At 30 June 2023
845
166
312
\u2014
\u2014
(233)
(772)
318
Deferred tax credit/(charge) in the income statement for the year
(466)
(24)
(380)
707
(715)
(88)
541
(425)
Deferred tax credit included directly in equity for the year
379
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
379
Effect on deferred tax of a change in the corporation tax rate
184
36
68
\u2014
\u2014
120
\u2014
480
Deferred tax for acquired intangibles on acquisition
\u2014
\u2014
\u2014
\u2014
\u2014
(1,991)
\u2014
(1,991)
Exchange translation difference
\u2014
(36)
\u2014
\u2014
\u2014
\u2014
(4)
(40)
At 30 June 2024
942
142
\u2014
707
(715)
(2,192)
(235)
(1,351)
The Group has concluded that the deferred assets relating to tax losses will be recoverable using the estimated future taxable income. The losses can be carried forward indefinitely and have no expiry date. The liability for deferred tax on acquired intangibles relates to the acquisition of Astutis.
The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Group \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,791
925
Deferred tax liabilities
(3,142)
(607)
(1,351)
318
Right-of-use Share based
Lease liabilities assets payments Total
Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Asset at 1 July 2022
\u2014
\u2014
504
504
Deferred tax credit in the income statement for the year
\u2014
\u2014
89
89
Deferred tax credit included directly in equity for the year
\u2014
\u2014
212
212
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
40
40
Asset at 30 June 2023
\u2014
\u2014
845
845
Deferred tax (charge)/credit in the income statement for the year
438
(456)
(466)
(484)
Deferred tax credit included directly in equity for the year
\u2014
\u2014
379
379
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
184
184
At 30 June 2024
438
(456)
942
924
The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Company \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,380
845
Deferred tax liabilities
(456)
\u2014
924
845
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-335": { "value": "
8. Dividends
Amounts recognised as distributions to owners of the parent in the year:
Year ended Year ended
30 June 2024 30 June 2023 Year ended Year ended
Pence Pence 30 June 2024 30 June 2023
per share per share \u00a3\u2019000 \u00a3\u2019000
Final dividends recognised as
distributions in the year
7.3
5.8
6,473
5,091
Interim dividends recognised
as distributions in the year
3.0
2.7
2,680
2,371
Total dividends paid
9,153
7,462
Final dividend proposed
8.3
7.3
7,297
6,410
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-374": { "value": "0.083", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-336": { "value": "
9. Earnings per share
Adjusted earnings per share has been calculated using adjusted earnings
calculated as profit after taxation but before:
\u2022 impairment of goodwill;
\u2022 amortisation of intangible assets excluding computer software;
\u2022 adjusting items (included in operating expenses);
\u2022 other income \u2013 gain on disposal of subsidiaries; and
\u2022 other income \u2013 gain on disposal of property, plant and equipment and
lease modification.
The calculation of the basic and diluted earnings per share is based on the following data:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Continuing operations:
Earnings from continuing operations for the purpose
of basic earnings per share
17,199
17,175
Add/(remove):
Impairment of goodwill
4,434
\u2014
Amortisation of intangible assets excluding computer software
2,090
1,078
Adjusting items (included in operating expenses)
598
147
Other income \u2013 gain on disposal of subsidiaries
(5,465)
(2,212)
Other income \u2013 gain on disposal of property, plant and
equipment and lease modification
(2,189)
\u2014
Tax effect of adjustments above and deferred tax
571
(1,598)
Adjusted earnings for the purposes of adjusted
earnings per share
17,238
14,590
Continuing and discontinued operations:
Earnings from total operations for the purpose of basic
earnings per share
41,210
20,195
Add/(remove):
Impairment of goodwill
4,434
\u2014
Amortisation of intangible assets excluding computer software
2,637
2,381
Adjusting items (included in operating expenses)
598
147
Other income \u2013 gain on disposal of subsidiaries
(26,831)
(2,212)
Other income \u2013 gain on disposal of property, plant and
equipment and lease modification
(2,189)
\u2014
Tax effect of adjustments above and deferred tax
571
(1,598)
Adjusted earnings for the purposes of adjusted
earnings per share
20,430
18,913
2024
Number
2023
Number
Continuing operations:
Weighted average number of ordinary shares for the purposes
of basic and adjusted earnings per share
88,964,817
88,027,119
Effect of dilutive potential ordinary shares:
Future exercise of share awards and options
1,722,761
2,217,174
Weighted average number of ordinary shares for the
purposes of diluted and adjusted diluted earnings per share
90,687,578
90,244,293
Continuing and discontinued operations:
Weighted average number of ordinary shares for the purposes
of basic and adjusted earnings per share
88,964,817
88,027,119
Effect of dilutive potential ordinary shares:
Future exercise of share awards and options
1,722,761
2,217,174
Weighted average number of ordinary shares for the
purposes of diluted and adjusted diluted earnings per share
90,687,578
90,244,293
Continuing operations:
Basic earnings per share
19.33p
19.51p
Diluted earnings per share
18.96p
19.03p
Adjusted basic earnings per share (\u2018adjusted earnings per share\u2019)
19.38p
16.57p
Adjusted diluted earnings per share
19.01p
16.17p
Continuing and discontinued operations:
Basic earnings per share
46.32p
22.94p
Diluted earnings per share
45.44p
22.38p
Adjusted basic earnings per share (\u2018adjusted earnings per share\u2019)
22.96p
21.49p
Adjusted diluted earnings per share
22.53p
20.96p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-337": { "value": "
10. Acquisition of Astutis
On 23 November 2023, the Group acquired 100% of the issued share capital of
Astutis Limited (\"Astutis\"), a Company based in the United Kingdom, for an initial
consideration of \u00a316.8m. In addition, under the terms of the acquisition, there
are two potential deferred payments totalling up to \u00a34.7m based on Astutis'
performance in each of the two years ending 30 June 2025 and 30 June 2026.
As the deferred payments are linked to employment, they will be recognised
as a separate transaction in each period respectively as they fall due.
Astutis, which offers training for a range of globally recognised and regulated
health, safety and environmental qualifications, strengthens Wilmington's portfolio
of GRC training and education solutions by expanding its capabilities into the
health, safety and environmental markets. The acquisition is part of Wilmington's
strategy to focus on consolidating its already strong presence in the large, growing
and rapidly evolving GRC markets. These markets are underpinned by strong
macro drivers, particularly the increasing volume and enforcement of regulation,
complex geopolitical landscape, increased importance of ESG and widespread
adoption of technological and data-driven compliance solutions. Goodwill acquired
relates to synergies and access to the health, safety and environmental markets.
The fair value of the net assets acquired in the business at acquisition date was
\u00a39.0m, resulting in goodwill on acquisition of \u00a311.2m. Acquisition related charges
include transaction costs of \u00a30.6m relating to the acquisition of Astutis. The results
of the acquisition included in the Group\u2019s consolidated results are revenue of
\u00a34.8m and an operating result of \u00a31.2m. Due to limitations in available data for the
pre-acquisition period, the Directors consider that it is impracticable to disclose the
results of the combined entity as though the acquisition had impacted the Group\u2019s
consolidated results for the full year. The goodwill recognised is not deductible for
tax purposes.
A summary of the acquisition is detailed below:
\u00a3\u2019000
Fair value of net assets acquired
Intangibles
9,861
Property, plant and equipment
336
Trade and other receivables
1,880
Cash and cash equivalents
4,207
Trade and other payables
(4,510)
Current tax liability
(494)
Deferred tax liability
(1,995)
Lease liability
(311)
Net assets acquired
8,974
Goodwill
11,156
Final working capital adjustments
(1,174)
Total cash consideration
18,956
Final working capital adjustments paid in cash
1,174
Cash acquired
(4,207)
Total cash outflow
15,923
", "dimensions": { "concept": "wilmingtonplc:DisclosureOfAcquisitionOfAstutis", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-338": { "value": "
11. Disposals, disposal group held for sale
and discontinued operations
Disposal of MiExact
On 31 January 2024 the Group disposed of its mortality data business,
MiExact Limited, for consideration of \u00a39.6m prior to working capital adjustments
and recognised a gain on disposal of \u00a35.9m presented within other income.
Wilmington received cash of \u00a36.9m on completion after working capital
adjustments, and the remaining \u00a33.0m was issued as a loan note with a 7%
coupon, deferred for up to three years.
The disposal was executed by way of the sale of 100% of the equity shares.
Net assets on disposal were \u00a32.9m, a breakdown can be found in the table on the
following page.
MiExact has not been classified as a discontinued operation under IFRS 5 because
it does not meet the IFRS 5 criteria as a significant line of business.
Disposal of APM (part of the European Healthcare business)
On 26 April 2024 the Group disposed of its French Healthcare business, APM, for
consideration of \u20ac26.0m (\u00a322.3m) in cash, prior to working capital adjustments and
recognised a gain on disposal of \u20ac23.3m (\u00a319.9m) presented within discontinued
operations.
The disposal was executed by way of the sale of 100% of the equity shares.
Net assets on disposal were \u00a31.9m, a breakdown can be found in the table on
the following page.
The European Healthcare business, consisting of APM and UK Healthcare,
has been classified as a discontinued operation under IFRS 5 because it meets the
IFRS 5 criteria as a significant line of business.
Disposal of UK Healthcare (part of the European
Healthcare business)
On 27 June 2024 the Group disposed of its UK Healthcare business for
consideration of up to \u00a326.3m. The UK Healthcare business includes the
entire issued share capital of Wilmington Healthcare Limited and Interactive
Medica SL. This transaction completes Wilmington's sale of its European
Healthcare businesses, following the disposal of the Group's French Healthcare
business, APM, announced on 26 April 2024 for \u20ac26m.
The initial consideration of \u00a321.3m comprises \u00a34.8m in cash with the balance
of \u00a316.5m satisfied through the issue by the purchaser of secured loan notes
for a term of up to four years, carrying a variable interest rate equal to the
Bank of England base rate with some principal repayments throughout the term.
The transaction realised a gain on disposal of \u00a31.5m presented within
discontinued operations.
The total consideration of \u00a321.3m will increase by up to approximately \u00a35.1m,
subject to the UK Healthcare business achieving certain EBITDA targets for the
financial year ending 30 June 2025. This contingent consideration has not been
recognised as part of consideration because of the assessed likelihood of meeting
the specified targets.
The disposal was executed by way of the sale of 100% of the equity shares.
Net assets on disposal were \u00a315.2m, a breakdown can be found in the table on
the following page.
The European Healthcare business, consisting of APM and UK Healthcare, has
been classified as a discontinued operation under IFRS 5 because it meets the IFRS
5 criteria as a significant line of business. Please see below for further information.
Revision of ICP
The disposal proceeds for the 2018 disposal of ICP were renegotiated to ensure
payment would actually be received, resulting in a reduction in the profit on
disposal of \u00a3414,000 presented within other income.
Net assets as at the disposal dates:
The disposals were executed by way of the sale of 100% of the equity shares and as at each disposal date, the net assets were as follows:
MiExact APM UK Healthcare ICP Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Goodwill
2,391
\u2014
11,885
Intangibles
\u2014
89
1,734
Property, plant and equipment
13
1,435
3
Deferred tax asset
\u2014
\u2014
33
Current tax asset
\u2014
392
95
Trade and other receivables
898
2,195
5,114
Cash and cash equivalents
1,038
4,141
2,942
Trade and other payables
(1,414)
(5,017)
(6,654)
Lease liabilities
\u2014
(1,300)
\u2014
Net assets disposed
2,926
1,935
15,152
20,013
Directly attributable costs of disposal
638
1,104
1,618
3,360
Recycling of foreign exchange (gain)/loss
\u2014
25
(262)
(237)
Gain on disposal included within discontinued operations
\u2014
19,912
1,454
21,366
Gain/(loss) on disposal included within other income
5,879
\u2014
\u2014
(414)
5,465
Fair value of consideration during the year
9,443
22,976
17,962
(414)
49,967
Satisfied by:
Cash and cash equivalents
6,894
22,976
4,812
34,682
Fair value of deferred consideration
2,549
\u2014
13,150
(414)
15,285
9,443
22,976
17,962
(414)
49,967
Cash received
6,894
22,976
4,812
34,682
Less cash disposed
(1,038)
(4,141)
(2,942)
(8,121)
Total cash inflow
5,856
18,835
1,870
26,561
The disposals reflect the Group\u2019s continued and active management of its portfolio to assess the potential of each business to exhibit the six common Wilmington
characteristics that we recognise as key drivers of organic revenue growth and profitability improvement.
European Healthcare business (UK Healthcare & APM)
classified as a discontinued operation
The European Healthcare business (consisting of APM and UK Healthcare) has
been classified as a discontinued operation in the year with the financial results,
including the comparatives, presented separately. The operation meets the IFRS
5 definition as a discontinued operation due to it being a separate major line of
business and part of single coordinated disposal plan.
The table below shows the results of the discontinued operation, which is included
separately in the Consolidated Income Statement.
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
European Healthcare
Revenue
27,679
30,432
Operating expenses before amortisation of intangibles
excluding computer software
(23,805)
(25,599)
Amortisation of intangible assets excluding
computer software
(547)
(1,303)
Operating expenses
(24,352)
(26,902)
Operating profit
3,327
3,530
Profit before tax
3,327
3,530
Taxation
(682)
(510)
Profit after tax
2,645
3,020
Gain on disposal
21,366
\u2014
Profit after tax from discontinued operations
24,011
3,020
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
European Healthcare
Net cash generated from operating activities
208
4,070
Net cash used in investing activities
20,574
(164)
Net cash used in financing activities
(151)
(176)
Net increase in cash & cash equivalents
20,631
3,730
Compliance Week classified as a disposal group held for sale During the year, the Compliance Week businesses, has been classified as a disposal group held for sale under IFRS 5. The Group is focused on actively managing our portfolio by assessing the potential of each business to exhibit the six common Wilmington characteristics that we recognise as key drivers of organic revenue growth and profitability improvement. Consequently, as a result of this assessment, the Board decided to exit the Compliance Week business. The disposal is expected to be completed within one year by sale of equity shares. The major classes of assets and liabilities comprising the disposal group held for sale are as follows:
Year ended
30 June 2024
\u00a3\u2019000
Goodwill
358
Trade and other receivables
545
Cash and cash equivalents
293
Assets of disposal group held for sale
1,196
Trade and other payables
486
Liabilities of disposal group held for sale
486
Compliance Week has not been classified as a discontinued operation under IFRS 5 because it does not meet the IFRS 5 criteria as a significant line of business.", "dimensions": { "concept": "wilmingtonplc:DisclosureOfDisposalsDisposalGroupHeldForSaleAndDiscontinuedOperations", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-339": { "value": "
12. Goodwill
\u00a3\u2019000
Cost
At 1 July 2022
100,693
Exchange translation differences
(567)
At 30 June 2023
100,126
Write-off of fully impaired goodwill no longer owned
(28,963)
Acquisition
11,156
Reclassification to held for sale
(358)
Disposals
(24,545)
Exchange translation differences
114
At 30 June 2024
57,530
Accumulated impairment
At 30 June 2022 and 30 June 2023
39,565
Write-off of fully impaired goodwill no longer owned
(28,963)
Impairment
4,434
Disposals
(10,269)
At 30 June 2024
4,767
Net book amount
At 30 June 2024
52,763
At 30 June 2023
60,561
At 30 June 2022
61,128
Goodwill arising on business combinations is not amortised but reviewed for
impairment on an annual basis, or more frequently if there are indications that
goodwill may be impaired. Determining whether the carrying value of acquired
goodwill is recoverable is a significant judgment given the material nature of the
goodwill balance and the significant assumptions underpinning management\u2019s
impairment assessment of the Group\u2019s cash generating units (\u2018CGUs\u2019). The Group
identifies its CGUs on a business operation level. This is consistent with the way
the chief operating decision maker reviews performance.
