Company Registration No. 02815951 (England and Wales)
PAL PROPERTIES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
PAL PROPERTIES LIMITED
COMPANY INFORMATION
Directors
Mr K Y Yong
Mr Paul Grashei
(Appointed 5 January 2024)
Company number
02815951
Registered office
48 The Avenue
London
United Kingdom
NW6 7NP
Accountants
Gravita III LLP
66 Prescot Street
London
E1 8NN
PAL PROPERTIES LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Accountants' report
3
Profit and loss account
4
Statement of comprehensive income
5
Balance sheet
6
Statement of changes in equity
7
Statement of cash flows
8
Notes to the financial statements
9 - 16
PAL PROPERTIES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -
The directors present the strategic report for the year ended 30 June 2023.
Fair review of the business
As reported in the previous financial statements, the residential development at Chineham was finished in June 2021 when the last unit was sold. These 2023 accounts reflect snagging expenditure and finalisation costs and are in line with the estimate of the costs noted in the 2021 strategic report.
Principal risks and uncertainties
On the basis that the cash surplus is held in respected and well capitalized financial institutions then we foresee no financial risk. The contingent asset as described in the previous Group Strategic report has been settled at £1 million and was received July 2023.
The group have sufficient cash reserves to pay the remaining costs which are expected including a buffer for unexpected expenses which may be unforeseen.
The directors have as assessed the group and its exposure to financial risks including credit risk, liquidity risk, foreign exchange risk and interest rate risk. Cash and cash equivalents are held at reputable banks with a high credit quality. The group has sufficient liquid assets to meet its potential current and unexpected liabilities. There are no transactions within the group that gives risk to a foreign translation risk. All transactions are completed in the presentational currency.
Mr K Y Yong
Director
6 February 2024
PAL PROPERTIES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -
The directors present their annual report and financial statements of Pal Properties Limited (the "company") for the year ended 30 June 2023.
Principal activities
The principal activity of the company in the year under review was that of property development for sale.
Dividends
Dividends of £nil (2022: £4,000,000) will be distributed for the year ended 30 June 2023.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms A S N Lim
(Resigned 3 January 2024)
Mr K Y Yong
Mr Paul Grashei
(Appointed 5 January 2024)
Results and dividends
The results for the year are set out on page 4.
No ordinary dividends were paid. The directors do not recommend payment of a dividend.
On behalf of the board
Mr K Y Yong
Director
6 February 2024
PAL PROPERTIES LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF PAL PROPERTIES LIMITED FOR THE YEAR ENDED 30 JUNE 2023
- 3 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pal Properties Limited for the year ended 30 June 2023 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Pal Properties Limited, as a body, in accordance with the terms of our engagement letter dated 26 June 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Pal Properties Limited and state those matters that we have agreed to state to the board of directors of Pal Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pal Properties Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Pal Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Pal Properties Limited. You consider that Pal Properties Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Pal Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Gravita III LLP
7 March 2024
Chartered Accountants
66 Prescot Street
London
E1 8NN
PAL PROPERTIES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
2023
2022
Notes
£
£
Turnover
2
73,960
-
Cost of sales
(38,654)
(68,552)
Gross profit/(loss)
35,306
(68,552)
Administrative expenses
(99,676)
(159,694)
Loss before taxation
(64,370)
(228,246)
Tax on loss
3
Loss for the financial year
(64,370)
(228,246)
The profit and loss account has been prepared on the basis that all operations are continuing operations.
PAL PROPERTIES LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2023
- 5 -
2023
2022
£
£
Loss for the year
(64,370)
(228,246)
Other comprehensive income
-
-
Total comprehensive income for the year
(64,370)
(228,246)
PAL PROPERTIES LIMITED
BALANCE SHEET
- 6 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
2
2
Current assets
Debtors
6
290,426
77,150
Cash at bank and in hand
219,406
625,783
509,832
702,933
Creditors: amounts falling due within one year
7
(287,830)
(416,561)
Net current assets
222,002
286,372
Net assets
222,004
286,374
Capital and reserves
Called up share capital
8
2
2
Profit and loss reserves
222,002
286,372
Total equity
222,004
286,374
These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.
For the financial year ended 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The financial statements were approved by the board of directors and authorised for issue on 6 February 2024 and are signed on its behalf by:
Mr K Y Yong
Director
Company registration number 02815951 (England and Wales)
PAL PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2021
2
7,835,972
(3,406,783)
4,429,191
Year ended 30 June 2022:
Loss and total comprehensive income
-
-
(228,246)
(228,246)
Dividends
4
-
-
(4,000,000)
(4,000,000)
Reduction of shares
8
-
7,921,401
7,921,401
Other movements
-
(7,835,972)
-
(7,835,972)
Balance at 30 June 2022
2
-
286,372
286,374
Year ended 30 June 2023:
Loss and total comprehensive income
-
-
(64,370)
(64,370)
Balance at 30 June 2023
2
-
222,002
222,004
PAL PROPERTIES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 8 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
12
(406,377)
(476,511)
Financing activities
Redemption of shares
7,921,401
Repayment of borrowings
(7,835,972)
Dividends paid
(4,000,000)
Net cash used in financing activities
-
(3,914,571)
Net decrease in cash and cash equivalents
(406,377)
(4,391,082)
Cash and cash equivalents at beginning of year
625,783
5,016,865
Cash and cash equivalents at end of year
219,406
625,783
PAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
1
Accounting policies
General information
Pal Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 48 The Avenue, London, United Kingdom, NW6 7NP.
The principal activity of the company in the year under review was that of property development for sale.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on a going concern basis under the historical cost convention,. The principal accounting policies adopted are set out below and have been applied consistently to all years presented.
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of the properties is recognised when the significant risks and rewards of ownership of the property have passed to the buyer (in this case, the completion of contracts), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
PAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 10 -
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised on tangible fixed assets so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% on reducing balance method
Computer equipment
33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
PAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 11 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
PAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Equity instruments
Ordinary shares are classified as equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
PAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 13 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is provided for in full on timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to apply when they crystallise based on current tax rates and laws. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in financial statements. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset, or on unremitted earnings of subsidiaries and associates where there is no commitment to remit these earnings. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
1.8
Cost of Sales is recognised as and when the property is sold. The basis of the calculation is to allocate the proportion of total budgeted costs which includes future and incurred costs. The proportion is based on the square footage of the property over the total area of the plot. Costs to date will include the cost of land, and the construction cost of the properties sold to date but also, including future costs, which relate to common areas yet to be completed. Cost of sales is recognised in the statement of comprehensive income at the point of sale of the property and derecognised from Stocks.
1.9
Administrative costs are accounted for on an accruals basis.
2
Turnover
The total income for the year totalled £73,960 (2022: £Nil)
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Overage receipt
73,960
-
2023
2022
£
£
Turnover analysed by geographical market
UK
73,960
-
PAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 14 -
3
Taxation
The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Loss before taxation
(64,370)
(228,246)
Expected tax credit based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(12,230)
(43,367)
Unutilised tax losses carried forward
12,230
43,367
Taxation charge for the year
-
-
As at the balance sheet date, the company has total tax losses carried forward of £5,086,958 (2022:£5,022,402) which provides a potential tax asset of £1,250,000 (losses are capped at maximum allowed of £5,000,000). This has not been provided for due to the uncertainty of total future profits.
4
Dividends
2023
2022
£
£
Interim paid
4,000,000
5
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
31,480
104,908
136,388
Depreciation and impairment
At 1 July 2022 and 30 June 2023
31,480
104,906
136,386
Carrying amount
At 30 June 2023
2
2
At 30 June 2022
2
2
PAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 15 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,718
1,718
Amounts owed by group undertakings
20,049
Other debtors
86,912
53,616
Prepayments and accrued income
201,796
1,767
290,426
77,150
There have been no impairments made to the above debtor balance in the year.
The amounts due from group undertakings and related parties are payable on demand and there is no interest being accrued on them
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
241,006
18,213
Other creditors
46,824
101,054
Accruals and deferred income
297,294
287,830
416,561
The other creditors above include £46,824 (2022: £nil) due to group undertakings.
8
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
2 Ordinary shares of £1 each
2
2
PAL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 16 -
9
Related party transactions
Transactions with related parties
Lee Kim Tah Holdings Limited
Significant shareholder in parent company
Amount due to Lee Kim Tah Holdings Limited at the balance sheet date £nil (2022: £ nil).
Aurum Investments Pte Limited
Significant shareholder in parent company
Amount due to Aurum Investments Pte Limited at the balance sheet date £nil (2022: £nil).
10
Events after the reporting date
There are no events after the reporting date that require disclosure.
11
Ultimate controlling party
The company's immediate parent undertaking is Helmwall Holdings Limited by the virtue of 100% ownership of the shares. It has included the company in its group financial statements, copies of which are available from its registered office: 48 The Avenue, London, United Kingdom, NW6 7NP.
In the directors' opinion, the company's parent companies are Aurum Investments Pte Limited and Lee Kim Tah Holdings Limited by virtue of their ownership of the shares of Helmwall Holdings Limited of 50% and 50% respectively and by their shareholder agreement dated 30 September 1997. Both these companies are incorporated in Singapore and their details are as follows:
Aurum Investments Pte Limited 217 Upper Bukit Timah Road, Woh Hup Building, Singapore
Lee Kim Tah Holdings Limited 3 Church Street , #09-03 Samsung Hub , Singapore 049483
There is no ultimate controlling party.
12
Cash absorbed by operations
2023
2022
£
£
Loss for the year after tax
(64,370)
(228,246)
Movements in working capital:
(Increase)/decrease in debtors
(213,276)
272,005
Decrease in creditors
(128,731)
(520,270)
Cash absorbed by operations
(406,377)
(476,511)
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