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\n
\n\n1. GENERAL INFORMATION
\nAdvancedAdvT Limited was incorporated on 31 July 2020 in the British Virgin Islands (\u201cBVI\u201d) as a BVI business
\ncompany (registered number 2040954) under the BVI Business Company Act, 2004. The Company was listed on
\nthe Main Market of the London Stock Exchange on 4 December 2020 and has its registered address at Commerce
\nHouse, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands VG1110 and UK establishment at 11
\nBuckingham Street, London WC2N 6DF. The Company has been formed for the purpose of effecting a merger,
\nshare exchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with
\none or more businesses. The Company has one direct subsidiary, MAC I (BVI) Limited and a number of indirectly
\nheld subsidiaries named in note 10 (together with the Company, the \u201cCompany\u201d or \u201cGroup\u201d).
\n
\n\n\n
\n
\n2. ACCOUNTING POLICIES
\n\n
\n(a) Basis of preparation
\n\n
\n\nThese Financial Statements have been prepared in accordance with International Financial Reporting Standards
\n('IFRS'), as adopted by EU, and are presented in British pounds sterling, which is the presentational and functional
\ncurrency of the Company. The Financial Statements present the results for the year to 30 June 2023 with a
\ncomparative year to 30 June 2022.
\n
\n\n
\n\n
\nHistorical cost convention
\nThe financial statements have been prepared on a historical cost basis, except for the following:
\n\u2022 certain financial assets and liabilities (investments) \u2013 measured at fair value or revalued amount.
\n
\nCritical accounting estimates
\nThe preparation of the Financial Statements requires the use of certain critical accounting estimates. It also
\nrequires management to exercise its judgement in the process of applying the consolidated entity's accounting
\npolicies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and
\nestimates are significant to the Financial Statements, are disclosed in note 3.
\n
\n\n\n(b) Going concern
\nAt 30 June 2023, the Group has net assets of \u00a3123,185,690 and a cash balance of \u00a3104,696,281. The Company
\nhas sufficient resources to continue to pursue its investment strategy which may include effecting a merger, share
\nexchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or
\nmore businesses. Subject to the structure of any acquisition, the Company may need to raise additional funds to
\nfinance the acquisition in the form of equity and/or debt. The ability of the Company to raise additional funds in
\nrelation to an acquisition may affect its ability to complete that acquisition. Other factors outside of the
\nCompany\u2019s control may also impact on the Company\u2019s ability to complete that acquisition. Details of the risks
\nfaced by the Company are set out at the end of this report (pages 36 onwards).
\n
\nThe Directors have also considered the expected impact of the Covid-19 pandemic and Ukraine conflict on the
\nCompany\u2019s forecast cashflows and liabilities, concluding that prior to completing a transaction, the pandemic and
\nconflict has no material impact on the Company due to the nature of its operations. As a result, we have concluded
\nthat, at the date of approval of the Financial Statements, the Company has sufficient resources for the foreseeable
\nfuture and can continue to execute its stated strategy. Accordingly, it is appropriate to adopt the going concern
\nbasis in the preparation of the Financial Statements.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n\n
\n\n
\n\n(c) New standards and amendments to International Financial Reporting Standards
\nStandards, amendments and interpretation effective and adopted by the Company
\nIFRSs applicable to the Financial Statements of the Company have been applied for the year ending 30 June 2023
\nand for the comparative year.
\nStandards issued but not yet effective
\nThe following standards are issued but not yet effective. The Company intends to adopt these standards, if
\napplicable, when they become effective. It is not expected that these standards will have a material impact on
\nthe Company.
\n
\nStandard
\nEffective date
\nAmendments to IFRS 3: References to Conceptual Framework;
\n1 January 2023
\nAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current
\nor Non-current*;
\n1 January 2023
\nDisclosure of accounting policies (Amendments to IAS 1);
\n1 January 2023
\nExtension of temporary exemption of applying IFRS 9 (Amendments to IFRS 4)
\n1 January 2023
\nDeferred Tax relating to Assets and Liabilities arising from a Single Transaction (Amendments to
\nIAS 12);
\n1 January 2023
\nInitial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information Amendment to IFRS 17)*;
\n1 January 2023
\nDefinition of accounting estimates (Amendments to IAS 8);
\n1 January 2023
\nAmendments to IFRS 17 Insurance contracts
\n1 January 2023
\n* Subject to EU endorsement
\n
\n\n
\n\n
\n\n\n
\n(d) Basis of consolidation
\n\nSubsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls
\nan entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with
\nthe entity and has the ability to affect those returns through its power to direct the activities of the entity.
\nSubsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They
\nare de-consolidated from the date that control ceases.
\nIntercompany transactions, balances and unrealised gains on transactions between entities in the consolidated
\nentity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the
\nimpairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to
\nensure consistency with the policies adopted by the consolidated entity.
\n
\n\n
\n\n\n(e) Cash and cash equivalents
\nCash is cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are
\nreadily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.
\n
\n\n\n(f) Stated capital
\nOrdinary shares and sponsor shares are classified as equity. Incremental costs directly attributable to the issue of
\nnew shares are shown in the associated stated capital as a deduction from the proceeds.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\n
\n\n(g) Share based payments
\nThe A ordinary shares in MAC I (BVI) Limited (the \u2018\u2018Incentive Shares\u2019\u2019), represent equity-settled share-based
\npayment arrangements under which the Company receives services as a consideration for the additional rights
\nattached to these equity shares.
\nEquity-settled share-based payments to Directors and others providing similar services are measured at the fair
\nvalue of the equity instruments at the grant date. The fair value is expensed, with a corresponding increase in
\nequity, on a straight-line basis from the grant date to the expected exercise date. Where the equity instruments
\ngranted are considered to vest immediately, the services are deemed to have been received in full, with a
\ncorresponding expense and increase in equity recognised at grant date.
\n
\n\n\n(h) Warrants
\nOn 4 December 2020, the Company issued 700,000 ordinary shares and matching warrants. Under the terms of
\nthe warrant instrument, warrant holders can acquire one ordinary share per warrant at a price of \u00a31 per ordinary
\nshare. Warrants are accounted for as equity instruments under IAS 32 and are measured at fair value at the date
\nof issue. Fair value of the warrants has been calculated using a Black Scholes option pricing methodology and
\ndetails of the estimates and judgements used in determining the fair value of the warrants are set out in note 3.
\n
\n\n\n
\n(i) Corporation tax
\nCorporation tax for the year presented comprises current and deferred tax.
\nCurrent tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially
\nenacted at the balance sheet date, and any adjustment to taxes payable in respect of previous years.
\n\nDeferred tax is provided using the balance sheet liability method, providing for temporary differences between
\nthe carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
\npurposes.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
\nagainst which the asset can be utilised. Deferred tax assets are reduced to the extent that it is not probable that
\nthe related tax benefit will be realised.
\n
\n\n
\n\n\n(j) Earnings per ordinary share
\nEarnings per ordinary share (\u201cEPS\u201d) is calculated by dividing the profit or loss attributable to ordinary shareholders
\nof the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings
\nper share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
\nconversion of all dilutive potential ordinary shares.
\n
\n\n\n
\n(k) Financial instruments
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
\nequity instrument of another entity.
\n\nFinancial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at fair value through profit or loss
\n(\u201cFVTPL\u201d), amortised cost, or fair value through other comprehensive income (\u201cFVOCI\u201d).
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
\ncharacteristics and the Company\u2019s business model for managing them. In order for a financial asset to be classified
\nand measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal
\nand interest\u2019 on the principal amount outstanding (the \u201cSPPI Criterion\u201d).
\nFinancial assets are initially measured at their fair value plus, for those financial assets not at fair value through
\nprofit or loss, transaction costs.
\nSubsequent measurement of financial assets
\nFinancial assets at amortised cost
\nFinancial assets are measured at amortised cost if the assets meet the following conditions (and are not
\ndesignated as FVTPL):
\n\u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual
\ncash flows, and
\n\u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and
\ninterest on the principal amount outstanding.
\nAfter initial recognition, these are measured at amortised cost using the effective interest method.
\nDiscounting is omitted where the effect of discounting is immaterial.
\n\nFinancial assets at fair value through profit or loss (FVTPL)
\nFinancial assets held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are
\ncategorised at FVTPL. Further, irrespective of the business model used, financial assets whose contractual cash
\nflows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial
\ninstruments fall into this category, except for those designated and effective as hedging instruments, for which
\nthe hedge accounting requirements apply.
\nThe category also contains an equity investment. The Company accounts for the investment at FVTPL and did not
\nmake the irrevocable election to account for the investment in M&C Saatchi plc at FVOCI. The fair value was
\ndetermined in line with the requirements of IFRS 13 \u2018Fair Value Measurement\u2019.
\nAssets in this category are measured at fair value with gains or losses recognised in profit or loss.
\nThe fair values of financial assets in this category are determined by reference to active market transactions or
\nusing a valuation technique where no active market exists.
\n
\n\n
\n\nDerecognition
\nA financial asset is primarily derecognised and removed from the consolidated statement of financial position
\nwhen the rights to receive cash flows from the asset have expired.
\n
\n\n
\n\n\n
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss.
\nAll financial liabilities are recognised initially at fair value and, in the case of payables, net of directly attributable
\ntransaction costs.
\nSubsequent measurement
\nFinancial liabilities are subsequently measured at amortised cost and in the case of interest-bearing financial
\nliabilities at amortised cost using the effective interest rate method. Gains and losses are recognised in the
\nStatement of Comprehensive Income when the liabilities are derecognised.
\n\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n3. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES
\nThe preparation of the Financial Statements under IFRS requires the Directors to make estimates and assumptions
\nthat affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities.
\nEstimates and judgements are continually evaluated and are based on historical experience and other factors
\nincluding expectations of future events that are believed to be reasonable under the circumstances. Actual results
\nmay differ from these estimates.
\n\nKey sources of estimation uncertainty
\nShare-based payment transactions
\nThere are significant estimates and assumptions used in the valuation of the A ordinary shares in MAC I (BVI)
\nLimited (the \u201cIncentive Shares\u201d). Management has considered at the grant date, the probability of a successful
\nfirst acquisition by the Company and the potential range of values for the Incentive Shares, based on the
\ncircumstances on the grant date. The fair value of the Incentive Shares and related share-based payment expense
\nwas calculated using a Monte Carlo valuation model. A summary of the terms is set out in note 15.
\nOrdinary share warrants
\nAs part of the Company\u2019s initial fundraising on IPO, the Company issued ordinary shares to a number of investors.
\nFor every ordinary share subscribed for, each investor was also granted a warrant (\u201cWarrant\u201d) to acquire a further
\nordinary share at an exercise price of \u00a31.00 per share. The Warrants are exercisable at any time until five years
\nafter the IPO date, being 4 December 2020. The Warrants were valued using the Black Scholes option pricing
\nmethodology which considered the exercise price, expected volatility, risk free rate, expected dividends, and
\nexpected term of the Warrants. Of these factors estimates and judgement are required when determining the
\nexpected volatility, dividends, and warrant term.
\n
\n\nCritical accounting judgements
\nCoronavirus (COVID-19) pandemic and Ukraine conflict
\nJudgement has been exercised in considering the impact that both the Coronavirus (COVID-19) pandemic and
\nUkraine conflict has had, or may have, on the Company based on known information. This consideration extends
\nto the nature of the products and services offered, customers, supply chain, staffing and geographic regions in
\nwhich the consolidated entity operates. Other than as addressed in the risks at the end of this report, there does
\nnot currently appear to be either any significant impact upon the Financial Statements or any significant
\nuncertainties with respect to events or conditions which may impact the consolidated entity unfavourably as at
\nthe reporting date or subsequently because of both the Coronavirus (COVID-19) pandemic and Ukraine conflict
\nbased on the Company\u2019s current position and operations.
\nRecovery of deferred tax assets
\nDeferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers
\nit is probable that future taxable amounts will be available to utilise those temporary differences and losses.
\nFor the year to 30 June 2023, the Directors do not consider that they have made any other significant estimates,
\njudgments or assumptions which would materially affect the balances and results reported in these Financial
\nStatements.
\n
\n\n\n4. SEGMENT INFORMATION
\nThe Board of Directors is the Company\u2019s chief operating decision-maker. As the Company has not yet commenced
\ntrading, the Board of Directors considers the Company as a whole for the purposes of assessing performance and
\nallocating resources, and therefore the Company has one reportable operating segment.
\n
\n\n
\n\n
\n
\n\n
\n\n
\n5. EMPLOYEES AND DIRECTORS
\n\n(a) Employment costs for the Company during the year:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nWages and salaries
\n190,000
\n190,000
\nPension contributions
\n7,000
\n7,000
\nSocial security costs
\n24,425
\n24,299
\nOther employment related expenses
\n2,309
\n3,003
\nTotal employment costs expense
\n223,734
\n224,302
\nOn 31 December 2020, Vin Murria OBE was appointed as Chairman of the Company. Under the terms of Vin
\nMurria OBE\u2019s appointment letter, Vin was entitled to a fee of \u00a350,000 per annum. As at 23 March 2021 Vin waived
\nher entitlement to fees until completion of the first acquisition. Mark Brangstrup Watts is also not currently
\nreceiving director\u2019s fees, however, on completion of the first acquisition, it is currently intended that Mark will
\nalso receive a fee for his services. Karen Chandler is both entitled and receiving an annual fee of \u00a350,000 for her
\nservices as a non-executive director.
\n
\n\n(b) Key management compensation
\nThe Board considers the Directors of the Company to be the key management personnel of the Company.
\n(c) Employed persons
\nThe average monthly number of persons employed by the Company (including Directors) during the year was as
\nfollows:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\nnumber
\nNumber
\nDirectors
\n2
\n2
\n
\n2
\n2
\nIncluded within accruals is \u00a3nil, which relates to unpaid directors\u2019 remuneration.
\n
\n\n
\n\n\n
\n\n
\n6. ADMINISTRATIVE EXPENSES BY NATURE
\n
\nFor the year
\nended
\n30 June 2023
\nFor the year
\nended
\n30 June 2022
\nCompany administrative expenses by nature
\n\u00a3
\n\u00a3
\nDirectors\u2019 fees
\n223,734
\n224,302
\nProfessional fees
\n155,256
\n110,584
\nNon-recurring project costs
\n432,021
\n2,750,468
\nListing fees
\n52,248
\n69,295
\nShare based payment expense
\n95,853
\n95,854
\nBranding and website cost
\n39,966
\n6,910
\nTravel and entertainment
\n5,301
\n3,654
\nBank charges
\n1,150
\n1,233
\n
\n1,005,529
\n3,262,300
\n\nThe Company\u2019s independent auditor, Baker Tilly Channel Islands Limited, has fees amounting to \u00a318,070 for the
\nfinal year end audit.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n7. FINANCE INCOME
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nInterest from cash and cash equivalents
\n3,217,537
\n346,917
\nDividends from listed equity securities
\n180,000
\n-
\n
\n3,397,537
\n346,917
\n
\n\n
\n\n
\n8. TAXATION
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nAnalysis of tax in year
\n
\n
\nCurrent tax on profits for the year
\n-
\n-
\nTotal current tax
\n-
\n-
\n
\nThe central management and control of the Company is exercised in the UK and accordingly the Company is
\ntreated as tax resident in the UK.