Annual impairment review
The recoverable amount for each CGU has been determined using value in use
calculations. These calculations use the post-tax future cash flow forecasts
covering a three-year period based on Board approved budgets. Cash flow
projections in these budgets have been based on growth assumptions that reflect
anticipated market trends in the range of industries served by the brands within
each CGU. Overall, these projections assume stable profit margins reflecting
market presence expansion, whilst managing the impact of projected inflationary
and recessionary pressures. Post-tax cash flows beyond the three-year period are
then extrapolated using an estimated long term growth rate of 2.0% (2023: 2.0%),
providing a \u2018base case\u2019 scenario for the purpose of the impairment review. Key
assumptions for the value in use calculations are those regarding discount rates,
three-year cash flow forecasts and long-term growth rates. The CAGR over the
3-year period is 8.2% and profit margins are assumed to stay steady.
During the second half of the year, management detected indicators of impairment
in the Compliance Week CGU. Management performed a value in use analysis,
which when compared to the recoverable amount, identified that an impairment of
\u00a34.4m was required. As a result, the goodwill in the CGU was impaired by \u00a34.4m.
The impairment arose due to the financial performance of the CGU compared to
the budget and the prior year, along with management\u2019s reassessment of the
ongoing business environment.
As part of the impairment assessment all remaining CGU\u2019s indicated significant
levels of headroom with the exception of Astutis ('HSE'), which resulted in
headroom of \u00a30.6m. The results of our sensitivity testing are disclosed on the
following page for the Astutis CGU.
Discount rates
Management have opted to use the post- tax discount rates for discounting
the value in use cashflows due to the linkage with observable market data.
A reconciliation has been performed to ensure the same outcome is principally
reached when using either the pre-tax or post-tax rate approach.
The following pre-tax and post-tax rates have been applied:
Pre-tax discount rates
Post-tax discount rates
Year ended Year ended Year ended Year ended
30 June 2024 30 June 2023 30 June 2024 30 June 2023
Territory % % % %
United Kingdom
16.2
18.4
12.2
13.8
United States
16.9
19.0
12.1
13.7
France
n/a
18.7
n/a
13.4
Post-tax discount rates are calculated on a company specific participant basis,
movements in the post-tax discount rates for CGUs since the prior year are driven
by changes in company specific market-based inputs. Management considers the
post-tax discount rates to be calculated using appropriate methodology. The rates
are in in line with its peers, and the Board views the rates as accurately reflecting
the return expected by a market participant. The Group no longer owns a CGU
in France and have therefore not determined a discount rate for this territory.
Sensitivity to changes in assumptions
The Group has performed sensitivity testing to assess the impact of changes in
assumptions on the value in use of each CGU. The sensitivity analysis performed
assessed the impact of pessimistic but reasonably possible changes to future cash
flows and pre-tax discount rates. All CGUs apart from Astutis retained significant
headroom even in these sensitised calculations, leading to the conclusion that
there is no realistic change of assumption that would result in the carrying value
to exceed its recoverable amount. Below are the calculated sensitivities for Astutis.
\u2022 If the post-tax WACC rate increased/ decreased by 1 percentage point, the
overall impact would be an impairment of \u00a31.3m/ result in headroom of \u00a32.9m.
\u2022 If the VIU cashflows were reduced by 10% each year, the impairment would
be \u00a31.5m. Equally a 10% increase in cashflows would result in headroom
of \u00a32.7m.
Cash generating units
During the year, the Axco & Pendragon CGU was split out into separate CGUs
using their original goodwill values. The change was required to align to
Wilmington\u2019s updated operating segments representing reporting to the chief
operating decision maker. Under the new operating segments, Axco is included
within the Financial Services Division and Pendragon is included within the
Legal Division.
The following table details the net book value of goodwill allocated to each CGU:
30 June 2024 30 June 2023
CGU \u00a3\u2019000 \u00a3\u2019000
UK Healthcare
\u2014
11,885
Axco and Pendragon
\u2014
11,150
Axco
10,392
\u2014
Pendragon
758
\u2014
Accountancy (Mercia)
8,307
8,307
Legal (Bond Solon)
6,796
6,796
Compliance (ICA, CLTi)
7,972
7,972
Compliance Week
\u2014
4,719
FRA
7,382
7,341
Business Intelligence
\u2014
2,391
Astutis (HSE)
11,156
\u2014
52,763
60,561
Compliance Week is classified as held for sale and therefore the remaining balance
of \u00a30.4m can be found in note 11.
13. Other intangible assets
Computer Customer Publishing
software Databases relationships Brands rights and titles Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 30 June 2022
6,251
13,870
9,622
10,223
9,685
49,651
Additions
595
\u2014
\u2014
\u2014
\u2014
595
Disposals
(1,213)
\u2014
\u2014
\u2014
\u2014
(1,213)
Exchange translation differences
(48)
(39)
(173)
(99)
\u2014
(359)
At 30 June 2023
5,585
13,831
9,449
10,124
9,685
48,674
Acquisition
\u2014
\u2014
6,847
1,888
1,126
9,861
Write-off of fully amortised intangible assets
(1,335)
(13,843)
(2,271)
(5,917)
(2,066)
(25,432)
Reallocation between categories
\u2014
\u2014
94
\u2014
(94)
\u2014
Reclassification to Held for Sale
(544)
\u2014
\u2014
\u2014
\u2014
(544)
Additions
235
\u2014
\u2014
\u2014
\u2014
235
Disposals
(2,401)
\u2014
(2,894)
(4,240)
(4,792)
(14,327)
Exchange translation differences
4
13
38
34
\u2014
89
At 30 June 2024
1,544
1
11,263
1,889
3,859
18,556
Accumulated amortisation
At 1 July 2022
3,876
13,581
6,679
7,622
8,466
40,224
Charge for the year
1,690
194
1,059
683
445
4,071
Disposals
(1,056)
\u2014
\u2014
\u2014
\u2014
(1,056)
Exchange translation differences
(25)
(32)
(144)
(98)
\u2014
(299)
At 30 June 2023
4,485
13,743
7,594
8,207
8,911
42,940
Charge for the year
1,025
117
1,369
705
445
3,661
Write-off of fully amortised intangible assets
(1,335)
(13,843)
(2,271)
(5,917)
(2,066)
(25,432)
Reallocation between categories
115
(28)
(17)
(17)
62
115
Reclassification to Held for Sale
(544)
\u2014
\u2014
\u2014
\u2014
(544)
Disposals
(2,266)
\u2014
(2,502)
(2,933)
(4,792)
(12,493)
Exchange translation differences
3
12
30
28
\u2014
73
At 30 June 2024
1,483
1
4,203
73
2,560
8,320
Net book amount
At 30 June 2024
61
\u2014
7,060
1,816
1,299
10,236
At 30 June 2023
1,100
88
1,855
1,917
774
5,734
At 30 June 2022
2,375
289
2,943
2,601
1,219
9,427
The potential risks arising from climate change to the Group\u2019s key operations in the short to medium term have been assessed and no assets have been impaired
as a result of this exercise.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-375": { "value": "12. Goodwill
\u00a3\u2019000
Cost
At 1 July 2022
100,693
Exchange translation differences
(567)
At 30 June 2023
100,126
Write-off of fully impaired goodwill no longer owned
(28,963)
Acquisition
11,156
Reclassification to held for sale
(358)
Disposals
(24,545)
Exchange translation differences
114
At 30 June 2024
57,530
Accumulated impairment
At 30 June 2022 and 30 June 2023
39,565
Write-off of fully impaired goodwill no longer owned
(28,963)
Impairment
4,434
Disposals
(10,269)
At 30 June 2024
4,767
Net book amount
At 30 June 2024
52,763
At 30 June 2023
60,561
At 30 June 2022
61,128
Goodwill arising on business combinations is not amortised but reviewed for impairment on an annual basis, or more frequently if there are indications that goodwill may be impaired. Determining whether the carrying value of acquired goodwill is recoverable is a significant judgment given the material nature of the goodwill balance and the significant assumptions underpinning management\u2019s impairment assessment of the Group\u2019s cash generating units (\u2018CGUs\u2019). The Group identifies its CGUs on a business operation level. This is consistent with the way the chief operating decision maker reviews performance. Annual impairment review The recoverable amount for each CGU has been determined using value in use calculations. These calculations use the post-tax future cash flow forecasts covering a three-year period based on Board approved budgets. Cash flow projections in these budgets have been based on growth assumptions that reflect anticipated market trends in the range of industries served by the brands within each CGU. Overall, these projections assume stable profit margins reflecting market presence expansion, whilst managing the impact of projected inflationary and recessionary pressures. Post-tax cash flows beyond the three-year period are then extrapolated using an estimated long term growth rate of 2.0% (2023: 2.0%), providing a \u2018base case\u2019 scenario for the purpose of the impairment review. Key assumptions for the value in use calculations are those regarding discount rates, three-year cash flow forecasts and long-term growth rates. The CAGR over the 3-year period is 8.2% and profit margins are assumed to stay steady. During the second half of the year, management detected indicators of impairment in the Compliance Week CGU. Management performed a value in use analysis, which when compared to the recoverable amount, identified that an impairment of \u00a34.4m was required. As a result, the goodwill in the CGU was impaired by \u00a34.4m. The impairment arose due to the financial performance of the CGU compared to the budget and the prior year, along with management\u2019s reassessment of the ongoing business environment. As part of the impairment assessment all remaining CGU\u2019s indicated significant levels of headroom with the exception of Astutis ('HSE'), which resulted in headroom of \u00a30.6m. The results of our sensitivity testing are disclosed on the following page for the Astutis CGU. Discount rates Management have opted to use the post- tax discount rates for discounting the value in use cashflows due to the linkage with observable market data. A reconciliation has been performed to ensure the same outcome is principally reached when using either the pre-tax or post-tax rate approach. The following pre-tax and post-tax rates have been applied:
Pre-tax discount rates
Post-tax discount rates
Year ended Year ended Year ended Year ended
30 June 2024 30 June 2023 30 June 2024 30 June 2023
Territory % % % %
United Kingdom
16.2
18.4
12.2
13.8
United States
16.9
19.0
12.1
13.7
France
n/a
18.7
n/a
13.4
Post-tax discount rates are calculated on a company specific participant basis, movements in the post-tax discount rates for CGUs since the prior year are driven by changes in company specific market-based inputs. Management considers the post-tax discount rates to be calculated using appropriate methodology. The rates are in in line with its peers, and the Board views the rates as accurately reflecting the return expected by a market participant. The Group no longer owns a CGU in France and have therefore not determined a discount rate for this territory. Sensitivity to changes in assumptions The Group has performed sensitivity testing to assess the impact of changes in assumptions on the value in use of each CGU. The sensitivity analysis performed assessed the impact of pessimistic but reasonably possible changes to future cash flows and pre-tax discount rates. All CGUs apart from Astutis retained significant headroom even in these sensitised calculations, leading to the conclusion that there is no realistic change of assumption that would result in the carrying value to exceed its recoverable amount. Below are the calculated sensitivities for Astutis. \u2022 If the post-tax WACC rate increased/ decreased by 1 percentage point, the overall impact would be an impairment of \u00a31.3m/ result in headroom of \u00a32.9m. \u2022 If the VIU cashflows were reduced by 10% each year, the impairment would be \u00a31.5m. Equally a 10% increase in cashflows would result in headroom of \u00a32.7m. Cash generating units During the year, the Axco & Pendragon CGU was split out into separate CGUs using their original goodwill values. The change was required to align to Wilmington\u2019s updated operating segments representing reporting to the chief operating decision maker. Under the new operating segments, Axco is included within the Financial Services Division and Pendragon is included within the Legal Division. The following table details the net book value of goodwill allocated to each CGU:
30 June 2024 30 June 2023
CGU \u00a3\u2019000 \u00a3\u2019000
UK Healthcare
\u2014
11,885
Axco and Pendragon
\u2014
11,150
Axco
10,392
\u2014
Pendragon
758
\u2014
Accountancy (Mercia)
8,307
8,307
Legal (Bond Solon)
6,796
6,796
Compliance (ICA, CLTi)
7,972
7,972
Compliance Week
\u2014
4,719
FRA
7,382
7,341
Business Intelligence
\u2014
2,391
Astutis (HSE)
11,156
\u2014
52,763
60,561
Compliance Week is classified as held for sale and therefore the remaining balance of \u00a30.4m can be found in note 11. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-376": { "value": "13. Other intangible assets
Computer Customer Publishing
software Databases relationships Brands rights and titles Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 30 June 2022
6,251
13,870
9,622
10,223
9,685
49,651
Additions
595
\u2014
\u2014
\u2014
\u2014
595
Disposals
(1,213)
\u2014
\u2014
\u2014
\u2014
(1,213)
Exchange translation differences
(48)
(39)
(173)
(99)
