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1. Accounting policies
The principal accounting policies adopted in the preparation of these Consolidated Financial Statements are set out below. These policies
have been consistently applied to all the years presented, unless otherwise stated.
Town Centre Securities PLC (the \u2018Company\u2019) is a public limited company domiciled in the United Kingdom. Its shares are listed on the
London Stock Exchange. The Consolidated Financial Statements of the Company for the year ended 30 June 2025 comprise the Company
and its subsidiaries (together referred to as the \u2018Group\u2019). The address of its registered office is Town Centre House, The Merrion Centre,
Leeds, LS2 8LY.
Basis of preparation
Statement of compliance
The Consolidated Financial Statements of Town Centre Securities PLC have been prepared in accordance with UK adopted international
accounting standards (\u2018IFRS\u2019).
Income and cash flow statements
The Group presents its Income Statement by nature of expense. The Group reports cash flows from operating activities using the indirect
method. The acquisitions of investment properties are disclosed as cash flows from investing activities because this most appropriately
reflects the Group\u2019s business activities. Cash flows from investing and financing activities are determined using the direct method.
Preparation of the Consolidated Financial Statements
The Consolidated Financial Statements have been prepared under the historical cost convention as modified by the revaluation of the
Group\u2019s property interests and other investments.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires
management to exercise its judgement in the process of applying the Group\u2019s accounting policies. Changes in assumptions may have
a significant impact on the financial statements in the period the assumptions are changed. Management believes that the underlying
assumptions are appropriate. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates
are significant to the Consolidated Financial Statements, are disclosed in Note 2.
Adoption of new and revised standards
New standards and interpretations effective in the current period
Other standards, interpretations and amendments effective in the current financial year have not had a material impact on the consolidated
Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet
effective.
New and revised accounting standards not yet effective
There are a number of new standards and amendments to existing standards that have been published and are mandatory for the Group\u2019s
accounting periods beginning on or after 1 April 2025 or later. The Group is not adopting these standards early. There are no accounting
standards expected to have a material impact on the Group.
The impact of the following is under assessment:
\u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments) effective
1 January 2026; and
\u2022 IFRS 18 \u2018Primary financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial
year ending 31 March 2028, subject to UK endorsement.
Going concern
In making their assessment of the ability of the Group to continue as a going concern, the Directors have considered the impact of an
economic downturn on the Group\u2019s forecasts including the effect on liquidity and compliance with bank loan and debenture covenants.
The Group owns a portfolio of multi-let regional property assets located throughout the UK, and operates car parking and hotel businesses.
The Group is funded in part by an \u00a382.4m debenture which is due for repayment in 2031 and an asset-specific facility of \u00a313.8m which is
due for repayment in 2029. In addition the business has three bilateral Revolving Credit Facilities (\u2018RCFs\u2019) totalling \u00a370m which, as at the
year-end, were due for repayment or renewal between June 2026 and June 2027. Each of the debt facilities is ring-fenced within security
sub-pools of assets charged to the respective lender.
The Group has one bank facility falling due for repayment in June 2026, within the going concern period. The Group is looking to renew
this facility for a further three-year term, extending its expiry date to June 2029. The amount outstanding under this facility is currently
\u00a30.5m with a property portfolio valued at \u00a37.68m secured against it. If the facility is not renewed, the Group will utilise existing headroom
within its remaining facilities, of which \u00a317.3m is available to draw, to repay the outstanding amount.
The other two revolving credit facilities were extended post year-end such that their expiry dates are outside of the Going Concern period.
As at the date of this report, the Group has drawn in aggregate, under all three RCFs, total borrowings of \u00a318.75m, with a further \u00a321.5m
available to draw.
One of the most critical judgements for the Board is the loan to value (\u2018LTV\u2019) headroom in the Group\u2019s debt facilities. This is calculated as
the maximum amount that could be borrowed, taking into account the properties secured to the funders and the facilities in place. These
covenants range from 60% to 67.5% LTV. The total LTV headroom at 30 June 2025 was \u00a324.6m (2024: \u00a320.4m). Overall, the properties
secured under the Group\u2019s debt facilities would need to fall 25.8% in value before this LTV headroom level was breached. As at the date
of this report the headroom metrics and percentage fall have reduced to \u00a321.5m and 23.4% respectively following the post-balance sheet
transactions highlighted in this Annual Report.
In addition to the LTV covenants, the Group\u2019s debt facilities include income cover covenants of between 100% for the debenture and 175%
on the three revolving credit facilities and asset-specific loan. At the year-end the actual income cover levels ranged from 238% (for the
100% debenture covenant) up to 450% on the NatWest facility.
In order to assess the potential impact of a future economic downturn on the Group and its ability to continue as a going concern,
management have analysed the portfolio\u2019s tenant base, car parking and hotel operations and produced forecasts to 31 October 2026.
These forecasts reflect management\u2019s view of a worst case scenario, including assumptions that rent receipts are materially lower
than normally experienced and that the car park and hotel businesses recover over the forecast period to a materially lower level than
expected. These scenarios include a base case, downside case and then a more extreme downside case to show the effect a more
significant downturn in the Group\u2019s performance would have on its funding cash headroom and any of its financial covenants. In addition
the Company has performed a reverse stress exercise whereby it has looked at each individual facility and at how much of a downturn
(compared to the conservative base case cash flows prepared by the Company) there would need to be before any of the financial
covenants are breached.
The Group\u2019s forecasts, including the various scenarios, show that both the cash headroom figure is resilient and the financial covenant tests are
met. Under the base case the minimum cash headroom is expected to be \u00a320.7m, which compares to a minimum of \u00a318.9m under the downside
scenario. The significant downside case applied a total discount of 7% to rental income receipts and a 15% discount to budgeted car park income
levels. The cash headroom in the Group does not go negative in the period to June 2028 and none of the other financial covenants are breached.
The reverse stress test shows that the financial covenants are not breached until either of the discounts applied in the significant downside case
are pushed even further with an 8% rental discount applied and 15% to car park income. This breach is forecast to occur in Q1 of FY27 and last
until Q2 of FY27 before the position then improves.
The Group is currently experiencing collection rates of over 99% of rent and service charge income invoiced, and for the first two months
of FY26 the car park business is trading significantly ahead of expectation.
The forecasts show that the Group has sufficient resources to continue to operate as a going concern for at least the period to 31
October 2026. Based on the forecasts, including the mitigating options available to the Group in the event of the occurrence of the
downside scenarios, with the key mitigation being to draw \u2018headroom\u2019 from one facility and either use it to lodge as cash security or repay
borrowings at another facility, the Directors consider it appropriate to prepare these financial statements on the going concern basis.
Consolidation
(a) Subsidiaries
Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the
following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to
use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change
in any of these elements of control.
The consolidated financial statements present the results of the Company and its subsidiaries (\u2018the Group\u2019) as if they formed a single entity.
Intercompany transactions and balances between Group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement
of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the
acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on
which control is obtained. They are deconsolidated from the date on which control ceases.
A Company purchase that does not meet the definition of a business is treated as an asset acquisition (e.g., this may be the case if a
property is acquired in a corporate wrapper). The asset(s) (and any associated acquired liabilities) acquired are recognised at fair value of
the consideration paid on the date that control is obtained.
Where the Company increases its stake in a previously held joint venture (\u2018JV\u2019) that does not constitute a business and thereby obtains
control, an accumulated cost approach is used. The carrying value of the equity accounted JV at the date of obtaining control is
considered to form part of the consideration paid, in addition to the fair value of any additional consideration paid to acquire the additional
stake. The assets acquired (and any associated liabilities) are recognised based on the combined accumulated cost.
(b) Joint arrangements
A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to
joint control.
Investments in joint ventures are accounted for using the equity method of accounting and are initially recognised at cost.
The Group\u2019s share of its joint ventures, post-acquisition profits or losses is recognised in the Income Statement. Investments in joint
ventures are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of net assets of the joint
ventures less any impairment in the value of the investment. Any impairment is initially recognised against the equity value, or if nil, against
any outstanding loan balances.
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint
venture. Accounting policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by
the Group.
Segmental reporting
An operating segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns
that are different from those of other business segments.
The Group operates in four business segments comprising property rental, car park operations, hotel operations and investments. The
Group\u2019s operations are performed wholly in the United Kingdom.
The chief operating decision-maker has been identified as the Board. The Board reviews the Group\u2019s internal reporting in order to assess
performance and allocate resources. Management has determined the operating segments based on these reports.
Non-current assets
(a) Investment properties
Investment property comprises freehold land and buildings and long-leasehold/right-of-use land and buildings that are held to earn rental
income and/or for capital appreciation, rather than for sale in the ordinary course of business or for use in production or administrative
functions. This comprises mainly retail units and offices.
Investment property is recognised when it is probable that the future economic benefits that are associated with the investment property
will flow to the Group and the cost of the investment property can be measured reliably. Typically these criteria are met on unconditional
exchange. Investment property is measured initially at cost including transaction costs. Transaction costs include transfer taxes,
professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable
of operating.
After initial recognition investment property is carried at fair value as determined by an independent external RICS qualified valuer or,
if considered appropriate, as determined by the Directors. The fair value of investment properties take into account tenure, lease terms
and structural condition. The inputs underlying the valuations include market rents or business profitability, incentives offered to tenants,
forecast growth rates, market yields and discount rates, and selling costs including stamp duty.
The gains or losses arising from these valuations are included in the Consolidated Income Statement.
When an existing investment property is redeveloped for continued future use as an investment property, it remains an investment
property whilst in development. Subsequent expenditure is added to the asset\u2019s carrying amount only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and
maintenance costs are charged to the Consolidated Income Statement during the financial period in which they are incurred.
Borrowing costs associated with direct expenditure on properties undergoing major refurbishment are capitalised. The amount is
calculated using the Group\u2019s weighted average cost of borrowing unless borrowings are specifically taken out for redevelopment of the
asset, in which case the specific borrowing rate is used.
Investment property is de-recognised on disposal or when the investment property is permanently withdrawn from use and no future
economic benefits are expected from its disposal. The date of disposal is the date the purchaser obtains control of the property. The gain
or loss arising on the disposal of investment properties is determined as the difference between the net sale proceeds and the carrying
value of the asset and is recognised in the Consolidated Income Statement.
(b) Freehold and right-of-use properties (property, plant and equipment)
Freehold properties are initially recognised at cost and are subsequently carried at fair value, based on periodic valuations by a
professionally qualified valuer. The fair value of freehold properties takes into account tenure, lease terms and structural condition. The
inputs underlying the valuations include business profitability and market rents, forecast growth rates, market yields and discount rates,
and selling costs including stamp duty. Changes in fair value are recognised in other comprehensive income and accumulated in the
revaluation reserve except to the extent that any decrease in value in excess of the credit balance on the revaluation reserve, or reversal of
such a transaction, is recognised in the Consolidated Income Statement.
At the date of revaluation, the accumulated depreciation on the revalued freehold property is eliminated against the gross carrying amount
of the asset and the net amount is restated to the revalued amount of the asset. On disposal of the asset the balance of the revaluation
reserve is transferred to retained earnings.
Leasehold properties held under leases, where a right-of-use asset is recognised, are initially valued at the present value of minimum lease
payments payable over the term of the lease. See Leased assets (where the Group acts as a lessee) policy below for further details.
Freehold land is not depreciated. Depreciation on assets under construction does not commence until they are complete and available
for use. Depreciation is provided on all other items within this category so as to write off their carrying value over their expected useful
economic lives, or over the lease term if shorter.
(c) Fixtures, equipment and motor vehicles (property, plant and equipment)
Fixtures, equipment and motor vehicles are carried at historical cost less depreciation and provision for impairment. Historic cost
includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis at rates
appropriate to write off individual assets over their estimated useful lives of between three and ten years.
The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. An asset\u2019s carrying amount
is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the
Consolidated Income Statement.
Fair value
Fair value estimation under IFRS 13 requires the Group to classify for disclosure purposes fair value measurements using a fair value
hierarchy that reflects the significance of the inputs used in making the measurements on its financial assets. The fair value hierarchy has
the following 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 (that is, as
prices) or indirectly (that is, derived from prices); and
\u2022 Level (3) inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The fair value of assets held for sale, other financial assets and investment property are determined by using valuation techniques. See
note 2 for further details of the judgements and assumptions made in relation to investment properties.
Goodwill
Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets,
liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed and equity instruments
issued. Direct costs of acquisition are recognised immediately as an expense. Goodwill is not subject to amortisation and is tested
annually for impairment, or more frequently if events or changes in circumstances indicate that it may be impaired. An impairment loss
is recognised for the amount by which the asset\u2019s carrying amount may not be recoverable. The recoverable amount is the higher of an
asset\u2019s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of
assets. Any impairment recognised is charged to the Consolidated Income Statement. Where the fair value of identifiable assets, liabilities
and contingent liabilities exceeds the fair value of consideration paid, the excess is credited in full to the Consolidated Income Statement
on the acquisition date.
Intangible assets \u2013 car park activities
Intangible assets are recognised where the Group controls the asset, it is probable that future economic benefits attributable to the asset
will flow to the Group and we can reliably measure the cost of the asset. Intangible assets are amortised using the straight-line method
over their useful economic life. The amortisation is charged to the Consolidated Income Statement as a direct car park property cost.
Investments \u2013 investments in shares
The Group\u2019s investments comprise of investments in quoted and unquoted equity investments. Other than where the Group has taken an
irrevocable election to recognise investments as fair value through other comprehensive income, the Group treats all investments as fair
value through profit and loss.
Purchases and sales of investments are recognised on the trade date, which is the date the Group commits to purchase or sell the asset.
Investments are initially recognised at fair value plus, where the investment is not subsequently measured at fair value through profit
or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Investments are derecognised when the
rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all
risks and rewards of ownership. Equity instruments are valued at fair value at each reporting date. The fair values of listed investments
are based on current bid prices. Any fair value gains and losses arising on equity instruments classified as fair value through profit and
loss are recognised in the income statement. However, an assessment for each individual equity instrument not held for trading is
considered, to establish whether an irrevocable election under IFRS 9 should be made to classify the instrument at fair value through other
comprehensive income. Where this election has been made, fair value gains are recognised through other comprehensive income. To date,
this election has been made for all listed investments held and the Company\u2019s investment in YourParkingSpace Limited \u2013 at 30 June 2025
the Company did not have any remaining interest in YourParkingSpace Limited.
Dividends on equity instruments are recognised in the Consolidated Income Statement when the Group\u2019s right to receive payment is
established.
Investments \u2013 deferred and contingent consideration
The Group\u2019s investments in loan notes, both deferred and contingent consideration elements, are classified as financial assets within the
balance sheet of the Company. The Company is holding these investments solely to receive future cash flows in accordance with the terms
of the different loan note instruments.
The deferred consideration loan notes will ultimately result in the payment of both 100% of the principal and an interest charge \u2013 there are
no other cash flows and are accounted for using the amortised cost basis.
The contingent consideration loan notes will ultimately result in the payment of principal with no interest, with the quantum of the actual
payment contingent and based on the net revenue of YPS earned post completion. Due to the variable nature of this ultimate receipt they
are accounted for using the fair value through profit or loss (\u2018FVTPL\u2019) basis.
Trade and related party receivables
Trade and related party receivables (such as loans to joint ventures or loans to investments) are recognised initially at fair value and are
subsequently measured at amortised cost less provision for impairment. The amount of the provision is recognised in the Consolidated
Income Statement.
Impairment provisions for current and non-current lease and trade receivables are recognised based on the simplified approach within
IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-
payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default
to determine the lifetime expected credit loss for the trade receivables. Impairment provisions are recognised within the Consolidated
Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off
against the associated provision.
Impairment provisions for receivables from related parties and loans to related parties are recognised based on a forward-looking expected
credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant
increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since
initial recognition of the financial asset, 12-month expected credit losses along with gross interest income are recognised. For those for
which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those
that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised.
From time to time, the Group elects to renegotiate the terms of trade receivables due from customers with which it has previously had
a good trading history. Such renegotiations will lead to changes in the timing of payments rather than changes to the amounts owed
and, in consequence, the new expected cash flows are discounted at the original effective interest rate and any resulting difference to
the carrying value is recognised in the Consolidated Statement of Comprehensive Income (operating profit). This is in respect of non-
substantial modifications only.
Cash and cash equivalents
Cash and cash equivalents carried in the Consolidated Balance Sheet are held at amortised cost. Cash and cash equivalents comprise cash
in hand, deposits held at call with banks, other short-term, highly liquid investments with original maturities of three months or less, and
bank overdrafts. Bank overdrafts are included within current liabilities on the Consolidated Balance Sheet.
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.
Borrowings
Borrowings are held at amortised cost and recognised net of transaction costs incurred. Debt finance costs are amortised based on the
effective interest rate.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date.
Bank overdrafts
The Group\u2019s banking facility has an agreement which allows the right of off-set between fellow Group companies. Interest payments and
covenant tests are conducted on a net basis across the accounts within the banking facility. Whilst management monitors cash on a net
basis, the fact that accounts were not actually swept and netted off at 30 June 2025 (and 30 June 2024 respectively) has meant that the
cash and overdraft balances have been presented on a gross basis.
Leased (right-of-use) assets (where the Group acts as a lessee)
All leases are accounted for by recognising a right-of-use asset and a lease liability except for:
\u2022 Leases of low-value assets; and
\u2022 Leases with a duration of 12 months or less.
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate
determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group\u2019s
lease-specific incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement
of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element
will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate.
On initial recognition, the carrying value of the lease liability also includes:
\u2022 amounts expected to be payable under any residual value guarantee;
\u2022 the exercise price of any purchase option granted in favour of the Group if it is reasonably certain to assess that option; and
\u2022 any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of a termination option being
exercised.
Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:
\u2022 lease payments made at or before commencement of the lease;
\u2022 initial direct costs incurred; and
\u2022 the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset.
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding
and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or
over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term.
When the Group revises its estimate of the term of any lease (because, for example, it reassesses the probability of a lessee extension or
termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised
term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable
element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an
equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the
remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in
profit or loss.
When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification:
\u2022 if the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for
the additional rights-of-use obtained, the modification is accounted for as a separate lease in accordance with the above policy;
\u2022 in all other cases where the renegotiation increases the scope of the lease (whether that is an extension to the lease term, or one or
more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date,
with the right-of-use asset being adjusted by the same amount; and
\u2022 if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset
are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognised in profit or
loss. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over
the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use
asset is adjusted by the same amount.
Operating leases (where the Group acts as a lessor)
Leases are classified as operating leases unless the risks and rewards incidental to ownership of the asset pass to the lessee.
In the case of properties where the Group has a leasehold interest, this assessment is made by reference to the Group\u2019s right-of-use assets
arising under the headlease rather than by reference to the underlying asset.
Where an investment property is held under a leasehold interest, the headlease is initially recognised as an asset at cost plus the present
value of minimum lease payments. The corresponding lease liability on the headlease is included in the balance sheet as a finance lease
obligation.
Unamortised tenant lease incentives
Leasehold incentives given to tenants on entering property leases are recognised as unamortised lease incentives. The operating lease
incentives are spread over the non-cancellable life of the lease. Where this ends with a clean break clause the incentives are spread to this
date unless management is reasonably certain that the break will not be exercised.
Taxation
The Group\u2019s tax expense comprises both current tax and deferred tax expense.
(a) Current tax
Current tax is the expected tax payable on taxable profit for the year and is calculated using tax rates and laws substantively enacted at the
balance sheet date.
(b) Deferred income tax
A deferred tax asset represents a tax deduction that is expected to arise in a future period. It is only recognised to the extent that it is
probable that the tax deduction will be capable of being offset against taxable profits and gains in future periods. A deferred tax liability
represents taxes which will become payable in a future period as a result of a current or prior year transaction. Deferred tax assets and
liabilities are netted off on the balance sheet. The tax rates used to determine deferred tax are those enacted or substantively enacted at
the balance sheet date that are expected to apply when the deferred tax asset or liability is realised.
Current tax and deferred tax are recognised in the Consolidated Income Statement except when it relates to items recognised in other
comprehensive income or directly in equity, in which case it is credited or charged to other comprehensive income or directly to equity
respectively.
In the period from 2 October 2007 to 30 June 2023 the Company elected for Group REIT status. During this period the Group did not
recognise any deferred tax assets as there was insufficient evidence to support that there would be any future taxable profits in the Group.
The Group left the REIT regime with effect from 1 July 2023 and the profits of the Group are now all subject to corporation tax. This has
resulted in the recognition of a deferred tax asset relating to trading losses from previous periods where there is sufficient evidence that
they will be offset against future taxable profits.
Employee benefits
The Group operates defined contribution arrangements for all eligible Directors and employees. A defined contribution plan is a pension
plan under which the Group pays contributions into a private or publicly administered pension plan. Pension costs are charged to the
Consolidated Income Statement in the period when they fall due. Pre-paid contributions are recognised as an asset to the extent that a
cash refund or a reduction in future payments is available.
Revenue recognition
(a) Rental income
Revenue includes rental income net of VAT.
Most of the Group\u2019s rental income is billed either monthly or quarterly in advance. A receivable and deferred income is recognised at the
date payment is due providing the Directors consider the amount to be collectable. If the Directors consider an unrecognised amount is
collectable subsequent to its due date, then the receivable is recognised at that date.
Rent receivables recognised are subject to impairment (refer to the Trade and related party receivables policy above).
Any lease incentives are spread on a straight-line basis across the period of the lease.
Rental income is recognised as revenue (to the extent it is considered collectable) as follows:
i) fixed rental income is recognised on a straight-line basis over the term of the lease;
ii) turnover rents are based on underlying turnover and are recognised in the period to which the turnover relates;
iii) rent reviews are recognised in the period to which they relate providing they have been agreed or otherwise on agreement; and
iv) where rent concessions have been granted that reduce the payments due under a lease in future periods, the total revised
consideration (plus any prepaid or accrued lease payments) is spread over the remaining lease term from the date the concession
is granted.
(b) Car park income
Contract car park income is recognised on a straight-line basis over the relevant period, in accordance with the contract to which it
relates. Daily car park and car parking enforcement income is recognised when received. Where the Group is employed under a car
parking management agreement and acts as agent, the Group only recognises the management fee income (on a straight-line basis) and if
applicable its share of any operating profits of the car parks managed.
(c) Hotel income
Room revenue is recognised on a daily basis in accordance with the date of the overnight stay. Food and beverage revenue is recognised
at the point of sale.
(d) Interest income
Interest income on any short-term deposits is recognised in the Consolidated Income Statement as it accrues.
(e) Other income
Other income is recognised when the right to payment is established. This includes dividend income, management fees and surrender
premiums or dilapidations payments received from outgoing tenants prior to the termination of their lease.
(f) Service charge income
Many of the Group\u2019s leases also include the provision of services (e.g. for security, cleaning etc). Revenue from the provision of services is
recognised in accordance with the provisions of IFRS 15 as the services are provided to the tenant. Services are typically provided evenly
over the lease term. The transaction price is generally specified in the lease contract to reflect the market value of providing the services.
Dividend distribution
Dividend distributions to the Company\u2019s Shareholders are recognised in the Consolidated Financial Statements as follows:
i) interim dividends are recognised in the period they are paid; and
ii) final dividends are recognised in the period in which the dividends are approved by the Company\u2019s Shareholders.
Share buybacks
Where shares are redeemed or purchased wholly out of profits available for distribution, a sum equal to the total amount paid by the
Company\u2019s share is deducted from the Company\u2019s retained earnings.
Where shares are redeemed or purchased wholly out of profits available for distribution, a sum equal to the amount by which the
company\u2019s share capital is diminished on cancellation of the shares (the nominal value of the shares) is transferred to the capital
redemption reserve.
Reserves
Reserves are analysed in the following categories:
\u2022 Share capital represents the nominal value of issued share capital.
\u2022 Share premium represents any consideration received in excess of nominal value of the shares issued.
\u2022 Capital redemption reserve represents the nominal value of the Company\u2019s own shares that have been repurchased and cancelled.
\u2022 Revaluation reserve represents the surplus valuation movement upon revaluation of freehold property relating to car park activities
and hotel operations.
\u2022 Retained earnings represents the cumulative profit or loss position less dividend distributions.
Financial risk management
The Group\u2019s activities expose it to a variety of financial risks: credit risk, liquidity risk, cash flow and fair value interest rate risk, capital risk
and price risk.