\n\nReconciliation of effective rate and tax charge:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nProfit/ (Loss) on ordinary activities before tax
\n1,432,008
\n(7,715,383)
\nExpenses not deductible for tax purposes
\n1,059,623
\n4,896,942
\nOver allowance for the tax charge recognised in the prior year
\n-
\n252,708
\nProfit/ (Loss)on ordinary activities subject to corporation tax
\n2,491,631
\n(2,565,733)
\nProfit/ (Loss)on ordinary activities multiplied by the rate of corporation tax in
\nthe UK of 25% (2022: 19%)
\n622,908
\n(487,489)
\nEffects of:
\n
\n
\nLosses (utilised)/ carried forward for which no deferred tax recognised
\n(622,908)
\n487,489
\nTotal taxation charge
\n-
\n-
\nAs at 30 June 2023, cumulative tax losses available to carry forward against future trading profits were \u00a32,425,877
\nsubject to agreement with HM Revenue & Customs. Prior to an acquisition, there is no certainty as to future
\nprofits and no deferred tax asset is recognised in relation to these carried forward losses.
\nUK companies can carry forward trading losses indefinitely and can be carried back 1 year (or in certain limited
\ncircumstances up to 3 years). Companies have 4 years from the end of the tax year in question to report losses,
\neither on a tax return or in writing to HMRC.
\n
\n\n
\n\n\n9. PROFIT/(LOSS) PER ORDINARY SHARE
\nBasic EPS is calculated by dividing the profit or loss attributable to equity holders of a company by the weighted
\naverage number of ordinary shares in issue during the year. Diluted EPS is calculated by adjusting the weighted
\naverage number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
\n
\n\n
\n\n
\n
\n\nThe Company had previously issued 700,000 warrants, each of which is convertible into one ordinary share. The
\nCompany made a loss in the prior year, which would result in the warrants being anti-dilutive. Therefore, the
\nwarrants have not been included in the calculation of diluted earnings per share in the prior year.
\n
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\nProfit/ (Loss) attributable to owners of the parent
\n1,432,008
\n(7,715,383)
\nWeighted average number of ordinary shares in issue
\n133,200,000
\n133,200,000
\nWeighted average number of ordinary shares for diluted EPS
\n133,200,000
\n133,200,000
\nBasic profit/ (loss) per ordinary share (\u00a3)
\n0.01
\n(0.06)
\nDiluted Profit per ordinary share (\u00a3)
\n0.01
\n-
\n
\n\n
\n\n10. INVESTMENTS
\nPrincipal subsidiary undertakings of the Company
\nThe Company directly owns the whole of the issued ordinary share capital of its subsidiary undertaking. Details of
\nthe Company\u2019s subsidiary are presented below:
\n
\n
\n
\nSubsidiary
\nNature of business
\nCountry of
\nincorporation
\nProportion
\nof ordinary
\nshares held
\nby parent
\nProportion of
\nordinary
\nshares held by
\nthe Company
\n
\n
\n
\n
\n
\nMAC I (BVI) Limited
\n Incentive vehicle
\nBVI
\n100%
\n100%
\n
\nThe registered office of MAC I (BVI) Limited Commerce House, Wickhams Cay 1, Road Town, Tortola, British Virgin
\nIslands VG1110.
\n
\nDetails of the indirectly held subsidiaries are presented below:
\n
\n
\n
\nSubsidiary
\nNature of business
\nCountry of
\nincorporation
\nProportion of ordinary shares
\nheld by the Group
\n
\n
\n
\n
\nADV Holding Group Limited
\n Holding company
\nEngland and Wales
\n100%
\nADV Finance Holding Limited
\nHolding company
\nEngland and Wales
\n100%
\nADV People Holding Limited
\nHolding company
\nEngland and Wales
\n100%
\nADV US Inc.
\nHolding company
\nUSA
\n100%
\nADV Data Holding Limited
\nHolding company
\nEngland and Wales
\n100%
\n
\n\n
\n\n
\n
\n\n
\n\n
\n\n
\n
\nFinancial assets of the Company
\nThe Company directly owns equity investments for which the Company has not elected to recognise fair value
\ngains and losses through Other Comprehensive Income.
\n
\n\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nLevel 1 Financial assets at fair value through profit or loss (FVTPL)
\n18,240,000
\n19,200,000
\n
\n18,240,000
\n19,200,000
\n
\n\n
\nThere were no transfers between levels for fair value measurements during the year. The Company\u2019s policy is to
\nrecognise transfers into and out of fair value hierarchy levels as at the end of the reporting period.
\na) Level 1: The fair value of financial instruments traded in active markets (such as publicly traded
\nderivatives, and equity securities) is based on quoted market prices at the end of the reporting period.
\nThe quoted market price used for financial assets held by the Company is the current bid price. These
\ninstruments are included in level 1.
\nb) Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over-the
\ncounter derivatives) is determined using valuation techniques that maximise the use of observable
\nmarket data and rely as little as possible on entity-specific estimates. If all significant inputs required to
\nfair value an instrument are observable, the instrument is included in level 2.
\nc) Level 3: If one or more of the significant inputs is not based on observable market data, the instrument
\nis included in level 3. This is the case for unlisted equity securities. During the year, the following
\ngains/(losses) were recognised in profit or loss:
\n
\n\nFor year ended
\n30 June 2023
\nFor year ended
\n30 June 2022
\n
\n\u00a3
\n\u00a3
\nFair value (losses) on equity investments at FVTPL recognised in other
\n(losses)
\n(960,000)
\n(4,800,000)
\n
\n(960,000)
\n(4,800,000)
\n
\n\n
\n\n
\n\n
\n\n
\n\n
\n11. TRADE AND OTHER RECEIVABLES
\n
\n\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nAmounts receivable in one year:
\n
\n
\nPrepayments
\n106,129
\n11,271
\nOther receivables
\n509,553
\n65,488
\nVAT receivable
\n394,741
\n24,726
\n
\n1,010,423
\n101,485
\n
\n\nOther receivables are all current.
\nThere is no material difference between the book value and the fair value of the receivables. Receivables are
\nconsidered to be past due once they have passed their contracted due date.
\n
\n\n
\n\n
\n
\n
\n\n12. CASH AND CASH EQUIVALENTS
\n
\n
\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nCash and cash equivalents
\n
\n
\nCash at bank
\n47,741,876
\n64,169,997
\nDeposits on call
\n56,954,405
\n40,000,000
\n
\n104,696,281
\n104,169,997
\n
\nCredit risk is managed on a Company basis. Credit risk arises from cash and cash equivalents and deposits with
\nbanks and financial institutions. For banks and financial institutions, only independently rated parties with a
\nminimum short-term credit rating of P-1, as issued by Moody\u2019s, are accepted.
\n
\n\n\n
\n13. TRADE AND OTHER PAYABLES
\n
\n\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nAmounts falling due within one year:
\n
\n
\nTrade payables
\n111,129
\n125,768
\nAccruals
\n534,041
\n1,572,041
\nA ordinary share liability
\n115,844
\n115,844
\n
\n761,014
\n1,813,653
\n
\n\n
\nThere is no material difference between the book value and the fair value of the trade and other payables.
\n
\n\n\n
\n\n14. EQUITY AND RESERVES
\n
\nStated capital
\nStated capital
\nAuthorised
\n
\n
\nUnlimited ordinary shares of no par value
\n
\n
\nUnlimited A shares of no par value
\n
\n
\n100 sponsor shares of no par value
\n
\n
\n
\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\nIssued
\n\u00a3
\n\u00a3
\n133,200,000 ordinary shares of no par value
\n131,166,131
\n131,166,131
\n2 sponsor shares of no par value
\n2
\n2
\n
\nOrdinary and Sponsor share rights
\nHolders of ordinary shares are entitled to receive notice and attend and vote at any meeting of members, the
\nright to a share in any distribution paid by the Company and a right to a share in the distribution of the surplus
\nassets of the Company on a winding up.
\n
\n\n
\n\n
\n\n
\n
\n\n
\n\nThe Sponsor Shares:
\n\u2022 confer upon the holders no rights to dividends or distributions (including on the Company\u2019s liquidation);
\n\u2022 confer upon the holders no right to receive notice of or attend and vote as a member at any meeting of
\nmembers (provided that if at any time the Sponsor Shares are the only shares in issue each holder of
\nSponsor Shares shall have the right to receive notice of, attend and vote as a member at any meeting of
\nmembers);
\n\u2022 are not convertible or exchangeable for any other class or series of shares of the Company;
\n\u2022 for so long as the holder of a Sponsor Share, holds directly or indirectly 5 per cent. or more of the issued
\nand outstanding shares of the Company (of whatever class other than any Sponsor Shares), the holder
\nof a Sponsor Share has the right to appoint one director to the Board;
\n\u2022 confer upon any holder the right to require that: (i) any purchase of Ordinary Shares; or (ii) the
\nCompany\u2019s ability to amend the Memorandum and Articles, be subject to a special resolution of
\nmembers whilst a holder of a Sponsor Share holds directly or indirectly 5 per cent. or more of the issued
\nand outstanding shares of the Company or a holder of a Sponsor Share also hold Incentive Shares.
\n\u2022 confer certain control rights whilst a holder of the Sponsor Share holds directly or indirectly 5 per cent.
\nor more of the issued and outstanding shares of the Company (of whatever class other than any Sponsor
\nShares), or is a holder of a Sponsor Share and holds Incentive Shares, such that the Company shall not,
\nwithout the prior vote or consent of holders of all of the Sponsor Shares:
\n\u2022 Issue any further Sponsor Shares;
\n\u2022 amend, alter or repeal any existing or introduce any new share-based compensation or incentive
\nscheme in the Company; and
\n\u2022 issue any class of shares on a non pre-emptive basis where the Company would be required to issue
\nsuch share pre-emptively if it were incorporated under the UK Companies Act 2006 and acting in
\naccordance with the Pre-Emption Company\u2019s Statement of Principles; or
\n\u2022 take any action that would not be permitted (or would only be permitted after an affirmative
\nshareholder vote) if the Company were admitted to the Premium Segment of the Official List;
\n
\n\n
\n\n
\n\n15. SHARE BASED PAYMENTS
\nThe Company has put in place a long-term incentive plan (\u201cLTIP\u201d), to ensure an alignment with all Shareholders,
\nand which reflects the high competition for the best executive management talent.
\nThe general principles of the Company\u2019s compensation strategy are to be:
\n\u2022 Proportionate: to the role and risk being taken by the participant and reflecting the participants\u2019 value to
\ndelivering outstanding, sustainable shareholder returns;
\n\u2022 Transparent: the compensation structure and its associated terms should be transparent to investors and the
\nimpact of the scheme clearly communicated to investors on an ongoing basis;
\n \u2022 Performance Based: minimum performance criteria should be based on all equity issuance over the lifetime of
\nthe relevant measurement period, subject to minimum preferred returns and based only on a share of equity
\nprofits generated; and
\n\u2022 Drive Sustainable Value Creation: incentive arrangements should be structured to encourage the creation of
\nsustainable returns over the long term through long term vesting and a lengthy performance measurement
\nperiod.
\nThe LTIP will only reward the participants if shareholder value is created. This ensures alignment of the interests
\nof management, being Vin Murria, Gavin Hugill and Karen Chandler at the balance sheet date, and Marwyn (in
\nwhich Mark Brangstrup Watts is beneficially interested through their indirect interest in Marwyn Long Term
\n
\n\n
\n\n
\n\nIncentive LP (\u201cMLTI\u201d)) directly with those of shareholders. It is the expectation that the LTIP will ultimately include
\nsenior executives of the acquired companies.
\nPreferred Return
\nThe incentive arrangements are subject to the Company\u2019s shareholders achieving a preferred return of at least
\n7.5 per cent. per annum on a compounded basis on the capital they have invested from time to time (with
\ndividends and returns of capital being treated as a reduction in the amount invested at the relevant time) (the
\n\u201cPreferred Return\u201d).
\nIncentive Value
\nSubject to a number of provisions detailed below, if the Preferred Return and at least one of the vesting conditions
\nhave been met, the holders of the Incentive Shares can give notice to redeem their Incentive Shares for ordinary
\nshares in the Company (\u201cOrdinary Shares\u201d) for an aggregate value equivalent to 20 per cent. of the \u201cGrowth\u201d,
\nwhere Growth means the excess of the total equity value of the Company and other shareholder returns over
\nand above its aggregate paid up share capital (20 per cent. of the Growth being the \u201cIncentive Value\u201d). 15% of
\nthe gross incentive value is attributable to the A1 ordinary shares and 5% is attributable to the A2 ordinary shares.
\nGrant date
\nThe grant date of the Incentive Shares will be deemed to be the date that such shares are issued.
\n
\nRedemption / Exercise
\nUnless otherwise determined and subject to the redemption conditions having been met, the Company and the
\nholders of the Incentive Shares have the right to exchange each Incentive Share for Ordinary Shares, which will
\nbe dilutive to the interests of the holders of Ordinary Shares. However, if the Company has sufficient cash
\nresources and the Company so determines, the Incentive Shares may instead be redeemed for cash.
\nCircumstances where the Company may exercise this right include, but are not limited to, where the Company is
\nnot authorised to issue additional Ordinary Shares or on the winding-up or takeover of the Company. However,
\nit is currently expected that in the ordinary course of business, Incentive Shares will be exchanged for Ordinary
\nShares.
\nAny holder of Incentive Shares who exercises their Incentive Shares prior to other holders is entitled to their
\nproportion of the Incentive Value to the date that they exercise but no more. Their proportion is determined by
\nthe number of Incentive Shares they hold relative to the total number of issued shares of the same class.
\n
\nVesting Conditions and Vesting Period
\nThe Incentive Shares are subject to certain vesting conditions, at least one of which must be (and continue to be)
\nsatisfied for a holder of Incentive Shares to exercise its redemption right, which right begins on the third
\nanniversary and ends on the seventh anniversary of the date of the Company\u2019s initial acquisition.