\u2014
(359)
At 30 June 2023
5,585
13,831
9,449
10,124
9,685
48,674
Acquisition
\u2014
\u2014
6,847
1,888
1,126
9,861
Write-off of fully amortised intangible assets
(1,335)
(13,843)
(2,271)
(5,917)
(2,066)
(25,432)
Reallocation between categories
\u2014
\u2014
94
\u2014
(94)
\u2014
Reclassification to Held for Sale
(544)
\u2014
\u2014
\u2014
\u2014
(544)
Additions
235
\u2014
\u2014
\u2014
\u2014
235
Disposals
(2,401)
\u2014
(2,894)
(4,240)
(4,792)
(14,327)
Exchange translation differences
4
13
38
34
\u2014
89
At 30 June 2024
1,544
1
11,263
1,889
3,859
18,556
Accumulated amortisation
At 1 July 2022
3,876
13,581
6,679
7,622
8,466
40,224
Charge for the year
1,690
194
1,059
683
445
4,071
Disposals
(1,056)
\u2014
\u2014
\u2014
\u2014
(1,056)
Exchange translation differences
(25)
(32)
(144)
(98)
\u2014
(299)
At 30 June 2023
4,485
13,743
7,594
8,207
8,911
42,940
Charge for the year
1,025
117
1,369
705
445
3,661
Write-off of fully amortised intangible assets
(1,335)
(13,843)
(2,271)
(5,917)
(2,066)
(25,432)
Reallocation between categories
115
(28)
(17)
(17)
62
115
Reclassification to Held for Sale
(544)
\u2014
\u2014
\u2014
\u2014
(544)
Disposals
(2,266)
\u2014
(2,502)
(2,933)
(4,792)
(12,493)
Exchange translation differences
3
12
30
28
\u2014
73
At 30 June 2024
1,483
1
4,203
73
2,560
8,320
Net book amount
At 30 June 2024
61
\u2014
7,060
1,816
1,299
10,236
At 30 June 2023
1,100
88
1,855
1,917
774
5,734
At 30 June 2022
2,375
289
2,943
2,601
1,219
9,427
The potential risks arising from climate change to the Group\u2019s key operations in the short to medium term have been assessed and no assets have been impaired as a result of this exercise.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-340": { "value": "
14. Property, plant and equipment
Land, freehold and Fixtures Computer Right-of-use assets
leasehold buildings and fittings equipment Motor vehicles Land and buildings Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 July 2022
3,577
2,932
4,153
111
13,523
24,296
Additions
\u2014
250
211
\u2014
396
857
Lease modifications
\u2014
\u2014
\u2014
\u2014
1,529
1,529
Disposals
(24)
(754)
(2,206)
(111)
(567)
(3,662)
Exchange translation differences
\u2014
(10)
(6)
\u2014
(8)
(24)
At 30 June 2023
3,553
2,418
2,152
\u2014
14,873
22,996
Additions
\u2014
18
114
\u2014
\u2014
132
Acquisitions
69
\u2014
\u2014
\u2014
286
355
Lease modifications
\u2014
\u2014
\u2014
\u2014
(834)
(834)
Write-off of fully depreciated assets
\u2014
\u2014
(42)
\u2014
\u2014
(42)
Reallocation between categories
\u2014
181
(77)
\u2014
\u2014
104
Reclassification between categories
(2,217)
2,217
\u2014
\u2014
\u2014
\u2014
Disposals
(1,097)
(1,690)
(1,279)
\u2014
(1,510)
(5,576)
Exchange translation differences
\u2014
2
1
\u2014
37
40
At 30 June 2024
308
3,146
869
\u2014
12,852
17,175
Accumulated depreciation
At 1 July 2022
2,914
2,450
3,847
85
8,124
17,420
Charge for the year
352
199
321
12
1,437
2,321
Disposals
(29)
(759)
(2,198)
(97)
(567)
(3,650)
Exchange translation differences
\u2014
(39)
(33)
\u2014
(38)
(110)
At 30 June 2023
3,237
1,851
1,937
\u2014
8,956
15,981
Charge for the year
38
129
407
\u2014
1,277
1,851
Impairment
27
343
\u2014
\u2014
\u2014
370
Write-off of fully depreciated assets
\u2014
\u2014
(42)
\u2014
\u2014
(42)
Reallocation between categories
(90)
240
(161)
\u2014
\u2014
(11)
Reclassification between categories
(1,825)
1,825
\u2014
\u2014
\u2014
\u2014
Disposals
(1,097)
(1,444)
(1,278)
\u2014
(222)
(4,041)
Exchange translation differences
\u2014
1
1
\u2014
(20)
(18)
At 30 June 2024
290
2,945
864
\u2014
9,991
14,090
Net book amount
At 30 June 2024
18
201
5
\u2014
2,861
3,085
At 30 June 2023
316
567
215
\u2014
5,917
7,015
At 30 June 2022
663
482
306
26
5,399
6,876
During the year, the lease term on the head office building was renegotiated
and we will exit the building in December 2024, the lease was modified and
the right-of-use asset reflects the remaining asset to December 2024.
Reclassifications between categories relates to a change in accounting policy
to align to the fixed asset register.
The potential risks arising from climate change to the Group\u2019s key operations in
the short to medium term have been assessed and no assets have been impaired
as a result of this exercise.
Depreciation of property, plant and equipment is charged to operating expenses
within the income statement.
Right-of-use
assets
Land and
buildings
Company \u00a3\u2019000
Cost
At 1 July 2022, 30 June 2023
9,889
Lease modification
(834)
At 30 June 2024
9,055
Accumulated depreciation
At 1 July 2022
5,781
Charge for the year
724
At 30 June 2023
6,505
Charge for the year
725
At 30 June 2024
7,230
Net book amount
At 30 June 2024
1,825
At 30 June 2023
3,384
At 30 June 2022
4,108
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-341": { "value": "
15. Investments in subsidiaries
Shares in
subsidiary
undertakings
Company \u00a3\u2019000
Net book value as at 1 July 2022 and 1 July 2023
49,420
Disposal of the Healthcare business
(6,259)
Net book value as at 30 June 2024
43,161
The following table gives details of the entities controlled and included in the
consolidated financial statements of the Group at 30 June 2024. Except where
indicated, all of the entities are incorporated in and principally operated in the UK.
Subsidiaries marked * are directly owned by Wilmington plc; all other subsidiaries
are indirectly owned. Subsidiaries marked ** are companies limited by guarantee,
have no ordinary shares and are controlled indirectly by Wilmington plc.
Subsidiaries marked + have claimed audit exemptions for the year to 30 June 2024
under Section 479A of the Companies Act 2006.
During the year the Group disposed of MiExact Limited, an investment held directly
by Wilmington Publishing & Information Limited, and the Healthcare and APM
businesses, consisting of investments held directly by Wilmington Insight Limited.
During the year the Group acquired Astutis Limited, an investment held directly by
Wilmington Legal Limited. There were no impairments or dissolutions during the
year (2023: nil).
UK
company Registered Percentage
Name of company number
address
Business
owned
Astutis Limited+
07349554
WCH
Training courses in health, safety & environmental industries
100
Provision of international compliance and regulatory information for the global
Axco Insurance Information Services Limited+
03073807
WCH
insurance industry
100
Bond Solon Training Limited+
02271977
WCH
Witness training and conferences
100
CLT International Hong Kong Limited (incorporated and operates in Hong Kong)
n/a
PRU
Certified professional training
100
CLT International Limited+
06309789
WCH
Certified professional training
100
ICA Commercial Services Limited+
04363296
WCH
Training courses in international compliance and money laundering
100
ICA Risk Management Limited+
04519229
WCH
Facilitation of ISO certification for businesses
100
International Compliance Association Limited**+
04429302
WCH
Professional association; a not for profit organisation
100
International Compliance Training Academy PTE Limited (incorporated and
operates in Singapore)
n/a
CEC
Training courses in international compliance and money laundering
100
International Compliance Training (Middle East) Ltd (incorporated and operates in
the UAE)
n/a
GAT
Training courses in international compliance and money laundering
100
International Compliance Training SDN. BHD (incorporated and operates in
Malaysia)
n/a
VER
Training courses in international compliance and money laundering
100
Mercia Group Limited+
01464141
WCH
Training and support services to the accountancy profession
100
Mercia Ireland Limited (incorporated and operates in Ireland)
n/a
BAG
Training and support services to the accountancy profession
100
Mercia NI Limited+
NI038498
ADE
Non-trading
100
SWAT UK Limited+
03041771
WCH
Non-trading
100
Wilmington Centre Knowledge India Private Limited (incorporated in India)
n/a
KAI
Non-trading
100
Wilmington Compliance Week Inc. (incorporated and operates in the US)
n/a
ORA
Provision of international compliance and regulatory information in the US
100
Wilmington FRA Inc. (incorporated and operates in the US)
n/a
ORA
Conference and networking provider of specialist events in healthcare and finance
100
Wilmington Holdings No.1 Limited*
08313253
WCH
Holding company
100
Wilmington Holdings US Inc. (incorporated and operates in the US)
n/a
ORA
Holding company
100
Wilmington IBT Limited+
01221570
WCH
Dormant
100
Wilmington Legal Limited+
02522603
WCH
Holding company
100
Wilmington plc Employee Share Ownership Trust+
n/a
WCH
Trust
n/a
Wilmington Publishing & Information Limited
03368442
WCH
Provision of information and events for professional markets
100
Wilmington Shared Services Limited
08314442
WCH
Provision of shared services
100
The registered company addresses for each subsidiary undertaking are abbreviated as shown below.
Registered address
Abbreviation
Titanic Suites, 55-59 Adelaide Street, Belfast, United Kingdom
ADE
13 Baggot Street Upper, Dublin 4, Ireland
BAG
138
Cecil Street #06-01 Cecil Court, Singapore 069538
CEC
Gate Village, Building 10, Dubai International Financial Centre, Dubai
GAT
C-515, Kailash Esplanadel. B.S. Marg, Ghatkopar, Mumbai, Maharashtra, India, 400086
KAI
1209
Orange Street, Delaware 19801, United States
ORA
Suite 2111,
21/F., Prudential Tower, The Gateway, Harbour City, 21 Canton Road, Tsimshatsui, Kowloon, Hong Kong
PRU
Unit 30-01, Vertical Business Suite Avenue 3, Bangsar South, No.8, Jalan Kerinchi, 59200, Kuala Lumpur
VER
10 Whitechapel High Street, London E1 8QS, United Kingdom
WCH
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-377": { "value": "15. Investments in subsidiaries
Shares in
subsidiary
undertakings
Company \u00a3\u2019000
Net book value as at 1 July 2022 and 1 July 2023
49,420
Disposal of the Healthcare business
(6,259)
Net book value as at 30 June 2024
43,161
The following table gives details of the entities controlled and included in the consolidated financial statements of the Group at 30 June 2024. Except where indicated, all of the entities are incorporated in and principally operated in the UK. Subsidiaries marked * are directly owned by Wilmington plc; all other subsidiaries are indirectly owned. Subsidiaries marked ** are companies limited by guarantee, have no ordinary shares and are controlled indirectly by Wilmington plc. Subsidiaries marked + have claimed audit exemptions for the year to 30 June 2024 under Section 479A of the Companies Act 2006. During the year the Group disposed of MiExact Limited, an investment held directly by Wilmington Publishing & Information Limited, and the Healthcare and APM businesses, consisting of investments held directly by Wilmington Insight Limited. During the year the Group acquired Astutis Limited, an investment held directly by Wilmington Legal Limited. There were no impairments or dissolutions during the year (2023: nil).
UK
company Registered Percentage
Name of company number
address
Business
owned
Astutis Limited+
07349554
WCH
Training courses in health, safety & environmental industries
100
Provision of international compliance and regulatory information for the global
Axco Insurance Information Services Limited+
03073807
WCH
insurance industry
100
Bond Solon Training Limited+
02271977
WCH
Witness training and conferences
100
CLT International Hong Kong Limited (incorporated and operates in Hong Kong)
n/a
PRU
Certified professional training
100
CLT International Limited+
06309789
WCH
Certified professional training
100
ICA Commercial Services Limited+
04363296
WCH
Training courses in international compliance and money laundering
100
ICA Risk Management Limited+
04519229
WCH
Facilitation of ISO certification for businesses
100
International Compliance Association Limited**+
04429302
WCH
Professional association; a not for profit organisation
100
International Compliance Training Academy PTE Limited (incorporated and
operates in Singapore)
n/a
CEC
Training courses in international compliance and money laundering
100
International Compliance Training (Middle East) Ltd (incorporated and operates in
the UAE)
n/a
GAT
Training courses in international compliance and money laundering
100
International Compliance Training SDN. BHD (incorporated and operates in
Malaysia)
n/a
VER
Training courses in international compliance and money laundering
100
Mercia Group Limited+
01464141
WCH
Training and support services to the accountancy profession
100
Mercia Ireland Limited (incorporated and operates in Ireland)
n/a
BAG
Training and support services to the accountancy profession
100
Mercia NI Limited+
NI038498
ADE
Non-trading
100
SWAT UK Limited+
03041771
WCH
Non-trading
100
Wilmington Centre Knowledge India Private Limited (incorporated in India)
n/a
KAI
Non-trading
100
Wilmington Compliance Week Inc. (incorporated and operates in the US)
n/a
ORA
Provision of international compliance and regulatory information in the US
100
Wilmington FRA Inc. (incorporated and operates in the US)
n/a
ORA
Conference and networking provider of specialist events in healthcare and finance
100
Wilmington Holdings No.1 Limited*
08313253
WCH
Holding company
100
Wilmington Holdings US Inc. (incorporated and operates in the US)
n/a
ORA
Holding company
100
Wilmington IBT Limited+
01221570
WCH
Dormant
100
Wilmington Legal Limited+
02522603
WCH
Holding company
100
Wilmington plc Employee Share Ownership Trust+
n/a
WCH
Trust
n/a
Wilmington Publishing & Information Limited
03368442
WCH
Provision of information and events for professional markets
100
Wilmington Shared Services Limited
08314442
WCH
Provision of shared services
100
The registered company addresses for each subsidiary undertaking are abbreviated as shown below.