(a) Credit risk
As noted in the Group\u2019s rental income policy above, receivables are only recognised for rental income when the amount due is considered
collectable at the time of billing. Management continue to assess the collectability of unpaid amounts that are billed and due, and applies
a general loss rate. For individual material amounts, if it becomes probable that the amount will be paid then the receivable will be
recognised at that date, along with the related income. Whether an amount is considered to be collectable requires judgement. In making
that judgement management consider (on a lease-by-lease basis) payment history and changes in the credit risk of the tenant.
The material financial assets to which the ECL impairment model is applied are set out below:
\u2022 Cash and cash equivalents (\u00a317,990,000 at 30 June 2025 and \u00a322,152,000 at 30 June 2024) \u2013 all cash and cash equivalents are held
with high-quality financial institutions for which there is considered to be no significant credit risk; as such any ECL in respect of this
balance is immaterial.
\u2022 Trade receivables (\u00a31,671,000 at 30 June 2025 and \u00a31,746,000 at 30 June 2024) \u2013 the Directors have applied the simplified approach
to trade receivables. Trade receivables have been grouped together based on shared credit risk characteristics and days past due.
Loss rates have then been applied to each group based on historical payment profiles adjusted to reflect current and forward-looking
information.
(b) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an
adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying
businesses, Group treasury policy aims to maintain flexibility in funding by keeping committed credit lines available.
The maturity profile and details of undrawn banking facilities are set out in note 18.
(c) Cash flow and fair value interest rate risk
The Group has no significant interest-bearing assets. Borrowings issued at variable rates expose the Group to cash flow interest rate risk.
The Group takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on its financial position and
cash flows. Interest costs may increase as a result of such changes. They may reduce profits or create losses in the event that unexpected
movements arise.
The Group continually reviews interest rates and interest rate risk and has a policy of monitoring the costs and benefits of interest rate
fixing instruments with a view to hedging exposure to interest rate risk on a regular basis.
At 30 June 2025, 87.5% (2024: 87.5%) of the Group\u2019s borrowings were under long-term fixed-rate agreements and therefore were protected
against future interest rate volatility.
(d) Capital risk
The Group\u2019s objective in managing capital is to maintain a strong capital base to support current operations and planned growth and to
provide for an appropriate level of dividend payments to shareholders.
The Group is not subject to external regulatory capital requirements.
(e) Price risk
Current asset investments are subject to price risk as a result of fluctuations in the market. The Group limits the amount of exposure by
continually assessing the performance of these investments.
(f) Compliance with covenants
The Group\u2019s bank facilities and the mortgage debenture stock include a number of covenants principally relating to income and capital
cover. The Directors monitor performance against these covenants on a regular basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-308": { "value": "The principal accounting policies adopted in the preparation of these Consolidated Financial Statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Town Centre Securities PLC (the \u2018Company\u2019) is a public limited company domiciled in the United Kingdom. Its shares are listed on the London Stock Exchange. The Consolidated Financial Statements of the Company for the year ended 30 June 2025 comprise the Company and its subsidiaries (together referred to as the \u2018Group\u2019). The address of its registered office is Town Centre House, The Merrion Centre, Leeds, LS2 8LY. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-4": { "value": "Town Centre Securities PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-5": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-6": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-7": { "value": "Town Centre House, The Merrion Centre, Leeds, LS2 8LY", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-309": { "value": "Basis of preparation Statement of compliance The Consolidated Financial Statements of Town Centre Securities PLC have been prepared in accordance with UK adopted international accounting standards (\u2018IFRS\u2019). Income and cash flow statements The Group presents its Income Statement by nature of expense. The Group reports cash flows from operating activities using the indirect method. The acquisitions of investment properties are disclosed as cash flows from investing activities because this most appropriately reflects the Group\u2019s business activities. Cash flows from investing and financing activities are determined using the direct method. Preparation of the Consolidated Financial Statements The Consolidated Financial Statements have been prepared under the historical cost convention as modified by the revaluation of the Group\u2019s property interests and other investments. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions are changed. Management believes that the underlying assumptions are appropriate. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the Consolidated Financial Statements, are disclosed in Note 2. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-352": { "value": "The Consolidated Financial Statements of Town Centre Securities PLC have been prepared in accordance with UK adopted international accounting standards (\u2018IFRS\u2019). ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-8": { "value": "Town Centre Securities PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-353": { "value": "Income and cash flow statements The Group presents its Income Statement by nature of expense. The Group reports cash flows from operating activities using the indirect method. The acquisitions of investment properties are disclosed as cash flows from investing activities because this most appropriately reflects the Group\u2019s business activities. Cash flows from investing and financing activities are determined using the direct method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-310": { "value": "Adoption of new and revised standards New standards and interpretations effective in the current period Other standards, interpretations and amendments effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. New and revised accounting standards not yet effective There are a number of new standards and amendments to existing standards that have been published and are mandatory for the Group\u2019s accounting periods beginning on or after 1 April 2025 or later. The Group is not adopting these standards early. There are no accounting standards expected to have a material impact on the Group. The impact of the following is under assessment: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments) effective 1 January 2026; and \u2022 IFRS 18 \u2018Primary financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 31 March 2028, subject to UK endorsement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-354": { "value": "New standards and interpretations effective in the current period Other standards, interpretations and amendments effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-355": { "value": "New and revised accounting standards not yet effective There are a number of new standards and amendments to existing standards that have been published and are mandatory for the Group\u2019s accounting periods beginning on or after 1 April 2025 or later. The Group is not adopting these standards early. There are no accounting standards expected to have a material impact on the Group. The impact of the following is under assessment: \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments) effective 1 January 2026; and \u2022 IFRS 18 \u2018Primary financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 31 March 2028, subject to UK endorsement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-311": { "value": "Going concern In making their assessment of the ability of the Group to continue as a going concern, the Directors have considered the impact of an economic downturn on the Group\u2019s forecasts including the effect on liquidity and compliance with bank loan and debenture covenants. The Group owns a portfolio of multi-let regional property assets located throughout the UK, and operates car parking and hotel businesses. The Group is funded in part by an \u00a382.4m debenture which is due for repayment in 2031 and an asset-specific facility of \u00a313.8m which is due for repayment in 2029. In addition the business has three bilateral Revolving Credit Facilities (\u2018RCFs\u2019) totalling \u00a370m which, as at the year-end, were due for repayment or renewal between June 2026 and June 2027. Each of the debt facilities is ring-fenced within security sub-pools of assets charged to the respective lender. The Group has one bank facility falling due for repayment in June 2026, within the going concern period. The Group is looking to renew this facility for a further three-year term, extending its expiry date to June 2029. The amount outstanding under this facility is currently \u00a30.5m with a property portfolio valued at \u00a37.68m secured against it. If the facility is not renewed, the Group will utilise existing headroom within its remaining facilities, of which \u00a317.3m is available to draw, to repay the outstanding amount. The other two revolving credit facilities were extended post year-end such that their expiry dates are outside of the Going Concern period. As at the date of this report, the Group has drawn in aggregate, under all three RCFs, total borrowings of \u00a318.75m, with a further \u00a321.5m available to draw. One of the most critical judgements for the Board is the loan to value (\u2018LTV\u2019) headroom in the Group\u2019s debt facilities. This is calculated as the maximum amount that could be borrowed, taking into account the properties secured to the funders and the facilities in place. These covenants range from 60% to 67.5% LTV. The total LTV headroom at 30 June 2025 was \u00a324.6m (2024: \u00a320.4m). Overall, the properties secured under the Group\u2019s debt facilities would need to fall 25.8% in value before this LTV headroom level was breached. As at the date of this report the headroom metrics and percentage fall have reduced to \u00a321.5m and 23.4% respectively following the post-balance sheet transactions highlighted in this Annual Report. In addition to the LTV covenants, the Group\u2019s debt facilities include income cover covenants of between 100% for the debenture and 175% on the three revolving credit facilities and asset-specific loan. At the year-end the actual income cover levels ranged from 238% (for the 100% debenture covenant) up to 450% on the NatWest facility. In order to assess the potential impact of a future economic downturn on the Group and its ability to continue as a going concern, management have analysed the portfolio\u2019s tenant base, car parking and hotel operations and produced forecasts to 31 October 2026. These forecasts reflect management\u2019s view of a worst case scenario, including assumptions that rent receipts are materially lower than normally experienced and that the car park and hotel businesses recover over the forecast period to a materially lower level than expected. These scenarios include a base case, downside case and then a more extreme downside case to show the effect a more significant downturn in the Group\u2019s performance would have on its funding cash headroom and any of its financial covenants. In addition the Company has performed a reverse stress exercise whereby it has looked at each individual facility and at how much of a downturn (compared to the conservative base case cash flows prepared by the Company) there would need to be before any of the financial covenants are breached. The Group\u2019s forecasts, including the various scenarios, show that both the cash headroom figure is resilient and the financial covenant tests are met. Under the base case the minimum cash headroom is expected to be \u00a320.7m, which compares to a minimum of \u00a318.9m under the downside scenario. The significant downside case applied a total discount of 7% to rental income receipts and a 15% discount to budgeted car park income levels. The cash headroom in the Group does not go negative in the period to June 2028 and none of the other financial covenants are breached. The reverse stress test shows that the financial covenants are not breached until either of the discounts applied in the significant downside case are pushed even further with an 8% rental discount applied and 15% to car park income. This breach is forecast to occur in Q1 of FY27 and last until Q2 of FY27 before the position then improves. The Group is currently experiencing collection rates of over 99% of rent and service charge income invoiced, and for the first two months of FY26 the car park business is trading significantly ahead of expectation. The forecasts show that the Group has sufficient resources to continue to operate as a going concern for at least the period to 31 October 2026. Based on the forecasts, including the mitigating options available to the Group in the event of the occurrence of the downside scenarios, with the key mitigation being to draw \u2018headroom\u2019 from one facility and either use it to lodge as cash security or repay borrowings at another facility, the Directors consider it appropriate to prepare these financial statements on the going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-312": { "value": "Consolidation (a) Subsidiaries Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries (\u2018the Group\u2019) as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. A Company purchase that does not meet the definition of a business is treated as an asset acquisition (e.g., this may be the case if a property is acquired in a corporate wrapper). The asset(s) (and any associated acquired liabilities) acquired are recognised at fair value of the consideration paid on the date that control is obtained. Where the Company increases its stake in a previously held joint venture (\u2018JV\u2019) that does not constitute a business and thereby obtains control, an accumulated cost approach is used. The carrying value of the equity accounted JV at the date of obtaining control is considered to form part of the consideration paid, in addition to the fair value of any additional consideration paid to acquire the additional stake. The assets acquired (and any associated liabilities) are recognised based on the combined accumulated cost. (b) Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. Investments in joint ventures are accounted for using the equity method of accounting and are initially recognised at cost. The Group\u2019s share of its joint ventures, post-acquisition profits or losses is recognised in the Income Statement. Investments in joint ventures are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of net assets of the joint ventures less any impairment in the value of the investment. Any impairment is initially recognised against the equity value, or if nil, against any outstanding loan balances. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint venture. Accounting policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-356": { "value": "(a) Subsidiaries Where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee if all three of the following elements are present: power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control. The consolidated financial statements present the results of the Company and its subsidiaries (\u2018the Group\u2019) as if they formed a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree\u2019s identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date on which control ceases. A Company purchase that does not meet the definition of a business is treated as an asset acquisition (e.g., this may be the case if a property is acquired in a corporate wrapper). The asset(s) (and any associated acquired liabilities) acquired are recognised at fair value of the consideration paid on the date that control is obtained. Where the Company increases its stake in a previously held joint venture (\u2018JV\u2019) that does not constitute a business and thereby obtains control, an accumulated cost approach is used. The carrying value of the equity accounted JV at the date of obtaining control is considered to form part of the consideration paid, in addition to the fair value of any additional consideration paid to acquire the additional stake. The assets acquired (and any associated liabilities) are recognised based on the combined accumulated cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-386": { "value": "(b) Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. Investments in joint ventures are accounted for using the equity method of accounting and are initially recognised at cost. The Group\u2019s share of its joint ventures, post-acquisition profits or losses is recognised in the Income Statement. Investments in joint ventures are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of net assets of the joint ventures less any impairment in the value of the investment. Any impairment is initially recognised against the equity value, or if nil, against any outstanding loan balances. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint venture. Accounting policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-357": { "value": "(b) Joint arrangements A joint arrangement is a contractual arrangement whereby the Group and other parties undertake an economic activity that is subject to joint control. Investments in joint ventures are accounted for using the equity method of accounting and are initially recognised at cost. The Group\u2019s share of its joint ventures, post-acquisition profits or losses is recognised in the Income Statement. Investments in joint ventures are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group\u2019s share of net assets of the joint ventures less any impairment in the value of the investment. Any impairment is initially recognised against the equity value, or if nil, against any outstanding loan balances. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint venture. Accounting policies of joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-313": { "value": "Segmental reporting An operating segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. The Group operates in four business segments comprising property rental, car park operations, hotel operations and investments. The Group\u2019s operations are performed wholly in the United Kingdom. The chief operating decision-maker has been identified as the Board. The Board reviews the Group\u2019s internal reporting in order to assess performance and allocate resources. Management has determined the operating segments based on these reports. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-358": { "value": "Non-current assets (a) Investment properties Investment property comprises freehold land and buildings and long-leasehold/right-of-use land and buildings that are held to earn rental income and/or for capital appreciation, rather than for sale in the ordinary course of business or for use in production or administrative functions. This comprises mainly retail units and offices. Investment property is recognised when it is probable that the future economic benefits that are associated with the investment property will flow to the Group and the cost of the investment property can be measured reliably. Typically these criteria are met on unconditional exchange. Investment property is measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable of operating. After initial recognition investment property is carried at fair value as determined by an independent external RICS qualified valuer or, if considered appropriate, as determined by the Directors. The fair value of investment properties take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rents or business profitability, incentives offered to tenants, forecast growth rates, market yields and discount rates, and selling costs including stamp duty. The gains or losses arising from these valuations are included in the Consolidated Income Statement. When an existing investment property is redeveloped for continued future use as an investment property, it remains an investment property whilst in development. Subsequent expenditure is added to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Income Statement during the financial period in which they are incurred. Borrowing costs associated with direct expenditure on properties undergoing major refurbishment are capitalised. The amount is calculated using the Group\u2019s weighted average cost of borrowing unless borrowings are specifically taken out for redevelopment of the asset, in which case the specific borrowing rate is used. Investment property is de-recognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The date of disposal is the date the purchaser obtains control of the property. The gain or loss arising on the disposal of investment properties is determined as the difference between the net sale proceeds and the carrying value of the asset and is recognised in the Consolidated Income Statement. (b) Freehold and right-of-use properties (property, plant and equipment) Freehold properties are initially recognised at cost and are subsequently carried at fair value, based on periodic valuations by a professionally qualified valuer. The fair value of freehold properties takes into account tenure, lease terms and structural condition. The inputs underlying the valuations include business profitability and market rents, forecast growth rates, market yields and discount rates, and selling costs including stamp duty. Changes in fair value are recognised in other comprehensive income and accumulated in the revaluation reserve except to the extent that any decrease in value in excess of the credit balance on the revaluation reserve, or reversal of such a transaction, is recognised in the Consolidated Income Statement. At the date of revaluation, the accumulated depreciation on the revalued freehold property is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. On disposal of the asset the balance of the revaluation reserve is transferred to retained earnings. Leasehold properties held under leases, where a right-of-use asset is recognised, are initially valued at the present value of minimum lease payments payable over the term of the lease. See Leased assets (where the Group acts as a lessee) policy below for further details. Freehold land is not depreciated. Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items within this category so as to write off their carrying value over their expected useful economic lives, or over the lease term if shorter. (c) Fixtures, equipment and motor vehicles (property, plant and equipment) Fixtures, equipment and motor vehicles are carried at historical cost less depreciation and provision for impairment. Historic cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis at rates appropriate to write off individual assets over their estimated useful lives of between three and ten years. The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-314": { "value": "Non-current assets (a) Investment properties Investment property comprises freehold land and buildings and long-leasehold/right-of-use land and buildings that are held to earn rental income and/or for capital appreciation, rather than for sale in the ordinary course of business or for use in production or administrative functions. This comprises mainly retail units and offices. Investment property is recognised when it is probable that the future economic benefits that are associated with the investment property will flow to the Group and the cost of the investment property can be measured reliably. Typically these criteria are met on unconditional exchange. Investment property is measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable of operating. After initial recognition investment property is carried at fair value as determined by an independent external RICS qualified valuer or, if considered appropriate, as determined by the Directors. The fair value of investment properties take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rents or business profitability, incentives offered to tenants, forecast growth rates, market yields and discount rates, and selling costs including stamp duty. The gains or losses arising from these valuations are included in the Consolidated Income Statement. When an existing investment property is redeveloped for continued future use as an investment property, it remains an investment property whilst in development. Subsequent expenditure is added to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Income Statement during the financial period in which they are incurred. Borrowing costs associated with direct expenditure on properties undergoing major refurbishment are capitalised. The amount is calculated using the Group\u2019s weighted average cost of borrowing unless borrowings are specifically taken out for redevelopment of the asset, in which case the specific borrowing rate is used. Investment property is de-recognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The date of disposal is the date the purchaser obtains control of the property. The gain or loss arising on the disposal of investment properties is determined as the difference between the net sale proceeds and the carrying value of the asset and is recognised in the Consolidated Income Statement. (b) Freehold and right-of-use properties (property, plant and equipment) Freehold properties are initially recognised at cost and are subsequently carried at fair value, based on periodic valuations by a professionally qualified valuer. The fair value of freehold properties takes into account tenure, lease terms and structural condition. The inputs underlying the valuations include business profitability and market rents, forecast growth rates, market yields and discount rates, and selling costs including stamp duty. Changes in fair value are recognised in other comprehensive income and accumulated in the revaluation reserve except to the extent that any decrease in value in excess of the credit balance on the revaluation reserve, or reversal of such a transaction, is recognised in the Consolidated Income Statement. At the date of revaluation, the accumulated depreciation on the revalued freehold property is eliminated against the gross carrying amount of the asset and the net amount is restated to the revalued amount of the asset. On disposal of the asset the balance of the revaluation reserve is transferred to retained earnings. Leasehold properties held under leases, where a right-of-use asset is recognised, are initially valued at the present value of minimum lease payments payable over the term of the lease. See Leased assets (where the Group acts as a lessee) policy below for further details. Freehold land is not depreciated. Depreciation on assets under construction does not commence until they are complete and available for use. Depreciation is provided on all other items within this category so as to write off their carrying value over their expected useful economic lives, or over the lease term if shorter. (c) Fixtures, equipment and motor vehicles (property, plant and equipment) Fixtures, equipment and motor vehicles are carried at historical cost less depreciation and provision for impairment. Historic cost includes expenditure that is directly attributable to the acquisition of the items. Depreciation is calculated on a straight-line basis at rates appropriate to write off individual assets over their estimated useful lives of between three and ten years. The assets\u2019 residual values and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-387": { "value": "(a) Investment properties Investment property comprises freehold land and buildings and long-leasehold/right-of-use land and buildings that are held to earn rental income and/or for capital appreciation, rather than for sale in the ordinary course of business or for use in production or administrative functions. This comprises mainly retail units and offices. Investment property is recognised when it is probable that the future economic benefits that are associated with the investment property will flow to the Group and the cost of the investment property can be measured reliably. Typically these criteria are met on unconditional exchange. Investment property is measured initially at cost including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and other costs incurred in order to bring the property to the condition necessary for it to be capable of operating. After initial recognition investment property is carried at fair value as determined by an independent external RICS qualified valuer or, if considered appropriate, as determined by the Directors. The fair value of investment properties take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rents or business profitability, incentives offered to tenants, forecast growth rates, market yields and discount rates, and selling costs including stamp duty. The gains or losses arising from these valuations are included in the Consolidated Income Statement. When an existing investment property is redeveloped for continued future use as an investment property, it remains an investment property whilst in development. Subsequent expenditure is added to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the Consolidated Income Statement during the financial period in which they are incurred. Borrowing costs associated with direct expenditure on properties undergoing major refurbishment are capitalised. The amount is calculated using the Group\u2019s weighted average cost of borrowing unless borrowings are specifically taken out for redevelopment of the asset, in which case the specific borrowing rate is used. Investment property is de-recognised on disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from its disposal. The date of disposal is the date the purchaser obtains control of the property. The gain or loss arising on the disposal of investment properties is determined as the difference between the net sale proceeds and the carrying value of the asset and is recognised in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-400": { "value": "Borrowing costs associated with direct expenditure on properties undergoing major refurbishment are capitalised. The amount is calculated using the Group\u2019s weighted average cost of borrowing unless borrowings are specifically taken out for redevelopment of the asset, in which case the specific borrowing rate is used. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-359": { "value": "Fair value Fair value estimation under IFRS 13 requires the Group to classify for disclosure purposes fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements on its financial assets. The fair value hierarchy has the following 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 (that is, as prices) or indirectly (that is, derived from prices); and \u2022 Level (3) inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value of assets held for sale, other financial assets and investment property are determined by using valuation techniques. See note 2 for further details of the judgements and assumptions made in relation to investment properties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-315": { "value": "Fair value Fair value estimation under IFRS 13 requires the Group to classify for disclosure purposes fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements on its financial assets. The fair value hierarchy has the following 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 (that is, as prices) or indirectly (that is, derived from prices); and \u2022 Level (3) inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value of assets held for sale, other financial assets and investment property are determined by using valuation techniques. See note 2 for further details of the judgements and assumptions made in relation to investment properties. Borrowings Borrowings are held at amortised cost and recognised net of transaction costs incurred. Debt finance costs are amortised based on the effective interest rate. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Financial risk management The Group\u2019s activities expose it to a variety of financial risks: credit risk, liquidity risk, cash flow and fair value interest rate risk, capital risk and price risk. (a) Credit risk As noted in the Group\u2019s rental income policy above, receivables are only recognised for rental income when the amount due is considered collectable at the time of billing. Management continue to assess the collectability of unpaid amounts that are billed and due, and applies a general loss rate. For individual material amounts, if it becomes probable that the amount will be paid then the receivable will be recognised at that date, along with the related income. Whether an amount is considered to be collectable requires judgement. In making that judgement management consider (on a lease-by-lease basis) payment history and changes in the credit risk of the tenant. The material financial assets to which the ECL impairment model is applied are set out below: \u2022 Cash and cash equivalents (\u00a317,990,000 at 30 June 2025 and \u00a322,152,000 at 30 June 2024) \u2013 all cash and cash equivalents are held with high-quality financial institutions for which there is considered to be no significant credit risk; as such any ECL in respect of this balance is immaterial. \u2022 Trade receivables (\u00a31,671,000 at 30 June 2025 and \u00a31,746,000 at 30 June 2024) \u2013 the Directors have applied the simplified approach to trade receivables. Trade receivables have been grouped together based on shared credit risk characteristics and days past due. Loss rates have then been applied to each group based on historical payment profiles adjusted to reflect current and forward-looking information. (b) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, Group treasury policy aims to maintain flexibility in funding by keeping committed credit lines available. The maturity profile and details of undrawn banking facilities are set out in note 18. (c) Cash flow and fair value interest rate risk The Group has no significant interest-bearing assets. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. The Group takes on exposure to the effects of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. Interest costs may increase as a result of such changes. They may reduce profits or create losses in the event that unexpected movements arise. The Group continually reviews interest rates and interest rate risk and has a policy of monitoring the costs and benefits of interest rate fixing instruments with a view to hedging exposure to interest rate risk on a regular basis. At 30 June 2025, 87.5% (2024: 87.5%) of the Group\u2019s borrowings were under long-term fixed-rate agreements and therefore were protected against future interest rate volatility. (d) Capital risk The Group\u2019s objective in managing capital is to maintain a strong capital base to support current operations and planned growth and to provide for an appropriate level of dividend payments to shareholders. The Group is not subject to external regulatory capital requirements. (e) Price risk Current asset investments are subject to price risk as a result of fluctuations in the market. The Group limits the amount of exposure by continually assessing the performance of these investments. (f) Compliance with covenants The Group\u2019s bank facilities and the mortgage debenture stock include a number of covenants principally relating to income and capital cover. The Directors monitor performance against these covenants on a regular basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-360": { "value": "Goodwill Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued. Direct costs of acquisition are recognised immediately as an expense. Goodwill is not subject to amortisation and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it may be impaired. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount may not be recoverable. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets. Any impairment recognised is charged to the Consolidated Income Statement. Where the fair value of identifiable assets, liabilities and contingent liabilities exceeds the fair value of consideration paid, the excess is credited in full to the Consolidated Income Statement on the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-316": { "value": "Goodwill Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued. Direct costs of acquisition are recognised immediately as an expense. Goodwill is not subject to amortisation and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it may be impaired. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount may not be recoverable. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets. Any impairment recognised is charged to the Consolidated Income Statement. Where the fair value of identifiable assets, liabilities and contingent liabilities exceeds the fair value of consideration paid, the excess is credited in full to the Consolidated Income Statement on the acquisition date. Intangible assets \u2013 car park activities Intangible assets are recognised where the Group controls the asset, it is probable that future economic benefits attributable to the asset will flow to the Group and we can reliably measure the cost of the asset. Intangible assets are amortised using the straight-line method over their useful economic life. The amortisation is charged to the Consolidated Income Statement as a direct car park property cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-361": { "value": "Intangible assets \u2013 car park activities Intangible assets are recognised where the Group controls the asset, it is probable that future economic benefits attributable to the asset will flow to the Group and we can reliably measure the cost of the asset. Intangible assets are amortised using the straight-line method over their useful economic life. The amortisation is charged to the Consolidated Income Statement as a direct car park property cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-317": { "value": "Investments \u2013 investments in shares The Group\u2019s investments comprise of investments in quoted and unquoted equity investments. Other than where the Group has taken an irrevocable election to recognise investments as fair value through other comprehensive income, the Group treats all investments as fair value through profit and loss. Purchases and sales of investments are recognised on the trade date, which is the date the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus, where the investment is not subsequently measured at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Investments are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Equity instruments are valued at fair value at each reporting date. The fair values of listed investments are based on current bid prices. Any fair value gains and losses arising on equity instruments classified as fair value through profit and loss are recognised in the income statement. However, an assessment for each individual equity instrument not held for trading is considered, to establish whether an irrevocable election under IFRS 9 should be made to classify the instrument at fair value through other comprehensive income. Where this election has been made, fair value gains are recognised through other comprehensive income. To date, this election has been made for all listed investments held and the Company\u2019s investment in YourParkingSpace Limited \u2013 at 30 June 2025 the Company did not have any remaining interest in YourParkingSpace Limited. Dividends on equity instruments are recognised in the Consolidated Income Statement when the Group\u2019s right to receive payment is established. Investments \u2013 deferred and contingent consideration The Group\u2019s investments in loan notes, both deferred and contingent consideration elements, are classified as financial assets within the balance sheet of the Company. The Company is holding these investments solely to receive future cash flows in accordance with the terms of the different loan note instruments. The deferred consideration loan notes will ultimately result in the payment of both 100% of the principal and an interest charge \u2013 there are no other cash flows and are accounted for using the amortised cost basis. The contingent consideration loan notes will ultimately result in the payment of principal with no interest, with the quantum of the actual payment contingent and based on the net revenue of YPS earned post completion. Due to the variable nature of this ultimate receipt they are accounted for using the fair value through profit or loss (\u2018FVTPL\u2019) basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-362": { "value": "Trade and related party receivables Trade and related party receivables (such as loans to joint ventures or loans to investments) are recognised initially at fair value and are subsequently measured at amortised cost less provision for impairment. The amount of the provision is recognised in the Consolidated Income Statement. Impairment provisions for current and non-current lease and trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non- payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. Impairment provisions are recognised within the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Impairment provisions for receivables from related parties and loans to related parties are recognised based on a forward-looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, 12-month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. From time to time, the Group elects to renegotiate the terms of trade receivables due from customers with which it has previously had a good trading history. Such renegotiations will lead to changes in the timing of payments rather than changes to the amounts owed and, in consequence, the new expected cash flows are discounted at the original effective interest rate and any resulting difference to the carrying value is recognised in the Consolidated Statement of Comprehensive Income (operating profit). This is in respect of non- substantial modifications only. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-318": { "value": "Trade and related party receivables Trade and related party receivables (such as loans to joint ventures or loans to investments) are recognised initially at fair value and are subsequently measured at amortised cost less provision for impairment. The amount of the provision is recognised in the Consolidated Income Statement. Impairment provisions for current and non-current lease and trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non- payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. Impairment provisions are recognised within the Consolidated Income Statement. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. Impairment provisions for receivables from related parties and loans to related parties are recognised based on a forward-looking expected credit loss model. The methodology used to determine the amount of the provision is based on whether there has been a significant increase in credit risk since initial recognition of the financial asset. For those where the credit risk has not increased significantly since initial recognition of the financial asset, 12-month expected credit losses along with gross interest income are recognised. For those for which credit risk has increased significantly, lifetime expected credit losses along with the gross interest income are recognised. For those that are determined to be credit impaired, lifetime expected credit losses along with interest income on a net basis are recognised. From time to time, the Group elects to renegotiate the terms of trade receivables due from customers with which it has previously had a good trading history. Such renegotiations will lead to changes in the timing of payments rather than changes to the amounts owed and, in consequence, the new expected cash flows are discounted at the original effective interest rate and any resulting difference to the carrying value is recognised in the Consolidated Statement of Comprehensive Income (operating profit). This is in respect of non- substantial modifications only. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-319": { "value": "Cash and cash equivalents Cash and cash equivalents carried in the Consolidated Balance Sheet are held at amortised cost. Cash and cash equivalents comprise cash in hand, deposits held at call with banks, other short-term, highly liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are included within current liabilities on the Consolidated Balance Sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-320": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-388": { "value": "Borrowings Borrowings are held at amortised cost and recognised net of transaction costs incurred. Debt finance costs are amortised based on the effective interest rate. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-363": { "value": "Borrowings Borrowings are held at amortised cost and recognised net of transaction costs incurred. Debt finance costs are amortised based on the effective interest rate. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-321": { "value": "Bank overdrafts The Group\u2019s banking facility has an agreement which allows the right of off-set between fellow Group companies. Interest payments and covenant tests are conducted on a net basis across the accounts within the banking facility. Whilst management monitors cash on a net basis, the fact that accounts were not actually swept and netted off at 30 June 2025 (and 30 June 2024 respectively) has meant that the cash and overdraft balances have been presented on a gross basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-322": { "value": "Leased (right-of-use) assets (where the Group acts as a lessee) All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \u2022 Leases of low-value assets; and \u2022 Leases with a duration of 12 months or less. Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the Group\u2019s lease-specific incremental borrowing rate on commencement of the lease is used. Variable lease payments are only included in the measurement of the lease liability if they depend on an index or rate. In such cases, the initial measurement of the lease liability assumes the variable element will remain unchanged throughout the lease term. Other variable lease payments are expensed in the period to which they relate. On initial recognition, the carrying value of the lease liability also includes: \u2022 amounts expected to be payable under any residual value guarantee; \u2022 the exercise price of any purchase option granted in favour of the Group if it is reasonably certain to assess that option; and \u2022 any penalties payable for terminating the lease, if the term of the lease has been estimated on the basis of a termination option being exercised. Right-of-use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for: \u2022 lease payments made at or before commencement of the lease; \u2022 initial direct costs incurred; and \u2022 the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset. Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease or over the remaining economic life of the asset if, rarely, this is judged to be shorter than the lease term. When the Group revises its estimate of the term of any lease (because, for example, it reassesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss. When the Group renegotiates the contractual terms of a lease with the lessor, the accounting depends on the nature of the modification: \u2022 if the renegotiation results in one or more additional assets being leased for an amount commensurate with the standalone price for the additional rights-of-use obtained, the modification is accounted for as a separate lease in accordance with the above policy; \u2022 in all other cases where the renegotiation increases the scope of the lease (whether that is an extension to the lease term, or one or more additional assets being leased), the lease liability is remeasured using the discount rate applicable on the modification date, with the right-of-use asset being adjusted by the same amount; and \u2022 if the renegotiation results in a decrease in the scope of the lease, both the carrying amount of the lease liability and right-of-use asset are reduced by the same proportion to reflect the partial or full termination of the lease with any difference recognised in profit or loss. The lease liability is then further adjusted to ensure its carrying amount reflects the amount of the renegotiated payments over the renegotiated term, with the modified lease payments discounted at the rate applicable on the modification date. The right-of-use asset is adjusted by the same amount. Operating leases (where the Group acts as a lessor) Leases are classified as operating leases unless the risks and rewards incidental to ownership of the asset pass to the lessee. In the case of properties where the Group has a leasehold interest, this assessment is made by reference to the Group\u2019s right-of-use assets arising under the headlease rather than by reference to the underlying asset. Where an investment property is held under a leasehold interest, the headlease is initially recognised as an asset at cost plus the present value of minimum lease payments. The corresponding lease liability on the headlease is included in the balance sheet as a finance lease obligation. Unamortised tenant lease incentives Leasehold incentives given to tenants on entering property leases are recognised as unamortised lease incentives. The operating lease incentives are spread over the non-cancellable life of the lease. Where this ends with a clean break clause the incentives are spread to this date unless management is reasonably certain that the break will not be exercised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-323": { "value": "Taxation The Group\u2019s tax expense comprises both current tax and deferred tax expense. (a) Current tax Current tax is the expected tax payable on taxable profit for the year and is calculated using tax rates and laws substantively enacted at the balance sheet date. (b) Deferred income tax A deferred tax asset represents a tax deduction that is expected to arise in a future period. It is only recognised to the extent that it is probable that the tax deduction will be capable of being offset against taxable profits and gains in future periods. A deferred tax liability represents taxes which will become payable in a future period as a result of a current or prior year transaction. Deferred tax assets and liabilities are netted off on the balance sheet. The tax rates used to determine deferred tax are those enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset or liability is realised. Current tax and deferred tax are recognised in the Consolidated Income Statement except when it relates to items recognised in other comprehensive income or directly in equity, in which case it is credited or charged to other comprehensive income or directly to equity respectively. In the period from 2 October 2007 to 30 June 2023 the Company elected for Group REIT status. During this period the Group did not recognise any deferred tax assets as there was insufficient evidence to support that there would be any future taxable profits in the Group. The Group left the REIT regime with effect from 1 July 2023 and the profits of the Group are now all subject to corporation tax. This has resulted in the recognition of a deferred tax asset relating to trading losses from previous periods where there is sufficient evidence that they will be offset against future taxable profits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-364": { "value": "(b) Deferred income tax A deferred tax asset represents a tax deduction that is expected to arise in a future period. It is only recognised to the extent that it is probable that the tax deduction will be capable of being offset against taxable profits and gains in future periods. A deferred tax liability represents taxes which will become payable in a future period as a result of a current or prior year transaction. Deferred tax assets and liabilities are netted off on the balance sheet. The tax rates used to determine deferred tax are those enacted or substantively enacted at the balance sheet date that are expected to apply when the deferred tax asset or liability is realised. Current tax and deferred tax are recognised in the Consolidated Income Statement except when it relates to items recognised in other comprehensive income or directly in equity, in which case it is credited or charged to other comprehensive income or directly to equity respectively. In the period from 2 October 2007 to 30 June 2023 the Company elected for Group REIT status. During this period the Group did not recognise any deferred tax assets as there was insufficient evidence to support that there would be any future taxable profits in the Group. The Group left the REIT regime with effect from 1 July 2023 and the profits of the Group are now all subject to corporation tax. This has resulted in the recognition of a deferred tax asset relating to trading losses from previous periods where there is sufficient evidence that they will be offset against future taxable profits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-324": { "value": "Employee benefits The Group operates defined contribution arrangements for all eligible Directors and employees. A defined contribution plan is a pension plan under which the Group pays contributions into a private or publicly administered pension plan. Pension costs are charged to the Consolidated Income Statement in the period when they fall due. Pre-paid contributions are recognised as an asset to the extent that a cash refund or a reduction in future payments is available. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-325": { "value": "Revenue recognition (a) Rental income Revenue includes rental income net of VAT. Most of the Group\u2019s rental income is billed either monthly or quarterly in advance. A receivable and deferred income is recognised at the date payment is due providing the Directors consider the amount to be collectable. If the Directors consider an unrecognised amount is collectable subsequent to its due date, then the receivable is recognised at that date. Rent receivables recognised are subject to impairment (refer to the Trade and related party receivables policy above). Any lease incentives are spread on a straight-line basis across the period of the lease. Rental income is recognised as revenue (to the extent it is considered collectable) as follows: i) fixed rental income is recognised on a straight-line basis over the term of the lease; ii) turnover rents are based on underlying turnover and are recognised in the period to which the turnover relates; iii) rent reviews are recognised in the period to which they relate providing they have been agreed or otherwise on agreement; and iv) where rent concessions have been granted that reduce the payments due under a lease in future periods, the total revised consideration (plus any prepaid or accrued lease payments) is spread over the remaining lease term from the date the concession is granted. (b) Car park income Contract car park income is recognised on a straight-line basis over the relevant period, in accordance with the contract to which it relates. Daily car park and car parking enforcement income is recognised when received. Where the Group is employed under a car parking management agreement and acts as agent, the Group only recognises the management fee income (on a straight-line basis) and if applicable its share of any operating profits of the car parks managed. (c) Hotel income Room revenue is recognised on a daily basis in accordance with the date of the overnight stay. Food and beverage revenue is recognised at the point of sale. (d) Interest income Interest income on any short-term deposits is recognised in the Consolidated Income Statement as it accrues. (e) Other income Other income is recognised when the right to payment is established. This includes dividend income, management fees and surrender premiums or dilapidations payments received from outgoing tenants prior to the termination of their lease. (f) Service charge income Many of the Group\u2019s leases also include the provision of services (e.g. for security, cleaning etc). Revenue from the provision of services is recognised in accordance with the provisions of IFRS 15 as the services are provided to the tenant. Services are typically provided evenly over the lease term. The transaction price is generally specified in the lease contract to reflect the market value of providing the services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-326": { "value": "Dividend distribution Dividend distributions to the Company\u2019s Shareholders are recognised in the Consolidated Financial Statements as follows: i) interim dividends are recognised in the period they are paid; and ii) final dividends are recognised in the period in which the dividends are approved by the Company\u2019s Shareholders. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-327": { "value": "Share buybacks Where shares are redeemed or purchased wholly out of profits available for distribution, a sum equal to the total amount paid by the Company\u2019s share is deducted from the Company\u2019s retained earnings. Where shares are redeemed or purchased wholly out of profits available for distribution, a sum equal to the amount by which the company\u2019s share capital is diminished on cancellation of the shares (the nominal value of the shares) is transferred to the capital redemption reserve. ", "dimensions": { "concept": "tcsplc:DescriptionOfAccountingPolicyForShareBuyBacks", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-328": { "value": "Reserves Reserves are analysed in the following categories: \u2022 Share capital represents the nominal value of issued share capital. \u2022 Share premium represents any consideration received in excess of nominal value of the shares issued. \u2022 Capital redemption reserve represents the nominal value of the Company\u2019s own shares that have been repurchased and cancelled. \u2022 Revaluation reserve represents the surplus valuation movement upon revaluation of freehold property relating to car park activities and hotel operations. \u2022 Retained earnings represents the cumulative profit or loss position less dividend distributions. ", "dimensions": { "concept": "tcsplc:DescriptionOfAccountingPolicyForReserves", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-329": { "value": "
2. Critical accounting estimates and judgements
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal
the related actual results. The only estimates and assumptions that have a significant risk of causing a material adjustment to the carrying
value amounts of assets and liabilities within the next financial year are as follows:
i. The Group\u2019s property investments \u2013 the basis for valuation is set out in note 12.
ii. Impairments have been applied to the Group\u2019s right-of-use car park assets and goodwill as set out in notes 12 and 13 \u2013 these have
been based on an assessment of the Group\u2019s weighted average cost of capital and suitable discount rates.
iii. Taxation \u2013 Significant judgement is required in determining the provision for income tax and the calculation of any deferred tax
balances. The Group recognises liabilities for anticipated tax based on estimates of whether additional taxes will be due. Where
the final tax outcome of these matters is different from the amounts initially recorded, such differences impact the income tax
and deferred tax provisions in the period in which such determination is made. Some subsidiaries have generated or generate
tax losses. Often these can be used to offset taxable gains of subsequent periods. The Group monitors the development of such
tax loss situations. Based on the business plans of the Group, the recoverability of such tax losses is determined. In the case that
a tax loss is deemed to be recoverable, the recognition of a deferred tax asset for such a tax loss is then decided. This judgement
resulted in the recognition of a net deferred tax asset with a book value at 30 June 2025 of \u00a3939,000 (30 June 2024: \u00a33,083,000),
which comprises of deferred tax assets of \u00a38,091,000 and deferred tax liabilities of \u00a37,152,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-330": { "value": "
3. Segmental information
The chief operating decision-maker has been identified as the Board. The Board reviews the Group\u2019s internal reporting in order to assess
performance and allocate resources. Management has determined the Group\u2019s operating segments based on these reports.
(A) Segmental assets
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Property rental
211,688
215,062
Car park activities
56,284
62,239
Hotel operations
10,200
9,900
Investments
3,259
7,142
281,431
294,343
(B) Segmental results
2025
2024 \u2013 Restated
Property Car park Hotel Property Car park Hotel
rental activities operations Investments Total rental activities operations Investments Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross revenue (excl
service charge income)
12,442
13,978
3,337
\u2013
29,757
12,314
13,361
3,308
\u2013
28,983
Service charge income
2,935
\u2013
\u2013
\u2013
2,935
2,985
\u2013
\u2013
\u2013
2,985
Gross revenue
15,377
13,978
3,337
\u2013
32,692
15,299
13,361
3,308
\u2013
31,968
Service charge expenses
(4,310)
\u2013
\u2013
\u2013
(4,310)
(3,982)
\u2013
\u2013
\u2013
(3,982)
Property expenses
(2,290)
(8,444)
(2,782)
\u2013
(13,516)
(1,431)
(7,521)
(2,670)
\u2013
(11,622)
Net revenue
8,777
5,534
555
\u2013
14,866
9,886
5,840
638
\u2013
16,364
Administrative expenses
(5,711)
(1,801)
\u2013
\u2013
(7,512)
(5,571)
(1,722)
\u2013
\u2013
(7,293)
Other income
1,864
30
\u2013
43
1,937
924
\u2013
\u2013
41
965
Share of post-tax profits
from joint ventures
1,057
\u2013
\u2013
\u2013
1,057
1,025
\u2013
\u2013
\u2013
1,025
Operating profit before
valuation movements
5,987
3,763
555
43
10,348
6,264
4,118
638
41
11,061
Valuation movement on
investment properties
(2,214)
\u2013
\u2013
\u2013
(2,214)
(7,625)
\u2013
\u2013
\u2013
(7,625)
Impairment of car parking
assets
\u2013
(2,697)
\u2013
\u2013
(2,697)
\u2013
(3,878)
\u2013
\u2013
(3,878)
Impairment of goodwill
\u2013
(772)
\u2013
\u2013
(772)
\u2013
(577)
\u2013
\u2013
(577)
Loss on disposal of
investments
\u2013
\u2013
\u2013
(87)
(87)
\u2013
\u2013
\u2013
(191)
(191)
Valuation movement on
investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
408
408
Profit on disposal of
investment properties
\u2013
\u2013
\u2013
\u2013
\u2013
27
\u2013
\u2013
\u2013
27
Profit on disposal of
freehold and leasehold
properties
\u2013
1,762
\u2013
\u2013
1,762
\u2013
\u2013
\u2013
\u2013
\u2013
Valuation movement on
joint venture properties
\u2013
\u2013
\u2013
\u2013
\u2013
(3,200)
\u2013
\u2013
\u2013
(3,200)
Operating (loss)/profit
3,773
2,056
555
(44)
6,340
(4,534)
(337)
638
258
(3,975)
Finance costs
(7,423)
(7,348)
Finance income
18
166
Loss before taxation
(1,065)
(11,157)
Taxation
(2,381)
3,319
Loss for the year
(3,446)
(7,838)
All results are derived from activities conducted in the United Kingdom.
The car park results include car park income from sites that are held for future development. The value of these sites has been determined
based on their development value and therefore the total value of these assets has been included within the assets of the property rental
business.
The net revenue at the development sites for the year ended 30 June 2025, arising from car park operations, was \u00a31,349,000. After
allowing for an allocation of administrative expenses, the operating profit at these sites was \u00a3838,000.
Revenue received within the car park activities segment and hotel operations segment as well as other income in the property rental
segment is the only revenue recognised on a contract basis under IFRS 15. All other revenue within the property rental segment comes
from rental lease agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-365": { "value": "(B) Segmental results
2025
2024 \u2013 Restated
Property Car park Hotel Property Car park Hotel
rental activities operations Investments Total rental activities operations Investments Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross revenue (excl
service charge income)
12,442
13,978
3,337
\u2013
29,757
12,314
13,361
3,308
\u2013
28,983
Service charge income
2,935
\u2013
\u2013
\u2013
2,935
2,985
\u2013
\u2013
\u2013
2,985
Gross revenue
15,377
13,978
3,337
\u2013
32,692
15,299
13,361
3,308
\u2013
31,968
Service charge expenses
(4,310)
\u2013
\u2013
\u2013
(4,310)
(3,982)
\u2013
\u2013
\u2013
(3,982)
Property expenses
(2,290)
(8,444)
(2,782)
\u2013
(13,516)
(1,431)
(7,521)
(2,670)
\u2013
(11,622)
Net revenue
8,777
5,534
555
\u2013
14,866
9,886
5,840
638
\u2013
16,364
Administrative expenses
(5,711)
(1,801)
\u2013
\u2013
(7,512)
(5,571)
(1,722)
\u2013
\u2013
(7,293)
Other income
1,864
30
\u2013
43
1,937
924
\u2013
\u2013
41
965
Share of post-tax profits
from joint ventures
1,057
\u2013
\u2013
\u2013
1,057
1,025
\u2013
\u2013
\u2013
1,025
Operating profit before
valuation movements
5,987
3,763
555
43
10,348
6,264
4,118
638
41
11,061
Valuation movement on
investment properties
(2,214)
\u2013
\u2013
\u2013
(2,214)
(7,625)
\u2013
\u2013
\u2013
(7,625)
Impairment of car parking
assets
\u2013
(2,697)
\u2013
\u2013
(2,697)
\u2013
(3,878)
\u2013
\u2013
(3,878)
Impairment of goodwill
\u2013
(772)
\u2013
\u2013
(772)
\u2013
(577)
\u2013
\u2013
(577)
Loss on disposal of
investments
\u2013
\u2013
\u2013
(87)
(87)
\u2013
\u2013
\u2013
(191)
(191)
Valuation movement on
investments
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
408
408
Profit on disposal of
investment properties
\u2013
\u2013
\u2013
\u2013
\u2013
27
\u2013
\u2013
\u2013
27
Profit on disposal of
freehold and leasehold
properties
\u2013
1,762
\u2013
\u2013
1,762
\u2013
\u2013
\u2013
\u2013
\u2013
Valuation movement on
joint venture properties
\u2013
\u2013
\u2013
\u2013
\u2013
(3,200)
\u2013
\u2013
\u2013
(3,200)
Operating (loss)/profit
3,773
2,056
555
(44)
6,340
(4,534)
(337)
638
258
(3,975)
Finance costs
(7,423)
(7,348)
Finance income
18
166
Loss before taxation
(1,065)
(11,157)
Taxation
(2,381)
3,319
Loss for the year
(3,446)
(7,838)
All results are derived from activities conducted in the United Kingdom. The car park results include car park income from sites that are held for future development. The value of these sites has been determined based on their development value and therefore the total value of these assets has been included within the assets of the property rental business. The net revenue at the development sites for the year ended 30 June 2025, arising from car park operations, was \u00a31,349,000. After allowing for an allocation of administrative expenses, the operating profit at these sites was \u00a3838,000. Revenue received within the car park activities segment and hotel operations segment as well as other income in the property rental segment is the only revenue recognised on a contract basis under IFRS 15. All other revenue within the property rental segment comes from rental lease agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-331": { "value": "
4. Administrative expenses
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Employee benefits
4,427
4,457
Depreciation
172
168
Charitable donations
86
77
Other
2,827
2,591
7,512
7,293
Depreciation charged to the Consolidated Income Statement as an administrative expense relates to depreciation on central office
equipment, including fixtures and fittings, computer equipment and motor vehicles. Depreciation on operational equipment and right-
of-use assets within both the car park and hotel businesses are charged as direct property expenses within the Consolidated Income
Statement.
