Company Registration No. SC270103 (Scotland)
GLOBAL VOICES LTD.
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
GLOBAL VOICES LTD.
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Director's report
4 - 5
Independent auditor's report
6 - 8
Group statement of comprehensive income
9
Group balance sheet
10
Company balance sheet
11
Group statement of changes in equity
12
Company statement of changes in equity
13
Group statement of cash flows
14
Notes to the financial statements
15 - 31
GLOBAL VOICES LTD.
COMPANY INFORMATION
- 1 -
Director
Luigi Koechlin
Secretary
Jurgita Koechlin
Company number
SC270103
Registered office
Unit A
Logie Court
Stirling University Innovation Park
Stirling
Scotland
FK9 4NF
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
GLOBAL VOICES LTD.
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
The director presents the strategic report for the year ended 30 June 2024.
Business review
Global Voices’ principal activity is and will continue to be the provision of professional and highly technical translation and interpretation services.
Global Voices’ geographic core markets are Italy, Germany, France, Switzerland, United Kingdom and the USA.
Global Voices is one of the leading European Language Service Providers (LSPs), with a network of over 11,000 freelance linguists as well as its own in-house linguist team powered by its in-house linguist academy. The result is the capacity to deliver communication services in over 150 languages to a European and international customer base.
In the financial year ending June 2024, turnover decreased to £7.18 million (FY23: £8.36 million).
Operating EBITDA profitability was £776k (FY23: £1.1 million).
Operating EBITDA is determined as earnings before interest, tax, depreciation and amortisation and is adjusted for one off items. Grant income is excluded from Operating EBITDA.
Financial key performance indicators
The primary objective is continuous growth of the company’s value through a sustained increase in revenue and EBITDA profitability.
Revenue is used as a growth indicator of the businesses. Global Voices has seen sustainable growth during the past 9 years with an average increase of 14% YoY (17% when excluding the exceptional 2021 financial year, due to Covid-19).
Other key performance indicators
The director is confident that the company can weather any residual impact of Covid-19 and the company has now returned to its long-term plans for sustainable and profitable growth.
Principal risks and uncertainties
Brexit & Covid – both combined has resulted in a limited talent pool within the UK. Legal and financial implications are being reviewed and the director is considering solutions to mitigate the risk moving forward.
Future developments
Global Voices’ primary objective is continuous growth of the company’s value through a sustained increase in revenue and profitability.
Global Voices aims to achieve a faster-growing, more digital and more international portfolio. As well as investments in existing activities, new business segments that provide a broader overall revenue structure are being increasingly explored.
The further development of the portfolio is subject to clear investment criteria. Businesses in which Global Voices invests should have long-term stable growth, global reach, stable and protectable business models, high market-entry barriers, and scalability. The education business is being gradually developed into the third earnings pillar alongside audio-visual and the RVI service.
Global Voices’ strategy comprises four strategic priorities: strengthening the core businesses organically and through acquisition, driving the digital transformation forward, developing growth platforms such as marketing and expanding into new regions.
GLOBAL VOICES LTD.
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
Luigi Koechlin
Director
26 March 2025
GLOBAL VOICES LTD.
DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
The director presents his annual report and financial statements for the year ended 30 June 2024.
Principal activities
The principal activity of the company and group continued to be that of translation and interpretation.
Results and dividends
The results for the year are set out on page 9.
Ordinary dividends were paid amounting to £144,000 (FY23: £177,000). The director does not recommend payment of a further dividend.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
Luigi Koechlin
Auditor
The auditor, Consilium Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of director's responsibilities
The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the director has taken all the necessary steps that he ought to have taken as a director in order to make himself aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
GLOBAL VOICES LTD.
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
On behalf of the board
Luigi Koechlin
Director
26 March 2025
GLOBAL VOICES LTD.
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GLOBAL VOICES LTD.
- 6 -
Opinion
We have audited the financial statements of Global Voices Ltd. (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 June 2024 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the director's report have been prepared in accordance with applicable legal requirements.
GLOBAL VOICES LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLOBAL VOICES LTD.
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the director's report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of director
As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
We ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.
We identified the laws and regulations applicable to the group through discussions with the director and management and from our knowledge of the regulatory environment relevant to the group.
We assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal correspondence.
We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud and their knowledge of actual, suspected and alleged fraud.
To address the risk of fraud through management bias and override of controls, we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias and we investigated the rationale behind significant or unusual transactions.
GLOBAL VOICES LTD.
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GLOBAL VOICES LTD.
- 8 -
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
David Holt (Senior Statutory Auditor)
For and on behalf of Consilium Audit Limited
Statutory Auditor
169 West George Street
Glasgow
Scotland
G2 2LB
Date:
28 March 2025
GLOBAL VOICES LTD.
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
7,182,435
8,356,212
Cost of sales
(3,347,180)
(4,276,319)
Gross profit
3,835,255
4,079,893
Administrative expenses
(3,058,807)
(3,161,875)
Other operating income
68
27,381
Operating profit
4
776,516
945,399
Interest receivable and similar income
8
199,419
589
Profit before taxation
975,935
945,988
Tax on profit
9
(132,102)
(134,095)
Profit for the financial year
843,833
811,893
Profit for the financial year is all attributable to the owners of the parent company.
The notes on pages 15 to 31 form part of these financial statements.
GLOBAL VOICES LTD.
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
258,550
472,790
Tangible assets
12
536,842
547,505
Investment properties
13
42,828
97,194
838,220
1,117,489
Current assets
Debtors
16
2,744,517
2,527,650
Investments
17
5,085,900
4,292,250
Cash at bank and in hand
2,585,971
3,029,485
10,416,388
9,849,385
Creditors: amounts falling due within one year
18
(1,575,581)
(1,972,464)
Net current assets
8,840,807
7,876,921
Total assets less current liabilities
9,679,027
8,994,410
Provisions for liabilities
Provisions
19
481,843
481,843
Deferred tax liability
20
10,385
9,751
(492,228)
(491,594)
Net assets
9,186,799
8,502,816
Capital and reserves
Called up share capital
22
502
502
Other reserves
(15,850)
Profit and loss reserves
9,202,147
8,502,314
Total equity
9,186,799
8,502,816
The notes on pages 15 to 31 form part of these financial statements.
The financial statements were approved and signed by the director and authorised for issue on 26 March 2025
26 March 2025
Luigi Koechlin
Director
GLOBAL VOICES LTD.
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
411,047
655,507
Tangible assets
12
536,842
547,505
Investment properties
13
42,828
97,194
Investments
14
85
1
990,802
1,300,207
Current assets
Debtors
16
3,083,225
2,548,544
Investments
17
5,085,900
4,292,250
Cash at bank and in hand
1,507,531
3,025,340
9,676,656
9,866,134
Creditors: amounts falling due within one year
18
(1,332,891)
(1,972,464)
Net current assets
8,343,765
7,893,670
Total assets less current liabilities
9,334,567
9,193,877
Provisions for liabilities
Provisions
19
481,843
481,843
Deferred tax liability
20
10,385
9,751
(492,228)
(491,594)
Net assets
8,842,339
8,702,283
Capital and reserves
Called up share capital
22
502
502
Profit and loss reserves
8,841,837
8,701,781
Total equity
8,842,339
8,702,283
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £284,056 (2023 - £1,013,970 profit).
The notes on pages 15 to 31 form part of these financial statements.
The financial statements were approved and signed by the director and authorised for issue on 26 March 2025
26 March 2025
Luigi Koechlin
Director
Company Registration No. SC270103
GLOBAL VOICES LTD.
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
502
-
7,867,421
7,867,923
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
-
811,893
811,893
Dividends
10
-
-
(177,000)
(177,000)
Balance at 30 June 2023
502
8,502,314
8,502,816
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
843,833
843,833
Dividends
10
-
-
(144,000)
(144,000)
Consolidation adjustments
-
(15,850)
-
(15,850)
Balance at 30 June 2024
502
(15,850)
9,202,147
9,186,799
The notes on pages 15 to 31 form part of these financial statements.
GLOBAL VOICES LTD.
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
502
7,864,811
7,865,313
Year ended 30 June 2023:
Profit and total comprehensive income for the year
-
1,013,970
1,013,970
Dividends
10
-
(177,000)
(177,000)
Balance at 30 June 2023
502
8,701,781
8,702,283
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
284,056
284,056
Dividends
10
-
(144,000)
(144,000)
Balance at 30 June 2024
502
8,841,837
8,842,339
The notes on pages 15 to 31 form part of these financial statements.
GLOBAL VOICES LTD.
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
27
638,572
1,012,655
Income taxes paid
(130,882)
(285,794)
Net cash inflow from operating activities
507,690
726,861
Investing activities
Purchase of business
-
(137,828)
Purchase of tangible fixed assets
(16,937)
(18,483)
Amounts advanced to directors
(180,186)
-
Interest received
199,419
589
Net cash generated from/(used in) investing activities
2,296
(155,722)
Financing activities
Dividends paid to equity shareholders
(144,000)
(177,000)
Net cash used in financing activities
(144,000)
(177,000)
Net increase in cash and cash equivalents
365,986
394,139
Cash and cash equivalents at beginning of year
7,321,735
6,927,596
Effect of foreign exchange rates
(15,850)
Cash and cash equivalents at end of year
7,671,871
7,321,735
Relating to:
Cash at bank and in hand
2,585,971
3,029,485
Short term deposits included in current asset investments
5,085,900
4,292,250
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information
Global Voices Ltd. (“the company”) is a private limited company domiciled and incorporated in Scotland. The registered office is Unit A Logie Court, Stirling University Innovation Park, Stirling, Scotland, FK9 4NF.
The group consists of Global Voices Ltd. and its subsidiary undertakings.
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 under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Business combinations
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company, Global Voices Ltd., together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 30 June 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.5
Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The following criteria must also be met before revenue is recognised:
Rendering of service
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
1.6
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.7
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives.
1.8
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 so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Heritable property
2% straight line
Fixtures, fittings and equipment
33% reducing balance
Computers
33% reducing balance
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 recognised in the profit and loss account.
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
1.9
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.10
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.11
Financial instruments
The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and 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.
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.
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.
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 18 -
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 group 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 group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 group's contractual obligations expire or are discharged or cancelled.
1.12
Equity instruments
Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.
1.13
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 19 -
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 group’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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.14
Provisions
Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.17
Share-based payments
Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 20 -
1.18
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
1.19
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.20
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
2
Judgements and key sources of estimation uncertainty
In the application of the group’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Valuation of building
The group owns a building which is held at fair value. The Director has determined the fair value of the building at the reporting date using comparable market prices of similar buildings in the same geographical location. Estimating the carrying value of the building at the reporting date is therefore a key judgement made by the director.
Provision of bad debts
The director has reviewed trade debtors at the reporting date and made provision for those debts which may not be recoverable.
Provision for dilapidations
The level of provision for obligations relating to reinstatements of leasehold properties is also an area of estimation uncertainty and judgement. Third party estimations of the work required have been obtained.
Share-based payments
The group issued share options in a prior year. FRS 102 requires entities to recognise an expenses, measured at fair value, in respect of these share options however the director has assessed that the amounts involved are wholly immaterial and therefore no expense has been recorded in the financial statements.
3
Turnover and other income
2024
2023
£
£
Other income
Interest income
199,419
589
Grants received
-
14,000
Sundry income
68
13,381
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
4,569,153
4,549,520
Rest of the world
2,613,282
3,806,692
7,182,435
8,356,212
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(96,173)
(97,768)
Government grants
-
(14,000)
Depreciation of owned tangible fixed assets
27,600
28,260
(Profit)/loss on disposal of tangible fixed assets
-
6,694
Amortisation of intangible assets
118,197
118,197
Impairment of intangible assets
96,043
Operating lease charges
146,685
141,802
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
20,800
15,900
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Linguists
13
9
13
9
Director
1
1
1
1
Operations
37
39
37
39
Sales
17
18
17
18
Total
68
67
68
67
Their aggregate remuneration comprised:
Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,985,742
1,919,424
1,985,363
1,848,143
Social security costs
193,912
197,003
193,877
197,003
Pension costs
37,879
35,819
37,879
35,819
2,217,533
2,152,246
2,217,119
2,080,965
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 23 -
7
Director's remuneration
2024
2023
£
£
Remuneration for qualifying services
8,424
8,424
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
195,240
Other interest income
4,179
589
Total income
199,419
589
Investment income includes the following:
Interest on financial assets not measured at fair value through profit or loss
195,240
-
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 24 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
58,503
128,623
Adjustments in respect of prior periods
4,452
Total UK current tax
58,503
133,075
Foreign current tax on profits for the current period
72,965
Total current tax
131,468
133,075
Deferred tax
Origination and reversal of timing differences
634
1,020
Total tax charge
132,102
134,095
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
975,935
945,988
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
243,984
193,928
Tax effect of expenses that are not deductible in determining taxable profit
63,931
16,882
Adjustments in respect of prior years
4,452
Effect of overseas tax rates
(73,221)
Additional deduction for R&D expenditure
(104,872)
(99,384)
Other movements
2,280
18,217
Taxation charge
132,102
134,095
10
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
144,000
177,000
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
11
Intangible fixed assets
Group
Goodwill
Domain name
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
590,987
284,718
875,705
Amortisation and impairment
At 1 July 2023
118,197
284,718
402,915
Amortisation charged for the year
118,197
118,197
Impairment losses
96,043
96,043
At 30 June 2024
332,437
284,718
617,155
Carrying amount
At 30 June 2024
258,550
258,550
At 30 June 2023
472,790
472,790
Company
Goodwill
Domain name
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
742,083
284,718
1,026,801
Amortisation and impairment
At 1 July 2023
86,576
284,718
371,294
Amortisation charged for the year
148,417
148,417
Impairment losses
96,043
96,043
At 30 June 2024
331,036
284,718
615,754
Carrying amount
At 30 June 2024
411,047
411,047
At 30 June 2023
655,507
655,507
The directors have reviewed the carrying value of goodwill on acquisition based on the future profitability of acquired businesses, as a consequence the Directors have taken the decision to impair the carrying value of goodwill by £96,043.
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
12
Tangible fixed assets
Group
Heritable property
Fixtures, fittings and equipment
Computers
Total
£
£
£
£
Cost
At 1 July 2023
655,757
60,710
139,195
855,662
Additions
3,984
12,953
16,937
At 30 June 2024
655,757
64,694
152,148
872,599
Depreciation and impairment
At 1 July 2023
147,257
59,161
101,739
308,157
Depreciation charged in the year
13,200
600
13,800
27,600
At 30 June 2024
160,457
59,761
115,539
335,757
Carrying amount
At 30 June 2024
495,300
4,933
36,609
536,842
At 30 June 2023
508,500
1,549
37,456
547,505
Company
Heritable property
Fixtures, fittings and equipment
Computers
Total
£
£
£
£
Cost
At 1 July 2023
655,757
60,710
138,473
854,940
Additions
3,984
12,953
16,937
At 30 June 2024
655,757
64,694
151,426
871,877
Depreciation and impairment
At 1 July 2023
147,257
59,161
101,017
307,435
Depreciation charged in the year
13,200
600
13,800
27,600
At 30 June 2024
160,457
59,761
114,817
335,035
Carrying amount
At 30 June 2024
495,300
4,933
36,609
536,842
At 30 June 2023
508,500
1,549
37,456
547,505
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 27 -
13
Investment property
Group
Company
2024
2024
£
£
Fair value
At 1 July 2023
97,194
97,194
Net gains or losses through fair value adjustments
(54,366)
(54,366)
At 30 June 2024
42,828
42,828
Investment properties are carried at fair value which is determined annually by the Director. Fair value is derived from the current market value for comparable real estate, adjusted if necessary for any difference in nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
85
1
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023
1
Valuation changes
84
At 30 June 2024
85
Carrying amount
At 30 June 2024
85
At 30 June 2023
1
15
Subsidiaries
Details of the company's subsidiaries at 30 June 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Global Voices EMEA Limited
Ormond Building, 31-36 Ormond Quay Upper, Dublin, Ireland
Ordinary Shares
100.00
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
899,142
1,055,411
493,957
1,055,411
Amounts owed by group undertakings
-
-
748,860
20,895
Amounts owed by related undertakings
1,510,376
1,389,537
1,510,376
1,389,537
Other debtors
198,330
37,316
195,910
37,315
Prepayments and accrued income
136,669
45,386
134,122
45,386
2,744,517
2,527,650
3,083,225
2,548,544
17
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Short term deposits
5,085,900
4,292,250
5,085,900
4,292,250
18
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
421,974
410,219
283,958
410,219
Corporation tax payable
158,140
157,554
87,096
157,554
Other taxation and social security
187,037
166,226
187,037
166,226
Other creditors
825
66,935
825
66,935
Accruals and deferred income
807,605
1,171,530
773,975
1,171,530
1,575,581
1,972,464
1,332,891
1,972,464
19
Provisions for liabilities
Group
Company
2024
2023
2024
2023
£
£
£
£
Dilapidations provision
481,843
481,843
481,843
481,843
The group provides for obligations relating to reinstatements of leasehold properties. The provision represents the value of the future estimated costs.
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
20
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
10,385
9,751
Liabilities
Liabilities
2024
2023
Company
£
£
Accelerated capital allowances
10,385
9,751
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 July 2023
9,751
9,751
Charge to profit or loss
634
634
Liability at 30 June 2024
10,385
10,385
21
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
37,879
35,819
A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
22
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
502
502
502
502
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 30 -
23
Operating lease commitments
Lessee
At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
61,435
86,270
61,435
86,270
Between two and five years
-
61,435
-
61,435
61,435
147,705
61,435
147,705
24
Related party transactions
Transactions with related parties
During the year the group entered into the following transactions with related parties:
Sales
Purchases
2024
2023
2024
2023
£
£
£
£
Company
Other related parties
135,536
24,801
29,805
191,802
The following amounts were outstanding at the reporting end date:
Amounts due to related parties
2024
2023
£
£
Company
Key management personnel
-
44,582
Other related parties
741
-
The following amounts were outstanding at the reporting end date:
Amounts due from related parties
2024
2023
Balance
Balance
£
£
Company
Entities over which the company has control, joint control or significant influence
197,158
20,895
Key management personnel
180,186
-
Other related parties
1,525,406
1,389,537
25
Controlling party
L Koechlin is the ultimate controlling party as he is the sole shareholder of the parent company.
GLOBAL VOICES LTD.
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 31 -
26
Contingent liability
The Company has provided an unlimited multilateral guarantee and floating charge in respect of loan balances in LAK Investment Holdings Limited, a company related through common directorship. The value of the corresponding lending facilities at the reporting date is £1,058,909 (2023 - £1,139,144).
27
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
843,833
811,893
Adjustments for:
Taxation charged
132,102
134,095
Investment income
(199,419)
(589)
(Gain)/loss on disposal of tangible fixed assets
-
6,694
Amortisation and impairment of intangible assets
214,240
118,197
Depreciation and impairment of tangible fixed assets
81,966
28,260
Increase in provisions
-
15,000
Movements in working capital:
Increase in debtors
(36,681)
(15,334)
Decrease in creditors
(397,469)
(85,561)
Cash generated from operations
638,572
1,012,655
28
Analysis of changes in net funds - group
1 July 2023
Cash flows
Exchange rate movements
30 June 2024
£
£
£
£
Cash and cash equivalents
7,321,735
365,986
(15,850)
7,671,871
7,321,735
365,986
(15,850)
7,671,871
Cash at bank and in hand
3,029,485
(443,514)
-
2,585,971
Short term deposits included in current asset investments
4,292,250
793,650
-
5,085,900
7,321,735
350,136
(15,850)
7,671,871
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