Registered address
Abbreviation
Titanic Suites, 55-59 Adelaide Street, Belfast, United Kingdom
ADE
13 Baggot Street Upper, Dublin 4, Ireland
BAG
138
Cecil Street #06-01 Cecil Court, Singapore 069538
CEC
Gate Village, Building 10, Dubai International Financial Centre, Dubai
GAT
C-515, Kailash Esplanadel. B.S. Marg, Ghatkopar, Mumbai, Maharashtra, India, 400086
KAI
1209
Orange Street, Delaware 19801, United States
ORA
Suite 2111,
21/F., Prudential Tower, The Gateway, Harbour City, 21 Canton Road, Tsimshatsui, Kowloon, Hong Kong
PRU
Unit 30-01, Vertical Business Suite Avenue 3, Bangsar South, No.8, Jalan Kerinchi, 59200, Kuala Lumpur
VER
10 Whitechapel High Street, London E1 8QS, United Kingdom
WCH
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-342": { "value": "
16. Trade and other receivables
Group
Company
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
Trade receivables
16,104
22,577
\u2014
\u2014
Prepayments and other receivables
3,712
3,758
84
76
Contract assets
523
1,056
\u2014
\u2014
Amounts due from subsidiaries
\u2014
\u2014
125,969
114,781
20,339
27,391
126,053
114,857
Amounts due from all subsidiaries are interest free, unsecured and repayable on
demand with the intention to repay within the year. Expected credit losses on
amounts due from subsidiaries are immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-407": { "value": "16. Trade and other receivables
Group
Company
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
Trade receivables
16,104
22,577
\u2014
\u2014
Prepayments and other receivables
3,712
3,758
84
76
Contract assets
523
1,056
\u2014
\u2014
Amounts due from subsidiaries
\u2014
\u2014
125,969
114,781
20,339
27,391
126,053
114,857
Amounts due from all subsidiaries are interest free, unsecured and repayable on demand with the intention to repay within the year. Expected credit losses on amounts due from subsidiaries are immaterial. 19. Deferred tax Movements on deferred tax assets are as follows:
Share UK intangibles
based US deferred Tax Lease Right-of-use and capital US
payments consideration losses liabilities assets allowances intangibles Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 July 2022
504
248
289
\u2014
\u2014
(1,137)
(903)
(999)
Deferred tax credit/(charge) in the income statement for the year
89
(25)
\u2014
\u2014
\u2014
904
21
989
Deferred tax credit included directly in equity for the year
212
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
212
Effect on deferred tax of a change in the corporation tax rate
40
20
23
\u2014
\u2014
\u2014
\u2014
83
Exchange translation difference
\u2014
(77)
\u2014
\u2014
\u2014
\u2014
110
33
At 30 June 2023
845
166
312
\u2014
\u2014
(233)
(772)
318
Deferred tax credit/(charge) in the income statement for the year
(466)
(24)
(380)
707
(715)
(88)
541
(425)
Deferred tax credit included directly in equity for the year
379
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
379
Effect on deferred tax of a change in the corporation tax rate
184
36
68
\u2014
\u2014
120
\u2014
480
Deferred tax for acquired intangibles on acquisition
\u2014
\u2014
\u2014
\u2014
\u2014
(1,991)
\u2014
(1,991)
Exchange translation difference
\u2014
(36)
\u2014
\u2014
\u2014
\u2014
(4)
(40)
At 30 June 2024
942
142
\u2014
707
(715)
(2,192)
(235)
(1,351)
The Group has concluded that the deferred assets relating to tax losses will be recoverable using the estimated future taxable income. The losses can be carried forward indefinitely and have no expiry date. The liability for deferred tax on acquired intangibles relates to the acquisition of Astutis. The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Group \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,791
925
Deferred tax liabilities
(3,142)
(607)
(1,351)
318
Right-of-use Share based
Lease liabilities assets payments Total
Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Asset at 1 July 2022
\u2014
\u2014
504
504
Deferred tax credit in the income statement for the year
\u2014
\u2014
89
89
Deferred tax credit included directly in equity for the year
\u2014
\u2014
212
212
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
40
40
Asset at 30 June 2023
\u2014
\u2014
845
845
Deferred tax (charge)/credit in the income statement for the year
438
(456)
(466)
(484)
Deferred tax credit included directly in equity for the year
\u2014
\u2014
379
379
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
184
184
At 30 June 2024
438
(456)
942
924
The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Company \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,380
845
Deferred tax liabilities
(456)
\u2014
924
845
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-394": { "value": "16. Trade and other receivables
Group
Company
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
Trade receivables
16,104
22,577
\u2014
\u2014
Prepayments and other receivables
3,712
3,758
84
76
Contract assets
523
1,056
\u2014
\u2014
Amounts due from subsidiaries
\u2014
\u2014
125,969
114,781
20,339
27,391
126,053
114,857
Amounts due from all subsidiaries are interest free, unsecured and repayable on demand with the intention to repay within the year. Expected credit losses on amounts due from subsidiaries are immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-378": { "value": "16. Trade and other receivables
Group
Company
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
Trade receivables
16,104
22,577
\u2014
\u2014
Prepayments and other receivables
3,712
3,758
84
76
Contract assets
523
1,056
\u2014
\u2014
Amounts due from subsidiaries
\u2014
\u2014
125,969
114,781
20,339
27,391
126,053
114,857
Amounts due from all subsidiaries are interest free, unsecured and repayable on demand with the intention to repay within the year. Expected credit losses on amounts due from subsidiaries are immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-343": { "value": "
17. Trade and other payables
Group
Company
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
5,021
3,039
\u2014
\u2014
Social security and other taxes
2,353
3,418
330
742
Accruals
14,499
15,425
3,452
2,851
Contract liabilities
27,887
33,659
\u2014
\u2014
Other payables
700
425
\u2014
202
Amounts due to subsidiaries
\u2014
\u2014
127,549
62,715
50,460
55,966
131,331
66,510
Amounts due to subsidiaries are interest free, unsecured and repayable
on demand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-409": { "value": "17. Trade and other payables
Group
Company
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
5,021
3,039
\u2014
\u2014
Social security and other taxes
2,353
3,418
330
742
Accruals
14,499
15,425
3,452
2,851
Contract liabilities
27,887
33,659
\u2014
\u2014
Other payables
700
425
\u2014
202
Amounts due to subsidiaries
\u2014
\u2014
127,549
62,715
50,460
55,966
131,331
66,510
Amounts due to subsidiaries are interest free, unsecured and repayable on demand. 19. Deferred tax Movements on deferred tax assets are as follows:
Share UK intangibles
based US deferred Tax Lease Right-of-use and capital US
payments consideration losses liabilities assets allowances intangibles Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 July 2022
504
248
289
\u2014
\u2014
(1,137)
(903)
(999)
Deferred tax credit/(charge) in the income statement for the year
89
(25)
\u2014
\u2014
\u2014
904
21
989
Deferred tax credit included directly in equity for the year
212
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
212
Effect on deferred tax of a change in the corporation tax rate
40
20
23
\u2014
\u2014
\u2014
\u2014
83
Exchange translation difference
\u2014
(77)
\u2014
\u2014
\u2014
\u2014
110
33
At 30 June 2023
845
166
312
\u2014
\u2014
(233)
(772)
318
Deferred tax credit/(charge) in the income statement for the year
(466)
(24)
(380)
707
(715)
(88)
541
(425)
Deferred tax credit included directly in equity for the year
379
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
379
Effect on deferred tax of a change in the corporation tax rate
184
36
68
\u2014
\u2014
120
\u2014
480
Deferred tax for acquired intangibles on acquisition
\u2014
\u2014
\u2014
\u2014
\u2014
(1,991)
\u2014
(1,991)
Exchange translation difference
\u2014
(36)
\u2014
\u2014
\u2014
\u2014
(4)
(40)
At 30 June 2024
942
142
\u2014
707
(715)
(2,192)
(235)
(1,351)
The Group has concluded that the deferred assets relating to tax losses will be recoverable using the estimated future taxable income. The losses can be carried forward indefinitely and have no expiry date. The liability for deferred tax on acquired intangibles relates to the acquisition of Astutis. The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Group \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,791
925
Deferred tax liabilities
(3,142)
(607)
(1,351)
318
Right-of-use Share based
Lease liabilities assets payments Total
Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Asset at 1 July 2022
\u2014
\u2014
504
504
Deferred tax credit in the income statement for the year
\u2014
\u2014
89
89
Deferred tax credit included directly in equity for the year
\u2014
\u2014
212
212
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
40
40
Asset at 30 June 2023
\u2014
\u2014
845
845
Deferred tax (charge)/credit in the income statement for the year
438
(456)
(466)
(484)
Deferred tax credit included directly in equity for the year
\u2014
\u2014
379
379
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
184
184
At 30 June 2024
438
(456)
942
924
The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Company \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,380
845
Deferred tax liabilities
(456)
\u2014
924
845
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-379": { "value": "17. Trade and other payables
Group
Company
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Trade payables
5,021
3,039
\u2014
\u2014
Social security and other taxes
2,353
3,418
330
742
Accruals
14,499
15,425
3,452
2,851
Contract liabilities
27,887
33,659
\u2014
\u2014
Other payables
700
425
\u2014
202
Amounts due to subsidiaries
\u2014
\u2014
127,549
62,715
50,460
55,966
131,331
66,510
Amounts due to subsidiaries are interest free, unsecured and repayable on demand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-344": { "value": "
18. Financial instruments and risk management
The Group\u2019s financial instruments arise from its operations (for example trade
receivables and trade payables), from the financing of its operations (for example
equity) and from its risk management activities (for example interest rate swaps
and forward currency contracts). The risks to which the Group is exposed include
liquidity and capital risk, foreign currency risk, and credit risk.
Interest rate risk
Risk
The Group is no longer exposed to cash flow volatility arising from fluctuations in
market interest rates due to the Group net cash position. As a result of the growing
net cash position, the Group cancelled its revolving credit facility of \u00a320 million in
August 2023.
Group policy for interest rate risk management
The Group policy for interest rate risk management is to enter into interest rate
swap contracts if beneficial to do so. This decision is based on whether the contract
would maintain the ratio of fixed to variable rate debt at a level that achieves a
reasonable cost of debt whilst reducing the exposure to cash flow volatility arising
from fluctuations in market interest rates.
There were no financial instruments in place during the year ended 30 June 2024
or 30 June 2023.
Liquidity and capital risk
Risk
The Group\u2019s activities give rise to working capital obligations and other operational
cash outflows. The Group is consequently exposed to the risk that it cannot meet
its obligations as they fall due or can only meet them at an uneconomic price.
Group policy
The Group policy is to preserve a strong capital base in order to maintain investor,
creditor and market confidence and to safeguard the future development of the
business and to balance these objectives with the efficient use of capital.
Risk management arrangements
The Group determines its liquidity requirements by the use of short- and
long-term cash forecasts. The Group enters into short-, medium- and long-term
financial instruments when deemed necessary to support operational and other
funding requirements.
The following tables provide a maturity analysis of the remaining contractually
agreed cash flows for the Group\u2019s non-derivative financial liabilities on an
undiscounted basis, which therefore differ from the carrying value and fair value:
Group Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Liabilities held for sale
104
\u2014
\u2014
\u2014
104
Lease liabilities
1,199
475
1,134
151
2,959
Trade and other
payables and accruals
20,220
\u2014
\u2014
\u2014
20,220
21,523
475
1,134
151
23,283
Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank loans including
interest
120
\u2014
\u2014
\u2014
120
Lease liabilities
774
1,976
3,993
990
7,733
Trade and other
payables and accruals
18,889
\u2014
\u2014
\u2014
18,889
19,783
1,976
3,993
990
26,742
Company Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
893
202
605
151
1,851
Accruals and amounts
due to subsidiary
undertakings
127,549
\u2014
\u2014
\u2014
127,549
128,442
202
605
151
129,400
Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank loans including
interest
120
\u2014
\u2014
\u2014
120
Lease liabilities
202
1,556
2,888
353
4,999
Trade payables, accruals
and amounts due to
subsidiary undertakings
65,768
\u2014
\u2014
\u2014
65,768
66,090
1,556
2,888
353
70,887
Foreign currency risk
Risk
The currency of the primary economic environment in which the Group operates
is Sterling, and this is also the currency in which the Group presents its financial
statements. However, the Group has US Dollar linked cash flows arising from
international trading and overseas operations. The Group is consequently exposed
to cash flow volatility arising from fluctuations in the applicable exchange rate for
converting US Dollars to Sterling.
Group policy
The Group policy is to manage foreign currency risk, and to fix the exchange rate
when deemed necessary to manage the exchange rate risk relating to foreign
net cash inflows. Decisions are approved by the Board as part of the budgeting
process and upon the acquisition of foreign operations.
There were no forward contracts entered into during the year ended 30 June 2024
or 30 June 2023 due to the Group deeming the risk as not significant.
Credit risk
Risk
The Group\u2019s principal financial assets are receivables and bank balances.
The Group is consequently exposed to the risk that its customers or the banks
cannot meet their obligations as they fall due.
Group policy
The Group policy is to assess the creditworthiness and financial strength of
customers at inception and on an ongoing basis. The Group also reviews the credit
rating of its banks. Cash is held in banks with a credit rating between AAA to BBB
per Fitch (Investment Grade) at 12 September 2024.
Risk management arrangements
The Group\u2019s credit risk is primarily attributable to its trade receivables. However,
the Group has no significant exposure to credit risk because its trading is spread
over a large number of customers. The payment terms offered to customers take
into account the assessment of their creditworthiness and financial strength,
and they are set in accordance with industry standards. The creditworthiness of
customers is considered before trading commences. Most of the Group\u2019s customers
are large and well-established institutions that pay on time and in accordance with
the Group\u2019s standard terms of business.
The amounts presented in the balance sheet are net of the expected credit loss
allowance. The Group applies a simplified approach to measure the expected
credit loss allowance for trade receivables classified at amortised cost, using the
lifetime expected loss provision.
The Group assesses on a forward-looking basis the expected credit losses
associated with its financial assets carried at amortised cost. Expected credit
losses are updated at each reporting date to reflect changes in credit risk.
The expected credit loss on trade receivables is estimated using a provision matrix
by reference to past default experience and credit rating, taking into account
forward-looking factors including general economic conditions and an assessment
of the current and forecast conditions at the reporting date.
The following table details the risk profile of trade receivables based on the
Group\u2019s provision matrix.
0\u201330 30\u201360 61\u201390 91\u2013120 120+
Not due days days days days days Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross carrying
amount
11,164
1,923
1,598
915
527
1,593
17,720
Expected credit
0%
0%
0%
0%
4.35%
99.94%
9.12%
loss rate
Expected credit loss
\u2014
\u2014
\u2014
\u2014
(23)
(1,593)
(1,616)
Net carrying
amount
11,164
1,923
1,598
915
504
\u2014
16,104
0\u201330 30\u201360 61\u201390 91\u2013120 120+
Not due days days days days days Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross carrying
amount
14,924
3,816
1,754
1,121
600
1,521
23,736
Expected credit
0.05%
0.25%
0.41%
3.11%
2.24%
71.34%
4.88%
loss rate
Expected credit loss
(8)
(10)
(7)
(35)
(13)
(1,086)
(1,159)
Net carrying amount
14,916
3,806
1,747
1,086
587
435
22,577
Set out below is the movement for the year in the expected credit loss relating
to trade receivables.