\n
\nThe vesting conditions are as follows:
\ni. it is later than the third anniversary of the initial acquisition;
\nii. a sale of all or substantially all the revenue or net assets of the business of the Subsidiary in
\ncombination with the distribution of the net proceeds of that sale to the Company and then to its
\nshareholders;
\niii. a sale of all the issued ordinary shares of the Subsidiary or a merger of the Subsidiary in combination
\nwith the distribution of the net proceeds of that sale or merger to the Company\u2019s shareholders;
\niv. whereby corporate action or otherwise, the Company effects an in-specie distribution of all or
\nsubstantially all the assets of the Company to the Company\u2019s shareholders;
\n
\n\n
\n\n
\n\nv. aggregate cash dividends and cash capital returns to the Company\u2019s Shareholders are greater than or
\nequal to aggregate subscription proceeds received by the Company;
\nvi. a winding up of the Company;
\nvii. a winding up of the Subsidiary; or
\nviii. a sale, merger or change of control of the Company.
\nIf any of the vesting conditions described in paragraphs (ii) to (viii) above are satisfied before the third anniversary
\nof the initial acquisition, the A Shares will be treated as having vested in full.
\nLeaver, lock-in and clawback provisions
\nIn addition to the vesting conditions above, lock-in periods, leaver provisions, and clawback provisions have been
\nentered into by all the holders of the A1 ordinary shares in MAC I (BVI) Limited in issue at the balance sheet date.
\nThe shares will vest on a straight-line basis over 3 years from the acquisition date, save on an exit event when the
\nIncentive Shares will vest in full. If deemed a good leaver vested Incentive Shares will be retained, but any
\nunvested shares will be forfeited.
\nEither cash/securities received upon exercise (for example on a distribution in specie) in the prior 36 months (less
\ntax amounts paid) of the Incentive Shares being exercised, and/or the remaining Ordinary shares/Incentive Shares
\nheld may be clawed back if the holder commits: (i) gross misconduct, (ii) fraud (iii) a criminal act, or (iv) a material
\nbreach of any post termination covenants or restrictions in the holder\u2019s contract with the Company (if applicable),
\nand (v) the combination of (a) a requirement that the Parent materially restate the audited consolidated accounts
\nof the Parent or the Company (excluding for any reason of change in accounting practice or accounting standards);
\nand (b) thereafter, a determination by the Remuneration Committee (or Board until the establishment of a
\nRemuneration Committee \u2013 acting in good faith) that, had such audited consolidated accounts been correct at
\nthe time of exchange of such A1 Shares, the Subscriber or any of the Subscriber\u2019s Associates would not have
\nreceived the full payment to which he or it was owed (or the full number of Parent Ordinary Shares he or it was
\nissued).
\nHolders of the shares have agreed that if they exchange some or all their Incentive Shares for an allotment of
\nOrdinary Shares, they shall not be permitted to enter into an agreement to give effect to any transfer of the
\nOrdinary Shares so allotted at any time during the period of 12 months and one day following the date of such
\nallotment save in certain limited circumstances.
\nHolding of Incentive Shares
\nMLTI, Vin Murria, Gavin Hugill and Karen Chandler hold Incentive Shares entitling them in aggregate to 100 per
\ncent. of the Incentive Value. Any future management partners or senior executive management team members
\nreceiving Incentive Shares will be dilutive to the interests of existing holders of Incentive Shares, however the
\nshare of the Growth of the Incentive Shares in aggregate will not increase.
\n
\n\n
\n\n
\n
\n\nIssue Date
\nName
\nShare
\nDesignation
\nat balance
\nsheet date
\nNominal
\nPrice
\nIssue price
\nper A
\nordinary
\nshare
\nNumber
\nof A
\nordinary
\nshares
\nUnrestricted
\nmarket value
\nat grant date
\nIFRS 2 Fair
\nValue
\n25/11/2020
\nMarwyn Long Term
\nIncentive LP
\nA2
\n\u00a30.01
\n\u00a37.50
\n2,000
\n\u00a315,000
\n\u00a3169,960
\n31/12/2020
\nVin Murria OBE
\nA1
\n\u00a30.01
\n\u00a35.42
\n6,000
\n\u00a332,500
\n\u00a3354,050
\n05/02/2021
\nGavin Hugill
\nA1
\n\u00a30.01
\n\u00a325.56
\n600
\n\u00a315,336
\n\u00a365,040
\n15/02/2021
\nKaren Chandler
\nA1
\n\u00a30.01
\n\u00a336.67
\n600
\n\u00a322,000
\n\u00a393,415
\n17/03/2021
\nVin Murria OBE
\nA1
\n\u00a30.01
\n\u00a34.79
\n9,600
\n\u00a346,008
\n\u00a3195,120
\n
\nValuation of Incentive Shares
\nValuations were performed by Deloitte using a Monte Carlo model and ascertaining a fair value at each date.
\nDetails of the valuation methodology and estimates and judgements used in determining the fair value are noted
\nherewith and were in accordance with IFRS 2 at grant date.
\nThere are significant estimates and assumptions used in the valuation of the Incentive Shares. Management has
\nconsidered at the grant date, the probability of a successful first acquisition by the Company and the potential
\nrange of value for the Incentive Shares, based on the circumstances on the grant date.
\nThe fair value of the Incentive Shares granted under the scheme was calculated using a Monte Carlo model. The
\nfair value uses an ungeared volatility of 25 per cent, and an expected term of seven years. The Incentive Shares
\nare subject to the Preferred Return being achieved, which is a market performance condition, and as such has
\nbeen taken into consideration in determining their fair value. A risk-free rate of 0% has been applied, based on
\nthe average yield on a five-year UK Gilt at the valuation date. The model incorporates a range of probabilities for
\nthe likelihood of an acquisition being made of a given size.
\n
\nExpense related to Incentive Shares
\nThe A2 shares were expensed in full in 2021. An expense of \u00a395,853 (2022: \u00a395,854) has been recognised in the
\nStatement of Comprehensive Income in respect of the A1 ordinary shares.
\n
\n\n
\n\n16. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS
\nThe Company has the following categories of financial instruments at the year end:
\n
\nAs at
\n30 June 2023
\nAs at
\n30 June 2022
\n
\n\u00a3
\n\u00a3
\nFinancial assets measured at amortised cost
\n
\n
\nCash and cash equivalents
\n104,696,281
\n104,169,997
\nOther receivables
\n509,553
\n65,488
\n Financial assets at fair value through profit or loss (FVTPL)
\n18,240,000
\n19,200,000
\n
\n123,445,834
\n123,435,485
\n
\n
\n
\nFinancial liabilities measured at amortised cost
\n
\n
\nTrade and other payables
\n761,014
\n1,813,653
\n
\n761,014
\n1,813,653
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n
\nThe Company has exposure to the following risks from its use of financial instruments:
\n\u2022 Market risk;
\n\u2022 Liquidity risk; and
\n\u2022 Credit risk
\n
\nThis note presents information about the Company\u2019s exposure to each of the above risks and the Company\u2019s
\nobjectives, policies and processes for measuring and managing these risks.
\n
\nThe Company\u2019s risk management policies are established to identify and analyse the risks faced by the Company,
\nto set appropriate risk limits and controls and to monitor risks and adherence limits. Risk management policies
\nand systems are reviewed regularly to reflect changes in market conditions and the Company\u2019s activities.
\n
\nTreasury activities are managed on a Company basis under policies and procedures approved and monitored by
\nthe Board. These are designed to reduce the financial risks faced by the Company which primarily relate to
\nmovements in interest rates.
\n
\n\nMarket risk
\nThe Company\u2019s activities primarily expose it to the risk of changes in interest rates due to the significant cash
\nbalance held; however, any change in interest rates will not have a material effect on the Company. The
\nCompany\u2019s operations are predominately in GBP, its functional currency, and accordingly minimal translation
\nexposures arise in receivables or payables.
\n
\n\n
\n\nLiquidity risk
\nLiquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The
\nCompany\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
\nliquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
\nunacceptable losses or risking damage to the Company\u2019s reputation. The Company currently meets all liabilities
\nfrom cash reserves and the Directors believe this risk is adequately mitigated.
\n
\n\n
\n\nCredit risk
\nCredit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing
\nto discharge an obligation. The main credit risk relates to the cash held with financial institutions. The Company
\nmanages its exposure to credit risk associated with its cash deposits by selecting counterparties with a high credit
\nrating with which to carry out these transactions. The counterparty for these transactions is Barclays Bank plc,
\nwhich holds a short-term credit rating of [P-1], as issued by Moody\u2019s. The Company\u2019s maximum exposure to credit
\nrisk is the carrying value of the cash on the Consolidated Statement of Financial Position reserves and the Directors
\nbelieve this risk is adequately mitigated.
\n
\n\n
\n\nCapital management
\nThe Board\u2019s policy is to maintain a strong capital base so as to maintain creditor and market confidence and to
\nsustain future development of the business. Capital includes stated capital and all other equity reserves
\nattributable to the equity holders of the Company and totals \u00a3123.2million as at 30 June 2023 (2022:
\n\u00a3121.7million). The Directors actively monitor this. There were no changes in the Company\u2019s approach to capital
\nmanagement during the year and the Company\u2019s capital management policy will be revisited once an Acquisition
\nhas been identified.
\n
\n\n
\n\n
\n\n
\n\n
\n
\n
\n\n17. RELATED PARTY TRANSACTIONS
\nAntoinette Vanderpuije, the Company Secretary is a partner of MIMLLP. MIMLLP manages MVI II Holdings I LP
\nwhich is beneficially owned by MVI II. MVI II Holdings I LP holds 15.41% of the Company\u2019s Ordinary Shares and 1
\nSponsor Share.
\nMark Brangstrup Watts and Antoinette Vanderpuije have a beneficial interest in the Incentive Shares as described
\nin note 15 through their indirect interest in MLTI which owns 2,000 A2 ordinary shares in the capital of MAC I
\n(BVI) Limited. Mark Brangstrup Watts was a Managing Partner of MIMLLP and Marwyn Capital LLP (\u201cMCLLP\u201d)
\nuntil 6 November 2022.
\nAntoinette Vanderpuije is a partner MCLLP. MCLLP provides corporate finance, company secretarial and managed
\nservice support to the Company. The Company has incurred fees of \u00a317,123 in respect of company secretarial
\nand managed service support and \u00a3136,660 in respect to project related fees, of which \u00a310,277 was outstanding
\nat the balance sheet date. MCLLP was also engaged to provide corporate finance advice to the Company. On 18
\nMarch 2021, MCLLP and the Company entered into a side letter under which corporate finance services would
\nbe suspended, resulting in the fees being reduced from \u00a310,000 per month to \u00a3nil effective on Admission in March
\n2021. During the year the Company paid \u00a3nil for corporate finance services to MCLLP and \u00a3nil was outstanding at
\nthe balance sheet date. MCLLP incurred costs of \u00a38,634, which it recharged the Company during the year.
\n
\nDirectors\u2019 emoluments, in relation to Mark Brangstrup Watts, are disclosed in note 5.
\n
\n\n
\n\n
\n\n
\n\n18. COMMITMENTS AND CONTINGENT LIABILITIES
\nThere were no commitments or contingent liabilities outstanding at 30 June 2023 that requires disclosure or
\nadjustment in these Financial Statements.
\n
\n\n
\n\n
\n\n
\n\n19. POST BALANCE SHEET EVENTS
\nOn the 8 June 2023 the Group conditionally agreed to acquire five software businesses from Capita plc for a
\ncombined enterprise value of approximately \u00a333m in cash. The Acquisitions are subject to and conditional upon
\nNational Security and Investment Act approval which was duly received on 25 July 2023. At the date of signing
\nthese financial statements the company had not completed the acquisitions.]
\nNo other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly
\naffect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of
\naffairs in future financial years.
\n
\n\n
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"Tag243": {
"value": "\n1. GENERAL INFORMATION
\nAdvancedAdvT Limited was incorporated on 31 July 2020 in the British Virgin Islands (\u201cBVI\u201d) as a BVI business
\ncompany (registered number 2040954) under the BVI Business Company Act, 2004. The Company was listed on
\nthe Main Market of the London Stock Exchange on 4 December 2020 and has its registered address at Commerce
\nHouse, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands VG1110 and UK establishment at 11
\nBuckingham Street, London WC2N 6DF. The Company has been formed for the purpose of effecting a merger,
\nshare exchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with
\none or more businesses. The Company has one direct subsidiary, MAC I (BVI) Limited and a number of indirectly
\nheld subsidiaries named in note 10 (together with the Company, the \u201cCompany\u201d or \u201cGroup\u201d).
\n
\n",
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"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"concept": "ifrs-full:CountryOfIncorporation",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"value": "BVI businesscompany",
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"concept": "ifrs-full:LegalFormOfEntity",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"value": "CommerceHouse, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands VG1110",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"Tag250": {
"value": "11Buckingham Street, London WC2N 6DF",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
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"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
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"language": "en",
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"value": "\n
\n
\n2. ACCOUNTING POLICIES
\n\n
\n(a) Basis of preparation
\n\n
\n\nThese Financial Statements have been prepared in accordance with International Financial Reporting Standards
\n('IFRS'), as adopted by EU, and are presented in British pounds sterling, which is the presentational and functional
\ncurrency of the Company. The Financial Statements present the results for the year to 30 June 2023 with a
\ncomparative year to 30 June 2022.
\n
\n\n
\n\n
\nHistorical cost convention
\nThe financial statements have been prepared on a historical cost basis, except for the following:
\n\u2022 certain financial assets and liabilities (investments) \u2013 measured at fair value or revalued amount.
\n
\nCritical accounting estimates
\nThe preparation of the Financial Statements requires the use of certain critical accounting estimates. It also
\nrequires management to exercise its judgement in the process of applying the consolidated entity's accounting
\npolicies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and
\nestimates are significant to the Financial Statements, are disclosed in note 3.
\n
\n\n\n(b) Going concern
\nAt 30 June 2023, the Group has net assets of \u00a3123,185,690 and a cash balance of \u00a3104,696,281. The Company
\nhas sufficient resources to continue to pursue its investment strategy which may include effecting a merger, share
\nexchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or
\nmore businesses. Subject to the structure of any acquisition, the Company may need to raise additional funds to
\nfinance the acquisition in the form of equity and/or debt. The ability of the Company to raise additional funds in
\nrelation to an acquisition may affect its ability to complete that acquisition. Other factors outside of the
\nCompany\u2019s control may also impact on the Company\u2019s ability to complete that acquisition. Details of the risks
\nfaced by the Company are set out at the end of this report (pages 36 onwards).
\n
\nThe Directors have also considered the expected impact of the Covid-19 pandemic and Ukraine conflict on the
\nCompany\u2019s forecast cashflows and liabilities, concluding that prior to completing a transaction, the pandemic and
\nconflict has no material impact on the Company due to the nature of its operations. As a result, we have concluded
\nthat, at the date of approval of the Financial Statements, the Company has sufficient resources for the foreseeable
\nfuture and can continue to execute its stated strategy. Accordingly, it is appropriate to adopt the going concern
\nbasis in the preparation of the Financial Statements.
