Company registration number 01823478 (England and Wales)
ADDER TECHNOLOGY LIMITED
ANNUAL REPORT AND
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024
ADDER TECHNOLOGY LIMITED
COMPANY INFORMATION
Directors
A C Dickens
N A Dickens
Company number
01823478
Registered office
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Auditor
Newby Castleman LLP
West Walk Building
110 Regent Road
Leicester
LE1 7LT
Business address
Saxon Way
Bar Hill
Cambridge
CB23 8SL
Bankers
Barclays Bank Plc
Chesterton Business Centre
28 Chesterton Road
Cambridge
CB4 3AZ
ADDER TECHNOLOGY LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
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 - 29
ADDER TECHNOLOGY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The directors present their strategic report for the year ended 30 June 2024.

Fair review of the business

The directors aim to present a balanced and comprehensive review of the development, performance, and health of the group during the year, and of its position at the year end. This review is consistent with the size of the group and is written in the context of the perceived risks and uncertainties that the group faces.

 

A global market leader in connectivity solutions, Adder Technology enables the real-time control and management of distributed IT systems. With a presence in over 60 countries, Adder works with a network of distributors, resellers, and OEMs to connect millions of devices worldwide. Adder continues to strive to be a thought leader, driven to deliver excellence through innovation.

 

Following record breaking figures in the previous financial year, the Group’s revenue reduced by 24.2% in the year to 30 June 2024. This reduction was caused by the timing of order fulfilment; the prior year included the clearing of an order backlog built up during the previous supply chain crisis and, consequently, orders in the current year were lower as our customers realigned their refresh cycles. The drop in revenue is expected to be temporary as our continued investment in R&D and the resulting new product launches have led to sharp increases in revenue in the financial year ended 30 June 2025.

 

The decreased revenue figure in the year was largely offset by higher gross margins and reduced overhead costs.

 

Gross margin increased to 71.5% in the year, up from 62.3% in the year to 30 June 2023, as the temporary effect of supply chain disruption in the prior year, and the resulting need to hold much higher levels of stock, has now largely abated. Consequently, there has been a significant reduction in stock holding in the year from £11.8m to £9.9m.

 

Overhead costs decreased by 8.8% year over year as the company limited discretionary spend in response to the temporary reduction in sales volumes. The reduction in overhead costs in the year was achieved despite increasing investment in R&D to £5.7m, from 5.5m in the year to 30 June 2023.

 

We have continued to develop and grow our award-winning Infinity systems to support compelling additional virtual device VDI protocols like HTML5, SSH and VNC in addition to RDP. New endpoints and implementing key functionality requested by customers has helped to keep Infinity at the top of the desirability lists for many buyers of High Performance KVM over IP.

 

Significant R&D investment over several years into developing the best Next Generation KVM over IP Technology has led to launching ARDx. Key customer interest for this wholly new technology is expected to lead to significant new applications and revenue growth in the short to medium term and is creating a lot of excitement in the industry.

 

As a consequence of the better gross margin and lower overall overheads, the Group’s profitability has remaining strong, despite the temporary decrease in revenue, meaning high levels of investment in R&D can be maintained going forward, with further new product releases scheduled throughout 2025 and 2026.

 

The results therefore display the group's ability to succeed in extremely challenging global and local economic conditions, benefiting from a proven business model built on agility and resilience. By developing, investing in, and growing a positive culture, Adder continues to strive for a united sense of purpose and ambition that reflects the diversity of the group's markets, as well as its agility to respond quickly to customer needs. Significant effort has been channelled into reviewing the vision for the business going forward, including looking at our technology and product roadmaps. We believe this work has placed us in a very solid position to drive forward in the coming years to maintain a strong growth trajectory. The group's commitment to research and development has continued, despite the challenges discussed, and will continue to do so in the future to ensure that the group remains at the leading edge.

 

The principal risks and uncertainties of the group are continually monitored by the directors, who seek to mitigate any such risks. The effective management of the semiconductor supply chain challenge is an example. The key business risks and threats to the group are primarily: macro-economic events, competition, reliable operation of our supply chains, and attracting and retaining a talented high calibre workforce. The group responds to these risks by continually developing the product range whilst maintaining a strong brand identity, efficient and agile management of unforeseen operating conditions, improving operational effectiveness and resilience, and a sharp focus on people as a competitive advantage.

ADDER TECHNOLOGY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -

The group operates on an international basis, continuing to serve its customers through strategically located sales and support centres. These provide localised services in the major time zones and languages. The group covers North America from offices covering East Coast (MA), Central (MO) and West Coast (CA), the Asia Pacific region from offices in Singapore, Shanghai, and Tokyo, EMEA from the group's headquarters in Cambridge, UK and offices in Germany, Spain, France, and Belgium.

 

The large international element to the Group’s revenue means it is exposed to changes in trade policy, such as the introduction or change in tariffs or any other non-tariff barriers. The management team maintain thorough contingency plans to cover all likely eventualities which, combined with the Group’s strong financial position, mean that we are confident of being able to mitigate any potential obstacles that may arise from increased friction in international trade.

 

The business is closely monitoring other global risk factors too. Wars in Ukraine, Gaza and elsewhere in the world may have unanticipated consequences. With Adder’s high dependence on semiconductors manufactured in Taiwan, the political unrest between China and Taiwan is also something we are acutely aware of but have no influence over.

 

The group's growth is the product of a consistent strategy and vision together with the commitment, creativity, and integrity of a dedicated worldwide team. The group will continue to take the following strategic approach:

 

Invest significantly in "breaking new ground" in the field of connectivity technology.

 

Ensure the effective innovation of high-performance quality products.

 

Continued investment in developing markets and revenue regions across the globe.

 

Provide increasing levels of technical support and service to our customers.

 

Continually invest in a high calibre, talented team of people.

 

Invest in Continuous Improvement and Lean methodologies to pursue elimination of all 'waste' within the operation of the business, reducing complexity wherever possible.

 

Remain agile so we can quickly adapt to changing environments, building in organisational resilience.

 

By focusing on these key strategies, the directors believe that the group can sustain long term organic growth. We expect that the group will continue to make further progress in the years ahead.

On behalf of the board

A C Dickens
Director
28 March 2025
ADDER TECHNOLOGY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

The directors present their report and financial statements for the year ended 30 June 2024.

Principal activities

The principal activities of the group continued to be those of design, development, manufacture and distribution of computer system connectivity solutions.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £1,800,000. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

A C Dickens
N A Dickens
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

 

 

The directors are 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. They are 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.

Strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7. It has done so in respect of important events occurring since the year end date, research and development activities and branches of the company outside the UK.

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 and group is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company and group is aware of that information.

ADDER TECHNOLOGY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
A C Dickens
Director
28 March 2025
ADDER TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ADDER TECHNOLOGY LIMITED
- 5 -
Opinion

We have audited the financial statements of Adder Technology Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 June 2024 which comprise the group profit and loss account, 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 Financial Reporting Standard 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:

Basis for opinion

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 group 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.true

 

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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are 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:

ADDER TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADDER TECHNOLOGY LIMITED
- 6 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine 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 directors are responsible for assessing the group's and 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 directors either intend to liquidate the group or the parent company or to cease operations, or have 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.

 

Extent to which the audit was considered capable of detecting irregularities

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. However, responsibility for the prevention and detection of fraud ultimately rests with both those charged with governance and management of the group and company.

 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

ADDER TECHNOLOGY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ADDER TECHNOLOGY LIMITED
- 7 -

 

Audit response to risk of irregularities identified

Our procedures to respond to risks identified included the following:

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

 

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.

Use of our 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.

Christopher Castleman FCA (Senior Statutory Auditor)
For and on behalf of Newby Castleman LLP
28 March 2025
Chartered Accountants
Statutory Auditor
West Walk Building
110 Regent Road
Leicester
LE1 7LT
ADDER TECHNOLOGY LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
29,190,244
38,500,715
Cost of sales
(8,325,691)
(14,521,455)
Gross profit
20,864,553
23,979,260
Distribution costs
(53,145)
(160,289)
Administrative expenses
(17,567,781)
(19,159,989)
Other operating income
-
0
20,250
Operating profit
4
3,243,627
4,679,232
Interest receivable and similar income
8
1,026,139
280,893
Profit before taxation
4,269,766
4,960,125
Taxation
9
161,683
376,044
Profit for the financial year
4,431,449
5,336,169
Profit for the financial year is attributable to:
- Owners of the parent company
4,422,654
5,325,751
- Non-controlling interests
8,795
10,418
4,431,449
5,336,169

The profit and loss account has been prepared on the basis that all operations are continuing operations.

ADDER TECHNOLOGY LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024
- 9 -
2024
2023
£
£
Profit for the year
4,431,449
5,336,169
Other comprehensive income
Currency translation differences
5,234
(63,183)
Tax relating to other comprehensive income
-
0
194,814
Other comprehensive income for the year
5,234
131,631
Total comprehensive income for the year
4,436,683
5,467,800
Total comprehensive income for the year is attributable to:
- Owners of the parent company
4,427,888
5,457,382
- Non-controlling interests
8,795
10,418
4,436,683
5,467,800
ADDER TECHNOLOGY LIMITED
GROUP BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
191,245
231,073
Tangible assets
12
5,283,919
5,440,977
5,475,164
5,672,050
Current assets
Stocks
15
9,897,084
11,837,962
Debtors
16
7,504,389
7,698,434
Cash at bank and in hand
28,670,264
25,567,651
46,071,737
45,104,047
Creditors: amounts falling due within one year
17
(2,145,913)
(4,011,792)
Net current assets
43,925,824
41,092,255
Net assets
49,400,988
46,764,305
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
21
49,315,476
46,687,588
Equity attributable to owners of the parent company
49,315,576
46,687,688
Non-controlling interests
85,412
76,617
49,400,988
46,764,305
The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
A C Dickens
Director
ADDER TECHNOLOGY LIMITED
COMPANY BALANCE SHEET
AS AT 30 JUNE 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
368,059
447,807
Investments
13
607,064
607,064
975,123
1,054,871
Current assets
Stocks
15
9,470,210
11,576,079
Debtors
16
14,141,377
13,558,238
Cash at bank and in hand
26,338,270
23,802,772
49,949,857
48,937,089
Creditors: amounts falling due within one year
17
(2,624,823)
(4,353,773)
Net current assets
47,325,034
44,583,316
Net assets
48,300,157
45,638,187
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
21
48,300,057
45,638,087
Total equity
48,300,157
45,638,187

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 £4,461,970 (2023 - £5,357,733 profit).

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
28 March 2025
A C Dickens
Director
Company registration number 01823478 (England and Wales)
ADDER TECHNOLOGY LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total controlling interest
Non-controlling interest
Total
Notes
£
£
£
£
£
£
Balance at 1 July 2022
100
917,694
42,312,512
43,230,306
66,199
43,296,505
Year ended 30 June 2023:
Profit for the year
-
-
5,325,751
5,325,751
10,418
5,336,169
Other comprehensive income:
Currency translation differences on overseas subsidiaries
-
-
(63,183)
(63,183)
-
(63,183)
Tax relating to other comprehensive income
-
194,814
-
0
194,814
-
194,814
Total comprehensive income for the year
-
194,814
5,262,568
5,457,382
10,418
5,467,800
Dividends
10
-
-
(2,000,000)
(2,000,000)
-
(2,000,000)
Transfers
-
(1,112,508)
1,112,508
-
-
-
Balance at 30 June 2023
100
-
0
46,687,588
46,687,688
76,617
46,764,305
Year ended 30 June 2024:
Profit for the year
-
-
4,422,654
4,422,654
8,795
4,431,449
Other comprehensive income:
Currency translation differences on overseas subsidiaries
-
-
5,234
5,234
-
5,234
Total comprehensive income for the year
-
-
4,427,888
4,427,888
8,795
4,436,683
Dividends
10
-
-
(1,800,000)
(1,800,000)
-
(1,800,000)
Balance at 30 June 2024
100
-
0
49,315,476
49,315,576
85,412
49,400,988
ADDER TECHNOLOGY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 July 2022
100
917,694
41,167,846
42,085,640
Year ended 30 June 2023:
Profit for the year
-
-
5,357,733
5,357,733
Other comprehensive income:
Tax relating to other comprehensive income
-
194,814
-
0
194,814
Total comprehensive income for the year
-
194,814
5,357,733
5,552,547
Dividends
10
-
-
(2,000,000)
(2,000,000)
Transfers
-
(1,112,508)
1,112,508
-
Balance at 30 June 2023
100
-
0
45,638,087
45,638,187
Year ended 30 June 2024:
Profit and total comprehensive income for the year
-
-
4,461,970
4,461,970
Dividends
10
-
-
(1,800,000)
(1,800,000)
Balance at 30 June 2024
100
-
0
48,300,057
48,300,157
ADDER TECHNOLOGY LIMITED
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
26
4,061,683
1,999,165
Income taxes paid
(49,062)
(167,053)
Net cash inflow from operating activities
4,012,621
1,832,112
Investing activities
Purchase of tangible fixed assets
(141,373)
(202,234)
Proceeds from disposal of tangible fixed assets
-
0
200
Proceeds from disposal of investment property
-
0
1,229,964
Interest received
1,026,139
280,893
Net cash generated from investing activities
884,766
1,308,823
Financing activities
Dividends paid to equity shareholders
(1,800,000)
(2,000,000)
Net cash used in financing activities
(1,800,000)
(2,000,000)
Net increase in cash and cash equivalents
3,097,387
1,140,935
Cash and cash equivalents at beginning of year
25,567,651
24,490,397
Effect of foreign exchange rates
5,226
(63,681)
Cash and cash equivalents at end of year
28,670,264
25,567,651
ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 15 -
1
Accounting policies
Company information

Adder Technology Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The address of the registered office and the place of business is given in the company information page of these financial statements.

 

The group consists of Adder Technology Limited and all of its subsidiaries ("the group").

1.1
Basis of preparation

These financial statements have been prepared in accordance with applicable accounting standards including 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. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. trueThe company has taken advantage of the exemption from preparing a statement of cash flows on the basis that the group statement of cash flows, included in these financial statements, includes the company's cash flows.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Adder Technology Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). 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.

Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively.

 

Where control of a subsidiary is achieved in stages, the initial acquisition that gave the group control is accounted for as a business combination. Thereafter, where the group increases its controlling interest in the subsidiary, the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling interest acquired is recognised directly in equity. No changes are made to the carrying value of assets, liabilities or provisions for contingent liabilities.

1.3
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 (net of VAT) and by reference to the date that goods are despatched as this is the point that all risks and rewards are deemed to be transferred.

ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Research and development expenditure

Research and development expenditure is written off to the profit and loss account in the year in which it is incurred.

1.5
Intangible fixed assets - goodwill
Goodwill arising on the acquisition of subsidiary undertakings, representing the excess of the fair value of the consideration given over the fair value of identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is 20 years. Provision is made for any impairment.
Software licences
20% per annum on cost
1.6
Tangible fixed assets

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold buildings
2% per annum of cost
Leasehold alterations
Over the lease period
Fixtures, fittings & computer equipment
20% or 33.33% per annum of cost
Motor vehicles
25% per annum of cost

No depreciation is provided in respect of freehold land.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

1.8
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount in order to determine the extent of the impairment loss (if any). Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct material costs. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

1.10
Financial instruments

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 17 -
Current tax

The tax currently payable is based on taxable profit for the year. 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.

1.12
Employee benefits

When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.

1.13
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.14
Leases

Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the term of the relevant lease.

 

1.15
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 are included in the profit and loss account for the period.

 

The trading results of overseas group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas group undertakings are translated at the exchange rates ruling at the year end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income’.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are 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.

ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
2
Judgements and key sources of estimation uncertainty
(Continued)
- 18 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Stock provision

Provision is made for damaged, obsolete and slow moving stock where appropriate. This requires estimation of anticipated future sales. In the current year, a provision of £1,871,633 (2023 - £1,948,955) has been included.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover
Sale of goods
29,190,244
38,500,715
Other revenue
Interest income
1,026,139
280,893
Turnover analysed by geographical market
2024
2023
£
£
United Kingdom
2,213,075
2,584,340
Overseas
26,977,169
35,916,375
29,190,244
38,500,715
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
61,406
459,935
Research and development costs
5,718,138
5,454,592
Depreciation of owned tangible fixed assets
298,439
301,861
(Profit)/loss on disposal of fixed assets
-
49,836
Amortisation of intangible assets
39,828
39,828
Operating lease charges
164,979
167,845
ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
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
23,000
22,000
Audit of the financial statements of the company's subsidiaries
9,000
8,000
32,000
30,000
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
Directors
2
2
2
2
Corporate
16
15
13
12
Development and engineering
46
44
43
41
Operations
49
48
48
47
Technical support
14
13
10
10
Sales and marketing
39
36
28
25
Total
166
158
144
137

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
10,886,420
11,630,597
8,797,722
9,123,583
Social security costs
1,027,290
1,050,832
997,414
1,016,918
Pension costs
541,334
493,095
528,035
473,306
12,455,044
13,174,524
10,323,171
10,613,807
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
549,586
1,145,671

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2023 - 2).

ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
294,591
723,763
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
1,026,139
280,893
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
1,026,139
280,893
ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
9
Taxation
2024
2023
£
£
Current tax
Foreign current tax on profits for the current period
49,062
167,053
Deferred tax
Origination and reversal of timing differences
(210,745)
(543,097)
Total tax credit
(161,683)
(376,044)

From 1 April 2023, the UK corporation tax rate increased from 19% to 25%. The prior year rate is pro-rated accordingly.