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Allowances at 1 July
1,159
875
Additions charged to income statement
1,542
1,101
Allowances used
(167)
(146)
Allowances reversed
(918)
(671)
Allowances at 30 June
1,616
1,159
Fair value of financial assets and financial liabilities
The table below sets out the accounting classification and the carrying and fair
values of all of the Group\u2019s financial assets and financial liabilities. The carrying
value of these financial instruments approximates their fair value.
Group Fair value Amortised
Level 3 cost Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Cash and cash equivalents \u2014 67,515 67,515
Trade and other receivables \u2014 16,474 16,474
Deferred consideration receivable 16,518 \u2014 16,518
Assets held for sale \u2014 744 744
16,518 84,733 101,251
Financial liabilities
Trade and other payables \u2014 (20,220) (20,220)
Lease liabilities \u2014 (2,828) (2,828)
Liabilities held for sale \u2014 (104) (104)
\u2014 (23,152) (23,152)
Fair value Amortised
Level 3 cost Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Cash and cash equivalents
\u2014
42,173
42,173
Trade and other receivables
\u2014
22,951
22,951
Deferred consideration receivable*
1,904
\u2014
1,904
1,904
65,124
67,028
Financial liabilities
Trade and other payables
\u2014
(18,890)
(18,890)
Lease liabilities
\u2014
(7,210)
(7,210)
\u2014
(26,100)
(26,100)
* Deferred consideration receivable in 2023 has been split out to show the correct classification as fair value level 3.
Company Amortised
cost
At 30 June 2024 \u00a3\u2019000
Financial assets
Cash and cash equivalents
56,688
Trade and other receivables
126,053
182,741
Financial liabilities
Trade and other payables
(131,001)
Lease liabilities
(1,761)
(132,762)
Amortised
cost
At 30 June 2023 \u00a3\u2019000
Financial assets
Cash and cash equivalents
27,483
Trade and other receivables
114,781
142,264
Financial liabilities
Trade and other payables
(65,768)
Lease liabilities
(4,647)
(70,415)
Fair value measurement
The methods and assumptions used to estimate the fair values of financial assets
and liabilities are as follows:
\u2022 the carrying amount of trade receivables and payables approximates to fair
value due to the short maturity of the amounts receivable and payable; and
\u2022 the fair value of the Group\u2019s borrowings are estimated on the basis of the
discounted value of future cash flows using approximate discount rates in
effect at the balance sheet date.
Fair value hierarchy
The level in the fair value hierarchy within which the financial asset or liability is
categorised is determined on the basis of the lowest level input that is significant
to the fair value measurement. Financial assets and liabilities are classified in their
entirety into one of three levels:
\u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets
or liabilities.
\u2022 Level 2: Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly or indirectly.
\u2022 Level 3: Inputs for the asset or liability that are not based on observable
market data.
Valuation processes
The Group\u2019s CFO is responsible for fair value measurements and makes the
decision as to the valuation technique to be applied, along with the level of
external support required. The results of those valuations are reviewed at each
reporting date.
The following table provides a reconciliation of movements in Level 3 financial
assets during the year:
Deferred
consideration
receivable
\u00a3\u2019000
At 1 July 2023
1,904
Unrealised fair value gain
219
Additions
15,697
Cash settlement
(888)
Variation
(414)
At 30 June 2024
16,518
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-380": { "value": "18. Financial instruments and risk management The Group\u2019s financial instruments arise from its operations (for example trade receivables and trade payables), from the financing of its operations (for example equity) and from its risk management activities (for example interest rate swaps and forward currency contracts). The risks to which the Group is exposed include liquidity and capital risk, foreign currency risk, and credit risk. Interest rate risk Risk The Group is no longer exposed to cash flow volatility arising from fluctuations in market interest rates due to the Group net cash position. As a result of the growing net cash position, the Group cancelled its revolving credit facility of \u00a320 million in August 2023. Group policy for interest rate risk management The Group policy for interest rate risk management is to enter into interest rate swap contracts if beneficial to do so. This decision is based on whether the contract would maintain the ratio of fixed to variable rate debt at a level that achieves a reasonable cost of debt whilst reducing the exposure to cash flow volatility arising from fluctuations in market interest rates. There were no financial instruments in place during the year ended 30 June 2024 or 30 June 2023. Liquidity and capital risk Risk The Group\u2019s activities give rise to working capital obligations and other operational cash outflows. The Group is consequently exposed to the risk that it cannot meet its obligations as they fall due or can only meet them at an uneconomic price. Group policy The Group policy is to preserve a strong capital base in order to maintain investor, creditor and market confidence and to safeguard the future development of the business and to balance these objectives with the efficient use of capital. Risk management arrangements The Group determines its liquidity requirements by the use of short- and long-term cash forecasts. The Group enters into short-, medium- and long-term financial instruments when deemed necessary to support operational and other funding requirements. The following tables provide a maturity analysis of the remaining contractually agreed cash flows for the Group\u2019s non-derivative financial liabilities on an undiscounted basis, which therefore differ from the carrying value and fair value:
Group Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Liabilities held for sale
104
\u2014
\u2014
\u2014
104
Lease liabilities
1,199
475
1,134
151
2,959
Trade and other
payables and accruals
20,220
\u2014
\u2014
\u2014
20,220
21,523
475
1,134
151
23,283
Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank loans including
interest
120
\u2014
\u2014
\u2014
120
Lease liabilities
774
1,976
3,993
990
7,733
Trade and other
payables and accruals
18,889
\u2014
\u2014
\u2014
18,889
19,783
1,976
3,993
990
26,742
Company Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
893
202
605
151
1,851
Accruals and amounts
due to subsidiary
undertakings
127,549
\u2014
\u2014
\u2014
127,549
128,442
202
605
151
129,400
Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank loans including
interest
120
\u2014
\u2014
\u2014
120
Lease liabilities
202
1,556
2,888
353
4,999
Trade payables, accruals
and amounts due to
subsidiary undertakings
65,768
\u2014
\u2014
\u2014
65,768
66,090
1,556
2,888
353
70,887
Foreign currency risk Risk The currency of the primary economic environment in which the Group operates is Sterling, and this is also the currency in which the Group presents its financial statements. However, the Group has US Dollar linked cash flows arising from international trading and overseas operations. The Group is consequently exposed to cash flow volatility arising from fluctuations in the applicable exchange rate for converting US Dollars to Sterling. Group policy The Group policy is to manage foreign currency risk, and to fix the exchange rate when deemed necessary to manage the exchange rate risk relating to foreign net cash inflows. Decisions are approved by the Board as part of the budgeting process and upon the acquisition of foreign operations. There were no forward contracts entered into during the year ended 30 June 2024 or 30 June 2023 due to the Group deeming the risk as not significant. Credit risk Risk The Group\u2019s principal financial assets are receivables and bank balances. The Group is consequently exposed to the risk that its customers or the banks cannot meet their obligations as they fall due. Group policy The Group policy is to assess the creditworthiness and financial strength of customers at inception and on an ongoing basis. The Group also reviews the credit rating of its banks. Cash is held in banks with a credit rating between AAA to BBB per Fitch (Investment Grade) at 12 September 2024. Risk management arrangements The Group\u2019s credit risk is primarily attributable to its trade receivables. However, the Group has no significant exposure to credit risk because its trading is spread over a large number of customers. The payment terms offered to customers take into account the assessment of their creditworthiness and financial strength, and they are set in accordance with industry standards. The creditworthiness of customers is considered before trading commences. Most of the Group\u2019s customers are large and well-established institutions that pay on time and in accordance with the Group\u2019s standard terms of business. The amounts presented in the balance sheet are net of the expected credit loss allowance. The Group applies a simplified approach to measure the expected credit loss allowance for trade receivables classified at amortised cost, using the lifetime expected loss provision. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. Expected credit losses are updated at each reporting date to reflect changes in credit risk. The expected credit loss on trade receivables is estimated using a provision matrix by reference to past default experience and credit rating, taking into account forward-looking factors including general economic conditions and an assessment of the current and forecast conditions at the reporting date. The following table details the risk profile of trade receivables based on the Group\u2019s provision matrix.
0\u201330 30\u201360 61\u201390 91\u2013120 120+
Not due days days days days days Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross carrying
amount
11,164
1,923
1,598
915
527
1,593
17,720
Expected credit
0%
0%
0%
0%
4.35%
99.94%
9.12%
loss rate
Expected credit loss
\u2014
\u2014
\u2014
\u2014
(23)
(1,593)
(1,616)
Net carrying
amount
11,164
1,923
1,598
915
504
\u2014
16,104
0\u201330 30\u201360 61\u201390 91\u2013120 120+
Not due days days days days days Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross carrying
amount
14,924
3,816
1,754
1,121
600
1,521
23,736
Expected credit
0.05%
0.25%
0.41%
3.11%
2.24%
71.34%
4.88%
loss rate
Expected credit loss
(8)
(10)
(7)
(35)
(13)
(1,086)
(1,159)
Net carrying amount
14,916
3,806
1,747
1,086
587
435
22,577
Set out below is the movement for the year in the expected credit loss relating to trade receivables.
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Allowances at 1 July
1,159
875
Additions charged to income statement
1,542
1,101
Allowances used
(167)
(146)
Allowances reversed
(918)
(671)
Allowances at 30 June
1,616
1,159
Fair value of financial assets and financial liabilities The table below sets out the accounting classification and the carrying and fair values of all of the Group\u2019s financial assets and financial liabilities. The carrying value of these financial instruments approximates their fair value.
Group Fair value Amortised
Level 3 cost Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Cash and cash equivalents \u2014 67,515 67,515
Trade and other receivables \u2014 16,474 16,474
Deferred consideration receivable 16,518 \u2014 16,518
Assets held for sale \u2014 744 744
16,518 84,733 101,251
Financial liabilities
Trade and other payables \u2014 (20,220) (20,220)
Lease liabilities \u2014 (2,828) (2,828)
Liabilities held for sale \u2014 (104) (104)
\u2014 (23,152) (23,152)
Fair value Amortised
Level 3 cost Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Cash and cash equivalents
\u2014
42,173
42,173
Trade and other receivables
\u2014
22,951
22,951
Deferred consideration receivable*
1,904
\u2014
1,904
1,904
65,124
67,028
Financial liabilities
Trade and other payables
\u2014
(18,890)
(18,890)
Lease liabilities
\u2014
(7,210)
(7,210)
\u2014
(26,100)
(26,100)
* Deferred consideration receivable in 2023 has been split out to show the correct classification as fair value level 3.
Company Amortised
cost
At 30 June 2024 \u00a3\u2019000
Financial assets
Cash and cash equivalents
56,688
Trade and other receivables
126,053
182,741
Financial liabilities
Trade and other payables
(131,001)
Lease liabilities
(1,761)
(132,762)
Amortised
cost
At 30 June 2023 \u00a3\u2019000
Financial assets
Cash and cash equivalents
27,483
Trade and other receivables
114,781
142,264
Financial liabilities
Trade and other payables
(65,768)
Lease liabilities
(4,647)
(70,415)
Fair value measurement The methods and assumptions used to estimate the fair values of financial assets and liabilities are as follows: \u2022 the carrying amount of trade receivables and payables approximates to fair value due to the short maturity of the amounts receivable and payable; and \u2022 the fair value of the Group\u2019s borrowings are estimated on the basis of the discounted value of future cash flows using approximate discount rates in effect at the balance sheet date. Fair value hierarchy The level in the fair value hierarchy within which the financial asset or liability is categorised is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and liabilities are classified in their entirety into one of three levels: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data. Valuation processes The Group\u2019s CFO is responsible for fair value measurements and makes the decision as to the valuation technique to be applied, along with the level of external support required. The results of those valuations are reviewed at each reporting date. The following table provides a reconciliation of movements in Level 3 financial assets during the year:
Deferred
consideration
receivable
\u00a3\u2019000
At 1 July 2023
1,904
Unrealised fair value gain
219
Additions
15,697
Cash settlement
(888)
Variation
(414)
At 30 June 2024
16,518
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-395": { "value": "Interest rate risk Risk The Group is no longer exposed to cash flow volatility arising from fluctuations in market interest rates due to the Group net cash position. As a result of the growing net cash position, the Group cancelled its revolving credit facility of \u00a320 million in August 2023. Group policy for interest rate risk management The Group policy for interest rate risk management is to enter into interest rate swap contracts if beneficial to do so. This decision is based on whether the contract would maintain the ratio of fixed to variable rate debt at a level that achieves a reasonable cost of debt whilst reducing the exposure to cash flow volatility arising from fluctuations in market interest rates. There were no financial instruments in place during the year ended 30 June 2024 or 30 June 2023. Foreign currency risk Risk The currency of the primary economic environment in which the Group operates is Sterling, and this is also the currency in which the Group presents its financial statements. However, the Group has US Dollar linked cash flows arising from international trading and overseas operations. The Group is consequently exposed to cash flow volatility arising from fluctuations in the applicable exchange rate for converting US Dollars to Sterling. Group policy The Group policy is to manage foreign currency risk, and to fix the exchange rate when deemed necessary to manage the exchange rate risk relating to foreign net cash inflows. Decisions are approved by the Board as part of the budgeting process and upon the acquisition of foreign operations. There were no forward contracts entered into during the year ended 30 June 2024 or 30 June 2023 due to the Group deeming the risk as not significant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-404": { "value": "Liquidity and capital risk Risk The Group\u2019s activities give rise to working capital obligations and other operational cash outflows. The Group is consequently exposed to the risk that it cannot meet its obligations as they fall due or can only meet them at an uneconomic price. Group policy The Group policy is to preserve a strong capital base in order to maintain investor, creditor and market confidence and to safeguard the future development of the business and to balance these objectives with the efficient use of capital. Risk management arrangements The Group determines its liquidity requirements by the use of short- and long-term cash forecasts. The Group enters into short-, medium- and long-term financial instruments when deemed necessary to support operational and other funding requirements. The following tables provide a maturity analysis of the remaining contractually agreed cash flows for the Group\u2019s non-derivative financial liabilities on an undiscounted basis, which therefore differ from the carrying value and fair value:
Group Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Liabilities held for sale
104
\u2014
\u2014
\u2014
104
Lease liabilities
1,199
475
1,134
151
2,959
Trade and other
payables and accruals
20,220
\u2014
\u2014
\u2014
20,220
21,523
475
1,134
151
23,283
Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank loans including
interest
120
\u2014
\u2014
\u2014
120
Lease liabilities
774
1,976
3,993
990
7,733
Trade and other
payables and accruals
18,889
\u2014
\u2014
\u2014
18,889
19,783
1,976
3,993
990
26,742
Company Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
893
202
605
151
1,851
Accruals and amounts
due to subsidiary
undertakings
127,549
\u2014
\u2014
\u2014
127,549
128,442
202
605
151
129,400
Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank loans including
interest
120
\u2014
\u2014
\u2014
120
Lease liabilities
202
1,556
2,888
353
4,999
Trade payables, accruals
and amounts due to
subsidiary undertakings
65,768
\u2014
\u2014
\u2014
65,768
66,090
1,556
2,888
353
70,887
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-396": { "value": "Liquidity and capital risk Risk The Group\u2019s activities give rise to working capital obligations and other operational cash outflows. The Group is consequently exposed to the risk that it cannot meet its obligations as they fall due or can only meet them at an uneconomic price. Group policy The Group policy is to preserve a strong capital base in order to maintain investor, creditor and market confidence and to safeguard the future development of the business and to balance these objectives with the efficient use of capital. Risk management arrangements The Group determines its liquidity requirements by the use of short- and long-term cash forecasts. The Group enters into short-, medium- and long-term financial instruments when deemed necessary to support operational and other funding requirements. The following tables provide a maturity analysis of the remaining contractually agreed cash flows for the Group\u2019s non-derivative financial liabilities on an undiscounted basis, which therefore differ from the carrying value and fair value:
Group Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Liabilities held for sale
104
\u2014
\u2014
\u2014
104
Lease liabilities
1,199
475
1,134
151
2,959
Trade and other
payables and accruals
20,220
\u2014
\u2014
\u2014
20,220
21,523
475
1,134
151
23,283
Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank loans including
interest
120
\u2014
\u2014
\u2014
120
Lease liabilities
774
1,976
3,993
990
7,733
Trade and other
payables and accruals
18,889
\u2014
\u2014
\u2014
18,889
19,783
1,976
3,993
990
26,742
Company Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
893
202
605
151
1,851
Accruals and amounts
due to subsidiary
undertakings
127,549
\u2014
\u2014
\u2014
127,549
128,442
202
605
151
129,400
Within More than
1 year 1\u20132 years 2\u20135 years 5 years Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Bank loans including
interest
120
\u2014
\u2014
\u2014
120
Lease liabilities
202
1,556
2,888
353
4,999
Trade payables, accruals
and amounts due to
subsidiary undertakings
65,768
\u2014
\u2014
\u2014
65,768
66,090
1,556
2,888
353
70,887
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-397": { "value": "Credit risk Risk The Group\u2019s principal financial assets are receivables and bank balances. The Group is consequently exposed to the risk that its customers or the banks cannot meet their obligations as they fall due. Group policy The Group policy is to assess the creditworthiness and financial strength of customers at inception and on an ongoing basis. The Group also reviews the credit rating of its banks. Cash is held in banks with a credit rating between AAA to BBB per Fitch (Investment Grade) at 12 September 2024. Risk management arrangements The Group\u2019s credit risk is primarily attributable to its trade receivables. However, the Group has no significant exposure to credit risk because its trading is spread over a large number of customers. The payment terms offered to customers take into account the assessment of their creditworthiness and financial strength, and they are set in accordance with industry standards. The creditworthiness of customers is considered before trading commences. Most of the Group\u2019s customers are large and well-established institutions that pay on time and in accordance with the Group\u2019s standard terms of business. The amounts presented in the balance sheet are net of the expected credit loss allowance. The Group applies a simplified approach to measure the expected credit loss allowance for trade receivables classified at amortised cost, using the lifetime expected loss provision. The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at amortised cost. Expected credit losses are updated at each reporting date to reflect changes in credit risk. The expected credit loss on trade receivables is estimated using a provision matrix by reference to past default experience and credit rating, taking into account forward-looking factors including general economic conditions and an assessment of the current and forecast conditions at the reporting date. The following table details the risk profile of trade receivables based on the Group\u2019s provision matrix.