\n
\n\n
\n\n
\n
\n
\n
\n\n
\n\n
\n\n(c) New standards and amendments to International Financial Reporting Standards
\nStandards, amendments and interpretation effective and adopted by the Company
\nIFRSs applicable to the Financial Statements of the Company have been applied for the year ending 30 June 2023
\nand for the comparative year.
\nStandards issued but not yet effective
\nThe following standards are issued but not yet effective. The Company intends to adopt these standards, if
\napplicable, when they become effective. It is not expected that these standards will have a material impact on
\nthe Company.
\n
\nStandard
\nEffective date
\nAmendments to IFRS 3: References to Conceptual Framework;
\n1 January 2023
\nAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current
\nor Non-current*;
\n1 January 2023
\nDisclosure of accounting policies (Amendments to IAS 1);
\n1 January 2023
\nExtension of temporary exemption of applying IFRS 9 (Amendments to IFRS 4)
\n1 January 2023
\nDeferred Tax relating to Assets and Liabilities arising from a Single Transaction (Amendments to
\nIAS 12);
\n1 January 2023
\nInitial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information Amendment to IFRS 17)*;
\n1 January 2023
\nDefinition of accounting estimates (Amendments to IAS 8);
\n1 January 2023
\nAmendments to IFRS 17 Insurance contracts
\n1 January 2023
\n* Subject to EU endorsement
\n
\n\n
\n\n
\n\n\n
\n(d) Basis of consolidation
\n\nSubsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls
\nan entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with
\nthe entity and has the ability to affect those returns through its power to direct the activities of the entity.
\nSubsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They
\nare de-consolidated from the date that control ceases.
\nIntercompany transactions, balances and unrealised gains on transactions between entities in the consolidated
\nentity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the
\nimpairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to
\nensure consistency with the policies adopted by the consolidated entity.
\n
\n\n
\n\n\n(e) Cash and cash equivalents
\nCash is cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are
\nreadily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.
\n
\n\n\n(f) Stated capital
\nOrdinary shares and sponsor shares are classified as equity. Incremental costs directly attributable to the issue of
\nnew shares are shown in the associated stated capital as a deduction from the proceeds.
\n
\n\n
\n\n
\n
\n
\n
\n
\n\n(g) Share based payments
\nThe A ordinary shares in MAC I (BVI) Limited (the \u2018\u2018Incentive Shares\u2019\u2019), represent equity-settled share-based
\npayment arrangements under which the Company receives services as a consideration for the additional rights
\nattached to these equity shares.
\nEquity-settled share-based payments to Directors and others providing similar services are measured at the fair
\nvalue of the equity instruments at the grant date. The fair value is expensed, with a corresponding increase in
\nequity, on a straight-line basis from the grant date to the expected exercise date. Where the equity instruments
\ngranted are considered to vest immediately, the services are deemed to have been received in full, with a
\ncorresponding expense and increase in equity recognised at grant date.
\n
\n\n\n(h) Warrants
\nOn 4 December 2020, the Company issued 700,000 ordinary shares and matching warrants. Under the terms of
\nthe warrant instrument, warrant holders can acquire one ordinary share per warrant at a price of \u00a31 per ordinary
\nshare. Warrants are accounted for as equity instruments under IAS 32 and are measured at fair value at the date
\nof issue. Fair value of the warrants has been calculated using a Black Scholes option pricing methodology and
\ndetails of the estimates and judgements used in determining the fair value of the warrants are set out in note 3.
\n
\n\n\n
\n(i) Corporation tax
\nCorporation tax for the year presented comprises current and deferred tax.
\nCurrent tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially
\nenacted at the balance sheet date, and any adjustment to taxes payable in respect of previous years.
\n\nDeferred tax is provided using the balance sheet liability method, providing for temporary differences between
\nthe carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
\npurposes.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
\nagainst which the asset can be utilised. Deferred tax assets are reduced to the extent that it is not probable that
\nthe related tax benefit will be realised.
\n
\n\n
\n\n\n(j) Earnings per ordinary share
\nEarnings per ordinary share (\u201cEPS\u201d) is calculated by dividing the profit or loss attributable to ordinary shareholders
\nof the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings
\nper share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
\nconversion of all dilutive potential ordinary shares.
\n
\n\n\n
\n(k) Financial instruments
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
\nequity instrument of another entity.
\n\nFinancial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at fair value through profit or loss
\n(\u201cFVTPL\u201d), amortised cost, or fair value through other comprehensive income (\u201cFVOCI\u201d).
\n
\n\n
\n\n
\n\n
\n\n
\n
\n\n
\n
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
\ncharacteristics and the Company\u2019s business model for managing them. In order for a financial asset to be classified
\nand measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal
\nand interest\u2019 on the principal amount outstanding (the \u201cSPPI Criterion\u201d).
\nFinancial assets are initially measured at their fair value plus, for those financial assets not at fair value through
\nprofit or loss, transaction costs.
\nSubsequent measurement of financial assets
\nFinancial assets at amortised cost
\nFinancial assets are measured at amortised cost if the assets meet the following conditions (and are not
\ndesignated as FVTPL):
\n\u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual
\ncash flows, and
\n\u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and
\ninterest on the principal amount outstanding.
\nAfter initial recognition, these are measured at amortised cost using the effective interest method.
\nDiscounting is omitted where the effect of discounting is immaterial.
\n\nFinancial assets at fair value through profit or loss (FVTPL)
\nFinancial assets held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are
\ncategorised at FVTPL. Further, irrespective of the business model used, financial assets whose contractual cash
\nflows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial
\ninstruments fall into this category, except for those designated and effective as hedging instruments, for which
\nthe hedge accounting requirements apply.
\nThe category also contains an equity investment. The Company accounts for the investment at FVTPL and did not
\nmake the irrevocable election to account for the investment in M&C Saatchi plc at FVOCI. The fair value was
\ndetermined in line with the requirements of IFRS 13 \u2018Fair Value Measurement\u2019.
\nAssets in this category are measured at fair value with gains or losses recognised in profit or loss.
\nThe fair values of financial assets in this category are determined by reference to active market transactions or
\nusing a valuation technique where no active market exists.
\n
\n\n
\n\nDerecognition
\nA financial asset is primarily derecognised and removed from the consolidated statement of financial position
\nwhen the rights to receive cash flows from the asset have expired.
\n
\n\n
\n\n\n
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss.
\nAll financial liabilities are recognised initially at fair value and, in the case of payables, net of directly attributable
\ntransaction costs.
\nSubsequent measurement
\nFinancial liabilities are subsequently measured at amortised cost and in the case of interest-bearing financial
\nliabilities at amortised cost using the effective interest rate method. Gains and losses are recognised in the
\nStatement of Comprehensive Income when the liabilities are derecognised.
\n\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag245": {
"value": "\n
\n(a) Basis of preparation
\n\n
\n\nThese Financial Statements have been prepared in accordance with International Financial Reporting Standards
\n('IFRS'), as adopted by EU, and are presented in British pounds sterling, which is the presentational and functional
\ncurrency of the Company. The Financial Statements present the results for the year to 30 June 2023 with a
\ncomparative year to 30 June 2022.
\n
\n\n
\n\n
\nHistorical cost convention
\nThe financial statements have been prepared on a historical cost basis, except for the following:
\n\u2022 certain financial assets and liabilities (investments) \u2013 measured at fair value or revalued amount.
\n
\nCritical accounting estimates
\nThe preparation of the Financial Statements requires the use of certain critical accounting estimates. It also
\nrequires management to exercise its judgement in the process of applying the consolidated entity's accounting
\npolicies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and
\nestimates are significant to the Financial Statements, are disclosed in note 3.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag252": {
"value": "\n
\n\nThese Financial Statements have been prepared in accordance with International Financial Reporting Standards
\n('IFRS'), as adopted by EU, and are presented in British pounds sterling, which is the presentational and functional
\ncurrency of the Company. The Financial Statements present the results for the year to 30 June 2023 with a
\ncomparative year to 30 June 2022.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag253": {
"value": "\nThese Financial Statements have been prepared in accordance with International Financial Reporting Standards
\n('IFRS'), as adopted by EU, and are presented in British pounds sterling, which is the presentational and functional
\ncurrency of the Company. The Financial Statements present the results for the year to 30 June 2023 with a
\ncomparative year to 30 June 2022.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag254": {
"value": "\n(b) Going concern
\nAt 30 June 2023, the Group has net assets of \u00a3123,185,690 and a cash balance of \u00a3104,696,281. The Company
\nhas sufficient resources to continue to pursue its investment strategy which may include effecting a merger, share
\nexchange, asset acquisition, share or debt purchase, reorganisation or similar business combination with one or
\nmore businesses. Subject to the structure of any acquisition, the Company may need to raise additional funds to
\nfinance the acquisition in the form of equity and/or debt. The ability of the Company to raise additional funds in
\nrelation to an acquisition may affect its ability to complete that acquisition. Other factors outside of the
\nCompany\u2019s control may also impact on the Company\u2019s ability to complete that acquisition. Details of the risks
\nfaced by the Company are set out at the end of this report (pages 36 onwards).
\n
\nThe Directors have also considered the expected impact of the Covid-19 pandemic and Ukraine conflict on the
\nCompany\u2019s forecast cashflows and liabilities, concluding that prior to completing a transaction, the pandemic and
\nconflict has no material impact on the Company due to the nature of its operations. As a result, we have concluded
\nthat, at the date of approval of the Financial Statements, the Company has sufficient resources for the foreseeable
\nfuture and can continue to execute its stated strategy. Accordingly, it is appropriate to adopt the going concern
\nbasis in the preparation of the Financial Statements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag255": {
"value": "\n
\n\n
\n\n(c) New standards and amendments to International Financial Reporting Standards
\nStandards, amendments and interpretation effective and adopted by the Company
\nIFRSs applicable to the Financial Statements of the Company have been applied for the year ending 30 June 2023
\nand for the comparative year.
\nStandards issued but not yet effective
\nThe following standards are issued but not yet effective. The Company intends to adopt these standards, if
\napplicable, when they become effective. It is not expected that these standards will have a material impact on
\nthe Company.
\n
\nStandard
\nEffective date
\nAmendments to IFRS 3: References to Conceptual Framework;
\n1 January 2023
\nAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current
\nor Non-current*;
\n1 January 2023
\nDisclosure of accounting policies (Amendments to IAS 1);
\n1 January 2023
\nExtension of temporary exemption of applying IFRS 9 (Amendments to IFRS 4)
\n1 January 2023
\nDeferred Tax relating to Assets and Liabilities arising from a Single Transaction (Amendments to
\nIAS 12);
\n1 January 2023
\nInitial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information Amendment to IFRS 17)*;
\n1 January 2023
\nDefinition of accounting estimates (Amendments to IAS 8);
\n1 January 2023
\nAmendments to IFRS 17 Insurance contracts
\n1 January 2023
\n* Subject to EU endorsement
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag256": {
"value": "\n
\n\n(c) New standards and amendments to International Financial Reporting Standards
\nStandards, amendments and interpretation effective and adopted by the Company
\nIFRSs applicable to the Financial Statements of the Company have been applied for the year ending 30 June 2023
\nand for the comparative year.
\nStandards issued but not yet effective
\nThe following standards are issued but not yet effective. The Company intends to adopt these standards, if
\napplicable, when they become effective. It is not expected that these standards will have a material impact on
\nthe Company.
\n
\nStandard
\nEffective date
\nAmendments to IFRS 3: References to Conceptual Framework;
\n1 January 2023
\nAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current
\nor Non-current*;
\n1 January 2023
\nDisclosure of accounting policies (Amendments to IAS 1);
\n1 January 2023
\nExtension of temporary exemption of applying IFRS 9 (Amendments to IFRS 4)
\n1 January 2023
\nDeferred Tax relating to Assets and Liabilities arising from a Single Transaction (Amendments to
\nIAS 12);
\n1 January 2023
\nInitial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information Amendment to IFRS 17)*;
\n1 January 2023
\nDefinition of accounting estimates (Amendments to IAS 8);
\n1 January 2023
\nAmendments to IFRS 17 Insurance contracts
\n1 January 2023
\n* Subject to EU endorsement
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag257": {
"value": "\n(c) New standards and amendments to International Financial Reporting Standards
\nStandards, amendments and interpretation effective and adopted by the Company
\nIFRSs applicable to the Financial Statements of the Company have been applied for the year ending 30 June 2023
\nand for the comparative year.
\nStandards issued but not yet effective
\nThe following standards are issued but not yet effective. The Company intends to adopt these standards, if
\napplicable, when they become effective. It is not expected that these standards will have a material impact on
\nthe Company.
\n
\nStandard
\nEffective date
\nAmendments to IFRS 3: References to Conceptual Framework;
\n1 January 2023
\nAmendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current
\nor Non-current*;
\n1 January 2023
\nDisclosure of accounting policies (Amendments to IAS 1);
\n1 January 2023
\nExtension of temporary exemption of applying IFRS 9 (Amendments to IFRS 4)
\n1 January 2023
\nDeferred Tax relating to Assets and Liabilities arising from a Single Transaction (Amendments to
\nIAS 12);
\n1 January 2023
\nInitial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information Amendment to IFRS 17)*;
\n1 January 2023
\nDefinition of accounting estimates (Amendments to IAS 8);
\n1 January 2023
\nAmendments to IFRS 17 Insurance contracts
\n1 January 2023
\n* Subject to EU endorsement
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag258": {
"value": "\n
\n(d) Basis of consolidation
\n\nSubsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls
\nan entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with
\nthe entity and has the ability to affect those returns through its power to direct the activities of the entity.
\nSubsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They
\nare de-consolidated from the date that control ceases.
\nIntercompany transactions, balances and unrealised gains on transactions between entities in the consolidated
\nentity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the
\nimpairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to
\nensure consistency with the policies adopted by the consolidated entity.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag259": {
"value": "\nSubsidiaries are all those entities over which the consolidated entity has control. The consolidated entity controls
\nan entity when the consolidated entity is exposed to, or has rights to, variable returns from its involvement with
\nthe entity and has the ability to affect those returns through its power to direct the activities of the entity.
\nSubsidiaries are fully consolidated from the date on which control is transferred to the consolidated entity. They
\nare de-consolidated from the date that control ceases.
\nIntercompany transactions, balances and unrealised gains on transactions between entities in the consolidated
\nentity are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of the
\nimpairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to
\nensure consistency with the policies adopted by the consolidated entity.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag260": {
"value": "\n(e) Cash and cash equivalents
\nCash is cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are
\nreadily convertible to known amounts of cash and which are subject to insignificant risk of changes in value.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag261": {
"value": "\n(f) Stated capital
\nOrdinary shares and sponsor shares are classified as equity. Incremental costs directly attributable to the issue of
\nnew shares are shown in the associated stated capital as a deduction from the proceeds.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag262": {
"value": "\n(g) Share based payments
\nThe A ordinary shares in MAC I (BVI) Limited (the \u2018\u2018Incentive Shares\u2019\u2019), represent equity-settled share-based
\npayment arrangements under which the Company receives services as a consideration for the additional rights
\nattached to these equity shares.
\nEquity-settled share-based payments to Directors and others providing similar services are measured at the fair
\nvalue of the equity instruments at the grant date. The fair value is expensed, with a corresponding increase in
\nequity, on a straight-line basis from the grant date to the expected exercise date. Where the equity instruments
\ngranted are considered to vest immediately, the services are deemed to have been received in full, with a
\ncorresponding expense and increase in equity recognised at grant date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag263": {
"value": "\n(h) Warrants
\nOn 4 December 2020, the Company issued 700,000 ordinary shares and matching warrants. Under the terms of
\nthe warrant instrument, warrant holders can acquire one ordinary share per warrant at a price of \u00a31 per ordinary
\nshare. Warrants are accounted for as equity instruments under IAS 32 and are measured at fair value at the date
\nof issue. Fair value of the warrants has been calculated using a Black Scholes option pricing methodology and
\ndetails of the estimates and judgements used in determining the fair value of the warrants are set out in note 3.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag264": {
"value": "\n
\n(i) Corporation tax
\nCorporation tax for the year presented comprises current and deferred tax.
\nCurrent tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially
\nenacted at the balance sheet date, and any adjustment to taxes payable in respect of previous years.
\n\nDeferred tax is provided using the balance sheet liability method, providing for temporary differences between
\nthe carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
\npurposes.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
\nagainst which the asset can be utilised. Deferred tax assets are reduced to the extent that it is not probable that
\nthe related tax benefit will be realised.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag265": {
"value": "\nDeferred tax is provided using the balance sheet liability method, providing for temporary differences between
\nthe carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation
\npurposes.
\nA deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
\nagainst which the asset can be utilised. Deferred tax assets are reduced to the extent that it is not probable that
\nthe related tax benefit will be realised.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag266": {
"value": "\n(j) Earnings per ordinary share
\nEarnings per ordinary share (\u201cEPS\u201d) is calculated by dividing the profit or loss attributable to ordinary shareholders
\nof the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings
\nper share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume
\nconversion of all dilutive potential ordinary shares.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag267": {
"value": "\n
\n(k) Financial instruments
\nA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
\nequity instrument of another entity.
\n\nFinancial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at fair value through profit or loss
\n(\u201cFVTPL\u201d), amortised cost, or fair value through other comprehensive income (\u201cFVOCI\u201d).
\n
\n\n
\n\n
\n
\n\n
\n
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
\ncharacteristics and the Company\u2019s business model for managing them. In order for a financial asset to be classified
\nand measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal
\nand interest\u2019 on the principal amount outstanding (the \u201cSPPI Criterion\u201d).
\nFinancial assets are initially measured at their fair value plus, for those financial assets not at fair value through
\nprofit or loss, transaction costs.
\nSubsequent measurement of financial assets
\nFinancial assets at amortised cost
\nFinancial assets are measured at amortised cost if the assets meet the following conditions (and are not
\ndesignated as FVTPL):
\n\u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual
\ncash flows, and
\n\u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and
\ninterest on the principal amount outstanding.
\nAfter initial recognition, these are measured at amortised cost using the effective interest method.
\nDiscounting is omitted where the effect of discounting is immaterial.
\n\nFinancial assets at fair value through profit or loss (FVTPL)
\nFinancial assets held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are
\ncategorised at FVTPL. Further, irrespective of the business model used, financial assets whose contractual cash
\nflows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial
\ninstruments fall into this category, except for those designated and effective as hedging instruments, for which
\nthe hedge accounting requirements apply.
\nThe category also contains an equity investment. The Company accounts for the investment at FVTPL and did not
\nmake the irrevocable election to account for the investment in M&C Saatchi plc at FVOCI. The fair value was
\ndetermined in line with the requirements of IFRS 13 \u2018Fair Value Measurement\u2019.
\nAssets in this category are measured at fair value with gains or losses recognised in profit or loss.
\nThe fair values of financial assets in this category are determined by reference to active market transactions or
\nusing a valuation technique where no active market exists.
\n
\n\n
\n\nDerecognition
\nA financial asset is primarily derecognised and removed from the consolidated statement of financial position
\nwhen the rights to receive cash flows from the asset have expired.
\n
\n\n
\n\n\n
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss.
\nAll financial liabilities are recognised initially at fair value and, in the case of payables, net of directly attributable
\ntransaction costs.
\nSubsequent measurement
\nFinancial liabilities are subsequently measured at amortised cost and in the case of interest-bearing financial
\nliabilities at amortised cost using the effective interest rate method. Gains and losses are recognised in the
\nStatement of Comprehensive Income when the liabilities are derecognised.
\n\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag268": {
"value": "\nFinancial assets
\nInitial recognition and measurement
\nFinancial assets are classified, at initial recognition, as subsequently measured at fair value through profit or loss
\n(\u201cFVTPL\u201d), amortised cost, or fair value through other comprehensive income (\u201cFVOCI\u201d).
\n
\n\n
\n
\nThe classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
\ncharacteristics and the Company\u2019s business model for managing them. In order for a financial asset to be classified
\nand measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal
\nand interest\u2019 on the principal amount outstanding (the \u201cSPPI Criterion\u201d).
\nFinancial assets are initially measured at their fair value plus, for those financial assets not at fair value through
\nprofit or loss, transaction costs.
\nSubsequent measurement of financial assets
\nFinancial assets at amortised cost
\nFinancial assets are measured at amortised cost if the assets meet the following conditions (and are not
\ndesignated as FVTPL):
\n\u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual
\ncash flows, and
\n\u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and
\ninterest on the principal amount outstanding.
\nAfter initial recognition, these are measured at amortised cost using the effective interest method.
\nDiscounting is omitted where the effect of discounting is immaterial.
\n\nFinancial assets at fair value through profit or loss (FVTPL)
\nFinancial assets held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are
\ncategorised at FVTPL. Further, irrespective of the business model used, financial assets whose contractual cash
\nflows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial
\ninstruments fall into this category, except for those designated and effective as hedging instruments, for which
\nthe hedge accounting requirements apply.
\nThe category also contains an equity investment. The Company accounts for the investment at FVTPL and did not
\nmake the irrevocable election to account for the investment in M&C Saatchi plc at FVOCI. The fair value was
\ndetermined in line with the requirements of IFRS 13 \u2018Fair Value Measurement\u2019.
\nAssets in this category are measured at fair value with gains or losses recognised in profit or loss.
\nThe fair values of financial assets in this category are determined by reference to active market transactions or
\nusing a valuation technique where no active market exists.
\n
\n\n
\n\nDerecognition
\nA financial asset is primarily derecognised and removed from the consolidated statement of financial position
\nwhen the rights to receive cash flows from the asset have expired.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag269": {
"value": "\nFinancial assets at fair value through profit or loss (FVTPL)
\nFinancial assets held within a different business model other than \u2018hold to collect\u2019 or \u2018hold to collect and sell\u2019 are
\ncategorised at FVTPL. Further, irrespective of the business model used, financial assets whose contractual cash
\nflows are not solely payments of principal and interest are accounted for at FVTPL. All derivative financial
\ninstruments fall into this category, except for those designated and effective as hedging instruments, for which
\nthe hedge accounting requirements apply.
\nThe category also contains an equity investment. The Company accounts for the investment at FVTPL and did not
\nmake the irrevocable election to account for the investment in M&C Saatchi plc at FVOCI. The fair value was
\ndetermined in line with the requirements of IFRS 13 \u2018Fair Value Measurement\u2019.
\nAssets in this category are measured at fair value with gains or losses recognised in profit or loss.
\nThe fair values of financial assets in this category are determined by reference to active market transactions or
\nusing a valuation technique where no active market exists.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag270": {
"value": "\nDerecognition
\nA financial asset is primarily derecognised and removed from the consolidated statement of financial position
\nwhen the rights to receive cash flows from the asset have expired.
\n
\n\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag271": {
"value": "\n
\nFinancial liabilities
\nInitial recognition and measurement
\nFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss.
\nAll financial liabilities are recognised initially at fair value and, in the case of payables, net of directly attributable
\ntransaction costs.
\nSubsequent measurement
\nFinancial liabilities are subsequently measured at amortised cost and in the case of interest-bearing financial
\nliabilities at amortised cost using the effective interest rate method. Gains and losses are recognised in the
\nStatement of Comprehensive Income when the liabilities are derecognised.
\n\nDerecognition
\nA financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag272": {
"value": "\n
\n3. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES
\nThe preparation of the Financial Statements under IFRS requires the Directors to make estimates and assumptions
\nthat affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities.
\nEstimates and judgements are continually evaluated and are based on historical experience and other factors
\nincluding expectations of future events that are believed to be reasonable under the circumstances. Actual results
\nmay differ from these estimates.
\n\nKey sources of estimation uncertainty
\nShare-based payment transactions
\nThere are significant estimates and assumptions used in the valuation of the A ordinary shares in MAC I (BVI)
\nLimited (the \u201cIncentive Shares\u201d). Management has considered at the grant date, the probability of a successful
\nfirst acquisition by the Company and the potential range of values for the Incentive Shares, based on the
\ncircumstances on the grant date. The fair value of the Incentive Shares and related share-based payment expense
\nwas calculated using a Monte Carlo valuation model. A summary of the terms is set out in note 15.
\nOrdinary share warrants
\nAs part of the Company\u2019s initial fundraising on IPO, the Company issued ordinary shares to a number of investors.
\nFor every ordinary share subscribed for, each investor was also granted a warrant (\u201cWarrant\u201d) to acquire a further
\nordinary share at an exercise price of \u00a31.00 per share. The Warrants are exercisable at any time until five years
\nafter the IPO date, being 4 December 2020. The Warrants were valued using the Black Scholes option pricing
\nmethodology which considered the exercise price, expected volatility, risk free rate, expected dividends, and
\nexpected term of the Warrants. Of these factors estimates and judgement are required when determining the
\nexpected volatility, dividends, and warrant term.
\n
\n\nCritical accounting judgements
\nCoronavirus (COVID-19) pandemic and Ukraine conflict
\nJudgement has been exercised in considering the impact that both the Coronavirus (COVID-19) pandemic and
\nUkraine conflict has had, or may have, on the Company based on known information. This consideration extends
\nto the nature of the products and services offered, customers, supply chain, staffing and geographic regions in
\nwhich the consolidated entity operates. Other than as addressed in the risks at the end of this report, there does
\nnot currently appear to be either any significant impact upon the Financial Statements or any significant
\nuncertainties with respect to events or conditions which may impact the consolidated entity unfavourably as at
\nthe reporting date or subsequently because of both the Coronavirus (COVID-19) pandemic and Ukraine conflict
\nbased on the Company\u2019s current position and operations.
\nRecovery of deferred tax assets
\nDeferred tax assets are recognised for deductible temporary differences only if the consolidated entity considers
\nit is probable that future taxable amounts will be available to utilise those temporary differences and losses.
\nFor the year to 30 June 2023, the Directors do not consider that they have made any other significant estimates,
\njudgments or assumptions which would materially affect the balances and results reported in these Financial
\nStatements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag273": {
"value": "\nKey sources of estimation uncertainty
\nShare-based payment transactions
\nThere are significant estimates and assumptions used in the valuation of the A ordinary shares in MAC I (BVI)
\nLimited (the \u201cIncentive Shares\u201d). Management has considered at the grant date, the probability of a successful
\nfirst acquisition by the Company and the potential range of values for the Incentive Shares, based on the
\ncircumstances on the grant date. The fair value of the Incentive Shares and related share-based payment expense
\nwas calculated using a Monte Carlo valuation model. A summary of the terms is set out in note 15.
\nOrdinary share warrants
\nAs part of the Company\u2019s initial fundraising on IPO, the Company issued ordinary shares to a number of investors.
\nFor every ordinary share subscribed for, each investor was also granted a warrant (\u201cWarrant\u201d) to acquire a further
\nordinary share at an exercise price of \u00a31.00 per share. The Warrants are exercisable at any time until five years
\nafter the IPO date, being 4 December 2020. The Warrants were valued using the Black Scholes option pricing
\nmethodology which considered the exercise price, expected volatility, risk free rate, expected dividends, and
\nexpected term of the Warrants. Of these factors estimates and judgement are required when determining the
\nexpected volatility, dividends, and warrant term.
\n
\n",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag274": {
"value": "\n4. SEGMENT INFORMATION
\nThe Board of Directors is the Company\u2019s chief operating decision-maker. As the Company has not yet commenced
\ntrading, the Board of Directors considers the Company as a whole for the purposes of assessing performance and
\nallocating resources, and therefore the Company has one reportable operating segment.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag275": {
"value": "\n
\n\n
\n5. EMPLOYEES AND DIRECTORS
\n\n(a) Employment costs for the Company during the year:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nWages and salaries
\n190,000
\n190,000
\nPension contributions
\n7,000
\n7,000
\nSocial security costs
\n24,425
\n24,299
\nOther employment related expenses
\n2,309
\n3,003
\nTotal employment costs expense
\n223,734
\n224,302
\nOn 31 December 2020, Vin Murria OBE was appointed as Chairman of the Company. Under the terms of Vin
\nMurria OBE\u2019s appointment letter, Vin was entitled to a fee of \u00a350,000 per annum. As at 23 March 2021 Vin waived
\nher entitlement to fees until completion of the first acquisition. Mark Brangstrup Watts is also not currently
\nreceiving director\u2019s fees, however, on completion of the first acquisition, it is currently intended that Mark will
\nalso receive a fee for his services. Karen Chandler is both entitled and receiving an annual fee of \u00a350,000 for her
\nservices as a non-executive director.
\n
\n\n(b) Key management compensation
\nThe Board considers the Directors of the Company to be the key management personnel of the Company.
\n(c) Employed persons
\nThe average monthly number of persons employed by the Company (including Directors) during the year was as
\nfollows:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\nnumber
\nNumber
\nDirectors
\n2
\n2
\n
\n2
\n2
\nIncluded within accruals is \u00a3nil, which relates to unpaid directors\u2019 remuneration.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag276": {
"value": "\n
\n5. EMPLOYEES AND DIRECTORS
\n\n(a) Employment costs for the Company during the year:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nWages and salaries
\n190,000
\n190,000
\nPension contributions
\n7,000
\n7,000
\nSocial security costs
\n24,425
\n24,299
\nOther employment related expenses
\n2,309
\n3,003
\nTotal employment costs expense
\n223,734
\n224,302
\nOn 31 December 2020, Vin Murria OBE was appointed as Chairman of the Company. Under the terms of Vin
\nMurria OBE\u2019s appointment letter, Vin was entitled to a fee of \u00a350,000 per annum. As at 23 March 2021 Vin waived
\nher entitlement to fees until completion of the first acquisition. Mark Brangstrup Watts is also not currently
\nreceiving director\u2019s fees, however, on completion of the first acquisition, it is currently intended that Mark will
\nalso receive a fee for his services. Karen Chandler is both entitled and receiving an annual fee of \u00a350,000 for her
\nservices as a non-executive director.
\n
\n\n(b) Key management compensation
\nThe Board considers the Directors of the Company to be the key management personnel of the Company.
\n(c) Employed persons
\nThe average monthly number of persons employed by the Company (including Directors) during the year was as
\nfollows:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\nnumber
\nNumber
\nDirectors
\n2
\n2
\n
\n2
\n2
\nIncluded within accruals is \u00a3nil, which relates to unpaid directors\u2019 remuneration.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag277": {
"value": "\n(a) Employment costs for the Company during the year:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nWages and salaries
\n190,000
\n190,000
\nPension contributions
\n7,000
\n7,000
\nSocial security costs
\n24,425
\n24,299
\nOther employment related expenses
\n2,309
\n3,003
\nTotal employment costs expense
\n223,734
\n224,302
\nOn 31 December 2020, Vin Murria OBE was appointed as Chairman of the Company. Under the terms of Vin
\nMurria OBE\u2019s appointment letter, Vin was entitled to a fee of \u00a350,000 per annum. As at 23 March 2021 Vin waived
\nher entitlement to fees until completion of the first acquisition. Mark Brangstrup Watts is also not currently
\nreceiving director\u2019s fees, however, on completion of the first acquisition, it is currently intended that Mark will
\nalso receive a fee for his services. Karen Chandler is both entitled and receiving an annual fee of \u00a350,000 for her
\nservices as a non-executive director.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag278": {
"value": "\n
\n\n
\n6. ADMINISTRATIVE EXPENSES BY NATURE
\n
\nFor the year
\nended
\n30 June 2023
\nFor the year
\nended
\n30 June 2022
\nCompany administrative expenses by nature
\n\u00a3
\n\u00a3
\nDirectors\u2019 fees
\n223,734
\n224,302
\nProfessional fees
\n155,256
\n110,584
\nNon-recurring project costs
\n432,021
\n2,750,468
\nListing fees
\n52,248
\n69,295
\nShare based payment expense
\n95,853
\n95,854
\nBranding and website cost
\n39,966
\n6,910
\nTravel and entertainment
\n5,301
\n3,654
\nBank charges
\n1,150
\n1,233
\n
\n1,005,529
\n3,262,300
\n\nThe Company\u2019s independent auditor, Baker Tilly Channel Islands Limited, has fees amounting to \u00a318,070 for the
\nfinal year end audit.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag279": {
"value": "\n
\n6. ADMINISTRATIVE EXPENSES BY NATURE
\n
\nFor the year
\nended
\n30 June 2023
\nFor the year
\nended
\n30 June 2022
\nCompany administrative expenses by nature
\n\u00a3
\n\u00a3
\nDirectors\u2019 fees
\n223,734
\n224,302
\nProfessional fees
\n155,256
\n110,584
\nNon-recurring project costs
\n432,021
\n2,750,468
\nListing fees
\n52,248
\n69,295
\nShare based payment expense
\n95,853
\n95,854
\nBranding and website cost
\n39,966
\n6,910
\nTravel and entertainment
\n5,301
\n3,654
\nBank charges
\n1,150
\n1,233
\n
\n1,005,529
\n3,262,300
\n\nThe Company\u2019s independent auditor, Baker Tilly Channel Islands Limited, has fees amounting to \u00a318,070 for the
\nfinal year end audit.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag280": {
"value": "\nThe Company\u2019s independent auditor, Baker Tilly Channel Islands Limited, has fees amounting to \u00a318,070 for the
\nfinal year end audit.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag281": {
"value": "\n7. FINANCE INCOME
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nInterest from cash and cash equivalents
\n3,217,537
\n346,917
\nDividends from listed equity securities
\n180,000
\n-
\n
\n3,397,537
\n346,917
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag282": {
"value": "\n
\n8. TAXATION
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nAnalysis of tax in year
\n
\n
\nCurrent tax on profits for the year
\n-
\n-
\nTotal current tax
\n-
\n-
\n
\nThe central management and control of the Company is exercised in the UK and accordingly the Company is
\ntreated as tax resident in the UK.
\n\nReconciliation of effective rate and tax charge:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nProfit/ (Loss) on ordinary activities before tax
\n1,432,008
\n(7,715,383)
\nExpenses not deductible for tax purposes
\n1,059,623
\n4,896,942
\nOver allowance for the tax charge recognised in the prior year
\n-
\n252,708
\nProfit/ (Loss)on ordinary activities subject to corporation tax
\n2,491,631
\n(2,565,733)
\nProfit/ (Loss)on ordinary activities multiplied by the rate of corporation tax in
\nthe UK of 25% (2022: 19%)
\n622,908
\n(487,489)
\nEffects of:
\n
\n
\nLosses (utilised)/ carried forward for which no deferred tax recognised
\n(622,908)
\n487,489
\nTotal taxation charge
\n-
\n-
\nAs at 30 June 2023, cumulative tax losses available to carry forward against future trading profits were \u00a32,425,877
\nsubject to agreement with HM Revenue & Customs. Prior to an acquisition, there is no certainty as to future
\nprofits and no deferred tax asset is recognised in relation to these carried forward losses.
\nUK companies can carry forward trading losses indefinitely and can be carried back 1 year (or in certain limited
\ncircumstances up to 3 years). Companies have 4 years from the end of the tax year in question to report losses,
\neither on a tax return or in writing to HMRC.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag283": {
"value": "\nReconciliation of effective rate and tax charge:
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nProfit/ (Loss) on ordinary activities before tax
\n1,432,008
\n(7,715,383)
\nExpenses not deductible for tax purposes
\n1,059,623
\n4,896,942
\nOver allowance for the tax charge recognised in the prior year
\n-
\n252,708
\nProfit/ (Loss)on ordinary activities subject to corporation tax
\n2,491,631
\n(2,565,733)
\nProfit/ (Loss)on ordinary activities multiplied by the rate of corporation tax in
\nthe UK of 25% (2022: 19%)
\n622,908
\n(487,489)
\nEffects of:
\n
\n
\nLosses (utilised)/ carried forward for which no deferred tax recognised
\n(622,908)
\n487,489
\nTotal taxation charge
\n-
\n-
\nAs at 30 June 2023, cumulative tax losses available to carry forward against future trading profits were \u00a32,425,877
\nsubject to agreement with HM Revenue & Customs. Prior to an acquisition, there is no certainty as to future
\nprofits and no deferred tax asset is recognised in relation to these carried forward losses.
\nUK companies can carry forward trading losses indefinitely and can be carried back 1 year (or in certain limited
\ncircumstances up to 3 years). Companies have 4 years from the end of the tax year in question to report losses,
\neither on a tax return or in writing to HMRC.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag284": {
"value": "\n9. PROFIT/(LOSS) PER ORDINARY SHARE
\nBasic EPS is calculated by dividing the profit or loss attributable to equity holders of a company by the weighted
\naverage number of ordinary shares in issue during the year. Diluted EPS is calculated by adjusting the weighted
\naverage number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
\n
\n\nThe Company had previously issued 700,000 warrants, each of which is convertible into one ordinary share. The
\nCompany made a loss in the prior year, which would result in the warrants being anti-dilutive. Therefore, the
\nwarrants have not been included in the calculation of diluted earnings per share in the prior year.
\n
\n
\nFor the year
\nended 30 June
\n2023
\nFor the year
\nended 30 June
\n2022
\nProfit/ (Loss) attributable to owners of the parent
\n1,432,008
\n(7,715,383)
\nWeighted average number of ordinary shares in issue
\n133,200,000
\n133,200,000
\nWeighted average number of ordinary shares for diluted EPS
\n133,200,000
\n133,200,000
\nBasic profit/ (loss) per ordinary share (\u00a3)
\n0.01
\n(0.06)
\nDiluted Profit per ordinary share (\u00a3)
\n0.01
\n-
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag285": {
"value": "\n10. INVESTMENTS
\nPrincipal subsidiary undertakings of the Company
\nThe Company directly owns the whole of the issued ordinary share capital of its subsidiary undertaking. Details of
\nthe Company\u2019s subsidiary are presented below:
\n
\n
\n
\nSubsidiary
\nNature of business
\nCountry of
\nincorporation
\nProportion
\nof ordinary
\nshares held
\nby parent
\nProportion of
\nordinary
\nshares held by
\nthe Company
\n
\n
\n
\n
\n
\nMAC I (BVI) Limited
\n Incentive vehicle
\nBVI
\n100%
\n100%
\n
\nThe registered office of MAC I (BVI) Limited Commerce House, Wickhams Cay 1, Road Town, Tortola, British Virgin
\nIslands VG1110.
\n
\nDetails of the indirectly held subsidiaries are presented below:
\n
\n
\n
\nSubsidiary
\nNature of business
\nCountry of
\nincorporation
\nProportion of ordinary shares
\nheld by the Group
\n
\n
\n
\n
\nADV Holding Group Limited
\n Holding company
\nEngland and Wales
\n100%
\nADV Finance Holding Limited
\nHolding company
\nEngland and Wales
\n100%
\nADV People Holding Limited
\nHolding company
\nEngland and Wales
\n100%
\nADV US Inc.
\nHolding company
\nUSA
\n100%
\nADV Data Holding Limited
\nHolding company
\nEngland and Wales
\n100%
\n
\n\n
\n\n
\n\n
\n
\nFinancial assets of the Company
\nThe Company directly owns equity investments for which the Company has not elected to recognise fair value
\ngains and losses through Other Comprehensive Income.
\n
\n\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nLevel 1 Financial assets at fair value through profit or loss (FVTPL)
\n18,240,000
\n19,200,000
\n
\n18,240,000
\n19,200,000
\n
\n\n
\nThere were no transfers between levels for fair value measurements during the year. The Company\u2019s policy is to
\nrecognise transfers into and out of fair value hierarchy levels as at the end of the reporting period.
\na) Level 1: The fair value of financial instruments traded in active markets (such as publicly traded
\nderivatives, and equity securities) is based on quoted market prices at the end of the reporting period.
\nThe quoted market price used for financial assets held by the Company is the current bid price. These
\ninstruments are included in level 1.
\nb) Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over-the
\ncounter derivatives) is determined using valuation techniques that maximise the use of observable
\nmarket data and rely as little as possible on entity-specific estimates. If all significant inputs required to
\nfair value an instrument are observable, the instrument is included in level 2.
\nc) Level 3: If one or more of the significant inputs is not based on observable market data, the instrument
\nis included in level 3. This is the case for unlisted equity securities. During the year, the following
\ngains/(losses) were recognised in profit or loss:
\n
\n\nFor year ended
\n30 June 2023
\nFor year ended
\n30 June 2022
\n
\n\u00a3
\n\u00a3
\nFair value (losses) on equity investments at FVTPL recognised in other
\n(losses)
\n(960,000)
\n(4,800,000)
\n
\n(960,000)
\n(4,800,000)
\n
\n\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag286": {
"value": "\n
\n\n
\n
\nFinancial assets of the Company
\nThe Company directly owns equity investments for which the Company has not elected to recognise fair value
\ngains and losses through Other Comprehensive Income.
\n
\n\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nLevel 1 Financial assets at fair value through profit or loss (FVTPL)
\n18,240,000
\n19,200,000
\n
\n18,240,000
\n19,200,000
\n
\n\n
\nThere were no transfers between levels for fair value measurements during the year. The Company\u2019s policy is to
\nrecognise transfers into and out of fair value hierarchy levels as at the end of the reporting period.
\na) Level 1: The fair value of financial instruments traded in active markets (such as publicly traded
\nderivatives, and equity securities) is based on quoted market prices at the end of the reporting period.
\nThe quoted market price used for financial assets held by the Company is the current bid price. These
\ninstruments are included in level 1.
\nb) Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over-the
\ncounter derivatives) is determined using valuation techniques that maximise the use of observable
\nmarket data and rely as little as possible on entity-specific estimates. If all significant inputs required to
\nfair value an instrument are observable, the instrument is included in level 2.
\nc) Level 3: If one or more of the significant inputs is not based on observable market data, the instrument
\nis included in level 3. This is the case for unlisted equity securities. During the year, the following
\ngains/(losses) were recognised in profit or loss:
\n
\n\nFor year ended
\n30 June 2023
\nFor year ended
\n30 June 2022
\n
\n\u00a3
\n\u00a3
\nFair value (losses) on equity investments at FVTPL recognised in other
\n(losses)
\n(960,000)
\n(4,800,000)
\n
\n(960,000)
\n(4,800,000)
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag287": {
"value": "\n
\n
\nFinancial assets of the Company
\nThe Company directly owns equity investments for which the Company has not elected to recognise fair value
\ngains and losses through Other Comprehensive Income.
\n
\n\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nLevel 1 Financial assets at fair value through profit or loss (FVTPL)
\n18,240,000
\n19,200,000
\n
\n18,240,000
\n19,200,000
\n
\n\n
\nThere were no transfers between levels for fair value measurements during the year. The Company\u2019s policy is to
\nrecognise transfers into and out of fair value hierarchy levels as at the end of the reporting period.
\na) Level 1: The fair value of financial instruments traded in active markets (such as publicly traded
\nderivatives, and equity securities) is based on quoted market prices at the end of the reporting period.
\nThe quoted market price used for financial assets held by the Company is the current bid price. These
\ninstruments are included in level 1.
\nb) Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over-the
\ncounter derivatives) is determined using valuation techniques that maximise the use of observable
\nmarket data and rely as little as possible on entity-specific estimates. If all significant inputs required to
\nfair value an instrument are observable, the instrument is included in level 2.
\nc) Level 3: If one or more of the significant inputs is not based on observable market data, the instrument
\nis included in level 3. This is the case for unlisted equity securities. During the year, the following
\ngains/(losses) were recognised in profit or loss:
\n
\n\nFor year ended
\n30 June 2023
\nFor year ended
\n30 June 2022
\n
\n\u00a3
\n\u00a3
\nFair value (losses) on equity investments at FVTPL recognised in other
\n(losses)
\n(960,000)
\n(4,800,000)
\n
\n(960,000)
\n(4,800,000)
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag288": {
"value": "\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nLevel 1 Financial assets at fair value through profit or loss (FVTPL)
\n18,240,000
\n19,200,000
\n
\n18,240,000
\n19,200,000
\n
\n\nFor year ended
\n30 June 2023
\nFor year ended
\n30 June 2022
\n
\n\u00a3
\n\u00a3
\nFair value (losses) on equity investments at FVTPL recognised in other
\n(losses)
\n(960,000)
\n(4,800,000)
\n
\n(960,000)
\n(4,800,000)
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag289": {
"value": "\n
\n11. TRADE AND OTHER RECEIVABLES
\n
\n\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nAmounts receivable in one year:
\n
\n
\nPrepayments
\n106,129
\n11,271
\nOther receivables
\n509,553
\n65,488
\nVAT receivable
\n394,741
\n24,726
\n
\n1,010,423
\n101,485
\n
\n\nOther receivables are all current.
\nThere is no material difference between the book value and the fair value of the receivables. Receivables are
\nconsidered to be past due once they have passed their contracted due date.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag290": {
"value": "\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nAmounts receivable in one year:
\n
\n
\nPrepayments
\n106,129
\n11,271
\nOther receivables
\n509,553
\n65,488
\nVAT receivable
\n394,741
\n24,726
\n
\n1,010,423
\n101,485
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag225": {
"value": "\n12. CASH AND CASH EQUIVALENTS
\n
\n
\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nCash and cash equivalents
\n
\n
\nCash at bank
\n47,741,876
\n64,169,997
\nDeposits on call
\n56,954,405
\n40,000,000
\n
\n104,696,281
\n104,169,997
\n
\nCredit risk is managed on a Company basis. Credit risk arises from cash and cash equivalents and deposits with
\nbanks and financial institutions. For banks and financial institutions, only independently rated parties with a
\nminimum short-term credit rating of P-1, as issued by Moody\u2019s, are accepted.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag226": {
"value": "\n
\n13. TRADE AND OTHER PAYABLES
\n
\n\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nAmounts falling due within one year:
\n
\n
\nTrade payables
\n111,129
\n125,768
\nAccruals
\n534,041
\n1,572,041
\nA ordinary share liability
\n115,844
\n115,844
\n
\n761,014
\n1,813,653
\n
\n\n
\nThere is no material difference between the book value and the fair value of the trade and other payables.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag227": {
"value": "\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\n
\n\u00a3
\n\u00a3
\nAmounts falling due within one year:
\n
\n
\nTrade payables
\n111,129
\n125,768
\nAccruals
\n534,041
\n1,572,041
\nA ordinary share liability
\n115,844
\n115,844
\n
\n761,014
\n1,813,653
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag228": {
"value": "\n
\n\n14. EQUITY AND RESERVES
\n
\nStated capital
\nStated capital
\nAuthorised
\n
\n
\nUnlimited ordinary shares of no par value
\n
\n
\nUnlimited A shares of no par value
\n
\n
\n100 sponsor shares of no par value
\n
\n
\n
\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\nIssued
\n\u00a3
\n\u00a3
\n133,200,000 ordinary shares of no par value
\n131,166,131
\n131,166,131
\n2 sponsor shares of no par value
\n2
\n2
\n
\nOrdinary and Sponsor share rights
\nHolders of ordinary shares are entitled to receive notice and attend and vote at any meeting of members, the
\nright to a share in any distribution paid by the Company and a right to a share in the distribution of the surplus
\nassets of the Company on a winding up.
\n
\n\n
\n\n
\n\nThe Sponsor Shares:
\n\u2022 confer upon the holders no rights to dividends or distributions (including on the Company\u2019s liquidation);
\n\u2022 confer upon the holders no right to receive notice of or attend and vote as a member at any meeting of
\nmembers (provided that if at any time the Sponsor Shares are the only shares in issue each holder of
\nSponsor Shares shall have the right to receive notice of, attend and vote as a member at any meeting of
\nmembers);
\n\u2022 are not convertible or exchangeable for any other class or series of shares of the Company;
\n\u2022 for so long as the holder of a Sponsor Share, holds directly or indirectly 5 per cent. or more of the issued
\nand outstanding shares of the Company (of whatever class other than any Sponsor Shares), the holder
\nof a Sponsor Share has the right to appoint one director to the Board;
\n\u2022 confer upon any holder the right to require that: (i) any purchase of Ordinary Shares; or (ii) the
\nCompany\u2019s ability to amend the Memorandum and Articles, be subject to a special resolution of
\nmembers whilst a holder of a Sponsor Share holds directly or indirectly 5 per cent. or more of the issued
\nand outstanding shares of the Company or a holder of a Sponsor Share also hold Incentive Shares.
\n\u2022 confer certain control rights whilst a holder of the Sponsor Share holds directly or indirectly 5 per cent.
\nor more of the issued and outstanding shares of the Company (of whatever class other than any Sponsor
\nShares), or is a holder of a Sponsor Share and holds Incentive Shares, such that the Company shall not,
\nwithout the prior vote or consent of holders of all of the Sponsor Shares:
\n\u2022 Issue any further Sponsor Shares;
\n\u2022 amend, alter or repeal any existing or introduce any new share-based compensation or incentive
\nscheme in the Company; and
\n\u2022 issue any class of shares on a non pre-emptive basis where the Company would be required to issue
\nsuch share pre-emptively if it were incorporated under the UK Companies Act 2006 and acting in
\naccordance with the Pre-Emption Company\u2019s Statement of Principles; or
\n\u2022 take any action that would not be permitted (or would only be permitted after an affirmative
\nshareholder vote) if the Company were admitted to the Premium Segment of the Official List;
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag229": {
"value": "\n14. EQUITY AND RESERVES
\n
\nStated capital
\nStated capital
\nAuthorised
\n
\n
\nUnlimited ordinary shares of no par value
\n
\n
\nUnlimited A shares of no par value
\n
\n
\n100 sponsor shares of no par value
\n
\n
\n
\nAs at 30 June
\n2023
\nAs at 30 June
\n2022
\nIssued
\n\u00a3
\n\u00a3
\n133,200,000 ordinary shares of no par value
\n131,166,131
\n131,166,131
\n2 sponsor shares of no par value
\n2
\n2
\n
\nOrdinary and Sponsor share rights
\nHolders of ordinary shares are entitled to receive notice and attend and vote at any meeting of members, the
\nright to a share in any distribution paid by the Company and a right to a share in the distribution of the surplus
\nassets of the Company on a winding up.
\n
\n\nThe Sponsor Shares:
\n\u2022 confer upon the holders no rights to dividends or distributions (including on the Company\u2019s liquidation);
\n\u2022 confer upon the holders no right to receive notice of or attend and vote as a member at any meeting of
\nmembers (provided that if at any time the Sponsor Shares are the only shares in issue each holder of
\nSponsor Shares shall have the right to receive notice of, attend and vote as a member at any meeting of
\nmembers);
\n\u2022 are not convertible or exchangeable for any other class or series of shares of the Company;
\n\u2022 for so long as the holder of a Sponsor Share, holds directly or indirectly 5 per cent. or more of the issued
\nand outstanding shares of the Company (of whatever class other than any Sponsor Shares), the holder
\nof a Sponsor Share has the right to appoint one director to the Board;
\n\u2022 confer upon any holder the right to require that: (i) any purchase of Ordinary Shares; or (ii) the
\nCompany\u2019s ability to amend the Memorandum and Articles, be subject to a special resolution of
\nmembers whilst a holder of a Sponsor Share holds directly or indirectly 5 per cent. or more of the issued
\nand outstanding shares of the Company or a holder of a Sponsor Share also hold Incentive Shares.
\n\u2022 confer certain control rights whilst a holder of the Sponsor Share holds directly or indirectly 5 per cent.
\nor more of the issued and outstanding shares of the Company (of whatever class other than any Sponsor
\nShares), or is a holder of a Sponsor Share and holds Incentive Shares, such that the Company shall not,
\nwithout the prior vote or consent of holders of all of the Sponsor Shares:
\n\u2022 Issue any further Sponsor Shares;
\n\u2022 amend, alter or repeal any existing or introduce any new share-based compensation or incentive
\nscheme in the Company; and
\n\u2022 issue any class of shares on a non pre-emptive basis where the Company would be required to issue
\nsuch share pre-emptively if it were incorporated under the UK Companies Act 2006 and acting in
\naccordance with the Pre-Emption Company\u2019s Statement of Principles; or
\n\u2022 take any action that would not be permitted (or would only be permitted after an affirmative
\nshareholder vote) if the Company were admitted to the Premium Segment of the Official List;
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag230": {
"value": "\n15. SHARE BASED PAYMENTS
\nThe Company has put in place a long-term incentive plan (\u201cLTIP\u201d), to ensure an alignment with all Shareholders,
\nand which reflects the high competition for the best executive management talent.
\nThe general principles of the Company\u2019s compensation strategy are to be:
\n\u2022 Proportionate: to the role and risk being taken by the participant and reflecting the participants\u2019 value to
\ndelivering outstanding, sustainable shareholder returns;
\n\u2022 Transparent: the compensation structure and its associated terms should be transparent to investors and the
\nimpact of the scheme clearly communicated to investors on an ongoing basis;
\n \u2022 Performance Based: minimum performance criteria should be based on all equity issuance over the lifetime of
\nthe relevant measurement period, subject to minimum preferred returns and based only on a share of equity
\nprofits generated; and
\n\u2022 Drive Sustainable Value Creation: incentive arrangements should be structured to encourage the creation of
\nsustainable returns over the long term through long term vesting and a lengthy performance measurement
\nperiod.
\nThe LTIP will only reward the participants if shareholder value is created. This ensures alignment of the interests
\nof management, being Vin Murria, Gavin Hugill and Karen Chandler at the balance sheet date, and Marwyn (in
\nwhich Mark Brangstrup Watts is beneficially interested through their indirect interest in Marwyn Long Term
\n
\n\nIncentive LP (\u201cMLTI\u201d)) directly with those of shareholders. It is the expectation that the LTIP will ultimately include
\nsenior executives of the acquired companies.
\nPreferred Return
\nThe incentive arrangements are subject to the Company\u2019s shareholders achieving a preferred return of at least
\n7.5 per cent. per annum on a compounded basis on the capital they have invested from time to time (with
\ndividends and returns of capital being treated as a reduction in the amount invested at the relevant time) (the
\n\u201cPreferred Return\u201d).
\nIncentive Value
\nSubject to a number of provisions detailed below, if the Preferred Return and at least one of the vesting conditions
\nhave been met, the holders of the Incentive Shares can give notice to redeem their Incentive Shares for ordinary
\nshares in the Company (\u201cOrdinary Shares\u201d) for an aggregate value equivalent to 20 per cent. of the \u201cGrowth\u201d,
\nwhere Growth means the excess of the total equity value of the Company and other shareholder returns over
\nand above its aggregate paid up share capital (20 per cent. of the Growth being the \u201cIncentive Value\u201d). 15% of
\nthe gross incentive value is attributable to the A1 ordinary shares and 5% is attributable to the A2 ordinary shares.
\nGrant date
\nThe grant date of the Incentive Shares will be deemed to be the date that such shares are issued.
\n
\nRedemption / Exercise
\nUnless otherwise determined and subject to the redemption conditions having been met, the Company and the
\nholders of the Incentive Shares have the right to exchange each Incentive Share for Ordinary Shares, which will
\nbe dilutive to the interests of the holders of Ordinary Shares. However, if the Company has sufficient cash
\nresources and the Company so determines, the Incentive Shares may instead be redeemed for cash.
\nCircumstances where the Company may exercise this right include, but are not limited to, where the Company is
\nnot authorised to issue additional Ordinary Shares or on the winding-up or takeover of the Company. However,
\nit is currently expected that in the ordinary course of business, Incentive Shares will be exchanged for Ordinary
\nShares.
\nAny holder of Incentive Shares who exercises their Incentive Shares prior to other holders is entitled to their
\nproportion of the Incentive Value to the date that they exercise but no more. Their proportion is determined by
\nthe number of Incentive Shares they hold relative to the total number of issued shares of the same class.
\n
\nVesting Conditions and Vesting Period
\nThe Incentive Shares are subject to certain vesting conditions, at least one of which must be (and continue to be)
\nsatisfied for a holder of Incentive Shares to exercise its redemption right, which right begins on the third
\nanniversary and ends on the seventh anniversary of the date of the Company\u2019s initial acquisition.
\n
\nThe vesting conditions are as follows:
\ni. it is later than the third anniversary of the initial acquisition;
\nii. a sale of all or substantially all the revenue or net assets of the business of the Subsidiary in
\ncombination with the distribution of the net proceeds of that sale to the Company and then to its
\nshareholders;
\niii. a sale of all the issued ordinary shares of the Subsidiary or a merger of the Subsidiary in combination
\nwith the distribution of the net proceeds of that sale or merger to the Company\u2019s shareholders;
\niv. whereby corporate action or otherwise, the Company effects an in-specie distribution of all or
\nsubstantially all the assets of the Company to the Company\u2019s shareholders;
\n
\n\nv. aggregate cash dividends and cash capital returns to the Company\u2019s Shareholders are greater than or
\nequal to aggregate subscription proceeds received by the Company;
\nvi. a winding up of the Company;
\nvii. a winding up of the Subsidiary; or
\nviii. a sale, merger or change of control of the Company.
\nIf any of the vesting conditions described in paragraphs (ii) to (viii) above are satisfied before the third anniversary
\nof the initial acquisition, the A Shares will be treated as having vested in full.
\nLeaver, lock-in and clawback provisions
\nIn addition to the vesting conditions above, lock-in periods, leaver provisions, and clawback provisions have been
\nentered into by all the holders of the A1 ordinary shares in MAC I (BVI) Limited in issue at the balance sheet date.
\nThe shares will vest on a straight-line basis over 3 years from the acquisition date, save on an exit event when the
\nIncentive Shares will vest in full. If deemed a good leaver vested Incentive Shares will be retained, but any
\nunvested shares will be forfeited.
\nEither cash/securities received upon exercise (for example on a distribution in specie) in the prior 36 months (less
\ntax amounts paid) of the Incentive Shares being exercised, and/or the remaining Ordinary shares/Incentive Shares
\nheld may be clawed back if the holder commits: (i) gross misconduct, (ii) fraud (iii) a criminal act, or (iv) a material
\nbreach of any post termination covenants or restrictions in the holder\u2019s contract with the Company (if applicable),
\nand (v) the combination of (a) a requirement that the Parent materially restate the audited consolidated accounts
\nof the Parent or the Company (excluding for any reason of change in accounting practice or accounting standards);
\nand (b) thereafter, a determination by the Remuneration Committee (or Board until the establishment of a
\nRemuneration Committee \u2013 acting in good faith) that, had such audited consolidated accounts been correct at
\nthe time of exchange of such A1 Shares, the Subscriber or any of the Subscriber\u2019s Associates would not have
\nreceived the full payment to which he or it was owed (or the full number of Parent Ordinary Shares he or it was
\nissued).