5. Services provided by the Group\u2019s external auditors
During the year the Group\u2019s auditors were remunerated for rendering the following services to the Group:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Audit services:
\u2022
Fees payable to the Group auditors for the audit of the Consolidated and
Company Financial Statements
295
246
\u2022
Audit of the Company\u2019s subsidiaries pursuant to legislation
10
10
\u2022
Other audit-related services
\u2013
40
Total audit services
305
296
Non-audit services:
\u2022
Other non-audit services
5
\u2013
Total non-audit services
5
\u2013
Total remuneration of the Company\u2019s auditors
310
296
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-366": { "value": "4. Administrative expenses
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Employee benefits
4,427
4,457
Depreciation
172
168
Charitable donations
86
77
Other
2,827
2,591
7,512
7,293
Depreciation charged to the Consolidated Income Statement as an administrative expense relates to depreciation on central office equipment, including fixtures and fittings, computer equipment and motor vehicles. Depreciation on operational equipment and right- of-use assets within both the car park and hotel businesses are charged as direct property expenses within the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-389": { "value": "
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Employee benefits
4,427
4,457
Depreciation
172
168
Charitable donations
86
77
Other
2,827
2,591
7,512
7,293
(D) Fixtures, equipment and motor vehicles
Cost Depreciation
\u00a3\u2019000 \u00a3\u2019000
At 1 July 2023
5,570
4,301
Additions
525
\u2013
Depreciation
\u2013
348
At 30 June 2024
6,095
4,649
Net book value at 30 June 2024
1,446
At 1 July 2024
6,095
4,649
Additions
645
\u2013
Disposals
(135)
(59)
Depreciation
\u2013
402
At 30 June 2025
6,605
4,992
Net book value at 30 June 2025
1,613
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-367": { "value": "5. Services provided by the Group\u2019s external auditors During the year the Group\u2019s auditors were remunerated for rendering the following services to the Group:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Audit services:
\u2022
Fees payable to the Group auditors for the audit of the Consolidated and
Company Financial Statements
295
246
\u2022
Audit of the Company\u2019s subsidiaries pursuant to legislation
10
10
\u2022
Other audit-related services
\u2013
40
Total audit services
305
296
Non-audit services:
\u2022
Other non-audit services
5
\u2013
Total non-audit services
5
\u2013
Total remuneration of the Company\u2019s auditors
310
296
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-332": { "value": "
6. Employee benefits
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries (including Directors\u2019 emoluments)
6,593
6,417
Social security costs
743
705
Other pension costs
271
254
7,608
7,376
Disclosures required by the Companies Act 2006 on Directors\u2019 remuneration, including salaries, share options, pension contributions and
pension entitlement are included on pages 78 to 84 in the Directors\u2019 Remuneration Report and form part of these Consolidated Financial
Statements.
The average monthly number of staff employed, including Directors, during the year was 15 5 (2024: 150).
The Group operates pension arrangements for the benefit of all eligible Directors and employees, which are defined contribution
arrangements. The assets of the arrangements are held separately from those of the Group in independently administered funds.
All of the pension costs in the table above relate to defined contribution schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-333": { "value": "
7. Other income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Commission received
196
169
Dividends received
43
41
Service charge management fees
280
258
Development management fees
227
158
Dilapidations receipts and income relating to surrender premiums
1,019
267
Profit on sale of fixed assets
55
\u2013
Other
172
72
1,937
965
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-390": { "value": "7. Other income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Commission received
196
169
Dividends received
43
41
Service charge management fees
280
258
Development management fees
227
158
Dilapidations receipts and income relating to surrender premiums
1,019
267
Profit on sale of fixed assets
55
\u2013
Other
172
72
1,937
965
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-368": { "value": "7. Other income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Commission received
196
169
Dividends received
43
41
Service charge management fees
280
258
Development management fees
227
158
Dilapidations receipts and income relating to surrender premiums
1,019
267
Profit on sale of fixed assets
55
\u2013
Other
172
72
1,937
965
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-334": { "value": "
8. Finance costs and finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest payable on debenture loan stock
4,430
4,430
Interest payable on bank borrowings
1,756
1,570
Amortisation of arrangement fees
274
286
Interest expense on lease liabilities
963
1,062
Total finance costs
7,423
7,348
Interest receivable on loans to joint ventures
(5)
(159)
Other interest receivable
(12)
(7)
Total finance income
(18)
(166)
Net finance costs
7,405
7,182
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-407": { "value": "8. Finance costs and finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest payable on debenture loan stock
4,430
4,430
Interest payable on bank borrowings
1,756
1,570
Amortisation of arrangement fees
274
286
Interest expense on lease liabilities
963
1,062
Total finance costs
7,423
7,348
Interest receivable on loans to joint ventures
(5)
(159)
Other interest receivable
(12)
(7)
Total finance income
(18)
(166)
Net finance costs
7,405
7,182
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-405": { "value": "8. Finance costs and finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest payable on debenture loan stock
4,430
4,430
Interest payable on bank borrowings
1,756
1,570
Amortisation of arrangement fees
274
286
Interest expense on lease liabilities
963
1,062
Total finance costs
7,423
7,348
Interest receivable on loans to joint ventures
(5)
(159)
Other interest receivable
(12)
(7)
Total finance income
(18)
(166)
Net finance costs
7,405
7,182
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-401": { "value": "8. Finance costs and finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest payable on debenture loan stock
4,430
4,430
Interest payable on bank borrowings
1,756
1,570
Amortisation of arrangement fees
274
286
Interest expense on lease liabilities
963
1,062
Total finance costs
7,423
7,348
Interest receivable on loans to joint ventures
(5)
(159)
Other interest receivable
(12)
(7)
Total finance income
(18)
(166)
Net finance costs
7,405
7,182
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-391": { "value": "8. Finance costs and finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest payable on debenture loan stock
4,430
4,430
Interest payable on bank borrowings
1,756
1,570
Amortisation of arrangement fees
274
286
Interest expense on lease liabilities
963
1,062
Total finance costs
7,423
7,348
Interest receivable on loans to joint ventures
(5)
(159)
Other interest receivable
(12)
(7)
Total finance income
(18)
(166)
Net finance costs
7,405
7,182
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-369": { "value": "8. Finance costs and finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest payable on debenture loan stock
4,430
4,430
Interest payable on bank borrowings
1,756
1,570
Amortisation of arrangement fees
274
286
Interest expense on lease liabilities
963
1,062
Total finance costs
7,423
7,348
Interest receivable on loans to joint ventures
(5)
(159)
Other interest receivable
(12)
(7)
Total finance income
(18)
(166)
Net finance costs
7,405
7,182
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-335": { "value": "
9. Taxation
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Current
Current year
\u2013
\u2013
Adjustments in respect of prior years
59
\u2013
59
\u2013
Deferred tax
Recognition of previously unrecognised trading losses
\u2013
(2,888)
Utilisation of trading losses
967
1,203
Origination and reversal of timing differences
1,355
(1,634)
Adjustments in respect of prior periods
\u2013
\u2013
2,322
(3,319)
2,381
(3,319)
Taxation for the year is higher (2024: higher) than the standard rate of corporation tax in the United Kingdom of 25% (2024: 25%). The
differences are explained below:
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Loss before taxation
(1,065)
(11,157)
Loss on ordinary activities multiplied by rate of corporation tax in the United Kingdom of 25%
(2024: 25%)
(266)
(2,789)
Effects of:
\u2022
Valuation movements on which deferred tax is not recognised
2,344
2,110
\u2022
Recognition of carried forward trading losses
\u2013
(2,888)
\u2022
Expenses not deductible for tax purposes
244
248
\u2022
Adjustments in respect of prior years
59
Total taxation charge/(credit)
2,381
(3,319)
The Company left the REIT regime with effect from 1 July 2023. The results of the Company and the Group have subsequently been subject
to corporation tax.
19. Deferred tax assets and liabilities
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Assets
Carried forward losses
718
1,685
IFRS 16 lease liabilities
7,373
8,176
8,091
9,861
Liabilities
IFRS 16 right-of-use assets
5,223
5,713
Investment property and freehold car park revaluation gains
1,929
1,065
7,152
6,778
Net deferred tax asset
939
3,083
The Company left the REIT regime with effect from 1 July 2023, therefore the profits of the Company and the Group are now subject to
corporation tax. This has resulted in the recognition of a deferred tax asset, primarily relating to trading losses from previous periods that
are available to offset taxation on future profits. In assessing the recognition of a deferred tax asset with respect to losses, management
has first reviewed the type of losses, the period in which they arose and then the future profitability of the Group or, where relevant,
individual corporate entities.
The Group also has various non-trading losses and surplus management expenses from previous periods, however the associated deferred
tax assets have not been recognised as there is insufficient evidence to show that their future utilisation is probable. The total value of
losses not included within the deferred tax asset is \u00a31,328,000 (2024: \u00a31,328,000).
In addition the Group has uncrystallised capital losses of \u00a332,246,000 (2024: \u00a324,282,000) on investment property and car park valuation
losses that have not been recognised.
The total net deferred tax balance as at 30 June 2025 comprises the charge to the Consolidated Income Statement of \u00a32,381,000
(2024: credit of \u00a33,319,000) less the reduction in deferred tax liabilities arising in the year on revaluation movements recognised in the
Consolidated Statement of Comprehensive Income of \u00a3178,000 (30 June 2024: charge of \u00a3236,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-336": { "value": "
10. Dividends
2025 2024
\u00a3\u2019000 \u00a3\u2019000
2023 final paid: 2.5p per share
\u2013
1,054
2024 interim paid: 8.5p per share
\u2013
3,584
2025 interim paid: 2.5p per share
1,054
\u2013
1,054
4,638
An interim dividend in respect of the year ended 30 June 2025 of 2.5p per Ordinary Share was paid to Shareholders on 13 June 2025.
A final dividend in respect of the year ended 30 June 2025 of 2.5p per Ordinary Share is proposed. This dividend, based on the shares
in issue at 15 October 2025, amounts to \u00a31,054m which has not been reflected in these accounts and will be paid on 8 January 2026 to
shareholders on the register on 19 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-337": { "value": "
11. Earnings per share
The calculation of basic earnings per share has been based on the loss for the year, divided by the weighted average number of Ordinary
Shares in issue. The weighted average number of shares in issue during the year was 42,162,679 (2024: 44,862,101).
2025
2024 \u2013 Restated
Earnings Earnings
Earnings per share Earnings per share
\u00a3\u2019000 p \u00a3\u2019000 p
Loss for the year and earnings per share
(3,446)
(8.2)
(7,838)
(17.5)
Valuation movement on investment properties
2,214
5.3
7,625
17.0
Deferred tax on valuation movements
1,216
2.9
(903)
(2.0)
Impairment of car parking assets
2,697
6.4
3,878
8.7
Impairment of goodwill
772
1.8
577
1.3
Valuation movement on properties held in joint ventures
\u2013
\u2013
3,200
7.1
Profit on disposal of investment properties
\u2013
\u2013
(27)
(0.1)
Profit on disposal of freehold and leasehold properties
(1,762)
(4.2)
\u2013
\u2013
Loss on disposal of investments
87
0.2
191
0.4
Valuation movement on investments
\u2013
\u2013
(408)
(0.9)
EPRA earnings and EPRA earnings per share
1,778
4.2
6,295
14.0
EPRA earnings for the year ended 30 June 2024 included a tax credit \u00a32,888,000 relating to the initial recognition of a deferred tax asset
for historical trading losses.
There is no difference between basic and diluted earnings per share.
There is no difference between basic and diluted EPRA earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-338": { "value": "
12. Non-current assets
(A) Investment properties
Freehold Right-of-use asset Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
160,700
2,250
20,851
183,801
Additions at cost
\u2013
2,860
\u2013
2,860
Other capital expenditure
1,716
\u2013
765
2,481
Disposals
(160)
\u2013
\u2013
(160)
Movement in tenant lease incentives
(380)
\u2013
\u2013
(380)
Valuation movement
(10,466)
6
2,835
(7,625)
Valuation at 30 June 2024
151,410
5,116
24,451
180,977
Other capital expenditure
2,405
17
1,760
4,182
Movement in tenant lease incentives
147
\u2013
\u2013
147
Valuation movement
1,528
(87)
(3,655)
(2,214)
Valuation at 30 June 2025
155,490
5,046
22,556
183,092
At 30 June 2025, investment property valued at \u00a3178,095,000 (2024: \u00a3175,810,000) was held as security against the Group\u2019s borrowings.
During the prior year the Group acquired an investment property for a cash consideration of \u00a31,544,000 and recognised an additional
IFRS 16 right-of-use asset of \u00a31,316,000.
Right-of-use investment property assets include leasehold property interests.
The Company occupies an office suite in part of the Merrion Centre and one floor of an investment property in London. The Directors do
not consider these elements to be material.
(B) Freehold and leasehold properties \u2013 car park activities
Right-of-use asset Total
Freehold Restated Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
25,110
36,724
61,834
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(272)
(1,397)
(1,669)
Valuation movement recognised in Other Comprehensive Income
994
\u2013
994
Other movements \u2013 lease reassessments
\u2013
817
817
Reversal of impairment/(impairment)
768
(4,646)
(3,878)
Valuation at 30 June 2024
26,600
31,403
58,003
Disposals
\u2013
(2,098)
(2,098)
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(287)
(1,164)
(1,451)
Valuation movement recognised in Other Comprehensive Income
(656)
\u2013
(656)
Other movements \u2013 lease reassessments
\u2013
1,464
1,464
Impairment
(1,107)
(1,590)
(2,697)
Valuation at 30 June 2025
24,550
27,920
52,470
The historical cost of freehold properties and right-of-use assets relating to car park activities is \u00a330,153,000 (2024: \u00a330,153,000).
At 30 June 2025, freehold properties and right-of-use assets relating to car park activities valued at \u00a333,424,000 (2024: \u00a335,450,000) were
held as security against the Group\u2019s borrowings.
(C) Freehold and leasehold properties \u2013 hotel operations
Freehold
\u00a3\u2019000
Valuation at 30 June 2024
9,900
Depreciation
(242)
Valuation movement
542
Valuation at 30 June 2025
10,200
At 30 June 2025, freehold property relating to hotel operations valued at \u00a310,200,000 (2024: \u00a39,900,000) was held as security against the
Group\u2019s borrowings.
The fair value of the Group\u2019s portfolio of investment and development properties, freehold car park properties and freehold hotel
properties have been determined principally by independent, appropriately qualified external valuers CBRE. The remainder of the portfolio
has been valued by the Directors.
Valuations are performed biannually and are performed consistently across the Group\u2019s whole portfolio of properties. At each reporting
date appropriately qualified employees verify all significant inputs and review computational outputs. The external valuers submit and
present summary reports to the Property Director and the Board on the outcome of each valuation round.
Valuation methodology for all properties (excluding the development properties)
Valuations take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rents or
business profitability, incentives offered to tenants, forecast growth rates, market yields and discount rates, and selling costs including
stamp duty.
Valuation method for the development properties
The development properties principally comprise land in Leeds and Manchester. These have also been valued by appropriately qualified
external valuers CBRE, taking into account an assessment of their realisable value in their existing state and condition based on market
evidence of comparable transactions and residual value calculations.
Property income, values and yields as at 30 June 2025 are set out by category in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
393
1,544
15,890
2.3%
9.2%
Merrion Centre (excluding offices)
4,029
4,662
48,079
7.9%
9.2%
Offices
3,097
4,800
46,196
6.3%
9.8%
Hotels
913
913
10,200
8.5%
8.5%
Out-of-town retail
1,050
1,341
13,075
7.6%
9.7%
Residential
1,688
1,852
34,500
4.6%
5.1%
11,170
15,113
167,940
6.3%
8.5%
Development properties
22,556
Car parks
34,377
IFRS 16 \u2013 Right-of-use assets held within car park activities
19,573
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
245,762
Car parks above includes \u00a31.48m of a car park categorised as an investment property in the Consolidated Balance Sheet.
Property income, values and yields have been set out by category as at 30 June 2024 in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
1,178
1,282
13,810
8.1%
8.8%
Merrion Centre (excluding offices)
4,514
4,815
50,254
8.5%
9.1%
Offices
2,688
4,845
45,376
5.6%
10.1%
Hotels
875
875
9,900
8.4%
8.4%
Out-of-town retail
1,041
1,070
12,500
7.9%
8.1%
Residential
1,319
2,108
31,720
3.9%
6.3%
11,615
14,995
163,560
6.7%
8.7%
Development properties
24,451
Car parks
38,017
IFRS 16 \u2013 Right-of-use assets held within car park activities
21,536
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
248,880
Investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations.
The effect on the total valuation (excluding development properties, car parks and right-of-use assets) of \u00a3167.9m of applying a different
weighted average yield and a different weighted average ERV would be as follows:
Valuation in the Consolidated Balance Sheet at a net initial yield of 5.3% \u2013 \u00a3199.7m, Valuation at 7.3% \u2013 \u00a3144.9m.
Valuation in the Consolidated Balance Sheet at a reversionary yield of 7.5% \u2013 \u00a3190.3m, Valuation at 9.5% \u2013 \u00a3150.3m.
Investment properties (development properties)
The key unobservable inputs in the valuation of one of the Group\u2019s development properties of \u00a316.9m is the assumed per acre or per unit
land value. The effect on the valuation of this development property of applying a different assumed per acre or per unit land value would
be as follows:
Valuation in the Consolidated Balance Sheet if there was a 5% increase in the per acre or per unit value \u2013 \u00a317.7m, 5% decrease in the per
acre or per unit value \u2013 \u00a316.0m.
The other key development property in the Group is valued on a per acre development land value basis. The effect on the valuation of this
development property of applying reasonable sensitivities would not be material.
Freehold car park activities
The effect on the total valuation of the Group\u2019s freehold car park properties of \u00a324.6m in applying a different yield/discount rate (valuation
based on a 6.6% net initial yield) and a different assumed rental value/net income (valuation based on \u00a31.6m) would be as follows:
Valuation in the Consolidated Balance Sheet based on a 1% decrease in the yield/discount rate \u2013 \u00a328.9m, 1% increase in the yield/discount
rate \u2013 \u00a321.3m.
Valuation in the Consolidated Balance Sheet based on a 5% increase in the assumed rental value/net income \u2013 \u00a325.8m, 5% decrease in the
assumed rental value/net income \u2013 \u00a323.4m.
Right-of-use car park activities
The effect on the total valuation of the Group\u2019s Right-of-use car park properties of \u00a327.9m in applying a different discount rate (valuation
based on 12%) and a different growth rate (valuation based on 1%) would be as follows:
Growth rate
0%
1%
2%
11%
26.5
30.7
36.0
12%
24.6
27.9
32.4
13%
23.0
25.9
29.3
Discount rate
Property valuations can be reconciled to the carrying value of the properties in the Consolidated Balance Sheet as follows:
Car park activities
\u2013 freehold
Investment and leasehold Hotel operations \u2013
properties properties freehold properties Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Externally valued by CBRE
179,475
24,550
10,200
214,225
Investment properties valued by the Directors
2,301
\u2013
\u2013
2,301
Properties held at valuation
181,776
24,550
10,200
216,526
IFRS 16 right-of-use assets held at depreciated cost
1,316
27,920
\u2013
29,236
183,092
52,470
10,200
245,762
Valuation of investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations
at fair value
All investment properties, freehold properties held in property plant and equipment, hotel operations and assets held for sale are measured
at fair value in the Consolidated Balance Sheet and are categorised as level 3 in the fair value hierarchy as defined in IFRS 13 as one or
more inputs to the valuation are partly based on unobservable market data. In arriving at their valuation for each property (as in prior years)
both the independent external valuers and the Directors have used the actual rent passing and have also formed an opinion as to the two
significant unobservable inputs being the market rental for that property and the yield (i.e. the discount rate) which a potential purchaser
would apply in arriving at the market value. Both these inputs are arrived at using market comparables for the type, location and condition
of the property.