0\u201330 30\u201360 61\u201390 91\u2013120 120+
Not due days days days days days Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross carrying
amount
11,164
1,923
1,598
915
527
1,593
17,720
Expected credit
0%
0%
0%
0%
4.35%
99.94%
9.12%
loss rate
Expected credit loss
\u2014
\u2014
\u2014
\u2014
(23)
(1,593)
(1,616)
Net carrying
amount
11,164
1,923
1,598
915
504
\u2014
16,104
0\u201330 30\u201360 61\u201390 91\u2013120 120+
Not due days days days days days Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross carrying
amount
14,924
3,816
1,754
1,121
600
1,521
23,736
Expected credit
0.05%
0.25%
0.41%
3.11%
2.24%
71.34%
4.88%
loss rate
Expected credit loss
(8)
(10)
(7)
(35)
(13)
(1,086)
(1,159)
Net carrying amount
14,916
3,806
1,747
1,086
587
435
22,577
Set out below is the movement for the year in the expected credit loss relating to trade receivables.
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Allowances at 1 July
1,159
875
Additions charged to income statement
1,542
1,101
Allowances used
(167)
(146)
Allowances reversed
(918)
(671)
Allowances at 30 June
1,616
1,159
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-405": { "value": "Fair value of financial assets and financial liabilities The table below sets out the accounting classification and the carrying and fair values of all of the Group\u2019s financial assets and financial liabilities. The carrying value of these financial instruments approximates their fair value.
Group Fair value Amortised
Level 3 cost Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Cash and cash equivalents \u2014 67,515 67,515
Trade and other receivables \u2014 16,474 16,474
Deferred consideration receivable 16,518 \u2014 16,518
Assets held for sale \u2014 744 744
16,518 84,733 101,251
Financial liabilities
Trade and other payables \u2014 (20,220) (20,220)
Lease liabilities \u2014 (2,828) (2,828)
Liabilities held for sale \u2014 (104) (104)
\u2014 (23,152) (23,152)
Fair value Amortised
Level 3 cost Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Cash and cash equivalents
\u2014
42,173
42,173
Trade and other receivables
\u2014
22,951
22,951
Deferred consideration receivable*
1,904
\u2014
1,904
1,904
65,124
67,028
Financial liabilities
Trade and other payables
\u2014
(18,890)
(18,890)
Lease liabilities
\u2014
(7,210)
(7,210)
\u2014
(26,100)
(26,100)
* Deferred consideration receivable in 2023 has been split out to show the correct classification as fair value level 3.
Company Amortised
cost
At 30 June 2024 \u00a3\u2019000
Financial assets
Cash and cash equivalents
56,688
Trade and other receivables
126,053
182,741
Financial liabilities
Trade and other payables
(131,001)
Lease liabilities
(1,761)
(132,762)
Amortised
cost
At 30 June 2023 \u00a3\u2019000
Financial assets
Cash and cash equivalents
27,483
Trade and other receivables
114,781
142,264
Financial liabilities
Trade and other payables
(65,768)
Lease liabilities
(4,647)
(70,415)
Fair value measurement The methods and assumptions used to estimate the fair values of financial assets and liabilities are as follows: \u2022 the carrying amount of trade receivables and payables approximates to fair value due to the short maturity of the amounts receivable and payable; and \u2022 the fair value of the Group\u2019s borrowings are estimated on the basis of the discounted value of future cash flows using approximate discount rates in effect at the balance sheet date. Fair value hierarchy The level in the fair value hierarchy within which the financial asset or liability is categorised is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and liabilities are classified in their entirety into one of three levels: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data. Valuation processes The Group\u2019s CFO is responsible for fair value measurements and makes the decision as to the valuation technique to be applied, along with the level of external support required. The results of those valuations are reviewed at each reporting date. The following table provides a reconciliation of movements in Level 3 financial assets during the year:
Deferred
consideration
receivable
\u00a3\u2019000
At 1 July 2023
1,904
Unrealised fair value gain
219
Additions
15,697
Cash settlement
(888)
Variation
(414)
At 30 June 2024
16,518
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-398": { "value": "Fair value of financial assets and financial liabilities The table below sets out the accounting classification and the carrying and fair values of all of the Group\u2019s financial assets and financial liabilities. The carrying value of these financial instruments approximates their fair value.
Group Fair value Amortised
Level 3 cost Total
At 30 June 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Cash and cash equivalents \u2014 67,515 67,515
Trade and other receivables \u2014 16,474 16,474
Deferred consideration receivable 16,518 \u2014 16,518
Assets held for sale \u2014 744 744
16,518 84,733 101,251
Financial liabilities
Trade and other payables \u2014 (20,220) (20,220)
Lease liabilities \u2014 (2,828) (2,828)
Liabilities held for sale \u2014 (104) (104)
\u2014 (23,152) (23,152)
Fair value Amortised
Level 3 cost Total
At 30 June 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial assets
Cash and cash equivalents
\u2014
42,173
42,173
Trade and other receivables
\u2014
22,951
22,951
Deferred consideration receivable*
1,904
\u2014
1,904
1,904
65,124
67,028
Financial liabilities
Trade and other payables
\u2014
(18,890)
(18,890)
Lease liabilities
\u2014
(7,210)
(7,210)
\u2014
(26,100)
(26,100)
* Deferred consideration receivable in 2023 has been split out to show the correct classification as fair value level 3.
Company Amortised
cost
At 30 June 2024 \u00a3\u2019000
Financial assets
Cash and cash equivalents
56,688
Trade and other receivables
126,053
182,741
Financial liabilities
Trade and other payables
(131,001)
Lease liabilities
(1,761)
(132,762)
Amortised
cost
At 30 June 2023 \u00a3\u2019000
Financial assets
Cash and cash equivalents
27,483
Trade and other receivables
114,781
142,264
Financial liabilities
Trade and other payables
(65,768)
Lease liabilities
(4,647)
(70,415)
Fair value measurement The methods and assumptions used to estimate the fair values of financial assets and liabilities are as follows: \u2022 the carrying amount of trade receivables and payables approximates to fair value due to the short maturity of the amounts receivable and payable; and \u2022 the fair value of the Group\u2019s borrowings are estimated on the basis of the discounted value of future cash flows using approximate discount rates in effect at the balance sheet date. Fair value hierarchy The level in the fair value hierarchy within which the financial asset or liability is categorised is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and liabilities are classified in their entirety into one of three levels: \u2022 Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. \u2022 Level 3: Inputs for the asset or liability that are not based on observable market data. Valuation processes The Group\u2019s CFO is responsible for fair value measurements and makes the decision as to the valuation technique to be applied, along with the level of external support required. The results of those valuations are reviewed at each reporting date. The following table provides a reconciliation of movements in Level 3 financial assets during the year:
Deferred
consideration
receivable
\u00a3\u2019000
At 1 July 2023
1,904
Unrealised fair value gain
219
Additions
15,697
Cash settlement
(888)
Variation
(414)
At 30 June 2024
16,518
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-381": { "value": "
19. Deferred tax
Movements on deferred tax assets are as follows:
Share UK intangibles
based US deferred Tax Lease Right-of-use and capital US
payments consideration losses liabilities assets allowances intangibles Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 July 2022
504
248
289
\u2014
\u2014
(1,137)
(903)
(999)
Deferred tax credit/(charge) in the income statement for the year
89
(25)
\u2014
\u2014
\u2014
904
21
989
Deferred tax credit included directly in equity for the year
212
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
212
Effect on deferred tax of a change in the corporation tax rate
40
20
23
\u2014
\u2014
\u2014
\u2014
83
Exchange translation difference
\u2014
(77)
\u2014
\u2014
\u2014
\u2014
110
33
At 30 June 2023
845
166
312
\u2014
\u2014
(233)
(772)
318
Deferred tax credit/(charge) in the income statement for the year
(466)
(24)
(380)
707
(715)
(88)
541
(425)
Deferred tax credit included directly in equity for the year
379
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
379
Effect on deferred tax of a change in the corporation tax rate
184
36
68
\u2014
\u2014
120
\u2014
480
Deferred tax for acquired intangibles on acquisition
\u2014
\u2014
\u2014
\u2014
\u2014
(1,991)
\u2014
(1,991)
Exchange translation difference
\u2014
(36)
\u2014
\u2014
\u2014
\u2014
(4)
(40)
At 30 June 2024
942
142
\u2014
707
(715)
(2,192)
(235)
(1,351)
The Group has concluded that the deferred assets relating to tax losses will be recoverable using the estimated future taxable income. The losses can be carried forward
indefinitely and have no expiry date.
The liability for deferred tax on acquired intangibles relates to the acquisition of Astutis.