\nHolders of the shares have agreed that if they exchange some or all their Incentive Shares for an allotment of
\nOrdinary Shares, they shall not be permitted to enter into an agreement to give effect to any transfer of the
\nOrdinary Shares so allotted at any time during the period of 12 months and one day following the date of such
\nallotment save in certain limited circumstances.
\nHolding of Incentive Shares
\nMLTI, Vin Murria, Gavin Hugill and Karen Chandler hold Incentive Shares entitling them in aggregate to 100 per
\ncent. of the Incentive Value. Any future management partners or senior executive management team members
\nreceiving Incentive Shares will be dilutive to the interests of existing holders of Incentive Shares, however the
\nshare of the Growth of the Incentive Shares in aggregate will not increase.
\n
\n\nIssue Date
\nName
\nShare
\nDesignation
\nat balance
\nsheet date
\nNominal
\nPrice
\nIssue price
\nper A
\nordinary
\nshare
\nNumber
\nof A
\nordinary
\nshares
\nUnrestricted
\nmarket value
\nat grant date
\nIFRS 2 Fair
\nValue
\n25/11/2020
\nMarwyn Long Term
\nIncentive LP
\nA2
\n\u00a30.01
\n\u00a37.50
\n2,000
\n\u00a315,000
\n\u00a3169,960
\n31/12/2020
\nVin Murria OBE
\nA1
\n\u00a30.01
\n\u00a35.42
\n6,000
\n\u00a332,500
\n\u00a3354,050
\n05/02/2021
\nGavin Hugill
\nA1
\n\u00a30.01
\n\u00a325.56
\n600
\n\u00a315,336
\n\u00a365,040
\n15/02/2021
\nKaren Chandler
\nA1
\n\u00a30.01
\n\u00a336.67
\n600
\n\u00a322,000
\n\u00a393,415
\n17/03/2021
\nVin Murria OBE
\nA1
\n\u00a30.01
\n\u00a34.79
\n9,600
\n\u00a346,008
\n\u00a3195,120
\n
\nValuation of Incentive Shares
\nValuations were performed by Deloitte using a Monte Carlo model and ascertaining a fair value at each date.
\nDetails of the valuation methodology and estimates and judgements used in determining the fair value are noted
\nherewith and were in accordance with IFRS 2 at grant date.
\nThere are significant estimates and assumptions used in the valuation of the Incentive Shares. Management has
\nconsidered at the grant date, the probability of a successful first acquisition by the Company and the potential
\nrange of value for the Incentive Shares, based on the circumstances on the grant date.
\nThe fair value of the Incentive Shares granted under the scheme was calculated using a Monte Carlo model. The
\nfair value uses an ungeared volatility of 25 per cent, and an expected term of seven years. The Incentive Shares
\nare subject to the Preferred Return being achieved, which is a market performance condition, and as such has
\nbeen taken into consideration in determining their fair value. A risk-free rate of 0% has been applied, based on
\nthe average yield on a five-year UK Gilt at the valuation date. The model incorporates a range of probabilities for
\nthe likelihood of an acquisition being made of a given size.
\n
\nExpense related to Incentive Shares
\nThe A2 shares were expensed in full in 2021. An expense of \u00a395,853 (2022: \u00a395,854) has been recognised in the
\nStatement of Comprehensive Income in respect of the A1 ordinary shares.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag231": {
"value": "\n16. FINANCIAL INSTRUMENTS AND ASSOCIATED RISKS
\nThe Company has the following categories of financial instruments at the year end:
\n
\nAs at
\n30 June 2023
\nAs at
\n30 June 2022
\n
\n\u00a3
\n\u00a3
\nFinancial assets measured at amortised cost
\n
\n
\nCash and cash equivalents
\n104,696,281
\n104,169,997
\nOther receivables
\n509,553
\n65,488
\n Financial assets at fair value through profit or loss (FVTPL)
\n18,240,000
\n19,200,000
\n
\n123,445,834
\n123,435,485
\n
\n
\n
\nFinancial liabilities measured at amortised cost
\n
\n
\nTrade and other payables
\n761,014
\n1,813,653
\n
\n761,014
\n1,813,653
\n
\n\n
\n\n
\n
\n
\n
\nThe Company has exposure to the following risks from its use of financial instruments:
\n\u2022 Market risk;
\n\u2022 Liquidity risk; and
\n\u2022 Credit risk
\n
\nThis note presents information about the Company\u2019s exposure to each of the above risks and the Company\u2019s
\nobjectives, policies and processes for measuring and managing these risks.
\n
\nThe Company\u2019s risk management policies are established to identify and analyse the risks faced by the Company,
\nto set appropriate risk limits and controls and to monitor risks and adherence limits. Risk management policies
\nand systems are reviewed regularly to reflect changes in market conditions and the Company\u2019s activities.
\n
\nTreasury activities are managed on a Company basis under policies and procedures approved and monitored by
\nthe Board. These are designed to reduce the financial risks faced by the Company which primarily relate to
\nmovements in interest rates.
\n
\n\nMarket risk
\nThe Company\u2019s activities primarily expose it to the risk of changes in interest rates due to the significant cash
\nbalance held; however, any change in interest rates will not have a material effect on the Company. The
\nCompany\u2019s operations are predominately in GBP, its functional currency, and accordingly minimal translation
\nexposures arise in receivables or payables.
\n
\n\n
\n\nLiquidity risk
\nLiquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The
\nCompany\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
\nliquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
\nunacceptable losses or risking damage to the Company\u2019s reputation. The Company currently meets all liabilities
\nfrom cash reserves and the Directors believe this risk is adequately mitigated.
\n
\n\n
\n\nCredit risk
\nCredit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing
\nto discharge an obligation. The main credit risk relates to the cash held with financial institutions. The Company
\nmanages its exposure to credit risk associated with its cash deposits by selecting counterparties with a high credit
\nrating with which to carry out these transactions. The counterparty for these transactions is Barclays Bank plc,
\nwhich holds a short-term credit rating of [P-1], as issued by Moody\u2019s. The Company\u2019s maximum exposure to credit
\nrisk is the carrying value of the cash on the Consolidated Statement of Financial Position reserves and the Directors
\nbelieve this risk is adequately mitigated.
\n
\n\n
\n\nCapital management
\nThe Board\u2019s policy is to maintain a strong capital base so as to maintain creditor and market confidence and to
\nsustain future development of the business. Capital includes stated capital and all other equity reserves
\nattributable to the equity holders of the Company and totals \u00a3123.2million as at 30 June 2023 (2022:
\n\u00a3121.7million). The Directors actively monitor this. There were no changes in the Company\u2019s approach to capital
\nmanagement during the year and the Company\u2019s capital management policy will be revisited once an Acquisition
\nhas been identified.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag232": {
"value": "\n
\n
\n
\n
\nThe Company has exposure to the following risks from its use of financial instruments:
\n\u2022 Market risk;
\n\u2022 Liquidity risk; and
\n\u2022 Credit risk
\n
\nThis note presents information about the Company\u2019s exposure to each of the above risks and the Company\u2019s
\nobjectives, policies and processes for measuring and managing these risks.
\n
\nThe Company\u2019s risk management policies are established to identify and analyse the risks faced by the Company,
\nto set appropriate risk limits and controls and to monitor risks and adherence limits. Risk management policies
\nand systems are reviewed regularly to reflect changes in market conditions and the Company\u2019s activities.
\n
\nTreasury activities are managed on a Company basis under policies and procedures approved and monitored by
\nthe Board. These are designed to reduce the financial risks faced by the Company which primarily relate to
\nmovements in interest rates.
\n
\n\nMarket risk
\nThe Company\u2019s activities primarily expose it to the risk of changes in interest rates due to the significant cash
\nbalance held; however, any change in interest rates will not have a material effect on the Company. The
\nCompany\u2019s operations are predominately in GBP, its functional currency, and accordingly minimal translation
\nexposures arise in receivables or payables.
\n
\n\n
\n\nLiquidity risk
\nLiquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The
\nCompany\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
\nliquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
\nunacceptable losses or risking damage to the Company\u2019s reputation. The Company currently meets all liabilities
\nfrom cash reserves and the Directors believe this risk is adequately mitigated.
\n
\n\n
\n\nCredit risk
\nCredit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing
\nto discharge an obligation. The main credit risk relates to the cash held with financial institutions. The Company
\nmanages its exposure to credit risk associated with its cash deposits by selecting counterparties with a high credit
\nrating with which to carry out these transactions. The counterparty for these transactions is Barclays Bank plc,
\nwhich holds a short-term credit rating of [P-1], as issued by Moody\u2019s. The Company\u2019s maximum exposure to credit
\nrisk is the carrying value of the cash on the Consolidated Statement of Financial Position reserves and the Directors
\nbelieve this risk is adequately mitigated.
\n
\n\n
\n\nCapital management
\nThe Board\u2019s policy is to maintain a strong capital base so as to maintain creditor and market confidence and to
\nsustain future development of the business. Capital includes stated capital and all other equity reserves
\nattributable to the equity holders of the Company and totals \u00a3123.2million as at 30 June 2023 (2022:
\n\u00a3121.7million). The Directors actively monitor this. There were no changes in the Company\u2019s approach to capital
\nmanagement during the year and the Company\u2019s capital management policy will be revisited once an Acquisition
\nhas been identified.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag233": {
"value": "\nMarket risk
\nThe Company\u2019s activities primarily expose it to the risk of changes in interest rates due to the significant cash
\nbalance held; however, any change in interest rates will not have a material effect on the Company. The
\nCompany\u2019s operations are predominately in GBP, its functional currency, and accordingly minimal translation
\nexposures arise in receivables or payables.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag234": {
"value": "\nLiquidity risk
\nLiquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The
\nCompany\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
\nliquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring
\nunacceptable losses or risking damage to the Company\u2019s reputation. The Company currently meets all liabilities
\nfrom cash reserves and the Directors believe this risk is adequately mitigated.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag235": {
"value": "\nCredit risk
\nCredit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing
\nto discharge an obligation. The main credit risk relates to the cash held with financial institutions. The Company
\nmanages its exposure to credit risk associated with its cash deposits by selecting counterparties with a high credit
\nrating with which to carry out these transactions. The counterparty for these transactions is Barclays Bank plc,
\nwhich holds a short-term credit rating of [P-1], as issued by Moody\u2019s. The Company\u2019s maximum exposure to credit
\nrisk is the carrying value of the cash on the Consolidated Statement of Financial Position reserves and the Directors
\nbelieve this risk is adequately mitigated.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag236": {
"value": "\nCapital management
\nThe Board\u2019s policy is to maintain a strong capital base so as to maintain creditor and market confidence and to
\nsustain future development of the business. Capital includes stated capital and all other equity reserves
\nattributable to the equity holders of the Company and totals \u00a3123.2million as at 30 June 2023 (2022:
\n\u00a3121.7million). The Directors actively monitor this. There were no changes in the Company\u2019s approach to capital
\nmanagement during the year and the Company\u2019s capital management policy will be revisited once an Acquisition
\nhas been identified.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag237": {
"value": "\n17. RELATED PARTY TRANSACTIONS
\nAntoinette Vanderpuije, the Company Secretary is a partner of MIMLLP. MIMLLP manages MVI II Holdings I LP
\nwhich is beneficially owned by MVI II. MVI II Holdings I LP holds 15.41% of the Company\u2019s Ordinary Shares and 1
\nSponsor Share.
\nMark Brangstrup Watts and Antoinette Vanderpuije have a beneficial interest in the Incentive Shares as described
\nin note 15 through their indirect interest in MLTI which owns 2,000 A2 ordinary shares in the capital of MAC I
\n(BVI) Limited. Mark Brangstrup Watts was a Managing Partner of MIMLLP and Marwyn Capital LLP (\u201cMCLLP\u201d)
\nuntil 6 November 2022.
\nAntoinette Vanderpuije is a partner MCLLP. MCLLP provides corporate finance, company secretarial and managed
\nservice support to the Company. The Company has incurred fees of \u00a317,123 in respect of company secretarial
\nand managed service support and \u00a3136,660 in respect to project related fees, of which \u00a310,277 was outstanding
\nat the balance sheet date. MCLLP was also engaged to provide corporate finance advice to the Company. On 18
\nMarch 2021, MCLLP and the Company entered into a side letter under which corporate finance services would
\nbe suspended, resulting in the fees being reduced from \u00a310,000 per month to \u00a3nil effective on Admission in March
\n2021. During the year the Company paid \u00a3nil for corporate finance services to MCLLP and \u00a3nil was outstanding at
\nthe balance sheet date. MCLLP incurred costs of \u00a38,634, which it recharged the Company during the year.
\n
\nDirectors\u2019 emoluments, in relation to Mark Brangstrup Watts, are disclosed in note 5.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag238": {
"value": "\n
\n\n
\n\n18. COMMITMENTS AND CONTINGENT LIABILITIES
\nThere were no commitments or contingent liabilities outstanding at 30 June 2023 that requires disclosure or
\nadjustment in these Financial Statements.
\n
\n\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag239": {
"value": "\n
\n\n18. COMMITMENTS AND CONTINGENT LIABILITIES
\nThere were no commitments or contingent liabilities outstanding at 30 June 2023 that requires disclosure or
\nadjustment in these Financial Statements.
\n
\n\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag240": {
"value": "\n18. COMMITMENTS AND CONTINGENT LIABILITIES
\nThere were no commitments or contingent liabilities outstanding at 30 June 2023 that requires disclosure or
\nadjustment in these Financial Statements.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
},
"Tag241": {
"value": "\n19. POST BALANCE SHEET EVENTS
\nOn the 8 June 2023 the Group conditionally agreed to acquire five software businesses from Capita plc for a
\ncombined enterprise value of approximately \u00a333m in cash. The Acquisitions are subject to and conditional upon
\nNational Security and Investment Act approval which was duly received on 25 July 2023. At the date of signing
\nthese financial statements the company had not completed the acquisitions.]
\nNo other matter or circumstance has arisen since 30 June 2023 that has significantly affected, or may significantly
\naffect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of
\naffairs in future financial years.
\n
\n",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:254900WYO35S1T334A28",
"period": "2022-07-01T00:00:00/2023-07-01T00:00:00"
}
}
}
}