v3.24.3
Financial Assets and Liabilities
 12 Months Ended
Jun. 30, 2024
Financial Instruments [Abstract]  
Financial Assets and Liabilities Financial Assets and Liabilities
Categories of financial assets and financial liabilities
Financial assets
The Group has the following financial assets, all of which are classified and measured at amortised cost:
Note2024
 £’000
2023
£’000 (Restated) (1)
Financial assets at amortised cost
Trade receivables19£149,855 £143,336 
Accrued income1914,194 13,160 
Other financial assets716 243 
Cash and cash equivalents62,358 164,703 
Total financial assets£227,123 £321,442 
(1) Restated to include the effects of revisions arising from provisional to final acquisition accounting for DEK and Mudbath (refer to note 3C for details).
The accounting policies provide a description of the initial recognition and measurement, and also the subsequent measurement of financial assets.
Financial liabilities
The Group has the following financial liabilities:
Note2024
 £’000		2023
£’000
Lease liabilities
Current lease liabilities23£14,450 £14,573 
Non-current lease liabilities2343,557 54,441 
58,007 69,014 
Other financial liabilities at amortised cost
Borrowings22144,754 — 
Trade payables2010,976 5,480 
Accruals2056,890 55,195 
Client volume discounts/rebates2017,922 1,011 
Deferred consideration156,783 6,104 
237,325 67,790 
Financial liabilities at fair value through profit or loss
Contingent consideration158,444 11,459 
Total financial liabilities£303,776 £148,263 
Client volume discounts/rebates relate to contractual arrangements with customers to provide them with discounts/rebates based on agreed threshold levels of business being delivered by the client.
The accounting policies provide a description of the initial recognition and measurement, and also the subsequent measurement of financial liabilities.
Where financial assets and financial liabilities are measured at fair value, their measurement should be classified into the following hierarchy:
•Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities.
•Level 2 - inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
•Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).
Contingent consideration has been classified within level 3. The following table includes the roll forward schedule of contingent consideration during the year ended 30 June 2024:
Contingent considerationBeginning of the year
£’000		Additions
£’000		Payments
£'000		Remeasurement and discount unwind
£'000		Foreign exchange impact
£'000		End of the year
£'000
20238,514 14,771 (111)(10,418)(1,297)11,459 
202411,459 16,510 (2,737)(16,817)29 8,444 
The methodology for determining the fair value of contingent consideration is detailed in Note 15.