The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Group \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,791
925
Deferred tax liabilities
(3,142)
(607)
(1,351)
318
Right-of-use Share based
Lease liabilities assets payments Total
Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Asset at 1 July 2022
\u2014
\u2014
504
504
Deferred tax credit in the income statement for the year
\u2014
\u2014
89
89
Deferred tax credit included directly in equity for the year
\u2014
\u2014
212
212
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
40
40
Asset at 30 June 2023
\u2014
\u2014
845
845
Deferred tax (charge)/credit in the income statement for the year
438
(456)
(466)
(484)
Deferred tax credit included directly in equity for the year
\u2014
\u2014
379
379
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
184
184
At 30 June 2024
438
(456)
942
924
The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Company \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,380
845
Deferred tax liabilities
(456)
\u2014
924
845
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-399": { "value": "19. Deferred tax Movements on deferred tax assets are as follows:
Share UK intangibles
based US deferred Tax Lease Right-of-use and capital US
payments consideration losses liabilities assets allowances intangibles Total
Group \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 July 2022
504
248
289
\u2014
\u2014
(1,137)
(903)
(999)
Deferred tax credit/(charge) in the income statement for the year
89
(25)
\u2014
\u2014
\u2014
904
21
989
Deferred tax credit included directly in equity for the year
212
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
212
Effect on deferred tax of a change in the corporation tax rate
40
20
23
\u2014
\u2014
\u2014
\u2014
83
Exchange translation difference
\u2014
(77)
\u2014
\u2014
\u2014
\u2014
110
33
At 30 June 2023
845
166
312
\u2014
\u2014
(233)
(772)
318
Deferred tax credit/(charge) in the income statement for the year
(466)
(24)
(380)
707
(715)
(88)
541
(425)
Deferred tax credit included directly in equity for the year
379
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
379
Effect on deferred tax of a change in the corporation tax rate
184
36
68
\u2014
\u2014
120
\u2014
480
Deferred tax for acquired intangibles on acquisition
\u2014
\u2014
\u2014
\u2014
\u2014
(1,991)
\u2014
(1,991)
Exchange translation difference
\u2014
(36)
\u2014
\u2014
\u2014
\u2014
(4)
(40)
At 30 June 2024
942
142
\u2014
707
(715)
(2,192)
(235)
(1,351)
The Group has concluded that the deferred assets relating to tax losses will be recoverable using the estimated future taxable income. The losses can be carried forward indefinitely and have no expiry date. The liability for deferred tax on acquired intangibles relates to the acquisition of Astutis. The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Group \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,791
925
Deferred tax liabilities
(3,142)
(607)
(1,351)
318
Right-of-use Share based
Lease liabilities assets payments Total
Company \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Asset at 1 July 2022
\u2014
\u2014
504
504
Deferred tax credit in the income statement for the year
\u2014
\u2014
89
89
Deferred tax credit included directly in equity for the year
\u2014
\u2014
212
212
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
40
40
Asset at 30 June 2023
\u2014
\u2014
845
845
Deferred tax (charge)/credit in the income statement for the year
438
(456)
(466)
(484)
Deferred tax credit included directly in equity for the year
\u2014
\u2014
379
379
Effect on deferred tax of a change in the corporation tax rate
\u2014
\u2014
184
184
At 30 June 2024
438
(456)
942
924
The following is the analysis of the deferred tax balances after offset:
30 June 2024 30 June 2023
Company \u00a3\u2019000 \u00a3\u2019000
Deferred tax assets
1,380
845
Deferred tax liabilities
(456)
\u2014
924
845
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-345": { "value": "
20. Share capital
Treasury
Number of Share shares
ordinary Ordinary premium and ESOT
shares shares account reserves Total
Group of 5p each \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Issued and fully paid
ordinary shares
At 1 July 2022
87,828,755
4,391
45,553
(1,093)
48,851
Issue of shares
340,052
17
\u2014
\u2014
17
Save As You Earn
options settlement
via ESOT
\u2014
\u2014
\u2014
154
154
Save As You Earn
options settlement
via treasury shares
\u2014
\u2014
\u2014
153
153
At 30 June 2023
88,168,807
4,408
45,553
(786)
49,175
Issue of shares
1,406,205
71
1,910
\u2014
1,981
Performance share
plan options settlement
via ESOT
\u2014
\u2014
\u2014
127
127
Save As You Earn
options settlement
via ESOT
\u2014
\u2014
\u2014
40
40
Save As You Earn
options settlement
via treasury shares
\u2014
\u2014
\u2014
1
1
At 30 June 2024
89,575,012
4,479
47,463
(618)
51,324
Number of Share
ordinary Ordinary premium Treasury
shares of shares account shares Total
Company 5p each \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Issued and fully paid
ordinary shares
At 1 July 2022
87,828,755
4,391
45,553
(183)
49,761
Issue of shares
340,052
17
\u2014
\u2014
17
Save As You Earn
options settlement via
treasury shares
\u2014
\u2014
\u2014
153
153
At 30 June 2023
88,168,807
4,408
45,553
(30)
49,931
Issue of shares
1,406,205
71
1,910
\u2014
1,981
Save As You Earn
options settlement via
treasury shares
\u2014
\u2014
\u2014
1
1
At 30 June 2024
89,575,012
4,479
47,463
(29)
51,913
In October 2023 Wilmington issued 823,568 ordinary voting shares of \u00a30.05 to
satisfy the Company\u2019s obligations under its Performance Share Plan. In December
2023 Wilmington issued 582,637 ordinary voting shares of \u00a30.05 to satisfy the
Company\u2019s obligations under its SAYE Plan.
During the year 53,519 shares held by the Employee Share Ownership Trust
(\u2018ESOT\u2019) were used to satisfy the Company\u2019s obligations under the SAYE Plan
and 54,610 shares held by the ESOT to satisfy the Company\u2019s obligations under
its Performance Share Plan. At 30 June 2024, the ESOT held 244,522 shares
(2023: 352,651) in the Company, which represents 0.3% (2023: 0.4%) of the
called up share capital.
During the year 391 shares held in treasury were used to satisfy the Company\u2019s
obligations under the SAYE Plan. At 30 June 2024, 4,817 shares (2023: 5,208)
were held in treasury, which represents 0.1% (2023: 0.1%) of the share capital
of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-400": { "value": "20. Share capital
Treasury
Number of Share shares
ordinary Ordinary premium and ESOT
shares shares account reserves Total
Group of 5p each \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Issued and fully paid
ordinary shares
At 1 July 2022
87,828,755
4,391
45,553
(1,093)
48,851
Issue of shares
340,052
17
\u2014
\u2014
17
Save As You Earn
options settlement
via ESOT
\u2014
\u2014
\u2014
154
154
Save As You Earn
options settlement
via treasury shares
\u2014
\u2014
\u2014
153
153
At 30 June 2023
88,168,807
4,408
45,553
(786)
49,175
Issue of shares
1,406,205
71
1,910
\u2014
1,981
Performance share
plan options settlement
via ESOT
\u2014
\u2014
\u2014
127
127
Save As You Earn
options settlement
via ESOT
\u2014
\u2014
\u2014
40
40
Save As You Earn
options settlement
via treasury shares
\u2014
\u2014
\u2014
1
1
At 30 June 2024
89,575,012
4,479
47,463
(618)
51,324
Number of Share
ordinary Ordinary premium Treasury
shares of shares account shares Total
Company 5p each \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Issued and fully paid
ordinary shares
At 1 July 2022
87,828,755
4,391
45,553
(183)
49,761
Issue of shares
340,052
17
\u2014
\u2014
17
Save As You Earn
options settlement via
treasury shares
\u2014
\u2014
\u2014
153
153
At 30 June 2023
88,168,807
4,408
45,553
(30)
49,931
Issue of shares
1,406,205
71
1,910
\u2014
1,981
Save As You Earn
options settlement via
treasury shares
\u2014
\u2014
\u2014
1
1
At 30 June 2024
89,575,012
4,479
47,463
(29)
51,913
In October 2023 Wilmington issued 823,568 ordinary voting shares of \u00a30.05 to satisfy the Company\u2019s obligations under its Performance Share Plan. In December 2023 Wilmington issued 582,637 ordinary voting shares of \u00a30.05 to satisfy the Company\u2019s obligations under its SAYE Plan. During the year 53,519 shares held by the Employee Share Ownership Trust (\u2018ESOT\u2019) were used to satisfy the Company\u2019s obligations under the SAYE Plan and 54,610 shares held by the ESOT to satisfy the Company\u2019s obligations under its Performance Share Plan. At 30 June 2024, the ESOT held 244,522 shares (2023: 352,651) in the Company, which represents 0.3% (2023: 0.4%) of the called up share capital. During the year 391 shares held in treasury were used to satisfy the Company\u2019s obligations under the SAYE Plan. At 30 June 2024, 4,817 shares (2023: 5,208) were held in treasury, which represents 0.1% (2023: 0.1%) of the share capital of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-382": { "value": "20. Share capital
Treasury
Number of Share shares
ordinary Ordinary premium and ESOT
shares shares account reserves Total
Group of 5p each \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Issued and fully paid
ordinary shares
At 1 July 2022
87,828,755
4,391
45,553
(1,093)
48,851
Issue of shares
340,052
17
\u2014
\u2014
17
Save As You Earn
options settlement
via ESOT
\u2014
\u2014
\u2014
154
154
Save As You Earn
options settlement
via treasury shares
\u2014
\u2014
\u2014
153
153
At 30 June 2023
88,168,807
4,408
45,553
(786)
49,175
Issue of shares
1,406,205
71
1,910
\u2014
1,981
Performance share
plan options settlement
via ESOT
\u2014
\u2014
\u2014
127
127
Save As You Earn
options settlement
via ESOT
\u2014
\u2014
\u2014
40
40
Save As You Earn
options settlement
via treasury shares
\u2014
\u2014
\u2014
1
1
At 30 June 2024
89,575,012
4,479
47,463
(618)
51,324
Number of Share
ordinary Ordinary premium Treasury
shares of shares account shares Total
Company 5p each \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Issued and fully paid
ordinary shares
At 1 July 2022
87,828,755
4,391
45,553
(183)
49,761
Issue of shares
340,052
17
\u2014
\u2014
17
Save As You Earn
options settlement via
treasury shares
\u2014
\u2014
\u2014
153
153
At 30 June 2023
88,168,807
4,408
45,553
(30)
49,931
Issue of shares
1,406,205
71
1,910
\u2014
1,981
Save As You Earn
options settlement via
treasury shares
\u2014
\u2014
\u2014
1
1
At 30 June 2024
89,575,012
4,479
47,463
(29)
51,913
In October 2023 Wilmington issued 823,568 ordinary voting shares of \u00a30.05 to satisfy the Company\u2019s obligations under its Performance Share Plan. In December 2023 Wilmington issued 582,637 ordinary voting shares of \u00a30.05 to satisfy the Company\u2019s obligations under its SAYE Plan. During the year 53,519 shares held by the Employee Share Ownership Trust (\u2018ESOT\u2019) were used to satisfy the Company\u2019s obligations under the SAYE Plan and 54,610 shares held by the ESOT to satisfy the Company\u2019s obligations under its Performance Share Plan. At 30 June 2024, the ESOT held 244,522 shares (2023: 352,651) in the Company, which represents 0.3% (2023: 0.4%) of the called up share capital. During the year 391 shares held in treasury were used to satisfy the Company\u2019s obligations under the SAYE Plan. At 30 June 2024, 4,817 shares (2023: 5,208) were held in treasury, which represents 0.1% (2023: 0.1%) of the share capital of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-346": { "value": "
21. Share based payments
The Group\u2019s share based payment arrangements are as follows:
a) Performance Share Plan (\u2018PSP\u2019) awards, applying to Executives;
b) Performance Share Plan (\u2018PSP\u2019) awards, applying to the Senior Leadership Team;
c) Share Option Plan (\u2018Options\u2019), applying to the Senior Leadership Team; and
d) An employee Save As You Earn (\u2018SAYE\u2019) scheme, for UK based employees.
An expense of \u00a31,865,000 (2023: \u00a31,515,000) was recognised in the income
statement of the Group for share based payments. Of this expense \u00a31,865,000
(2023: \u00a31,515,000) was recognised in the parent company income statement.
During the year ended 30 June 2024, the following events have occurred in respect
of each scheme.
a) PSP awards, applying to Executives
Details of Directors\u2019 share awards are set out in the Directors\u2019 Remuneration report.
Under the Wilmington plc 2017 Performance Share Plan:
Number of Number of
shares for Awards Awards shares for
Exercise which awards granted vested which awards
price per outstanding during during outstanding at
Date of grant
award
Date of vesting
at 1 July 2023 year year 30 June 2024
September 2020
Nil
September 2023
427,433
\u2014
(427,433)
\u2014
February 2021
Nil
September 2023
52,971
\u2014
(52,971)
\u2014
September 2021
Nil
September 2024
353,175
\u2014
\u2014
353,175
February 2022
Nil
September 2024
27,307
\u2014
\u2014
27,307
September 2022
Nil
September 2025
359,162
\u2014
\u2014
359,162
September 2023
Nil
September 2026
\u2014
343,326
\u2014
343,326
480,404 awards vested on 1 October 2023 at a share price of \u00a33.102. 343,326
awards were granted to Executives in September 2023 with a fair value of \u00a33.29
per award.
The performance conditions of the awards granted in September 2021 and
February 2022 are based on the proportions below:
\u2022 65.0% earnings per share (\u2018EPS\u2019); and
\u2022 35.0% organic growth (\u2018ORG\u2019).
The performance conditions of the awards granted in September 2022 are based
on the proportions below:
\u2022 65.0% earnings per share (\u2018EPS\u2019); and
\u2022 35.0% organic growth (\u2018ORG\u2019).
The performance conditions of the awards granted in September 2023 are based
on the proportions below:
\u2022 65.0% earnings per share (\u2018EPS\u2019); and
\u2022 35.0% organic growth (\u2018ORG\u2019).
The awards granted to Executives in September 2023 were valued using the
Black Scholes and Stochastic methods with the following assumptions:
\u2022 expected volatility (%): 29.22;
\u2022 risk-free interest rate (%): 4.06;
\u2022 expected life (years): 2.59; and
\u2022 expected dividends (%): nil.
Expected volatility was determined by reference to the historical volatility of the
Group\u2019s share price. The expected life used in the model is the mid-point of the
exercise period. Expected dividend assumptions reflect the impact of dividends
in lieu in respect of awards made to Executives. These do not apply to awards
or options made to the Senior Leadership Team.
b) PSP awards, applying to the Senior Leadership Team
Under the Wilmington plc 2017 Performance Share Plan:
Number of Number of
shares for shares for
which Awards Awards Awards which
Exercise awards granted vested lapsed awards
price per outstanding at during during during outstanding at
Date of grant
award
Date of vesting
1 July 2023 year year year 30 June 2024
September 2020
Nil
September 2023
155,853
\u2014
(155,853)
\u2014
\u2014
September 2021
Nil
September 2024
105,825
\u2014
\u2014
(18,384)
87,441
February 2022
Nil
September 2024
7,270
\u2014
\u2014
\u2014
7,270
September 2022
Nil
September 2025
105,598
\u2014
\u2014
(24,387)
81,211
December 2022
Nil
September 2025
5,299
\u2014
\u2014
\u2014
5,299
April 2023
Nil
September 2025
2,569
\u2014
\u2014
\u2014
2,569
September 2023
Nil
September 2026
\u2014
93,546
\u2014
\u2014
93,546
April 2024
Nil
September 2026
\u2014
14,051
\u2014
\u2014
14,051
The fair value of the awards granted on 29 September 2023 and 1 April 2024 was \u00a33.48 per award.
The performance conditions of the awards granted in September 2023 and April 2024 are based on the proportions shown below:
\u2022 65.0% earnings per share (\u2018EPS\u2019); and
\u2022 35.0% organic growth (\u2018ORG\u2019).
The awards granted in September 2023 were valued using the Black Scholes method with the following assumptions:
\u2022 expected life (years): 2.59; and
\u2022 expected dividends (%): 2.75.
The awards granted in April 2024 were valued using the Black Scholes method with the following assumptions:
\u2022 expected life (years): 2.59; and
\u2022 expected dividends (%): 2.75.
c) Options
On 29 September 2023 and 1 April 2024, the Company awarded share options to selected key management. This is a discretionary scheme which enables a company
to grant share options to selected employees. The exercise price of the granted options is equal to the market price of the shares on the date of the grant. Options are
conditional on the employee completing three years\u2019 service (the vesting period) so act as a lock-in incentive; the options have a contractual option term of ten years (or six
months if the employee leaves the company). The options are exercisable starting three years from the grant date, subject to the Group achieving growth in earnings per
share in line with the targets set out in the deed of grant. The Group has no legal or constructive obligation to repurchase or settle the options in cash.