The actual credit 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
4,269,766
4,960,125
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 20.50%)
1,067,442
1,016,622
Tax effect of expenses that are not deductible in determining taxable profit
2,018
3,265
Depreciation on assets not qualifying for tax allowances
25,464
24,544
Research and development tax credit
(1,229,400)
(1,334,521)
Effect of overseas tax rates
(12,130)
37,518
Under/(over) provided in prior years
-
0
(6,903)
Patent box deduction
(90,269)
(118,364)
Consolidation adjustments
75,192
106,626
Effect of change in deferred tax rate
-
0
(96,596)
Super deduction
-
0
(8,235)
Taxation credit
(161,683)
(376,044)

In addition to the amount charged to the profit and loss account, the following amounts relating to tax have been recognised directly in other comprehensive income:

2024
2023
£
£
Deferred tax arising on:
Revaluation of property
-
0
(194,814)
ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 22 -
10
Dividends
2024
2023
£
£
Ordinary paid
1,800,000
2,000,000
11
Intangible fixed assets
Group
Goodwill
Domain name
Software licences
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
796,555
9,245
485,000
1,290,800
Amortisation and impairment
At 1 July 2023
565,482
9,245
485,000
1,059,727
Amortisation charged for the year
39,828
-
0
-
0
39,828
At 30 June 2024
605,310
9,245
485,000
1,099,555
Carrying amount
At 30 June 2024
191,245
-
0
-
0
191,245
At 30 June 2023
231,073
-
0
-
0
231,073
ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
11
Intangible fixed assets
(Continued)
- 23 -
Company
Domain name
Software licences
Total
£
£
£
Cost
At 1 July 2023 and 30 June 2024
9,245
485,000
494,245
Amortisation and impairment
At 1 July 2023 and 30 June 2024
9,245
485,000
494,245
Carrying amount
At 30 June 2024
-
0
-
0
-
0
At 30 June 2023
-
0
-
0
-
0
12
Tangible fixed assets
Group
Freehold buildings
Leasehold alterations
Fixtures, fittings & computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
5,411,924
581,751
1,812,572
37,475
7,843,722
Additions
-
0
-
0
141,373
-
0
141,373
Exchange adjustments
-
0
-
0
673
-
0
673
At 30 June 2024
5,411,924
581,751
1,954,618
37,475
7,985,768
Depreciation and impairment
At 1 July 2023
419,623
428,222
1,548,654
6,246
2,402,745
Depreciation charged in the year
76,738
70,399
141,933
9,369
298,439
Exchange adjustments
-
0
-
0
665
-
0
665
At 30 June 2024
496,361
498,621
1,691,252
15,615
2,701,849
Carrying amount
At 30 June 2024
4,915,563
83,130
263,366
21,860
5,283,919
At 30 June 2023
4,992,301
153,529
263,918
31,229
5,440,977
ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
12
Tangible fixed assets
(Continued)
- 24 -
Company
Leasehold alterations
Fixtures, fittings & computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
581,751
1,683,839
37,475
2,303,065
Additions
-
0
141,373
-
0
141,373
At 30 June 2024
581,751
1,825,212
37,475
2,444,438
Depreciation and impairment
At 1 July 2023
428,222
1,420,790
6,246
1,855,258
Depreciation charged in the year
70,399
141,353
9,369
221,121
At 30 June 2024
498,621
1,562,143
15,615
2,076,379
Carrying amount
At 30 June 2024
83,130
263,069
21,860
368,059
At 30 June 2023
153,529
263,049
31,229
447,807
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
607,064
607,064
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 July 2023 and 30 June 2024
607,064
Carrying amount
At 30 June 2024
607,064
At 30 June 2023
607,064
ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 25 -
14
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking and country of
Nature of business
Class of
% Held
incorporation or residency
shareholding
Direct
Indirect
Adder Corporation
USA
Computer system connectivity
Common stock
100.00
Adder Properties Limited
England
Letting of commercial premises
Ordinary
100.00
Adder Technology (Asia-Pacific) PTE Limited
Singapore
Computer system connectivity
Ordinary
100.00
Adventiq Limited
England
Computer system connectivity
Ordinary
89.60
Adder Technology B.V.
Netherlands
Dormant
Ordinary
100.00

The registered address of Adder Properties Limited is the same as the company's registered office address as given in the company information page of these financial statements.

 

The registered address of Adventiq Limited is the same as the company's business address as given in the company information page of these financial statements.

 

The business address for Adder Corporation is 24 Graf Road, Newburyport, MA, 01950, United States of America.

 

The business address for Adder Technology (Asia-Pacific) PTE Limited is 73 Ubi Road 1, #08-62 Oxley Bizhub, Singapore, 408733.

 

The business address for Adder Technology B.V. is De Kil 34, 8255RR Swifterbant, Netherlands.

15
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
8,296,707
9,687,843
8,296,707
9,687,843
Work in progress
419,827
698,985
419,827
698,985
Finished goods and goods for resale
1,180,550
1,451,134
753,676
1,189,251
9,897,084
11,837,962
9,470,210
11,576,079
ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 26 -
16
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
4,438,724
4,542,380
2,136,331
2,758,515
Amounts owed by group undertakings
-
-
9,000,217
7,721,999
Other debtors
511,855
823,360
511,855
818,770
Prepayments and accrued income
267,243
256,872
206,407
184,254
5,217,822
5,622,612
11,854,810
11,483,538
Deferred tax asset (note 18)
2,286,567
2,075,822
2,286,567
2,074,700
7,504,389
7,698,434
14,141,377
13,558,238
17
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
711,223
2,140,247
651,987
1,966,556
Amounts owed to group undertakings
-
0
-
0
907,890
763,955
Other taxation and social security
327,925
285,899
222,090
225,892
Other creditors
307,504
934,971
307,504
934,971
Accruals and deferred income
799,261
650,675
535,352
462,399
2,145,913
4,011,792
2,624,823
4,353,773
18
Deferred taxation

Deferred tax assets and liabilities are offset where the group or company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Assets
Assets
2024
2023
Group
£
£
Accelerated capital allowances
(78,895)
(91,040)
Tax losses
2,343,325
2,132,881
Other timing differences
22,137
33,981
2,286,567
2,075,822
ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
18
Deferred taxation
(Continued)
- 27 -
Assets
Assets
2024
2023
Company
£
£
Accelerated capital allowances
(78,895)
(91,040)
Tax losses
2,343,325
2,132,881
Other timing differences
22,137
32,859
2,286,567
2,074,700
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(asset) at 1 July 2023
(2,075,822)
(2,074,700)
Credit to profit or loss
(210,745)
(211,867)
Liability/(asset) at 30 June 2024
(2,286,567)
(2,286,567)
19
Retirement benefit schemes
2024
2023
Defined contribution scheme
£
£
Charge to profit or loss in respect of defined contribution scheme
541,334
493,095

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.

20
Share capital
Group and company
2024
2023
Ordinary share capital
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

21
Reserves
Profit and loss reserves

The profit and loss reserves comprise retained profits and losses for the current and prior periods.

ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 28 -
22
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
143,877
63,874
6,678
5,388
Between two and five years
328,051
18,552
-
-
471,928
82,426
6,678
5,388
23
Related party transactions
Transactions with related parties

 

Company

Administrative expenditure includes £383,340 (2023: £448,567) in respect of amounts charged by a subsidiary undertaking for subcontract research and development work and supply of KVM over IP technology.

 

The company has taken advantage of the exemption offered by FRS 102 from the requirement to disclose truetransactions between wholly owned subsidiaries.

 

24
Directors' transactions

Dividends totalling £1,800,000 (2023 - £2,000,000) were paid in the year in respect of shares held by the company's directors.

25
Controlling party

The ultimate controlling party is A C Dickens by virtue of his shareholding.

ADDER TECHNOLOGY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 29 -
26
Cash generated from group operations
2024
2023
£
£
Profit for the year after tax
4,431,449
5,336,169
Adjustments for:
Taxation credited
(161,683)
(376,044)
Investment income
(1,026,139)
(280,893)
(Gain)/loss on disposal of tangible fixed assets
-
0
49,836
Amortisation and impairment of intangible assets
39,828
39,828
Depreciation and impairment of tangible fixed assets
298,439
301,861
Movements in working capital:
Decrease/(increase) in stocks
1,940,878
(4,022,888)
Decrease in debtors
404,790
1,594,214
Decrease in creditors
(1,865,879)
(642,918)
Cash generated from operations
4,061,683
1,999,165
27
Analysis of changes in net funds - group
1 July 2023
Cash flows
Exchange rate movements
30 June 2024
£
£
£
£
Cash at bank and in hand
25,567,651
3,097,387
5,226
28,670,264
2024-06-302023-07-01falsefalseCCH SoftwareCCH Accounts Production 2024.301A C DickensN A DickensN A 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