(D) Fixtures, equipment and motor vehicles
Cost Depreciation
\u00a3\u2019000 \u00a3\u2019000
At 1 July 2023
5,570
4,301
Additions
525
\u2013
Depreciation
\u2013
348
At 30 June 2024
6,095
4,649
Net book value at 30 June 2024
1,446
At 1 July 2024
6,095
4,649
Additions
645
\u2013
Disposals
(135)
(59)
Depreciation
\u2013
402
At 30 June 2025
6,605
4,992
Net book value at 30 June 2025
1,613
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-408": { "value": "12. Non-current assets (A) Investment properties
Freehold Right-of-use asset Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
160,700
2,250
20,851
183,801
Additions at cost
\u2013
2,860
\u2013
2,860
Other capital expenditure
1,716
\u2013
765
2,481
Disposals
(160)
\u2013
\u2013
(160)
Movement in tenant lease incentives
(380)
\u2013
\u2013
(380)
Valuation movement
(10,466)
6
2,835
(7,625)
Valuation at 30 June 2024
151,410
5,116
24,451
180,977
Other capital expenditure
2,405
17
1,760
4,182
Movement in tenant lease incentives
147
\u2013
\u2013
147
Valuation movement
1,528
(87)
(3,655)
(2,214)
Valuation at 30 June 2025
155,490
5,046
22,556
183,092
At 30 June 2025, investment property valued at \u00a3178,095,000 (2024: \u00a3175,810,000) was held as security against the Group\u2019s borrowings. During the prior year the Group acquired an investment property for a cash consideration of \u00a31,544,000 and recognised an additional IFRS 16 right-of-use asset of \u00a31,316,000. Right-of-use investment property assets include leasehold property interests. The Company occupies an office suite in part of the Merrion Centre and one floor of an investment property in London. The Directors do not consider these elements to be material. (B) Freehold and leasehold properties \u2013 car park activities
Right-of-use asset Total
Freehold Restated Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
25,110
36,724
61,834
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(272)
(1,397)
(1,669)
Valuation movement recognised in Other Comprehensive Income
994
\u2013
994
Other movements \u2013 lease reassessments
\u2013
817
817
Reversal of impairment/(impairment)
768
(4,646)
(3,878)
Valuation at 30 June 2024
26,600
31,403
58,003
Disposals
\u2013
(2,098)
(2,098)
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(287)
(1,164)
(1,451)
Valuation movement recognised in Other Comprehensive Income
(656)
\u2013
(656)
Other movements \u2013 lease reassessments
\u2013
1,464
1,464
Impairment
(1,107)
(1,590)
(2,697)
Valuation at 30 June 2025
24,550
27,920
52,470
The historical cost of freehold properties and right-of-use assets relating to car park activities is \u00a330,153,000 (2024: \u00a330,153,000). At 30 June 2025, freehold properties and right-of-use assets relating to car park activities valued at \u00a333,424,000 (2024: \u00a335,450,000) were held as security against the Group\u2019s borrowings. (C) Freehold and leasehold properties \u2013 hotel operations
Freehold
\u00a3\u2019000
Valuation at 30 June 2024
9,900
Depreciation
(242)
Valuation movement
542
Valuation at 30 June 2025
10,200
At 30 June 2025, freehold property relating to hotel operations valued at \u00a310,200,000 (2024: \u00a39,900,000) was held as security against the Group\u2019s borrowings. The fair value of the Group\u2019s portfolio of investment and development properties, freehold car park properties and freehold hotel properties have been determined principally by independent, appropriately qualified external valuers CBRE. The remainder of the portfolio has been valued by the Directors. Valuations are performed biannually and are performed consistently across the Group\u2019s whole portfolio of properties. At each reporting date appropriately qualified employees verify all significant inputs and review computational outputs. The external valuers submit and present summary reports to the Property Director and the Board on the outcome of each valuation round. Valuation methodology for all properties (excluding the development properties) Valuations take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rents or business profitability, incentives offered to tenants, forecast growth rates, market yields and discount rates, and selling costs including stamp duty. Valuation method for the development properties The development properties principally comprise land in Leeds and Manchester. These have also been valued by appropriately qualified external valuers CBRE, taking into account an assessment of their realisable value in their existing state and condition based on market evidence of comparable transactions and residual value calculations. Property income, values and yields as at 30 June 2025 are set out by category in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
393
1,544
15,890
2.3%
9.2%
Merrion Centre (excluding offices)
4,029
4,662
48,079
7.9%
9.2%
Offices
3,097
4,800
46,196
6.3%
9.8%
Hotels
913
913
10,200
8.5%
8.5%
Out-of-town retail
1,050
1,341
13,075
7.6%
9.7%
Residential
1,688
1,852
34,500
4.6%
5.1%
11,170
15,113
167,940
6.3%
8.5%
Development properties
22,556
Car parks
34,377
IFRS 16 \u2013 Right-of-use assets held within car park activities
19,573
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
245,762
Car parks above includes \u00a31.48m of a car park categorised as an investment property in the Consolidated Balance Sheet. Property income, values and yields have been set out by category as at 30 June 2024 in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
1,178
1,282
13,810
8.1%
8.8%
Merrion Centre (excluding offices)
4,514
4,815
50,254
8.5%
9.1%
Offices
2,688
4,845
45,376
5.6%
10.1%
Hotels
875
875
9,900
8.4%
8.4%
Out-of-town retail
1,041
1,070
12,500
7.9%
8.1%
Residential
1,319
2,108
31,720
3.9%
6.3%
11,615
14,995
163,560
6.7%
8.7%
Development properties
24,451
Car parks
38,017
IFRS 16 \u2013 Right-of-use assets held within car park activities
21,536
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
248,880
Investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations. The effect on the total valuation (excluding development properties, car parks and right-of-use assets) of \u00a3167.9m of applying a different weighted average yield and a different weighted average ERV would be as follows: Valuation in the Consolidated Balance Sheet at a net initial yield of 5.3% \u2013 \u00a3199.7m, Valuation at 7.3% \u2013 \u00a3144.9m. Valuation in the Consolidated Balance Sheet at a reversionary yield of 7.5% \u2013 \u00a3190.3m, Valuation at 9.5% \u2013 \u00a3150.3m. Investment properties (development properties) The key unobservable inputs in the valuation of one of the Group\u2019s development properties of \u00a316.9m is the assumed per acre or per unit land value. The effect on the valuation of this development property of applying a different assumed per acre or per unit land value would be as follows: Valuation in the Consolidated Balance Sheet if there was a 5% increase in the per acre or per unit value \u2013 \u00a317.7m, 5% decrease in the per acre or per unit value \u2013 \u00a316.0m. The other key development property in the Group is valued on a per acre development land value basis. The effect on the valuation of this development property of applying reasonable sensitivities would not be material. Freehold car park activities The effect on the total valuation of the Group\u2019s freehold car park properties of \u00a324.6m in applying a different yield/discount rate (valuation based on a 6.6% net initial yield) and a different assumed rental value/net income (valuation based on \u00a31.6m) would be as follows: Valuation in the Consolidated Balance Sheet based on a 1% decrease in the yield/discount rate \u2013 \u00a328.9m, 1% increase in the yield/discount rate \u2013 \u00a321.3m. Valuation in the Consolidated Balance Sheet based on a 5% increase in the assumed rental value/net income \u2013 \u00a325.8m, 5% decrease in the assumed rental value/net income \u2013 \u00a323.4m. Right-of-use car park activities The effect on the total valuation of the Group\u2019s Right-of-use car park properties of \u00a327.9m in applying a different discount rate (valuation based on 12%) and a different growth rate (valuation based on 1%) would be as follows:
Growth rate
0%
1%
2%
11%
26.5
30.7
36.0
12%
24.6
27.9
32.4
13%
23.0
25.9
29.3
Discount rate Property valuations can be reconciled to the carrying value of the properties in the Consolidated Balance Sheet as follows:
Car park activities
\u2013 freehold
Investment and leasehold Hotel operations \u2013
properties properties freehold properties Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Externally valued by CBRE
179,475
24,550
10,200
214,225
Investment properties valued by the Directors
2,301
\u2013
\u2013
2,301
Properties held at valuation
181,776
24,550
10,200
216,526
IFRS 16 right-of-use assets held at depreciated cost
1,316
27,920
\u2013
29,236
183,092
52,470
10,200
245,762
Valuation of investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations at fair value All investment properties, freehold properties held in property plant and equipment, hotel operations and assets held for sale are measured at fair value in the Consolidated Balance Sheet and are categorised as level 3 in the fair value hierarchy as defined in IFRS 13 as one or more inputs to the valuation are partly based on unobservable market data. In arriving at their valuation for each property (as in prior years) both the independent external valuers and the Directors have used the actual rent passing and have also formed an opinion as to the two significant unobservable inputs being the market rental for that property and the yield (i.e. the discount rate) which a potential purchaser would apply in arriving at the market value. Both these inputs are arrived at using market comparables for the type, location and condition of the property. (D) Fixtures, equipment and motor vehicles
Cost Depreciation
\u00a3\u2019000 \u00a3\u2019000
At 1 July 2023
5,570
4,301
Additions
525
\u2013
Depreciation
\u2013
348
At 30 June 2024
6,095
4,649
Net book value at 30 June 2024
1,446
At 1 July 2024
6,095
4,649
Additions
645
\u2013
Disposals
(135)
(59)
Depreciation
\u2013
402
At 30 June 2025
6,605
4,992
Net book value at 30 June 2025
1,613
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-406": { "value": "12. Non-current assets (A) Investment properties
Freehold Right-of-use asset Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
160,700
2,250
20,851
183,801
Additions at cost
\u2013
2,860
\u2013
2,860
Other capital expenditure
1,716
\u2013
765
2,481
Disposals
(160)
\u2013
\u2013
(160)
Movement in tenant lease incentives
(380)
\u2013
\u2013
(380)
Valuation movement
(10,466)
6
2,835
(7,625)
Valuation at 30 June 2024
151,410
5,116
24,451
180,977
Other capital expenditure
2,405
17
1,760
4,182
Movement in tenant lease incentives
147
\u2013
\u2013
147
Valuation movement
1,528
(87)
(3,655)
(2,214)
Valuation at 30 June 2025
155,490
5,046
22,556
183,092
At 30 June 2025, investment property valued at \u00a3178,095,000 (2024: \u00a3175,810,000) was held as security against the Group\u2019s borrowings. During the prior year the Group acquired an investment property for a cash consideration of \u00a31,544,000 and recognised an additional IFRS 16 right-of-use asset of \u00a31,316,000. Right-of-use investment property assets include leasehold property interests. The Company occupies an office suite in part of the Merrion Centre and one floor of an investment property in London. The Directors do not consider these elements to be material. (B) Freehold and leasehold properties \u2013 car park activities
Right-of-use asset Total
Freehold Restated Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
25,110
36,724
61,834
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(272)
(1,397)
(1,669)
Valuation movement recognised in Other Comprehensive Income
994
\u2013
994
Other movements \u2013 lease reassessments
\u2013
817
817
Reversal of impairment/(impairment)
768
(4,646)
(3,878)
Valuation at 30 June 2024
26,600
31,403
58,003
Disposals
\u2013
(2,098)
(2,098)
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(287)
(1,164)
(1,451)
Valuation movement recognised in Other Comprehensive Income
(656)
\u2013
(656)
Other movements \u2013 lease reassessments
\u2013
1,464
1,464
Impairment
(1,107)
(1,590)
(2,697)
Valuation at 30 June 2025
24,550
27,920
52,470
The historical cost of freehold properties and right-of-use assets relating to car park activities is \u00a330,153,000 (2024: \u00a330,153,000). At 30 June 2025, freehold properties and right-of-use assets relating to car park activities valued at \u00a333,424,000 (2024: \u00a335,450,000) were held as security against the Group\u2019s borrowings. (C) Freehold and leasehold properties \u2013 hotel operations
Freehold
\u00a3\u2019000
Valuation at 30 June 2024
9,900
Depreciation
(242)
Valuation movement
542
Valuation at 30 June 2025
10,200
At 30 June 2025, freehold property relating to hotel operations valued at \u00a310,200,000 (2024: \u00a39,900,000) was held as security against the Group\u2019s borrowings. The fair value of the Group\u2019s portfolio of investment and development properties, freehold car park properties and freehold hotel properties have been determined principally by independent, appropriately qualified external valuers CBRE. The remainder of the portfolio has been valued by the Directors. Valuations are performed biannually and are performed consistently across the Group\u2019s whole portfolio of properties. At each reporting date appropriately qualified employees verify all significant inputs and review computational outputs. The external valuers submit and present summary reports to the Property Director and the Board on the outcome of each valuation round. Valuation methodology for all properties (excluding the development properties) Valuations take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rents or business profitability, incentives offered to tenants, forecast growth rates, market yields and discount rates, and selling costs including stamp duty. Valuation method for the development properties The development properties principally comprise land in Leeds and Manchester. These have also been valued by appropriately qualified external valuers CBRE, taking into account an assessment of their realisable value in their existing state and condition based on market evidence of comparable transactions and residual value calculations. Property income, values and yields as at 30 June 2025 are set out by category in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
393
1,544
15,890
2.3%
9.2%
Merrion Centre (excluding offices)
4,029
4,662
48,079
7.9%
9.2%
Offices
3,097
4,800
46,196
6.3%
9.8%
Hotels
913
913
10,200
8.5%
8.5%
Out-of-town retail
1,050
1,341
13,075
7.6%
9.7%
Residential
1,688
1,852
34,500
4.6%
5.1%
11,170
15,113
167,940
6.3%
8.5%
Development properties
22,556
Car parks
34,377
IFRS 16 \u2013 Right-of-use assets held within car park activities
19,573
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
245,762
Car parks above includes \u00a31.48m of a car park categorised as an investment property in the Consolidated Balance Sheet. Property income, values and yields have been set out by category as at 30 June 2024 in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
1,178
1,282
13,810
8.1%
8.8%
Merrion Centre (excluding offices)
4,514
4,815
50,254
8.5%
9.1%
Offices
2,688
4,845
45,376
5.6%
10.1%
Hotels
875
875
9,900
8.4%
8.4%
Out-of-town retail
1,041
1,070
12,500
7.9%
8.1%
Residential
1,319
2,108
31,720
3.9%
6.3%
11,615
14,995
163,560
6.7%
8.7%
Development properties
24,451
Car parks
38,017
IFRS 16 \u2013 Right-of-use assets held within car park activities
21,536
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
248,880
Investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations. The effect on the total valuation (excluding development properties, car parks and right-of-use assets) of \u00a3167.9m of applying a different weighted average yield and a different weighted average ERV would be as follows: Valuation in the Consolidated Balance Sheet at a net initial yield of 5.3% \u2013 \u00a3199.7m, Valuation at 7.3% \u2013 \u00a3144.9m. Valuation in the Consolidated Balance Sheet at a reversionary yield of 7.5% \u2013 \u00a3190.3m, Valuation at 9.5% \u2013 \u00a3150.3m. Investment properties (development properties) The key unobservable inputs in the valuation of one of the Group\u2019s development properties of \u00a316.9m is the assumed per acre or per unit land value. The effect on the valuation of this development property of applying a different assumed per acre or per unit land value would be as follows: Valuation in the Consolidated Balance Sheet if there was a 5% increase in the per acre or per unit value \u2013 \u00a317.7m, 5% decrease in the per acre or per unit value \u2013 \u00a316.0m. The other key development property in the Group is valued on a per acre development land value basis. The effect on the valuation of this development property of applying reasonable sensitivities would not be material. Freehold car park activities The effect on the total valuation of the Group\u2019s freehold car park properties of \u00a324.6m in applying a different yield/discount rate (valuation based on a 6.6% net initial yield) and a different assumed rental value/net income (valuation based on \u00a31.6m) would be as follows: Valuation in the Consolidated Balance Sheet based on a 1% decrease in the yield/discount rate \u2013 \u00a328.9m, 1% increase in the yield/discount rate \u2013 \u00a321.3m. Valuation in the Consolidated Balance Sheet based on a 5% increase in the assumed rental value/net income \u2013 \u00a325.8m, 5% decrease in the assumed rental value/net income \u2013 \u00a323.4m. Right-of-use car park activities The effect on the total valuation of the Group\u2019s Right-of-use car park properties of \u00a327.9m in applying a different discount rate (valuation based on 12%) and a different growth rate (valuation based on 1%) would be as follows:
Growth rate
0%
1%
2%
11%
26.5
30.7
36.0
12%
24.6
27.9
32.4
13%
23.0
25.9
29.3
Discount rate Property valuations can be reconciled to the carrying value of the properties in the Consolidated Balance Sheet as follows:
Car park activities
\u2013 freehold
Investment and leasehold Hotel operations \u2013
properties properties freehold properties Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Externally valued by CBRE
179,475
24,550
10,200
214,225
Investment properties valued by the Directors
2,301
\u2013
\u2013
2,301
Properties held at valuation
181,776
24,550
10,200
216,526
IFRS 16 right-of-use assets held at depreciated cost
1,316
27,920
\u2013
29,236
183,092
52,470
10,200
245,762
Valuation of investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations at fair value All investment properties, freehold properties held in property plant and equipment, hotel operations and assets held for sale are measured at fair value in the Consolidated Balance Sheet and are categorised as level 3 in the fair value hierarchy as defined in IFRS 13 as one or more inputs to the valuation are partly based on unobservable market data. In arriving at their valuation for each property (as in prior years) both the independent external valuers and the Directors have used the actual rent passing and have also formed an opinion as to the two significant unobservable inputs being the market rental for that property and the yield (i.e. the discount rate) which a potential purchaser would apply in arriving at the market value. Both these inputs are arrived at using market comparables for the type, location and condition of the property. (D) Fixtures, equipment and motor vehicles
Cost Depreciation
\u00a3\u2019000 \u00a3\u2019000
At 1 July 2023
5,570
4,301
Additions
525
\u2013
Depreciation
\u2013
348
At 30 June 2024
6,095
4,649
Net book value at 30 June 2024
1,446
At 1 July 2024
6,095
4,649
Additions
645
\u2013
Disposals
(135)
(59)
Depreciation
\u2013
402
At 30 June 2025
6,605
4,992
Net book value at 30 June 2025
1,613
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-402": { "value": "12. Non-current assets (A) Investment properties
Freehold Right-of-use asset Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
160,700
2,250
20,851
183,801
Additions at cost
\u2013
2,860
\u2013
2,860
Other capital expenditure
1,716
\u2013
765
2,481
Disposals
(160)
\u2013
\u2013
(160)
Movement in tenant lease incentives
(380)
\u2013
\u2013
(380)
Valuation movement
(10,466)
6
2,835
(7,625)
Valuation at 30 June 2024
151,410
5,116
24,451
180,977
Other capital expenditure
2,405
17
1,760
4,182
Movement in tenant lease incentives
147
\u2013
\u2013
147
Valuation movement
1,528
(87)
(3,655)
(2,214)
Valuation at 30 June 2025
155,490
5,046
22,556
183,092
At 30 June 2025, investment property valued at \u00a3178,095,000 (2024: \u00a3175,810,000) was held as security against the Group\u2019s borrowings. During the prior year the Group acquired an investment property for a cash consideration of \u00a31,544,000 and recognised an additional IFRS 16 right-of-use asset of \u00a31,316,000. Right-of-use investment property assets include leasehold property interests. The Company occupies an office suite in part of the Merrion Centre and one floor of an investment property in London. The Directors do not consider these elements to be material. (B) Freehold and leasehold properties \u2013 car park activities
Right-of-use asset Total
Freehold Restated Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
25,110
36,724
61,834
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(272)
(1,397)
(1,669)
Valuation movement recognised in Other Comprehensive Income
994
\u2013
994
Other movements \u2013 lease reassessments
\u2013
817
817
Reversal of impairment/(impairment)
768
(4,646)
(3,878)
Valuation at 30 June 2024
26,600
31,403
58,003
Disposals
\u2013
(2,098)
(2,098)
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(287)
(1,164)
(1,451)
Valuation movement recognised in Other Comprehensive Income
(656)
\u2013
(656)
Other movements \u2013 lease reassessments
\u2013
1,464
1,464
Impairment
(1,107)
(1,590)
(2,697)
Valuation at 30 June 2025
24,550
27,920
52,470
The historical cost of freehold properties and right-of-use assets relating to car park activities is \u00a330,153,000 (2024: \u00a330,153,000). At 30 June 2025, freehold properties and right-of-use assets relating to car park activities valued at \u00a333,424,000 (2024: \u00a335,450,000) were held as security against the Group\u2019s borrowings. (C) Freehold and leasehold properties \u2013 hotel operations
Freehold
\u00a3\u2019000
Valuation at 30 June 2024
9,900
Depreciation
(242)
Valuation movement
542
Valuation at 30 June 2025
10,200
At 30 June 2025, freehold property relating to hotel operations valued at \u00a310,200,000 (2024: \u00a39,900,000) was held as security against the Group\u2019s borrowings. The fair value of the Group\u2019s portfolio of investment and development properties, freehold car park properties and freehold hotel properties have been determined principally by independent, appropriately qualified external valuers CBRE. The remainder of the portfolio has been valued by the Directors. Valuations are performed biannually and are performed consistently across the Group\u2019s whole portfolio of properties. At each reporting date appropriately qualified employees verify all significant inputs and review computational outputs. The external valuers submit and present summary reports to the Property Director and the Board on the outcome of each valuation round. Valuation methodology for all properties (excluding the development properties) Valuations take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rents or business profitability, incentives offered to tenants, forecast growth rates, market yields and discount rates, and selling costs including stamp duty. Valuation method for the development properties The development properties principally comprise land in Leeds and Manchester. These have also been valued by appropriately qualified external valuers CBRE, taking into account an assessment of their realisable value in their existing state and condition based on market evidence of comparable transactions and residual value calculations. Property income, values and yields as at 30 June 2025 are set out by category in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
393
1,544
15,890
2.3%
9.2%
Merrion Centre (excluding offices)
4,029
4,662
48,079
7.9%
9.2%
Offices
3,097
4,800
46,196
6.3%
9.8%
Hotels
913
913
10,200
8.5%
8.5%
Out-of-town retail
1,050
1,341
13,075
7.6%
9.7%
Residential
1,688
1,852
34,500
4.6%
5.1%
11,170
15,113
167,940
6.3%
8.5%
Development properties
22,556
Car parks
34,377
IFRS 16 \u2013 Right-of-use assets held within car park activities
19,573
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
245,762
Car parks above includes \u00a31.48m of a car park categorised as an investment property in the Consolidated Balance Sheet. Property income, values and yields have been set out by category as at 30 June 2024 in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
1,178
1,282
13,810
8.1%
8.8%
Merrion Centre (excluding offices)
4,514
4,815
50,254
8.5%
9.1%
Offices
2,688
4,845
45,376
5.6%
10.1%
Hotels
875
875
9,900
8.4%
8.4%
Out-of-town retail
1,041
1,070
12,500
7.9%
8.1%
Residential
1,319
2,108
31,720
3.9%
6.3%
11,615
14,995
163,560
6.7%
8.7%
Development properties
24,451
Car parks
38,017
IFRS 16 \u2013 Right-of-use assets held within car park activities
21,536
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
248,880
Investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations. The effect on the total valuation (excluding development properties, car parks and right-of-use assets) of \u00a3167.9m of applying a different weighted average yield and a different weighted average ERV would be as follows: Valuation in the Consolidated Balance Sheet at a net initial yield of 5.3% \u2013 \u00a3199.7m, Valuation at 7.3% \u2013 \u00a3144.9m. Valuation in the Consolidated Balance Sheet at a reversionary yield of 7.5% \u2013 \u00a3190.3m, Valuation at 9.5% \u2013 \u00a3150.3m. Investment properties (development properties) The key unobservable inputs in the valuation of one of the Group\u2019s development properties of \u00a316.9m is the assumed per acre or per unit land value. The effect on the valuation of this development property of applying a different assumed per acre or per unit land value would be as follows: Valuation in the Consolidated Balance Sheet if there was a 5% increase in the per acre or per unit value \u2013 \u00a317.7m, 5% decrease in the per acre or per unit value \u2013 \u00a316.0m. The other key development property in the Group is valued on a per acre development land value basis. The effect on the valuation of this development property of applying reasonable sensitivities would not be material. Freehold car park activities The effect on the total valuation of the Group\u2019s freehold car park properties of \u00a324.6m in applying a different yield/discount rate (valuation based on a 6.6% net initial yield) and a different assumed rental value/net income (valuation based on \u00a31.6m) would be as follows: Valuation in the Consolidated Balance Sheet based on a 1% decrease in the yield/discount rate \u2013 \u00a328.9m, 1% increase in the yield/discount rate \u2013 \u00a321.3m. Valuation in the Consolidated Balance Sheet based on a 5% increase in the assumed rental value/net income \u2013 \u00a325.8m, 5% decrease in the assumed rental value/net income \u2013 \u00a323.4m. Right-of-use car park activities The effect on the total valuation of the Group\u2019s Right-of-use car park properties of \u00a327.9m in applying a different discount rate (valuation based on 12%) and a different growth rate (valuation based on 1%) would be as follows:
Growth rate
0%
1%
2%
11%
26.5
30.7
36.0
12%
24.6
27.9
32.4
13%
23.0
25.9
29.3
Discount rate Property valuations can be reconciled to the carrying value of the properties in the Consolidated Balance Sheet as follows:
Car park activities
\u2013 freehold
Investment and leasehold Hotel operations \u2013
properties properties freehold properties Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Externally valued by CBRE
179,475
24,550
10,200
214,225
Investment properties valued by the Directors
2,301
\u2013
\u2013
2,301
Properties held at valuation
181,776
24,550
10,200
216,526
IFRS 16 right-of-use assets held at depreciated cost
1,316
27,920
\u2013
29,236
183,092
52,470
10,200
245,762
Valuation of investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations at fair value All investment properties, freehold properties held in property plant and equipment, hotel operations and assets held for sale are measured at fair value in the Consolidated Balance Sheet and are categorised as level 3 in the fair value hierarchy as defined in IFRS 13 as one or more inputs to the valuation are partly based on unobservable market data. In arriving at their valuation for each property (as in prior years) both the independent external valuers and the Directors have used the actual rent passing and have also formed an opinion as to the two significant unobservable inputs being the market rental for that property and the yield (i.e. the discount rate) which a potential purchaser would apply in arriving at the market value. Both these inputs are arrived at using market comparables for the type, location and condition of the property. (D) Fixtures, equipment and motor vehicles
Cost Depreciation
\u00a3\u2019000 \u00a3\u2019000
At 1 July 2023
5,570
4,301
Additions
525
\u2013
Depreciation
\u2013
348
At 30 June 2024
6,095
4,649
Net book value at 30 June 2024
1,446
At 1 July 2024
6,095
4,649
Additions
645
\u2013
Disposals
(135)
(59)
Depreciation
\u2013
402
At 30 June 2025
6,605
4,992
Net book value at 30 June 2025
1,613
16. Trade and other receivables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
2,081
1,995
Less: provision for impairment of receivables
(410)
(249)
1,671
1,746
Other receivables and prepayments
2,131
2,250
3,802
3,996
The Directors consider that the carrying amount of net trade receivables approximates to their fair value. The credit risk in respect of trade receivables is not concentrated as the Group has many tenants spread across a number of industry sectors. In addition, the tenants\u2019 rents are payable in advance. The provision for impairment of receivables has been calculated after taking into account the financial position of tenants. Due to the nature of income, amounts receivable are generally recovered in advance and full provision has been made for income recognised but not recovered during the year. As such, the credit risk relating to trade and other receivables is considered to be low and any expected credit loss would be immaterial. As at 30 June 2025, trade receivables which had not been impaired can be analysed as follows:
Outside credit terms
Within Less than One to Older than
Total credit terms one month two months two months
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
1,671
1,671
\u2013
\u2013
\u2013
2024
1,746
1,746
\u2013
\u2013
\u2013
Movements in the Group provision for impairment of trade receivables are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
249
353
Provision for receivables impairment
508
117
Receivables written off as uncollectable
(339)
(89)
Unused amounts reversed
(8)
(132)
At the end of the year
410
249
The ageing of the provision is as follows:
Less than One to Older than two
Total one month two months months
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
410
\u2013
\u2013
410
2024
249
\u2013
\u2013
249
The only category within trade receivables is rent receivable. Other receivables do not contain impaired assets. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables as mentioned above and the cash balances within the Group. The Group does not hold any material collateral as security. In assessing whether trade receivables are impaired, each debt is considered on an individual basis and provision is made based on specific knowledge of each tenant, together with the consideration of appropriate economic market indicators.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-370": { "value": "(A) Investment properties
Freehold Right-of-use asset Development Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
160,700
2,250
20,851
183,801
Additions at cost
\u2013
2,860
\u2013
2,860
Other capital expenditure
1,716
\u2013
765
2,481
Disposals
(160)
\u2013
\u2013
(160)
Movement in tenant lease incentives
(380)
\u2013
\u2013
(380)
Valuation movement
(10,466)
6
2,835
(7,625)
Valuation at 30 June 2024
151,410
5,116
24,451
180,977
Other capital expenditure
2,405
17
1,760
4,182
Movement in tenant lease incentives
147
\u2013
\u2013
147
Valuation movement
1,528
(87)
(3,655)
(2,214)
Valuation at 30 June 2025
155,490
5,046
22,556
183,092
At 30 June 2025, investment property valued at \u00a3178,095,000 (2024: \u00a3175,810,000) was held as security against the Group\u2019s borrowings. During the prior year the Group acquired an investment property for a cash consideration of \u00a31,544,000 and recognised an additional IFRS 16 right-of-use asset of \u00a31,316,000. Right-of-use investment property assets include leasehold property interests. The Company occupies an office suite in part of the Merrion Centre and one floor of an investment property in London. The Directors do not consider these elements to be material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-371": { "value": "(B) Freehold and leasehold properties \u2013 car park activities
Right-of-use asset Total
Freehold Restated Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Valuation at 30 June 2023
25,110
36,724
61,834
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(272)
(1,397)
(1,669)
Valuation movement recognised in Other Comprehensive Income
994
\u2013
994
Other movements \u2013 lease reassessments
\u2013
817
817
Reversal of impairment/(impairment)
768
(4,646)
(3,878)
Valuation at 30 June 2024
26,600
31,403
58,003
Disposals
\u2013
(2,098)
(2,098)
IFRS 16 adjustment
\u2013
(95)
(95)
Depreciation
(287)
(1,164)
(1,451)
Valuation movement recognised in Other Comprehensive Income
(656)
\u2013
(656)
Other movements \u2013 lease reassessments
\u2013
1,464
1,464
Impairment
(1,107)
(1,590)
(2,697)
Valuation at 30 June 2025
24,550
27,920
52,470
The historical cost of freehold properties and right-of-use assets relating to car park activities is \u00a330,153,000 (2024: \u00a330,153,000). At 30 June 2025, freehold properties and right-of-use assets relating to car park activities valued at \u00a333,424,000 (2024: \u00a335,450,000) were held as security against the Group\u2019s borrowings. ", "dimensions": { "concept": "tcsplc:DisclosureOfFreeholdAndLeaseholdPropertiesCarParkActivities", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-372": { "value": "(C) Freehold and leasehold properties \u2013 hotel operations
Freehold
\u00a3\u2019000
Valuation at 30 June 2024
9,900
Depreciation
(242)
Valuation movement
542
Valuation at 30 June 2025
10,200
At 30 June 2025, freehold property relating to hotel operations valued at \u00a310,200,000 (2024: \u00a39,900,000) was held as security against the Group\u2019s borrowings. The fair value of the Group\u2019s portfolio of investment and development properties, freehold car park properties and freehold hotel properties have been determined principally by independent, appropriately qualified external valuers CBRE. The remainder of the portfolio has been valued by the Directors. Valuations are performed biannually and are performed consistently across the Group\u2019s whole portfolio of properties. At each reporting date appropriately qualified employees verify all significant inputs and review computational outputs. The external valuers submit and present summary reports to the Property Director and the Board on the outcome of each valuation round. Valuation methodology for all properties (excluding the development properties) Valuations take into account tenure, lease terms and structural condition. The inputs underlying the valuations include market rents or business profitability, incentives offered to tenants, forecast growth rates, market yields and discount rates, and selling costs including stamp duty. Valuation method for the development properties The development properties principally comprise land in Leeds and Manchester. These have also been valued by appropriately qualified external valuers CBRE, taking into account an assessment of their realisable value in their existing state and condition based on market evidence of comparable transactions and residual value calculations. Property income, values and yields as at 30 June 2025 are set out by category in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
393
1,544
15,890
2.3%
9.2%
Merrion Centre (excluding offices)
4,029
4,662
48,079
7.9%
9.2%
Offices
3,097
4,800
46,196
6.3%
9.8%
Hotels
913
913
10,200
8.5%
8.5%
Out-of-town retail
1,050
1,341
13,075
7.6%
9.7%
Residential
1,688
1,852
34,500
4.6%
5.1%
11,170
15,113
167,940
6.3%
8.5%
Development properties
22,556
Car parks
34,377
IFRS 16 \u2013 Right-of-use assets held within car park activities
19,573
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
245,762
Car parks above includes \u00a31.48m of a car park categorised as an investment property in the Consolidated Balance Sheet. Property income, values and yields have been set out by category as at 30 June 2024 in the table below.
Passing rent ERV Value Initial yield Reversionary yield
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 % %
Retail and Leisure
1,178
1,282
13,810
8.1%
8.8%
Merrion Centre (excluding offices)
4,514
4,815
50,254
8.5%
9.1%
Offices
2,688
4,845
45,376
5.6%
10.1%
Hotels
875
875
9,900
8.4%
8.4%
Out-of-town retail
1,041
1,070
12,500
7.9%
8.1%
Residential
1,319
2,108
31,720
3.9%
6.3%
11,615
14,995
163,560
6.7%
8.7%
Development properties
24,451
Car parks
38,017
IFRS 16 \u2013 Right-of-use assets held within car park activities
21,536
IFRS 16 \u2013 Right-of-use assets held within investment properties
1,316
248,880
Investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations. The effect on the total valuation (excluding development properties, car parks and right-of-use assets) of \u00a3167.9m of applying a different weighted average yield and a different weighted average ERV would be as follows: Valuation in the Consolidated Balance Sheet at a net initial yield of 5.3% \u2013 \u00a3199.7m, Valuation at 7.3% \u2013 \u00a3144.9m. Valuation in the Consolidated Balance Sheet at a reversionary yield of 7.5% \u2013 \u00a3190.3m, Valuation at 9.5% \u2013 \u00a3150.3m. Investment properties (development properties) The key unobservable inputs in the valuation of one of the Group\u2019s development properties of \u00a316.9m is the assumed per acre or per unit land value. The effect on the valuation of this development property of applying a different assumed per acre or per unit land value would be as follows: Valuation in the Consolidated Balance Sheet if there was a 5% increase in the per acre or per unit value \u2013 \u00a317.7m, 5% decrease in the per acre or per unit value \u2013 \u00a316.0m. The other key development property in the Group is valued on a per acre development land value basis. The effect on the valuation of this development property of applying reasonable sensitivities would not be material. Freehold car park activities The effect on the total valuation of the Group\u2019s freehold car park properties of \u00a324.6m in applying a different yield/discount rate (valuation based on a 6.6% net initial yield) and a different assumed rental value/net income (valuation based on \u00a31.6m) would be as follows: Valuation in the Consolidated Balance Sheet based on a 1% decrease in the yield/discount rate \u2013 \u00a328.9m, 1% increase in the yield/discount rate \u2013 \u00a321.3m. Valuation in the Consolidated Balance Sheet based on a 5% increase in the assumed rental value/net income \u2013 \u00a325.8m, 5% decrease in the assumed rental value/net income \u2013 \u00a323.4m. Right-of-use car park activities The effect on the total valuation of the Group\u2019s Right-of-use car park properties of \u00a327.9m in applying a different discount rate (valuation based on 12%) and a different growth rate (valuation based on 1%) would be as follows:
Growth rate
0%
1%
2%
11%
26.5
30.7
36.0
12%
24.6
27.9
32.4
13%
23.0
25.9
29.3
Discount rate Property valuations can be reconciled to the carrying value of the properties in the Consolidated Balance Sheet as follows:
Car park activities
\u2013 freehold
Investment and leasehold Hotel operations \u2013
properties properties freehold properties Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Externally valued by CBRE
179,475
24,550
10,200
214,225
Investment properties valued by the Directors
2,301
\u2013
\u2013
2,301
Properties held at valuation
181,776
24,550
10,200
216,526
IFRS 16 right-of-use assets held at depreciated cost
1,316
27,920
\u2013
29,236
183,092
52,470
10,200
245,762
Valuation of investment properties (freehold and right-of-use), freehold properties (PPE) and hotel operations at fair value All investment properties, freehold properties held in property plant and equipment, hotel operations and assets held for sale are measured at fair value in the Consolidated Balance Sheet and are categorised as level 3 in the fair value hierarchy as defined in IFRS 13 as one or more inputs to the valuation are partly based on unobservable market data. In arriving at their valuation for each property (as in prior years) both the independent external valuers and the Directors have used the actual rent passing and have also formed an opinion as to the two significant unobservable inputs being the market rental for that property and the yield (i.e. the discount rate) which a potential purchaser would apply in arriving at the market value. Both these inputs are arrived at using market comparables for the type, location and condition of the property. ", "dimensions": { "concept": "tcsplc:DisclosureOfFreeholdAndLeaseholdPropertiesHotelOperations", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-373": { "value": "(D) Fixtures, equipment and motor vehicles
Cost Depreciation
\u00a3\u2019000 \u00a3\u2019000
At 1 July 2023
5,570
4,301
Additions
525
\u2013
Depreciation
\u2013
348
At 30 June 2024
6,095
4,649
Net book value at 30 June 2024
1,446
At 1 July 2024
6,095
4,649
Additions
645
\u2013
Disposals
(135)
(59)
Depreciation
\u2013
402
At 30 June 2025
6,605
4,992
Net book value at 30 June 2025
1,613
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-339": { "value": "
13. Goodwill and intangible assets
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Goodwill
At the start of the year
2,868
3,445
Impairment
(772)
(577)
At the end of the year
2,096
2,868
Intangible assets
At the start of the year
24
229
Additions
496
\u2013
Amortisation
(186)
(205)
At the end of the year
334
24
Total goodwill and intangible assets
2,430
2,892
Goodwill represents the difference between the fair value of the consideration paid on the acquisitions of certain car park businesses and
the fair value of the assets and liabilities acquired as part of these business combinations. The relevant transactions all took place prior
to 30 June 2020 and relate to businesses that held car parks under leases with a net asset value of \u00a3nil and amounted to consideration
(before any impairment) of \u00a34,024,000.
A review of the year end carrying value has been performed to identify any potential impairment to the carrying value of goodwill. This has
been based on the discounted future cash flows that are expected to be generated by the assets acquired over the remaining lease length.
The cash generating units are the individual car parks acquired. The key assumptions used in preparing these cash flow forecasts are an
underlying revenue growth rate of 1% (2024: 1%) and a discount rate of 12% (2024: 10.3%). The assumptions used in the cash flow are based
on the Group\u2019s historical experience of the sector and expectation of future growth rate for the industry, with the key underlying reasons
for the impairment being the increase in discount rate applied to the cash flow forecasts and an increase in the underlying cost base of the
car parks (staff costs and utility costs). The recoverable amount of Goodwill has been determined on the basis of value in use.
The effect on the value of Goodwill of \u00a32.1m in applying a different discount rate (valuation based on 12%) and a different growth rate
(valuation based on 1%) would be as follows:
Growth rate
0%
1%
2%
11%
1.9
2.1
2.1
12%
1.6
2.1
2.1
13%
1.4
1.8
2.1
Discount rate
Goodwill amounting to \u00a31,684,000 at 30 June 2025 (30 June 2024: \u00a32,456,000) relates to assets with finite useful lives based on the
unexpired duration of certain car park leases. The calculation of the carrying value is based on the projected cash flows over these periods.
The remaining balance of the goodwill and all the intangible assets are not significant and relate to assets with indefinite useful lives.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-392": { "value": "13. Goodwill and intangible assets
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Goodwill
At the start of the year
2,868
3,445
Impairment
(772)
(577)
At the end of the year
2,096
2,868
Intangible assets
At the start of the year
24
229
Additions
496
\u2013
Amortisation
(186)
(205)
At the end of the year
334
24
Total goodwill and intangible assets
2,430
2,892
Goodwill represents the difference between the fair value of the consideration paid on the acquisitions of certain car park businesses and the fair value of the assets and liabilities acquired as part of these business combinations. The relevant transactions all took place prior to 30 June 2020 and relate to businesses that held car parks under leases with a net asset value of \u00a3nil and amounted to consideration (before any impairment) of \u00a34,024,000. A review of the year end carrying value has been performed to identify any potential impairment to the carrying value of goodwill. This has been based on the discounted future cash flows that are expected to be generated by the assets acquired over the remaining lease length. The cash generating units are the individual car parks acquired. The key assumptions used in preparing these cash flow forecasts are an underlying revenue growth rate of 1% (2024: 1%) and a discount rate of 12% (2024: 10.3%). The assumptions used in the cash flow are based on the Group\u2019s historical experience of the sector and expectation of future growth rate for the industry, with the key underlying reasons for the impairment being the increase in discount rate applied to the cash flow forecasts and an increase in the underlying cost base of the car parks (staff costs and utility costs). The recoverable amount of Goodwill has been determined on the basis of value in use. The effect on the value of Goodwill of \u00a32.1m in applying a different discount rate (valuation based on 12%) and a different growth rate (valuation based on 1%) would be as follows:
Growth rate
0%
1%
2%
11%
1.9
2.1
2.1
12%
1.6
2.1
2.1
13%
1.4
1.8
2.1
Discount rate Goodwill amounting to \u00a31,684,000 at 30 June 2025 (30 June 2024: \u00a32,456,000) relates to assets with finite useful lives based on the unexpired duration of certain car park leases. The calculation of the carrying value is based on the projected cash flows over these periods. The remaining balance of the goodwill and all the intangible assets are not significant and relate to assets with indefinite useful lives.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-374": { "value": "13. Goodwill and intangible assets
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Goodwill
At the start of the year
2,868
3,445
Impairment
(772)
(577)
At the end of the year
2,096
2,868
Intangible assets
At the start of the year
24
229
Additions
496
\u2013
Amortisation
(186)
(205)
At the end of the year
334
24
Total goodwill and intangible assets
2,430
2,892
Goodwill represents the difference between the fair value of the consideration paid on the acquisitions of certain car park businesses and the fair value of the assets and liabilities acquired as part of these business combinations. The relevant transactions all took place prior to 30 June 2020 and relate to businesses that held car parks under leases with a net asset value of \u00a3nil and amounted to consideration (before any impairment) of \u00a34,024,000. A review of the year end carrying value has been performed to identify any potential impairment to the carrying value of goodwill. This has been based on the discounted future cash flows that are expected to be generated by the assets acquired over the remaining lease length. The cash generating units are the individual car parks acquired. The key assumptions used in preparing these cash flow forecasts are an underlying revenue growth rate of 1% (2024: 1%) and a discount rate of 12% (2024: 10.3%). The assumptions used in the cash flow are based on the Group\u2019s historical experience of the sector and expectation of future growth rate for the industry, with the key underlying reasons for the impairment being the increase in discount rate applied to the cash flow forecasts and an increase in the underlying cost base of the car parks (staff costs and utility costs). The recoverable amount of Goodwill has been determined on the basis of value in use. The effect on the value of Goodwill of \u00a32.1m in applying a different discount rate (valuation based on 12%) and a different growth rate (valuation based on 1%) would be as follows:
Growth rate
0%
1%
2%
11%
1.9
2.1
2.1
12%
1.6
2.1
2.1
13%
1.4
1.8
2.1
Discount rate Goodwill amounting to \u00a31,684,000 at 30 June 2025 (30 June 2024: \u00a32,456,000) relates to assets with finite useful lives based on the unexpired duration of certain car park leases. The calculation of the carrying value is based on the projected cash flows over these periods. The remaining balance of the goodwill and all the intangible assets are not significant and relate to assets with indefinite useful lives.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-340": { "value": "
14. Investments in joint ventures
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
4,752
7,123
Valuation movement on investment properties
\u2013
(3,200)
Share of post-tax profits from joint ventures before valuation movements
1,057
1,025
Distributions
(173)
(196)
At the end of the year
5,636
4,752
The full amount of investments in joint ventures relates to an equity investment in Merrion House LLP.
Merrion House LLP owns a long leasehold interest over a property that is let to the Group\u2019s joint venture partner, Leeds City Council (\u2018LCC\u2019).
The interest in the joint venture for each partner is an equal 50% share, regardless of the level of overall contributions from each partner.
The investment property held within this partnership has been externally valued by CBRE at each reporting date.
The assets and liabilities of Merrion House LLP for the current and previous year are as stated below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
55,050
55,050
Cash and cash equivalents
274
602
Receivables and prepayments
1,028
\u2013
Trade and other payables
(1,217)
(594)
Current financial liabilities
(1,839)
(1,777)
Non-current financial liabilities
(42,024)
(43,776)
Net assets
11,272
9,505
The losses of Merrion House LLP for the current and previous year are as stated below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Revenue
3,674
3,674
Expenses
(10)
(13)
Finance costs
(1,551)
(1,611)
Valuation movement on investment properties
\u2013
(6,400)
Net loss
2,113
(4,350)
The joint venture has no significant contingent liabilities to which the Group is exposed nor has the Group any significant contingent liabilities in relation to its interest in the joint venture. 15. Investments
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current assets
Loan notes \u2013 deferred consideration
\u2013
3,177
\u2013
3,177
Non-current assets
Listed investments
2,599
3,305
Non-listed investments
660
660
3,259
3,965
Total assets
3,259
7,142
Listed investments
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At start of the year
3,305
4,068
Decrease in value of investments
(706)
(763)
At the end of the year
2,599
3,305
Listed investments relate to an equity shareholding in a company listed on the London Stock Exchange. This is stated at market value in the table above and has an historic cost of \u00a3875,000 (2024: \u00a3875,000). Listed investments are measured at fair value in the Consolidated Balance Sheet and are categorised as level 1 in the fair value hierarchy as defined in IFRS 13 as the inputs to the valuation are based on quoted market prices. The maximum risk exposure at the reporting date is the fair value of the investments. Non-listed investments
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
660
410
Additions
\u2013
250
At the end of the year
660
660
The non-listed investments are categorised as level 3 in the fair value hierarchy as defined in IFRS 13 as the inputs to the valuation are based on unobservable inputs.
Loan notes \u2013 deferred consideration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current assets
At the start of the year
3,177
4,493
Transferred from non-current assets
\u2013
3,025
Loan interest
5
158
Expenses
(87)
(122)
Amounts received at maturity
(3,095)
(4,377)
\u2013
3,177
Non-current assets
At the start of the year
\u2013
3,025
Loan notes issued to the Company in the period
\u2013
\u2013
Loan interest
\u2013
\u2013
Transferred to current assets
\u2013
(3,025)
\u2013
\u2013
The interest earned on the deferred consideration loan notes is 5% per annum. The current element of deferred consideration was received
by the Company in July 2024.
The deferred consideration loan notes are accounted for using the amortised cost basis and are assessed for impairment under the IFRS 9
expected credit loss model.
Loan notes \u2013 contingent consideration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
\u2013
1,943
Unwinding of the discount applied to contingent consideration
\u2013
32
Valuation movement
\u2013
408
Expenses
\u2013
(102)
Amounts received at maturity
\u2013
(2,281)
\u2013
\u2013
The contingent consideration loan notes were initially recognised at fair value, based on the estimated performance of YourParkingSpace
Ltd (\u2018YPS\u2019) in the 14-month period ended October 2023. This is an estimate prepared by the Company. The contingent consideration loan
notes are then accounted for using the fair value through profit and loss basis. Following completion of the sale of its investment in YPS,
the Company did not have access to regular YPS management information, however it did receive ad hoc updates. The valuation of the
contingent consideration at 30 June 2023 was based on the performance of YPS for the period ended 30 June 2023 and assumed no
further growth in the remaining four months of the earnout period.
At 30 June 2023 these loan note assets were categorised as level 3 in the fair value hierarchy as defined in IFRS 13 as the inputs to the
valuation were based on unobservable inputs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-375": { "value": "14. Investments in joint ventures
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
4,752
7,123
Valuation movement on investment properties
\u2013
(3,200)
Share of post-tax profits from joint ventures before valuation movements
1,057
1,025
Distributions
(173)
(196)
At the end of the year
5,636
4,752
The full amount of investments in joint ventures relates to an equity investment in Merrion House LLP. Merrion House LLP owns a long leasehold interest over a property that is let to the Group\u2019s joint venture partner, Leeds City Council (\u2018LCC\u2019). The interest in the joint venture for each partner is an equal 50% share, regardless of the level of overall contributions from each partner. The investment property held within this partnership has been externally valued by CBRE at each reporting date. The assets and liabilities of Merrion House LLP for the current and previous year are as stated below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
55,050
55,050
Cash and cash equivalents
274
602
Receivables and prepayments
1,028
\u2013
Trade and other payables
(1,217)
(594)
Current financial liabilities
(1,839)
(1,777)
Non-current financial liabilities
(42,024)
(43,776)
Net assets
11,272
9,505
The losses of Merrion House LLP for the current and previous year are as stated below:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Revenue
3,674
3,674
Expenses
(10)
(13)
Finance costs
(1,551)
(1,611)
Valuation movement on investment properties
\u2013
(6,400)
Net loss
2,113
(4,350)
The joint venture has no significant contingent liabilities to which the Group is exposed nor has the Group any significant contingent
liabilities in relation to its interest in the joint venture.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-376": { "value": "
15. Investments
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current assets
Loan notes \u2013 deferred consideration
\u2013
3,177
\u2013
3,177
Non-current assets
Listed investments
2,599
3,305
Non-listed investments
660
660
3,259
3,965
Total assets
3,259
7,142
Listed investments
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At start of the year
3,305
4,068
Decrease in value of investments
(706)
(763)
At the end of the year
2,599
3,305
Listed investments relate to an equity shareholding in a company listed on the London Stock Exchange. This is stated at market value in the
table above and has an historic cost of \u00a3875,000 (2024: \u00a3875,000).
Listed investments are measured at fair value in the Consolidated Balance Sheet and are categorised as level 1 in the fair value hierarchy as
defined in IFRS 13 as the inputs to the valuation are based on quoted market prices.
The maximum risk exposure at the reporting date is the fair value of the investments.
Non-listed investments
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
660
410
Additions
\u2013
250
At the end of the year
660
660
The non-listed investments are categorised as level 3 in the fair value hierarchy as defined in IFRS 13 as the inputs to the valuation are
based on unobservable inputs.
Loan notes \u2013 deferred consideration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current assets
At the start of the year
3,177
4,493
Transferred from non-current assets
\u2013
3,025
Loan interest
5
158
Expenses
(87)
(122)
Amounts received at maturity
(3,095)
(4,377)
\u2013
3,177
Non-current assets
At the start of the year
\u2013
3,025
Loan notes issued to the Company in the period
\u2013
\u2013
Loan interest
\u2013
\u2013
Transferred to current assets
\u2013
(3,025)
\u2013
\u2013
The interest earned on the deferred consideration loan notes is 5% per annum. The current element of deferred consideration was received by the Company in July 2024. The deferred consideration loan notes are accounted for using the amortised cost basis and are assessed for impairment under the IFRS 9 expected credit loss model. Loan notes \u2013 contingent consideration
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
\u2013
1,943
Unwinding of the discount applied to contingent consideration
\u2013
32
Valuation movement
\u2013
408
Expenses
\u2013
(102)
Amounts received at maturity
\u2013
(2,281)
\u2013
\u2013
The contingent consideration loan notes were initially recognised at fair value, based on the estimated performance of YourParkingSpace Ltd (\u2018YPS\u2019) in the 14-month period ended October 2023. This is an estimate prepared by the Company. The contingent consideration loan notes are then accounted for using the fair value through profit and loss basis. Following completion of the sale of its investment in YPS, the Company did not have access to regular YPS management information, however it did receive ad hoc updates. The valuation of the contingent consideration at 30 June 2023 was based on the performance of YPS for the period ended 30 June 2023 and assumed no further growth in the remaining four months of the earnout period. At 30 June 2023 these loan note assets were categorised as level 3 in the fair value hierarchy as defined in IFRS 13 as the inputs to the valuation were based on unobservable inputs.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-341": { "value": "
16. Trade and other receivables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
2,081
1,995
Less: provision for impairment of receivables
(410)
(249)
1,671
1,746
Other receivables and prepayments
2,131
2,250
3,802
3,996
The Directors consider that the carrying amount of net trade receivables approximates to their fair value. The credit risk in respect of trade
receivables is not concentrated as the Group has many tenants spread across a number of industry sectors. In addition, the tenants\u2019 rents
are payable in advance. The provision for impairment of receivables has been calculated after taking into account the financial position of
tenants.