Movements in the number of share options outstanding and their related weighted average exercise price are as follows:
Number of Number of
Average shares for shares for
exercise price which options Options Options Options which options
per option outstanding at granted exercised lapsed outstanding at
Date of grant
\u00a3
Date of vesting
1 July 2023 during year during year during year 30 June 2024
September 2019
2.080
September 2022
60,469
\u2014
(19,231)
\u2014
41,238
September 2020
1.225
September 2023
231,544
\u2014
(187,906)
\u2014
43,638
September 2021
2.228
September 2024
157,525
\u2014
\u2014
(27,577)
129,948
February 2022
2.420
September 2024
10,905
\u2014
\u2014
\u2014
10,905
September 2022
2.820
September 2025
158,396
\u2014
\u2014
(36,582)
121,814
December 2022
2.862
September 2025
7,949
\u2014
\u2014
\u2014
7,949
April 2023
3.016
September 2025
3,854
\u2014
\u2014
\u2014
3,854
September 2023
3.102
September 2026
\u2014
140,443
\u2014
\u2014
140,443
April 2024
3.102
September 2026
\u2014
23,254
\u2014
\u2014
23,254
The fair value of the options granted on 29 September 2023 and 1 April 2024 was
\u00a31.360 per option.
The options granted in September 2023 were valued using the Black Scholes
method with the following assumptions:
\u2022 expected volatility (%): 35.79;
\u2022 risk-free interest rate (%): 4.00;
\u2022 expected life (years): 6.09; and
\u2022 expected dividends (%): 2.75.
Expected volatility was determined by reference to the historical volatility of the
Group\u2019s share price. The expected life used in the model is the mid-point of the
exercise period.
The options granted in April 2024 were valued using the Black Scholes method with
the following assumptions:
\u2022 expected volatility (%): 35.79;
\u2022 expected life (years): 6.09; and
\u2022 expected dividends (%): 2.75.
Expected volatility was determined by reference to the historical volatility of the
Group\u2019s share price. The expected life used in the model is the mid-point of the
exercise period.
d) Save As You Earn Options
On 19 October 2020, Save As You Earn Options with a per share exercise price of \u00a30.96
over 984,973 ordinary shares in the Company were granted under the Wilmington
SAYE Plan 2018 to employees of the Company and its subsidiaries. At 30 June 2024
there were nil (2023: 644,324) shares for which options were outstanding.
On 6 April 2023, Save As You Earn Options with a per share exercise price of \u00a32.45
over 426,206 ordinary shares in the Company were granted under the Wilmington
SAYE Plan 2018 to employees of the Company and its subsidiaries. At 30 June 2024
there were 390,584 (2023: 421,065) shares for which options were outstanding.
On 19 April 2024, Save As You Earn Options with a per share exercise price of \u00a32.81
over 250,969 ordinary shares in the Company were granted under the Wilmington
SAYE Plan 2018 to employees of the Company and its subsidiaries. At 30 June 2024
there were 249,048 (2023: nil) shares for which options were outstanding.
The exercise prices of \u00a30.96, \u00a32.45 and \u00a32.81 relating to the 2020 SAYE Options,
the 2023 SAYE Options and the 2024 SAYE Options respectively were calculated in
accordance with the rules as set out in the SAYE Scheme. The SAYE Options will
normally vest and become exercisable over a three year vesting period from the date
of grant and can be exercised within six months following vesting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-347": { "value": "
22. Lease liabilities
The Group enters into leases of buildings in relation to offices and business premises
in the geographical locations in which they operate.
The following table shows movement in lease liabilities in the year:
Group
\u00a3\u2019000
At 1 July 2022
7,510
Lease payments
(2,109)
Interest expense for lease liabilities
246
Additions
1,529
Exchange translation differences
34
At 1 July 2023
7,210
Lease payments
(881)
Interest expense for lease liabilities
175
Lease modification
(2,658)
Additions
336
Disposal of subsidiary
(1,300)
Exchange translation differences
(54)
At 30 June 2024
2,828
Company
\u00a3\u2019000
At 1 July 2022
6,225
Lease payments
(1,756)
Interest expense for lease liabilities
178
At 1 July 2023
4,647
Lease payments
(369)
Interest expense for lease liabilities
141
Lease modification
(2,658)
At 30 June 2024
1,761
The following table shows the discounted lease liabilities included in the Group
and Company balance sheets:
Group
Company
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
1,257
975
923
202
Non-current
1,571
6,235
838
4,445
2,828
7,210
1,761
4,647
A reconciliation of the movement in the right-of-use assets is included in note 14.
The maturity analysis of lease liabilities on a contractual undiscounted cash flow
basis is included in note 18. Amounts recognised through the Consolidated income
statement in respect of short-term leases and low-value leases are included in
note 4. The total cash outflow for leases was \u00a3881,000 (2023: \u00a32,203,000) with
the year-on-year decrease relating to a difference in the timing of payments. There
are no leases with variable payments.
During the year, the lease term on the head office building was renegotiated and
we will exit the building in December 2024, the lease was modified, and the
remaining liability reflects the discounted lease payments until December 2024.
Contracts entered into by the Group have a wide range of terms and conditions
but generally do not impose any additional covenants. Extension and termination
options provide the Group with additional operational flexibility.
These options are included in the lease term if the Group considers it reasonably
certain that the lease will be extended or terminated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-348": { "value": "
23. Provisions
Property and other
\u00a3\u2019000
At 1 July 2022
1,535
Utilised in the year
(307)
At 1 July 2023
1,228
Provision unwind due to change of contract term
(767)
Utilised in the year
(308)
At 30 June 2024
153
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Included in current liabilities
153
307
Included in non-current liabilities
\u2014
921
153
1,228
The provision is in respect of anticipated costs expected to be incurred in relation
to the closed proportion of the head office until the end of the contractual lease
term, including service charge, insurance and, repairs and maintenance. During
the year, the lease term on the head office building was renegotiated and we will
exit the building in December 2024, the provision was unwound and the liability
reflects the term until December 2024.
The provision is based on assumptions and estimates where the ultimate outcome
may be different from the amount provided. The provision reflects the Group\u2019s best
estimate of the probable exposure as at 30 June 2024. This assessment has been
made having considered the sensitivity of the provision for possible changes in
key assumptions. The Group has reviewed the provisions held and concluded no
adjustments are required for climate change risks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-349": { "value": "
24. Commitments
The Group had no (2023: none) capital commitments contracted but not provided
for in relation to property, plant and equipment at 30 June 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-383": { "value": "24. Commitments The Group had no (2023: none) capital commitments contracted but not provided for in relation to property, plant and equipment at 30 June 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-350": { "value": "
25. Related party transactions
The Company and its wholly owned subsidiary undertakings offer certain
Group-wide purchasing facilities to the Company\u2019s other subsidiary undertakings
whereby the actual costs are recharged.
The Company has made no recharges (2023: \u00a3nil) to its fellow Group undertakings
in respect of management services.
Amounts due from and to subsidiary undertakings by the Company are set out
in notes 16 and 17 respectively.
During the year, the Company received dividends of \u00a35,157,000 from subsidiaries
(2023: \u00a31,359,000).
There were no (2023: \u00a3nil) transactions with related parties of key management
personnel during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-384": { "value": "25. Related party transactions The Company and its wholly owned subsidiary undertakings offer certain Group-wide purchasing facilities to the Company\u2019s other subsidiary undertakings whereby the actual costs are recharged. The Company has made no recharges (2023: \u00a3nil) to its fellow Group undertakings in respect of management services. Amounts due from and to subsidiary undertakings by the Company are set out in notes 16 and 17 respectively. During the year, the Company received dividends of \u00a35,157,000 from subsidiaries (2023: \u00a31,359,000). There were no (2023: \u00a3nil) transactions with related parties of key management personnel during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-351": { "value": "
26. Staff and their pay and benefits
a) Employee costs from continuing operations (including Directors) were
as follows:
Group
Company
Year ended Year ended Year ended Year ended
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Wages and salaries*
36,440
37,435
2,439
3,736
Social security costs
4,188
4,392
337
401
Other pension costs
1,084
1,032
40
52
Share based payments
(including social
security costs)
1,865
1,515
1,865
1,515
43,577
44,374
4,681
5,704
*Excluded from wages and salaries in the Group figures are redundancy costs in the year of \u00a3298,624 (2023:
\u00a3689,025). Company none (2024: \u00a3nil)
b) Remuneration of key management personnel that held office for part or all of
the year (2024: 10 people; 2023: 10 people), which includes the Directors and
other key management personnel, is shown in the table to the right.
Group
Company
Year ended Year ended Year ended Year ended
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Short term
employee benefits
3,612
2,860
3,313
2,268
Compensation for
loss of office
\u2014
123
\u2014
\u2014
Post-employment
benefits
56
80
45
51
Share based payments
1,313
673
1,313
673
4,981
3,736
4,671
2,992
All key management personnel are part of the Executive Committee. More
detailed information concerning Directors\u2019 remuneration, shareholdings, pension
entitlement, share options and other Long Term Incentive Plans (\u2018LTIPs\u2019) is shown
in the audited part of the Directors\u2019 Remuneration report on pages 95 to 100
which forms part of the consolidated financial statements.
c) The average monthly number of employees from continuing operations
(including Directors) employed by the Group was as follows:
Group
Company
Year ended Year ended Year ended Year ended
30 June 2024 30 June 2023 30 June 2024 30 June 2023
Number Number Number Number
Revenue delivery
373
377
\u2014
\u2014
Administration
274
276
16
17
647
653
16
17
Total full-time equivalents from continuing operations at 30 June 2024 were 582
(2023: 600).
d) Retirement benefits:
The Group contributes to defined contribution pension schemes. Total contributions
to the schemes during the year from continuing operations were \u00a31,084,000
(2023: \u00a31,032,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-385": { "value": "
Group
Company
Year ended Year ended Year ended Year ended
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Short term
employee benefits
3,612
2,860
3,313
2,268
Compensation for
loss of office
\u2014
123
\u2014
\u2014
Post-employment
benefits
56
80
45
51
Share based payments
1,313
673
1,313
673
4,981
3,736
4,671
2,992
All key management personnel are part of the Executive Committee. More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlement, share options and other Long Term Incentive Plans (\u2018LTIPs\u2019) is shown in the audited part of the Directors\u2019 Remuneration report on pages 95 to 100 which forms part of the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-352": { "value": "
27. Cash generated from operations
Group
Company
Year ended Year ended Year ended Year ended
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
From continuing and
discontinued operations:
Profit/(loss) before tax from
continuing operations
24,208
20,492
(22,854)
2,986
Profit before tax from
discontinued operations
24,694
3,530
\u2014
\u2014
Adjusting item \u2013 gain on disposal
of subsidiaries included in
continuing operations
(5,465)
(2,212)
\u2014
\u2014
Adjusting item \u2013 gain on disposal
of subsidiaries included in
discontinued operations
(21,367)
\u2014
\u2014
\u2014
Adjusting item \u2013 gain on sale of
property, plant and equipment and
lease modification (see note 4a)
(2,189)
\u2014
\u2014
\u2014
Adjusting items
598
147
\u2014
29
Depreciation of property, plant
and equipment included in
operating expenses
1,851
2,321
9,940
\u2014
Amortisation of intangible assets
(continuing and discontinued)
3,662
4,071
\u2014
\u2014
Impairment of goodwill
4,434
\u2014
\u2014
\u2014
Non-adjusting profit on disposal of
property, plant and equipment
\u2014
(36)
\u2014
\u2014
Share based payments (including social
security costs)
1,865
1,515
1,865
1,515
Net finance income
(1,997)
(232)
(1,840)
(314)
Operating cash flows before
movements in working capital
30,294
29,596
(12,889)
4,216
(Increase)/decrease in trade and
other receivables
(2,784)
(107)
14,136
5,010
Increase in trade and other payables
2,545
4,023
27,312
10,105
Decrease in provisions
(308)
(307)
\u2014
\u2014
Cash generated from operations
before adjusting items
29,747
33,205
28,559
19,331
Cash conversion is calculated as a percentage of cash generated by operations to
adjusted EBITA as follows:
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
From continuing and discontinued operations:
Funds from operations before adjusting items:
Adjusted EBITA from continuing operations (note 2)
21,679
19,273
Adjusted EBITA from discontinued operations
3,874
4,833
Share based payments (including social security costs)
1,865
1,515
Amortisation of intangible assets \u2013 computer software
(continuing and discontinued)
1,025
1,690
Depreciation of property, plant and equipment (continuing and
discontinued)
1,851
2,321
Non-adjusting profit on disposal of property, plant and
equipment
\u2014
(36)
Operating cash flows before movement in working capital
30,294
29,596
Net working capital movement
(547)
3,609
Funds from operations before adjusting items
29,747
33,205
Cash conversion
116%
138%
Year ended Year ended
30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000
Free cash flow:
Operating cash flows before movement in working capital
30,294
29,596
Proceeds on disposal of property, plant and equipment
884
13
Net working capital movement
(547)
3,609
Interest received
1,946
344
Payment of lease liabilities
(881)
(2,109)
Tax paid
(7,115)
(3,268)
Purchase of property, plant and equipment
(132)
(461)
Purchase of intangible assets
(235)
(595)
Free cash flow
24,214
27,129
28. Reconciliation of net cash movements
Group
Company
Year ended Year ended Year ended Year ended
30 June 2024 30 June 2023 30 June 2024 30 June 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents at beginning of the year
42,173
19,785
27,483
15,734
Cash classified as held for sale
\u2014
758
\u2014
Lease liabilities at beginning of the year
(7,210)
(7,510)
(4,647)
(6,225)
Net cash at beginning of the year
34,963
13,033
22,836
9,509
Net increase in cash and cash equivalents
25,635
21,630
29,205
11,749
Movement in lease liabilities
4,382
300
2,886
1,578
Cash and cash equivalents at end of the year
67,515
42,173
56,688
27,483
Cash classified as held for sale at end of the year
293
\u2014
\u2014
\u2014
Lease liabilities at end of the year
(2,828)
(7,210)
(1,761)
(4,647)
Net cash at end of the year
64,980
34,963
54,927
22,836
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-353": { "value": "
29. Events after the reporting period
There were no events after the balance sheet date that require disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800PFUQT4HHFYZJ63", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } } } }