Turnover is measured at the fair value of the consideration received or receivable for royalty income earned, net of discounts and Value Added Tax.

Revenue from the above stated services is measured by reference to the reliable estimate of the stage of completion of the services provided at the end of the reporting period. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expresses recognised are recoverable.

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, expect to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

The Company has changed its accounting policy for revenue recognition for the year ended 30 June 2026. Previously, royalties and promotional and marketing income was netted off against expenditure. The Company has elected to show both the gross income and expenditure to better reflect the revenue process and provide more relevant financial information.

The change has been applied retrospectively. As a result, the revenue and cost of sales for the year ended 30 June 2025 both increased by £11,450,848 which ultimately had no effect on profit or retained earnings.