Due to the nature of income, amounts receivable are generally recovered in advance and full provision has been made for income
recognised but not recovered during the year. As such, the credit risk relating to trade and other receivables is considered to be low and
any expected credit loss would be immaterial.
As at 30 June 2025, trade receivables which had not been impaired can be analysed as follows:
Outside credit terms
Within Less than One to Older than
Total credit terms one month two months two months
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
1,671
1,671
\u2013
\u2013
\u2013
2024
1,746
1,746
\u2013
\u2013
\u2013
Movements in the Group provision for impairment of trade receivables are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
249
353
Provision for receivables impairment
508
117
Receivables written off as uncollectable
(339)
(89)
Unused amounts reversed
(8)
(132)
At the end of the year
410
249
The ageing of the provision is as follows:
Less than One to Older than two
Total one month two months months
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
410
\u2013
\u2013
410
2024
249
\u2013
\u2013
249
The only category within trade receivables is rent receivable. Other receivables do not contain impaired assets. The maximum exposure to
credit risk at the reporting date is the carrying value of trade receivables as mentioned above and the cash balances within the Group.
The Group does not hold any material collateral as security.
In assessing whether trade receivables are impaired, each debt is considered on an individual basis and provision is made based on
specific knowledge of each tenant, together with the consideration of appropriate economic market indicators.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-377": { "value": "16. Trade and other receivables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade receivables
2,081
1,995
Less: provision for impairment of receivables
(410)
(249)
1,671
1,746
Other receivables and prepayments
2,131
2,250
3,802
3,996
The Directors consider that the carrying amount of net trade receivables approximates to their fair value. The credit risk in respect of trade receivables is not concentrated as the Group has many tenants spread across a number of industry sectors. In addition, the tenants\u2019 rents are payable in advance. The provision for impairment of receivables has been calculated after taking into account the financial position of tenants. Due to the nature of income, amounts receivable are generally recovered in advance and full provision has been made for income recognised but not recovered during the year. As such, the credit risk relating to trade and other receivables is considered to be low and any expected credit loss would be immaterial. As at 30 June 2025, trade receivables which had not been impaired can be analysed as follows:
Outside credit terms
Within Less than One to Older than
Total credit terms one month two months two months
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
1,671
1,671
\u2013
\u2013
\u2013
2024
1,746
1,746
\u2013
\u2013
\u2013
Movements in the Group provision for impairment of trade receivables are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
249
353
Provision for receivables impairment
508
117
Receivables written off as uncollectable
(339)
(89)
Unused amounts reversed
(8)
(132)
At the end of the year
410
249
The ageing of the provision is as follows:
Less than One to Older than two
Total one month two months months
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
410
\u2013
\u2013
410
2024
249
\u2013
\u2013
249
The only category within trade receivables is rent receivable. Other receivables do not contain impaired assets. The maximum exposure to credit risk at the reporting date is the carrying value of trade receivables as mentioned above and the cash balances within the Group. The Group does not hold any material collateral as security. In assessing whether trade receivables are impaired, each debt is considered on an individual basis and provision is made based on specific knowledge of each tenant, together with the consideration of appropriate economic market indicators.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-342": { "value": "
17. Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade payables
1,442
1,400
Social security and other taxes
511
516
Other payables and accruals
9,276
11,509
11,229
13,425
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-403": { "value": "17. Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade payables
1,442
1,400
Social security and other taxes
511
516
Other payables and accruals
9,276
11,509
11,229
13,425
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-378": { "value": "17. Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Trade payables
1,442
1,400
Social security and other taxes
511
516
Other payables and accruals
9,276
11,509
11,229
13,425
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-343": { "value": "
18. Borrowings and lease liabilities
All the Group\u2019s borrowings are either at floating or fixed rates of interest. The Group does not hedge against fluctuations in interest rates.
Interest costs may increase or decrease as a result of such changes.
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Current
Bank borrowings \u2013 revolving credit facilities
11,098
\u2013
Lease liabilities
1,522
1,768
12,620
1,768
Non-current
Bank borrowings \u2013 revolving credit facilities
2,424
13,434
Bank borrowings \u2013 single asset facility
14,164
14,239
Lease liabilities
27,970
30,937
5.375% First mortgage debenture stock
82,347
82,336
126,905
140,946
Total borrowings
139,525
142,714
The movement in financial liabilities during the year can be summarised as follows:
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
142,713
134,914
Cash items
Borrowings repaid (incl cancellation of debenture stock)
(100)
(3,087)
Borrowings drawn down
\u2013
9,750
Principal element of lease payments
(1,780)
(1,665)
Arrangement fees paid
(163)
(419)
Total cash items
(2,043)
4,579
Non-cash items
Amortisation of arrangement fees relating to banking facilities
274
286
Movement in leases
(1,419)
2,935
Total non-cash items
(1,145)
3,221
At the end of the year
139,525
142,714
The debenture, bank loans and overdrafts are secured by fixed charges on properties and restricted cash, valued at \u00a3221,795,000 (2024:
\u00a3221,610,000) owned by the Company and its subsidiary undertakings.
The gross cash and overdraft balances on the individual accounts are summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash balances
17,989
22,152
Overdrawn balances
(18,375)
(20,760)
Cash and cash equivalents
(386)
1,392
Included within cash balances are restricted cash balances of \u00a3784,000 at 30 June 2025 (2024: \u00a3729,000).
The Group\u2019s remaining contractual non-discounted cash flows for financial liabilities (including trade payables, but excluding overdrafts)
are set out below:
2025
Trade and Bank borrowings Debenture Bank borrowings \u2013 Lease
other payables \u2013 RCFs stock single asset facility liabilities Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Within one year
1,442
12,101
4,430
417
1,802
20,192
One to two years
\u2013
2,539
4,430
417
1,812
9,198
Two to three years
\u2013
\u2013
4,430
417
1,822
6,669
Three to four years
\u2013
\u2013
4,430
14,008
1,832
20,270
Four to five years
\u2013
\u2013
93,048
\u2013
1,842
94,890
Five to ten years
\u2013
\u2013
\u2013
\u2013
9,374
9,374
Ten to fifteen years
\u2013
\u2013
\u2013
\u2013
9,491
9,491
In more than fifteen years
\u2013
\u2013
\u2013
\u2013
28,583
28,583
1,442
14,640
110,768
15,259
56,558
198,667
2024 \u2013 Restated
Trade and Bank borrowings Debenture Bank borrowings \u2013 Lease
other payables \u2013 RCFs stock single asset facility liabilities Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Within one year
1,400
988
4,430
417
2,028
9,263
One to two years
\u2013
14,603
4,430
417
2,037
21,487
Two to three years
\u2013
\u2013
4,430
417
2,046
6,893
Three to four years
\u2013
\u2013
4,430
417
2,055
6,902
Four to five years
\u2013
\u2013
4,430
14,008
2,064
20,502
Five to ten years
\u2013
\u2013
93,048
\u2013
10,466
103,514
Ten to fifteen years
\u2013
\u2013
\u2013
\u2013
10,726
10,726
In more than fifteen years
\u2013
\u2013
\u2013
\u2013
29,445
29,445
1,400
15,591
115,198
15,676
60,867
208,732
The debenture issue premium is net of issue costs and is amortised over the life of the debt agreement.
The amounts disclosed in the maturity profile above have been calculated to include notional interest payments, using the interest
rates prevailing at 30 June 2025 and 30 June 2024. The calculation is based on the assumption that the level of borrowings remains
unchanged until maturity.
The Group had undrawn committed floating rate bank facilities as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Expiring in one year or less
14,500
\u2013
Expiring in more than one year
41,750
56,250
56,250
56,250
The availability of undrawn funds is subject to compliance with banking covenants. Performance against covenants is monitored continually
and calculations are formally prepared at the end of each quarter. There have been no instances of non-compliance during the year.
20. Financial instruments
The Group finances its operations through a combination of retained cash flows, debentures, finance leases and bank borrowings.
Procedures are in place to monitor interest rate risk as considered appropriate by management. Numerical financial instruments
disclosures are set out below. Additional narrative disclosures are set out in the accounting policies relating to financial risk management.
The carrying value of short-term receivables and payables are considered to approximate to their fair values. All financial liabilities are
denominated in Sterling.
Under the terms of the Group\u2019s bank borrowing facilities, the Group is required to comply with financial covenants on the properties
secured under each facility. The principal covenants, as relevant to each facility, which are tested every three months, are as follows:
\u2022 the Loan to Value percentage must not exceed 60% on the Group\u2019s revolving credit facilities (\u2018RCFs\u2019);
\u2022 on the Group\u2019s single asset facility the Loan to Value percentage must not exceed 67.5%;
\u2022 the ratio of rental income and net car park income (where applicable) must not be less than 175% of the interest charge under the
facility; and
\u2022 in addition, under one of the facilities, both of the above tests are performed on a Group-wide basis and the consolidated Loan to
Value percentage must not exceed 60% and the ratio of rental income and net car park income must not be less than 175% of the
interest charged under the three bank facilities and the debenture.
Under the terms of the Group\u2019s debenture stock, the Group is required to comply with the following financial covenants, which are
tested annually:
\u2022 the Asset Cover percentage must not be less than 150%; and
\u2022 the ratio of rental income and net car park income (where applicable) must not be less than 100% of the debenture interest.
The Group has met all of these financial covenants during the year.
Interest rate risk
The interest rate risk of the Group\u2019s financial liabilities is as follows:
As at 30 June 2025
As at 30 June 2024 \u2013 Restated
Nominal Weighted Weighted Nominal Weighted Weighted
value average rate average period value average rate average period
\u00a3\u2019000 % Years \u00a3\u2019000 % Years
Debenture stock
82,417
5.375
6
82,417
5.375
7
Bank floating rate liabilities
13,750
6.19
1
13,750
7.19
2
Bank fixed rate liabilities
13,800
3.02
4
13,800
3.02
5
Bank overdrafts
18,375
6.3
0.5
20,760
7.5
0.5
Lease liabilities
29,492
3.7
38
32,705
3.7
36
157,834
163,432
The above amounts for the debenture stock and bank borrowings represent the monetary liabilities and are therefore different to the book
values set out in note 18 as a result of unamortised arrangement fees at 30 June 2025 of \u00a3298,000 (2024: \u00a3397,000).
Under the overdraft facility, the Group is able to offset positive cash balances against overdrawn balances.
Floating rate financial liabilities bear interest at rates for bank term loans based on SONIA plus an average margin of 1.9% and for the bank
overdrafts of 2.05% above base rate.
Facilities provided by banks and other lenders are a mixture of fixed rates and floating charge funding. Floating rate borrowings are
exposed to the risk of rising interest rates which the Group may decide to manage from time to time by the use of appropriate financial
hedging instruments, primarily interest rate swaps.
An increase in SONIA by one percentage point would have increased the Group\u2019s loss before tax for the year by approximately \u00a3138,000
(2024: \u00a399,000).
Financial instruments held for trading purposes
It is, and has been throughout the year under review, the Group\u2019s policy not to trade in financial instruments.
Foreign currency exposure
The Group has no exposure to foreign currency as it has no overseas operations. All transactions are in Sterling.
Interest rates
The interest rates (effective interest rate (\u2018EIR\u2019) or incremental borrowing rate (\u2018IBR\u2019)) applicable at the Consolidated Balance Sheet date
were as follows:
2025
2024
Bank overdrafts
EIR
6.3%
7.5%
Bank borrowings
EIR
6.19%
7.19%
Debenture stock
EIR
5.375%
5.375%
Lease liabilities
IBR
3.7%
3.7%
Fair value of current borrowings
The fair value of bank borrowings and overdrafts approximates to their carrying value.
Fair value of non-current borrowings
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Debenture stock
82,347
68,669
82,337
72,506
Non-current bank borrowings \u2013 revolving credit facilities
13,522
13,522
13,434
13,434
Non-current bank borrowings \u2013 single asset facility
14,164
12,476
14,239
12,174
The above debenture stock has been valued as at 30 June 2025 (and 30 June 2024 respectively) by J C Rathbone Associates on the basis
of open market value.
The fair valuation of the debenture stock and the single asset facility are categorised as level 2 in the fair value hierarchy as defined in
IFRS 13 as the fair value is calculated with reference to similarly quoted instruments.
All financial liabilities are carried in the Consolidated Balance Sheet at amortised cost.
Capital management
Group management oversees the management of the Group\u2019s capital structure with the objective of ensuring that all entities in the Group
will be able to continue to operate as going concerns while maximising the return to stakeholders through the optimisation of the balance
between debt and equity funding. The capital structure of the Group consists of borrowings and lease liabilities as per note 18 and equity
as per the Consolidated Statement of Changes in Equity. The Group\u2019s capital structure is reviewed regularly by the Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-393": { "value": "18. Borrowings and lease liabilities All the Group\u2019s borrowings are either at floating or fixed rates of interest. The Group does not hedge against fluctuations in interest rates. Interest costs may increase or decrease as a result of such changes.
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Current
Bank borrowings \u2013 revolving credit facilities
11,098
\u2013
Lease liabilities
1,522
1,768
12,620
1,768
Non-current
Bank borrowings \u2013 revolving credit facilities
2,424
13,434
Bank borrowings \u2013 single asset facility
14,164
14,239
Lease liabilities
27,970
30,937
5.375% First mortgage debenture stock
82,347
82,336
126,905
140,946
Total borrowings
139,525
142,714
The movement in financial liabilities during the year can be summarised as follows:
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
142,713
134,914
Cash items
Borrowings repaid (incl cancellation of debenture stock)
(100)
(3,087)
Borrowings drawn down
\u2013
9,750
Principal element of lease payments
(1,780)
(1,665)
Arrangement fees paid
(163)
(419)
Total cash items
(2,043)
4,579
Non-cash items
Amortisation of arrangement fees relating to banking facilities
274
286
Movement in leases
(1,419)
2,935
Total non-cash items
(1,145)
3,221
At the end of the year
139,525
142,714
The debenture, bank loans and overdrafts are secured by fixed charges on properties and restricted cash, valued at \u00a3221,795,000 (2024: \u00a3221,610,000) owned by the Company and its subsidiary undertakings. The Group had undrawn committed floating rate bank facilities as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Expiring in one year or less
14,500
\u2013
Expiring in more than one year
41,750
56,250
56,250
56,250
The availability of undrawn funds is subject to compliance with banking covenants. Performance against covenants is monitored continually and calculations are formally prepared at the end of each quarter. There have been no instances of non-compliance during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-379": { "value": "18. Borrowings and lease liabilities All the Group\u2019s borrowings are either at floating or fixed rates of interest. The Group does not hedge against fluctuations in interest rates. Interest costs may increase or decrease as a result of such changes.
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Current
Bank borrowings \u2013 revolving credit facilities
11,098
\u2013
Lease liabilities
1,522
1,768
12,620
1,768
Non-current
Bank borrowings \u2013 revolving credit facilities
2,424
13,434
Bank borrowings \u2013 single asset facility
14,164
14,239
Lease liabilities
27,970
30,937
5.375% First mortgage debenture stock
82,347
82,336
126,905
140,946
Total borrowings
139,525
142,714
The movement in financial liabilities during the year can be summarised as follows:
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
At the start of the year
142,713
134,914
Cash items
Borrowings repaid (incl cancellation of debenture stock)
(100)
(3,087)
Borrowings drawn down
\u2013
9,750
Principal element of lease payments
(1,780)
(1,665)
Arrangement fees paid
(163)
(419)
Total cash items
(2,043)
4,579
Non-cash items
Amortisation of arrangement fees relating to banking facilities
274
286
Movement in leases
(1,419)
2,935
Total non-cash items
(1,145)
3,221
At the end of the year
139,525
142,714
The debenture, bank loans and overdrafts are secured by fixed charges on properties and restricted cash, valued at \u00a3221,795,000 (2024: \u00a3221,610,000) owned by the Company and its subsidiary undertakings. The gross cash and overdraft balances on the individual accounts are summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash balances
17,989
22,152
Overdrawn balances
(18,375)
(20,760)
Cash and cash equivalents
(386)
1,392
Included within cash balances are restricted cash balances of \u00a3784,000 at 30 June 2025 (2024: \u00a3729,000). The Group\u2019s remaining contractual non-discounted cash flows for financial liabilities (including trade payables, but excluding overdrafts) are set out below:
2025
Trade and Bank borrowings Debenture Bank borrowings \u2013 Lease
other payables \u2013 RCFs stock single asset facility liabilities Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Within one year
1,442
12,101
4,430
417
1,802
20,192
One to two years
\u2013
2,539
4,430
417
1,812
9,198
Two to three years
\u2013
\u2013
4,430
417
1,822
6,669
Three to four years
\u2013
\u2013
4,430
14,008
1,832
20,270
Four to five years
\u2013
\u2013
93,048
\u2013
1,842
94,890
Five to ten years
\u2013
\u2013
\u2013
\u2013
9,374
9,374
Ten to fifteen years
\u2013
\u2013
\u2013
\u2013
9,491
9,491
In more than fifteen years
\u2013
\u2013
\u2013
\u2013
28,583
28,583
1,442
14,640
110,768
15,259
56,558
198,667
2024 \u2013 Restated
Trade and Bank borrowings Debenture Bank borrowings \u2013 Lease
other payables \u2013 RCFs stock single asset facility liabilities Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Within one year
1,400
988
4,430
417
2,028
9,263
One to two years
\u2013
14,603
4,430
417
2,037
21,487
Two to three years
\u2013
\u2013
4,430
417
2,046
6,893
Three to four years
\u2013
\u2013
4,430
417
2,055
6,902
Four to five years
\u2013
\u2013
4,430
14,008
2,064
20,502
Five to ten years
\u2013
\u2013
93,048
\u2013
10,466
103,514
Ten to fifteen years
\u2013
\u2013
\u2013
\u2013
10,726
10,726
In more than fifteen years
\u2013
\u2013
\u2013
\u2013
29,445
29,445
1,400
15,591
115,198
15,676
60,867
208,732
The debenture issue premium is net of issue costs and is amortised over the life of the debt agreement. The amounts disclosed in the maturity profile above have been calculated to include notional interest payments, using the interest rates prevailing at 30 June 2025 and 30 June 2024. The calculation is based on the assumption that the level of borrowings remains unchanged until maturity. The Group had undrawn committed floating rate bank facilities as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Expiring in one year or less
14,500
\u2013
Expiring in more than one year
41,750
56,250
56,250
56,250
The availability of undrawn funds is subject to compliance with banking covenants. Performance against covenants is monitored continually and calculations are formally prepared at the end of each quarter. There have been no instances of non-compliance during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-394": { "value": "The gross cash and overdraft balances on the individual accounts are summarised as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash balances
17,989
22,152
Overdrawn balances
(18,375)
(20,760)
Cash and cash equivalents
(386)
1,392
Included within cash balances are restricted cash balances of \u00a3784,000 at 30 June 2025 (2024: \u00a3729,000). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-395": { "value": "19. Deferred tax assets and liabilities
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Assets
Carried forward losses
718
1,685
IFRS 16 lease liabilities
7,373
8,176
8,091
9,861
Liabilities
IFRS 16 right-of-use assets
5,223
5,713
Investment property and freehold car park revaluation gains
1,929
1,065
7,152
6,778
Net deferred tax asset
939
3,083
The Company left the REIT regime with effect from 1 July 2023, therefore the profits of the Company and the Group are now subject to corporation tax. This has resulted in the recognition of a deferred tax asset, primarily relating to trading losses from previous periods that are available to offset taxation on future profits. In assessing the recognition of a deferred tax asset with respect to losses, management has first reviewed the type of losses, the period in which they arose and then the future profitability of the Group or, where relevant, individual corporate entities. The Group also has various non-trading losses and surplus management expenses from previous periods, however the associated deferred tax assets have not been recognised as there is insufficient evidence to show that their future utilisation is probable. The total value of losses not included within the deferred tax asset is \u00a31,328,000 (2024: \u00a31,328,000). In addition the Group has uncrystallised capital losses of \u00a332,246,000 (2024: \u00a324,282,000) on investment property and car park valuation losses that have not been recognised. The total net deferred tax balance as at 30 June 2025 comprises the charge to the Consolidated Income Statement of \u00a32,381,000 (2024: credit of \u00a33,319,000) less the reduction in deferred tax liabilities arising in the year on revaluation movements recognised in the Consolidated Statement of Comprehensive Income of \u00a3178,000 (30 June 2024: charge of \u00a3236,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-380": { "value": "19. Deferred tax assets and liabilities
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Assets
Carried forward losses
718
1,685
IFRS 16 lease liabilities
7,373
8,176
8,091
9,861
Liabilities
IFRS 16 right-of-use assets
5,223
5,713
Investment property and freehold car park revaluation gains
1,929
1,065
7,152
6,778
Net deferred tax asset
939
3,083
The Company left the REIT regime with effect from 1 July 2023, therefore the profits of the Company and the Group are now subject to corporation tax. This has resulted in the recognition of a deferred tax asset, primarily relating to trading losses from previous periods that are available to offset taxation on future profits. In assessing the recognition of a deferred tax asset with respect to losses, management has first reviewed the type of losses, the period in which they arose and then the future profitability of the Group or, where relevant, individual corporate entities. The Group also has various non-trading losses and surplus management expenses from previous periods, however the associated deferred tax assets have not been recognised as there is insufficient evidence to show that their future utilisation is probable. The total value of losses not included within the deferred tax asset is \u00a31,328,000 (2024: \u00a31,328,000). In addition the Group has uncrystallised capital losses of \u00a332,246,000 (2024: \u00a324,282,000) on investment property and car park valuation losses that have not been recognised. The total net deferred tax balance as at 30 June 2025 comprises the charge to the Consolidated Income Statement of \u00a32,381,000 (2024: credit of \u00a33,319,000) less the reduction in deferred tax liabilities arising in the year on revaluation movements recognised in the Consolidated Statement of Comprehensive Income of \u00a3178,000 (30 June 2024: charge of \u00a3236,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-381": { "value": "20. Financial instruments The Group finances its operations through a combination of retained cash flows, debentures, finance leases and bank borrowings. Procedures are in place to monitor interest rate risk as considered appropriate by management. Numerical financial instruments disclosures are set out below. Additional narrative disclosures are set out in the accounting policies relating to financial risk management. The carrying value of short-term receivables and payables are considered to approximate to their fair values. All financial liabilities are denominated in Sterling. Under the terms of the Group\u2019s bank borrowing facilities, the Group is required to comply with financial covenants on the properties secured under each facility. The principal covenants, as relevant to each facility, which are tested every three months, are as follows: \u2022 the Loan to Value percentage must not exceed 60% on the Group\u2019s revolving credit facilities (\u2018RCFs\u2019); \u2022 on the Group\u2019s single asset facility the Loan to Value percentage must not exceed 67.5%; \u2022 the ratio of rental income and net car park income (where applicable) must not be less than 175% of the interest charge under the facility; and \u2022 in addition, under one of the facilities, both of the above tests are performed on a Group-wide basis and the consolidated Loan to Value percentage must not exceed 60% and the ratio of rental income and net car park income must not be less than 175% of the interest charged under the three bank facilities and the debenture. Under the terms of the Group\u2019s debenture stock, the Group is required to comply with the following financial covenants, which are tested annually: \u2022 the Asset Cover percentage must not be less than 150%; and \u2022 the ratio of rental income and net car park income (where applicable) must not be less than 100% of the debenture interest. The Group has met all of these financial covenants during the year. Interest rate risk The interest rate risk of the Group\u2019s financial liabilities is as follows:
As at 30 June 2025
As at 30 June 2024 \u2013 Restated
Nominal Weighted Weighted Nominal Weighted Weighted
value average rate average period value average rate average period
\u00a3\u2019000 % Years \u00a3\u2019000 % Years
Debenture stock
82,417
5.375
6
82,417
5.375
7
Bank floating rate liabilities
13,750
6.19
1
13,750
7.19
2
Bank fixed rate liabilities
13,800
3.02
4
13,800
3.02
5
Bank overdrafts
18,375
6.3
0.5
20,760
7.5
0.5
Lease liabilities
29,492
3.7
38
32,705
3.7
36
157,834
163,432
The above amounts for the debenture stock and bank borrowings represent the monetary liabilities and are therefore different to the book values set out in note 18 as a result of unamortised arrangement fees at 30 June 2025 of \u00a3298,000 (2024: \u00a3397,000). Under the overdraft facility, the Group is able to offset positive cash balances against overdrawn balances. Floating rate financial liabilities bear interest at rates for bank term loans based on SONIA plus an average margin of 1.9% and for the bank overdrafts of 2.05% above base rate. Facilities provided by banks and other lenders are a mixture of fixed rates and floating charge funding. Floating rate borrowings are exposed to the risk of rising interest rates which the Group may decide to manage from time to time by the use of appropriate financial hedging instruments, primarily interest rate swaps. An increase in SONIA by one percentage point would have increased the Group\u2019s loss before tax for the year by approximately \u00a3138,000 (2024: \u00a399,000). Financial instruments held for trading purposes It is, and has been throughout the year under review, the Group\u2019s policy not to trade in financial instruments. Foreign currency exposure The Group has no exposure to foreign currency as it has no overseas operations. All transactions are in Sterling. Interest rates The interest rates (effective interest rate (\u2018EIR\u2019) or incremental borrowing rate (\u2018IBR\u2019)) applicable at the Consolidated Balance Sheet date were as follows:
2025
2024
Bank overdrafts
EIR
6.3%
7.5%
Bank borrowings
EIR
6.19%
7.19%
Debenture stock
EIR
5.375%
5.375%
Lease liabilities
IBR
3.7%
3.7%
Fair value of current borrowings The fair value of bank borrowings and overdrafts approximates to their carrying value. Fair value of non-current borrowings
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Debenture stock
82,347
68,669
82,337
72,506
Non-current bank borrowings \u2013 revolving credit facilities
13,522
13,522
13,434
13,434
Non-current bank borrowings \u2013 single asset facility
14,164
12,476
14,239
12,174
The above debenture stock has been valued as at 30 June 2025 (and 30 June 2024 respectively) by J C Rathbone Associates on the basis of open market value. The fair valuation of the debenture stock and the single asset facility are categorised as level 2 in the fair value hierarchy as defined in IFRS 13 as the fair value is calculated with reference to similarly quoted instruments. All financial liabilities are carried in the Consolidated Balance Sheet at amortised cost. Capital management Group management oversees the management of the Group\u2019s capital structure with the objective of ensuring that all entities in the Group will be able to continue to operate as going concerns while maximising the return to stakeholders through the optimisation of the balance between debt and equity funding. The capital structure of the Group consists of borrowings and lease liabilities as per note 18 and equity as per the Consolidated Statement of Changes in Equity. The Group\u2019s capital structure is reviewed regularly by the Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-396": { "value": "Interest rate risk The interest rate risk of the Group\u2019s financial liabilities is as follows:
As at 30 June 2025
As at 30 June 2024 \u2013 Restated
Nominal Weighted Weighted Nominal Weighted Weighted
value average rate average period value average rate average period
\u00a3\u2019000 % Years \u00a3\u2019000 % Years
Debenture stock
82,417
5.375
6
82,417
5.375
7
Bank floating rate liabilities
13,750
6.19
1
13,750
7.19
2
Bank fixed rate liabilities
13,800
3.02
4
13,800
3.02
5
Bank overdrafts
18,375
6.3
0.5
20,760
7.5
0.5
Lease liabilities
29,492
3.7
38
32,705
3.7
36
157,834
163,432
The above amounts for the debenture stock and bank borrowings represent the monetary liabilities and are therefore different to the book values set out in note 18 as a result of unamortised arrangement fees at 30 June 2025 of \u00a3298,000 (2024: \u00a3397,000). Under the overdraft facility, the Group is able to offset positive cash balances against overdrawn balances. Floating rate financial liabilities bear interest at rates for bank term loans based on SONIA plus an average margin of 1.9% and for the bank overdrafts of 2.05% above base rate. Facilities provided by banks and other lenders are a mixture of fixed rates and floating charge funding. Floating rate borrowings are exposed to the risk of rising interest rates which the Group may decide to manage from time to time by the use of appropriate financial hedging instruments, primarily interest rate swaps. An increase in SONIA by one percentage point would have increased the Group\u2019s loss before tax for the year by approximately \u00a3138,000 (2024: \u00a399,000). Financial instruments held for trading purposes It is, and has been throughout the year under review, the Group\u2019s policy not to trade in financial instruments. Foreign currency exposure The Group has no exposure to foreign currency as it has no overseas operations. All transactions are in Sterling. Interest rates The interest rates (effective interest rate (\u2018EIR\u2019) or incremental borrowing rate (\u2018IBR\u2019)) applicable at the Consolidated Balance Sheet date were as follows:
2025
2024
Bank overdrafts
EIR
6.3%
7.5%
Bank borrowings
EIR
6.19%
7.19%
Debenture stock
EIR
5.375%
5.375%
Lease liabilities
IBR
3.7%
3.7%
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-404": { "value": "Fair value of current borrowings The fair value of bank borrowings and overdrafts approximates to their carrying value. Fair value of non-current borrowings
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Debenture stock
82,347
68,669
82,337
72,506
Non-current bank borrowings \u2013 revolving credit facilities
13,522
13,522
13,434
13,434
Non-current bank borrowings \u2013 single asset facility
14,164
12,476
14,239
12,174
The above debenture stock has been valued as at 30 June 2025 (and 30 June 2024 respectively) by J C Rathbone Associates on the basis of open market value. The fair valuation of the debenture stock and the single asset facility are categorised as level 2 in the fair value hierarchy as defined in IFRS 13 as the fair value is calculated with reference to similarly quoted instruments. All financial liabilities are carried in the Consolidated Balance Sheet at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-397": { "value": "Fair value of current borrowings The fair value of bank borrowings and overdrafts approximates to their carrying value. Fair value of non-current borrowings
2025
2024
Book value Fair value Book value Fair value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Debenture stock
82,347
68,669
82,337
72,506
Non-current bank borrowings \u2013 revolving credit facilities
13,522
13,522
13,434
13,434
Non-current bank borrowings \u2013 single asset facility
14,164
12,476
14,239
12,174
The above debenture stock has been valued as at 30 June 2025 (and 30 June 2024 respectively) by J C Rathbone Associates on the basis of open market value. The fair valuation of the debenture stock and the single asset facility are categorised as level 2 in the fair value hierarchy as defined in IFRS 13 as the fair value is calculated with reference to similarly quoted instruments. All financial liabilities are carried in the Consolidated Balance Sheet at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-398": { "value": "Capital management Group management oversees the management of the Group\u2019s capital structure with the objective of ensuring that all entities in the Group will be able to continue to operate as going concerns while maximising the return to stakeholders through the optimisation of the balance between debt and equity funding. The capital structure of the Group consists of borrowings and lease liabilities as per note 18 and equity as per the Consolidated Statement of Changes in Equity. The Group\u2019s capital structure is reviewed regularly by the Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-344": { "value": "
21. Lease liabilities
At 30 June 2025 the Group has a long leasehold interest in six (30 June 2024: six) properties that are accounted for under IFRS 16.
Future lease payments are as due follows:
2025
2024 \u2013 Restated
Minimum lease Minimum lease
payments Interest Present value payments Interest Present value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Within one year
1,802
1,018
784
2,028
1,122
906
One to two years
1,812
990
822
2,037
1,090
947
Two to three years
1,822
961
861
2,046
1,057
989
Three to four years
1,832
930
902
2,055
1,021
1,034
Four to five years
1,842
897
945
2,064
984
1,080
Five to ten years
9,374
3,950
5,424
10,466
4,314
6,152
Ten to fifteen years
9,491
2,898
6,593
10,726
3,124
7,602
In more than fifteen years
28,583
15,422
13,161
29,445
15,450
13,995
56,558
27,066
29,492
60,867
28,162
32,705
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-382": { "value": "21. Lease liabilities At 30 June 2025 the Group has a long leasehold interest in six (30 June 2024: six) properties that are accounted for under IFRS 16. Future lease payments are as due follows:
2025
2024 \u2013 Restated
Minimum lease Minimum lease
payments Interest Present value payments Interest Present value
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Within one year
1,802
1,018
784
2,028
1,122
906
One to two years
1,812
990
822
2,037
1,090
947
Two to three years
1,822
961
861
2,046
1,057
989
Three to four years
1,832
930
902
2,055
1,021
1,034
Four to five years
1,842
897
945
2,064
984
1,080
Five to ten years
9,374
3,950
5,424
10,466
4,314
6,152
Ten to fifteen years
9,491
2,898
6,593
10,726
3,124
7,602
In more than fifteen years
28,583
15,422
13,161
29,445
15,450
13,995
56,558
27,066
29,492
60,867
28,162
32,705
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfFinanceLeasePaymentsReceivableExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-345": { "value": "
22. Net asset value per share
The basic and diluted net asset per share values are the same, as set out in the table below.
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Net assets at 30 June
112,302
117,444
Shares in issue (000)
42,163
42,163
Basic and diluted net asset value per share
266p
279p
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-346": { "value": "
23. Commitments
The Group has commitments of \u00a3nil (2024: \u00a3854,000) in respect of capital expenditure contracted for at the balance sheet date but not
yet incurred, in respect of investment and development properties.
2025 2024
Minimum total future lease payments receivable: \u00a3\u2019000 \u00a3\u2019000
Within one year
8,808
9,175
One to two years
7,777
8,604
Two to three years
7,140
7,314
Three to four years
6,203
6,659
Four to five years
5,442
5,792
Five to ten years
18,991
21,311
Ten to fifteen years
8,294
9,846
In more than fifteen years
1,051
1,163
The Group has a wide range of leases in place with tenants across a broad range of properties, sectors, tenures and rental values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-383": { "value": "23. Commitments The Group has commitments of \u00a3nil (2024: \u00a3854,000) in respect of capital expenditure contracted for at the balance sheet date but not yet incurred, in respect of investment and development properties.
2025 2024
Minimum total future lease payments receivable: \u00a3\u2019000 \u00a3\u2019000
Within one year
8,808
9,175
One to two years
7,777
8,604
Two to three years
7,140
7,314
Three to four years
6,203
6,659
Four to five years
5,442
5,792
Five to ten years
18,991
21,311
Ten to fifteen years
8,294
9,846
In more than fifteen years
1,051
1,163
The Group has a wide range of leases in place with tenants across a broad range of properties, sectors, tenures and rental values.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-384": { "value": "
24. Called up share capital
Authorised
The authorised share capital of the Company as at 30 June 2025 is 164,879,000 (2024: 164,879,000) Ordinary Shares of 25p each. The
nominal value of authorised share capital at that date is \u00a341,219,750 (2024: \u00a341,219,750).
Issued and fully paid up
Number Nominal
of shares value
000 \u00a3\u2019000
At 30 June 2024
42,163
10,540
Purchase and cancellation of own shares
\u2013
\u2013
At 30 June 2025
42,163
10,540
The Company has only one type of Ordinary Share class in issue. All shares have equal entitlement to voting rights and dividend
distributions.
At the year end the Company had authority to buy back for cancellation a further 6,324,402 Ordinary Shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-347": { "value": "24. Called up share capital Authorised The authorised share capital of the Company as at 30 June 2025 is 164,879,000 (2024: 164,879,000) Ordinary Shares of 25p each. The nominal value of authorised share capital at that date is \u00a341,219,750 (2024: \u00a341,219,750). Issued and fully paid up
Number Nominal
of shares value
000 \u00a3\u2019000
At 30 June 2024
42,163
10,540
Purchase and cancellation of own shares
\u2013
\u2013
At 30 June 2025
42,163
10,540
The Company has only one type of Ordinary Share class in issue. All shares have equal entitlement to voting rights and dividend distributions. At the year end the Company had authority to buy back for cancellation a further 6,324,402 Ordinary Shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-348": { "value": "
25. Cash flows from operating activities
2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Loss before tax
(1,065)
(12,143)
Adjustments for:
Depreciation
2,095
2,199
Amortisation
186
205
Profit on disposal of fixed assets
(55)
\u2013
Profit on disposal of investment properties
\u2013
(27)
Profit on disposal of freehold and leasehold properties
(1,762)
\u2013
Loss on disposal of investments
87
191
Valuation movement on investments
\u2013
(408)
Finance costs
7,423
7,209
Finance income
(18)
(166)
Share of post tax (profits)/losses from joint ventures
(1,057)
2,175
Valuation movement on investment properties
2,214
7,625
Movement in tenant lease incentives
(147)
380
Impairment of car parking assets
2,697
4,804
Impairment of goodwill
772
577
Decrease/(increase) in receivables
193
(731)
(Decrease)/increase in payables
(2,092)
704
Cash generated from operations
9,471
12,594
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-349": { "value": "
26. Related party transactions
The only related party transactions that have taken place during the year relate to the remuneration of the Executive Directors and other
members of the Ziff Concert Party, who are the key management personnel of the Group, and any dividends paid to the Directors and
their family members. Further information about the remuneration of each of the Directors is provided in the audited part of the Directors\u2019
Remuneration Report on page 78.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits \u2013 excluding exceptional bonuses
1,956
1,934
Short-term employee benefits \u2013 exceptional bonuses
249
539
Post-employment benefits
97
89
Sale of Motor Vehicle to Executive Director
78
\u2013
Dividends paid to the Ziff Concert Party
599
2,641
2,979
5,203
The Ziff Concert Party includes Edward Ziff, Ben Ziff (Executive Directors) and Michael Ziff (Non-Executive Director) together with their
immediate family members, their sister and a number of trusts that Edward Ziff and Michael Ziff are not beneficiaries of but they do control.
Exceptional bonuses are no more than 10% of the profits generated from any significant transactions that are outside of the ordinary
course of business for the Company or Group, subject to a maximum of \u00a33m in any one financial year. The purpose of this is to encourage
relatively small but ultimately value-enhancing strategic and innovative technological investments that are complementary to the existing
core businesses of TCS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-399": { "value": "26. Related party transactions The only related party transactions that have taken place during the year relate to the remuneration of the Executive Directors and other members of the Ziff Concert Party, who are the key management personnel of the Group, and any dividends paid to the Directors and their family members. Further information about the remuneration of each of the Directors is provided in the audited part of the Directors\u2019 Remuneration Report on page 78.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits \u2013 excluding exceptional bonuses
1,956
1,934
Short-term employee benefits \u2013 exceptional bonuses
249
539
Post-employment benefits
97
89
Sale of Motor Vehicle to Executive Director
78
\u2013
Dividends paid to the Ziff Concert Party
599
2,641
2,979
5,203
The Ziff Concert Party includes Edward Ziff, Ben Ziff (Executive Directors) and Michael Ziff (Non-Executive Director) together with their immediate family members, their sister and a number of trusts that Edward Ziff and Michael Ziff are not beneficiaries of but they do control. Exceptional bonuses are no more than 10% of the profits generated from any significant transactions that are outside of the ordinary course of business for the Company or Group, subject to a maximum of \u00a33m in any one financial year. The purpose of this is to encourage relatively small but ultimately value-enhancing strategic and innovative technological investments that are complementary to the existing core businesses of TCS. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-385": { "value": "26. Related party transactions The only related party transactions that have taken place during the year relate to the remuneration of the Executive Directors and other members of the Ziff Concert Party, who are the key management personnel of the Group, and any dividends paid to the Directors and their family members. Further information about the remuneration of each of the Directors is provided in the audited part of the Directors\u2019 Remuneration Report on page 78.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employee benefits \u2013 excluding exceptional bonuses
1,956
1,934
Short-term employee benefits \u2013 exceptional bonuses
249
539
Post-employment benefits
97
89
Sale of Motor Vehicle to Executive Director
78
\u2013
Dividends paid to the Ziff Concert Party
599
2,641
2,979
5,203
The Ziff Concert Party includes Edward Ziff, Ben Ziff (Executive Directors) and Michael Ziff (Non-Executive Director) together with their immediate family members, their sister and a number of trusts that Edward Ziff and Michael Ziff are not beneficiaries of but they do control. Exceptional bonuses are no more than 10% of the profits generated from any significant transactions that are outside of the ordinary course of business for the Company or Group, subject to a maximum of \u00a33m in any one financial year. The purpose of this is to encourage relatively small but ultimately value-enhancing strategic and innovative technological investments that are complementary to the existing core businesses of TCS. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-350": { "value": "
27. Post Balance Sheet Events
On 19 August 2025 the Company made a $5m investment in a US-based fund looking to buy and sell small multi-family residential units in
the mid-west of the US. This investment of \u00a33.8m was funded by a \u00a35m drawdown from our existing Lloyds Bank revolving credit facility.
The balance of the proceeds from this drawdown have been added to the working capital of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-351": { "value": "
28. Restatement of prior year figures
During the year the Directors identified that one of the Group\u2019s accounting policies was not applied correctly. For this reason prior year
figures have been restated and the details are summarised below:
1) Adjustment of right-of-use lease liabilities following the settlement of index linked rent reviews
The Group operates a number of car parks from leasehold properties (right-of-use assets) under index-linked lease agreements. Under the
relevant accounting standards the lease liabilities associated with these car parks should be updated every time a rent review is settled,
a corresponding adjustment to the right-of-use asset should also be recognised and then assessed for any impairment. The prior year
comparatives have been restated to:
\u2022 Recognise an increase to lease liabilities of \u00a33,408,000 and \u00a34,104,000 as at 30 June 2023 and 2024.
\u2022 Recognise an increase to right of use assets of \u00a31,043,000 and \u00a31,180,000 as at 30 June 2023 and 2024.
\u2022 Recognise a reduction in retained earnings of \u00a32,365,000 and \u00a32,193,000 as at 30 June 2023 and 2024.
\u2022 Recognise a reduction in property expenses of \u00a3199,000, an additional impairment of car park assets of \u00a3619,000 and an additional
finance charge of \u00a3139,000 in the year ended 30 June 2024.
\u2022 Recognise a taxation credit of \u00a3731,000 resulting from the adjustments brought forward at 30 June 2023 and the further adjustments
recognised in the year ended 30 June 2024 within the Consolidated income statement for the year ended 30 June 2024.
\u2022 Recognise the impact on cash flow statement line items.
The impact on the Balance Sheet as at 30 June 2024 is as follows:
2024 (1) Car parking lease
Previously liabilities and 2024
reported right-of-use assets Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-current assets
Property rental
Investment properties
180,977
\u2013
180,977
Investments in joint ventures
4,752
\u2013
4,752
185,729
\u2013
185,729
Car park activities
Freehold and leasehold properties
56,823
1,180
58,003
Goodwill and intangible assets
2,892
\u2013
2,892
59,715
1,180
60,895
Hotel Operations
Freehold and leasehold properties
9,900
\u2013
9,900
9,900
\u2013
9,900
Fixtures, equipment and motor vehicles
1,446
\u2013
1,446
Investments
3,965
\u2013
3,965
Deferred tax assets
2,352
731
3,083
Total non-current assets
263,107
1,911
265,018
Current assets
Trade and other receivables
3,996
\u2013
3,996
Cash and cash equivalents
22,152
\u2013
22,152
Investments
3,177
\u2013
3,177
Total current assets
29,325
\u2013
29,325
Total assets
292,432
1,911
294,343
Current liabilities
Trade and other payables
(13,425)
\u2013
(13,425)
Bank overdrafts
(20,760)
\u2013
(20,760)
Financial liabilities
(1,768)
\u2013
(1,768)
Total current liabilities
(35,953)
\u2013
(35,953)
Non-current liabilities
Financial liabilities
(136,842)
(4,104)
(140,946)
Total liabilities
(172,795)
(4,104)
(176,899)
Net assets
119,637
(2,193)
117,444
Equity attributable to the owners of the Parent
Called up share capital
10,540
\u2013
10,540
Share premium account
200
\u2013
200
Capital redemption reserve
3,309
\u2013
3,309
Revaluation reserve
4,184
\u2013
4,184
Retained earnings
101,404
(2,193)
99,211
Total equity
119,637
(2,193)
117,444
The impact on the Balance Sheet as at 30 June 2023 is as follows:
2023 (1) Car parking lease
Previously liabilities and 2023
reported right-of-use assets Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Non-current assets
Property rental
Investment properties
183,801
\u2013
183,801
Investments in joint ventures
7,123
\u2013
7,123
190,924
\u2013
190,924
Car park activities
Freehold and leasehold properties
60,791
1,043
61,834
Goodwill and intangible assets
3,674
\u2013
3,674
64,465
1,043
65,508
Hotel Operations
Freehold and leasehold properties
9,500
\u2013
9,500
9,500
\u2013
9,500
Fixtures, equipment and motor vehicles
1,269
\u2013
1,269
Investments
7,503
\u2013
7,503
Total non-current assets
273,661
1,043
274,704
Current assets
Trade and other receivables
3,264
\u2013
3,264
Cash and cash equivalents
23,320
\u2013
23,320
Investments
6,436
\u2013
6,436
Total current assets
33,020
\u2013
33,020
Total assets
306,681
1,043
307,724
Current liabilities
Trade and other payables
(12,387)
\u2013
(12,387)
Bank overdrafts
(21,700)
\u2013
(21,700)
Financial liabilities
(4,665)
\u2013
(4,665)
Total current liabilities
(38,752)
\u2013
(38,752)
Non-current liabilities
Financial liabilities
(126,841)
(3,408)
(130,249)
Total liabilities
(165,593)
(3,408)
(169,001)
Net assets
141,088
(2,365)
138,723
Equity attributable to the owners of the Parent
Called up share capital
12,113
\u2013
12,113
Share premium account
200
\u2013
200
Capital redemption reserve
1,736
\u2013
1,736
Revaluation reserve
2,784
\u2013
2,784
Retained earnings
124,255
(2,365)
121,890
Total equity
141,088
(2,365)
138,723
The impact on the income statement is as follows:
2024 (1) Car parking lease
Previously liabilities and 2024
reported right-of-use assets Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Gross revenue
28,983
\u2013
28,983
Service charge income
2,985
\u2013
2,985
Gross revenue
31,968
31,968
Service charge expenses
(3,982)
\u2013
(3,982)
Property expenses
(11,821)
199
(11,622)
Net revenue
16,165
199
16,364
Administrative expenses
(7,293)
\u2013
(7,293)
Other income
965
\u2013
965
Valuation movement on investment properties
(7,625)
\u2013
(7,625)
Impairment of car parking assets
(3,259)
(619)
(3,878)
Impairment of goodwill
(577)
(577)
Loss on disposal of investments
(191)
(191)
Valuation movement on investments
408
408
Profit on disposal of investment properties
27
\u2013
27
Share of post-tax losses from joint ventures
(2,175)
\u2013
(2,175)
Operating loss
(3,555)
(420)
(3,975)
Finance costs
(7,209)
(139)
(7,348)
Finance income
166
166
Loss before taxation
(10,598)
(559)
(11,157)
Taxation
2,588
731
3,319
Loss for the year attributable to owners of the Parent
(8,010)
172
(7,838)
The impact on the cash flow statement is as follows:
2024 (1) Car parking lease
Previously liabilities and 2024
reported right-of-use assets Restated
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Loss for the financial year
(10,598)
(1,545)
(12,143)
Adjustments for:
Depreciation
2,199
\u2013
2,199
Amortisation
205
\u2013
205
Profit on disposal of investment properties
(27)
\u2013
(27)
Loss on sale of investments
191
\u2013
191
Movement in valuation of investments
(408)
\u2013
(408)
Finance costs
7,209
\u2013
7,209
Finance income
(166)
\u2013
(166)
Share of post tax losses from joint ventures
2,175
\u2013
2,175
Movement in valuation of investment properties
7,625
\u2013
7,625
Movement in lease incentives
380
\u2013
380
Impairment of car parking assets
3,259
1,545
4,804
Impairment of goodwill
577
\u2013
577
Increase in receivables
(731)
\u2013
(731)
Increase in payables
704
\u2013
704
Cash generated from operations
12,594
\u2013
12,594
", "dimensions": { "concept": "tcsplc:DisclosureOfRestatementOfPriorYearFigures", "language": "en", "entity": "scheme:213800XRCH9RW2RIZD79", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } } } }