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1. Significant accounting policies
a) Basis of preparation
Currys plc (the \u2018Company\u2019) is a public company limited by shares incorporated in the United Kingdom, which is registered in England and
Wales under the Companies Act 2006.
The consolidated financial statements have been prepared on a going concern basis in accordance with UK-adopted international
accounting standards.
The financial statements have been presented in Pound Sterling, based on the Group\u2019s primary economic environment, and on the
historical cost convention except for the revaluation of certain financial instruments and defined benefit pension obligations, as
explained below. All amounts have been rounded to the nearest million (\u2018\u00a3m\u2019), unless otherwise stated.
Significant accounting policies have been included in the relevant notes to the financial statements to which the policies relate.
Where accounting policies are applied to the financial statements as a whole, they are detailed further below. Unless otherwise
stated, the accounting policies are the same as those which have been applied consistently to all periods presented and in previous
financial periods.
Alternative performance measures (\u2018APMs\u2019)
In addition to IFRS measures, the Group uses certain APMs that are considered to be additional informative measures of ongoing trading
performance of the Group and are consistent with how performance is measured internally. The APMs used by the Group in addition to
IFRS measures are included within the Glossary and Definitions section of this Annual Report. This includes further information on the
definitions, purpose, and reconciliation to IFRS measures of those APMs that are used for internal reporting and presented to the
Group\u2019s Chief Operating Decision Maker (\u2018CODM\u2019). The CODM has been determined to be the Board.
Going concern
Going concern is the basis of preparation of the financial statements that assumes an entity will remain in operation for a period of at
least 12 months from the date of approval of these financial statements. In their consideration of going concern, the directors have
reviewed the Group\u2019s future cash forecasts and profit projections, which are based on market data and past experience. The debt
facilities modelled in the base case total \u00a3525m, post renewal in September 2024.
As a result of the uncertainties surrounding the forecasts due to the current macroeconomic environment, including the geopolitical and
trade disruption arising from the Iran War, the Group has also modelled a severe but plausible downside scenario by applying a sales
risk of 5% per annum across the 3-year viability period from 2026/27 to 2028/29. This sales risk can be offset with controllable
mitigations across various operating expense line items and hence in this severe but plausible downside scenario, the Group does not
breach any of the Group\u2019s facilities or banking covenants. Finally, the Group has numerous other mitigations available (in addition to
those applied to the severe but plausible downside scenario) which are considered controllable should sales drop below the severe
but plausible downside, before requiring additional sources of financing in excess of those that are committed. Such a scenario, and the
sequence of events which could lead to it, is considered to be remote.
In addition to this scenario, the Group has also assessed the potential impact of a significant cyber-attack, reflecting the nature of
recent incidents experienced across Europe. This assessment considered a temporary disruption to core operating systems, associated
recovery costs and short-term impacts on trading. The modelling indicates that, while such an event could result in operational
challenges, the Group\u2019s existing business continuity plans, insurance cover and other contingency measures would limit the financial
impact to a level that remains manageable within the Group\u2019s available facilities and covenant headroom.
The directors are of the opinion that the Group\u2019s forecasts and projections, which take into account reasonably possible changes in
trading performance including the impact of increased uncertainty and inflation in the wider economic environment, show that the Group
is able to operate within its current facilities and comply with its banking covenants for at least 12 months from the date of approval of
these financial statements. In arriving at their conclusion that the Group has adequate financial resources, the directors considered the
level of borrowings and facilities and that the Group has a robust policy towards liquidity and cash flow management.
For this reason, the Board considers it appropriate for the Group to adopt the going concern basis in preparing the financial information.
The long-term effect of macroeconomic factors is uncertain and should the impact on trading conditions be more prolonged or
severe than what the directors consider to be reasonably possible, the Group would need to implement additional operational
or financial measures.
b) Accounting convention and basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company has the power over the investee; is exposed, or has rights, to variable return
from its involvement with the investee; and has the ability to use its power to affect its returns.
Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with
those used by the Group. All intercompany transactions and balances are eliminated on consolidation.
c) Foreign currency translation and transactions Foreign currency transactions Transactions denominated in foreign currencies are translated to the Group\u2019s presentational currency using the exchange rate at the date of the transaction. The Group uses foreign exchange forward contracts to hedge material transactions denominated in foreign currencies, as outlined in note 22. Foreign exchange differences arising are recognised in the Group\u2019s income statement in the period in which they arise. Foreign currency translation Material monetary assets and liabilities denominated in foreign currencies are hedged, mainly using forward foreign exchange contracts to create matching liabilities and assets, and are translated at the rates prevailing at the balance sheet date. The results of foreign operations are translated each month at the monthly rate, and their balance sheets are translated at the rates prevailing at the balance sheet date. Goodwill and acquisition intangible assets are held in the currency of the operation to which they relate. Exchange differences arising on the translation of net assets, goodwill and results of foreign operations are recognised in the Group statement of other comprehensive income and are included in the Group\u2019s translation reserve. The principal exchange rates against Pound Sterling used in these financial statements are as follows:
Average
Closing
2026
2025
2026
2025
Euro
1.15
1.19
1.16
1.17
Norwegian Krone
13.33
13.89
12.59
13.82
Swedish Krona
12.58
13.52
12.51
12.82
US Dollar
1.34
1.28
1.36
1.33
d) Key sources of estimation uncertainty and critical accounting judgements Critical accounting judgements and estimates used in the preparation of the financial statements are continually reviewed and revised as necessary. Whilst every effort is made to ensure that such judgements and estimates are reasonable, by their nature they are uncertain, and as such changes may have a material impact. Key sources of estimation uncertainty Defined benefit pension schemes The surplus or deficit in the UK defined benefit pension scheme that is recognised through the consolidated statement of comprehensive income and expense is subject to a number of assumptions and uncertainties. The calculated liabilities of the scheme are based on assumptions regarding inflation rates, discount rates and member longevity. Such assumptions are based on actuarial advice and are benchmarked against similar pension schemes. The Group receives details of invested assets from external valuation experts to value these assets. The valuations closest to year end are used and the private investments are rolled forward to incorporate future investments and distributions. The stale prices of all level 3 investments are considered to be the representative of the fair value as at the reporting date based on information available and provided by the fund managers at the time of preparation of these financial statements. Refer to note 19 for further information. UK deferred tax asset Deferred tax assets are only recognised by the Group to the extent that future taxable profits, which include the reversal of taxable temporary differences, will be available against which deductible temporary differences can be utilised. On this basis, a net deferred tax asset of \u00a357m has been recognised in the UK in 2025/26, following the UK business\u2019 continued trading performance and forecast profitability, which is outlined further below. The Group has a total potential UK deferred tax asset of \u00a3177m (excluding capital losses), relating primarily to unused capital allowances and brought forward trading losses, that has been assessed for recoverability under IAS 12. A full breakdown of potential deferred tax assets by category can be found in note 6c. Management previously recognised a net \u00a3nil UK deferred tax asset in 2022/23 and 2023/24 on the basis of the prevailing macroeconomic uncertainty at the time. Following this, a \u00a323m deferred tax asset was recognised in 2024/25, based on the profits forecast to arise in the 2025/26 Budget year. This was due to the UK business\u2019 improved trading performance and forecast profitability, but taking an approach that provided a high degree of confidence, due to residual macroeconomic uncertainty and the deferred tax asset originating in the recent past.
Over this period and in 2025/26, the UK business has increased sales, improved gross margins (through delivery of strategic initiatives,
such as increased customer adoption of Services, and better end-to-end product modelling analysis) and delivered substantial cost
saving initiatives, resulting in better current and forecast profitability. In light of this sustained improved performance in 2025/26,
management consider that recognising a \u00a357m UK deferred tax asset based on the taxable profits that are forecast to arise across its
3-year business planning period from 2026/27 to 2028/29 is now most appropriate. In this regard, it should be noted that the 3-year
business planning period is the longest period over which management prepares its detailed forecasts. Should the time horizon for
future taxable profits be increased to 5 years, which is a possibility in 2026/27 if UK profits continue to materialise, then the deferred tax
asset could increase materially to an amount of up to approximately \u00a387m.
Management also prepares a 3-year business planning forecast based on the Group\u2019s reasonable worst-case scenario that is
modelled in its going concern viability testing. This scenario makes an assumption of lower sales, offset with various risk mitigations (such
as cost reductions) that management would implement in the event that such lower sales materialised. Under this scenario, the UK\u2019s
deferred tax asset would reduce to an amount of \u00a345m over this 3-year time horizon. In measuring the deferred tax asset, management
has reviewed the forecasts used for both going concern and viability assessment and goodwill impairment testing and used the same
underlying profit figures as a basis for the calculations.
Due to restrictions under UK tax rules which only enable the utilisation of brought forward tax losses against 50% of taxable profits over
\u00a35m, it is unlikely that the total potential \u00a3177m deferred tax asset would fully unwind until several years after the Group\u2019s business plan,
even in the event that the profits forecast in the Group\u2019s business plan arose in perpetuity.
It should be noted that climate change is not expected to have a material impact on the Group\u2019s performance and that management
does not build any other sensitivities into the Group\u2019s goodwill impairment testing (note 8).
Critical accounting judgements
Taxation
The Group is subject to income taxes in a number of different jurisdictions and judgement is required in determining the appropriate
provision for transactions where the ultimate tax outcome is uncertain. The Group recognises a provision when it is probable that an
obligation to pay tax will crystallise as a result of a past event. The quantum of provision recognised is based on the best information
available and has been assessed by in-house tax specialists, and where appropriate third-party taxation and legal advisors, and
represents the Group\u2019s best estimate of the most likely outcome. Where the final outcome of such matters differs from the amounts
initially recorded, any differences will impact the income tax and deferred tax provisions in the period to which such determination is
made. Tax laws that apply to the Group\u2019s businesses may be amended by the relevant authorities, for example as a result of changes in
fiscal circumstances or priorities. Such potential amendments and their application to the Group are monitored regularly and the
requirement for recognition of any liabilities (or changes in existing provisions) assessed where necessary.
The Group has recognised provisions in relation to uncertain tax positions of \u00a352m at 2 May 2026 (2024/25: \u00a351m) based on their most
recent weighted average probability of occurring. Due to the nature of the provisions recorded, the timing of the settlement of these
amounts remain uncertain. During the year the provision increased by \u00a31m due to the further accrual of interest. Under IAS 12 uncertain tax
provisions are presented as part of income tax payable.
In relation to its uncertain tax positions, the Group continues to cooperate with HMRC in relation to open tax cases arising from pre-
merger legacy transactions in the Carphone Warehouse Group. One of these cases has been heard before the First Tier Tax Tribunal
and has been accepted for appeal at the Upper Tribunal. The Group has risk assessed that certain cases have a probable chance of
resulting in cash outflows to HMRC that are measured at \u00a352m as at 2 May 2026 (comprising the amount of tax payable and interest up
to 2 May 2026) (2024/25: \u00a351m). It should be noted that penalties of up to 30% could be applied to the principal amount tax payable,
but these have not been considered probable based on the status of the position with HMRC. The cases could ultimately result in cash
outflows of between \u00a3nil and \u00a396m, depending upon their outcome.
Furthermore, certain other tax cases arising from pre-merger legacy transactions in the Carphone Warehouse Group have not been
considered probable to result in cash outflows to HMRC. This has been determined based on the strength of third-party legal advice
and therefore no provision on the Group\u2019s balance sheet has been made. The potential range of tax exposures relating to this case is
estimated to be \u00a3nil \u2013 \u00a3338m excluding penalties (2024/25: \u00a3nil \u2013 \u00a3321m). Penalties could range from nil to 30% of the principal amount
of any tax. Any potential cash outflow would occur in greater than one year. This potential outflow has been disclosed as a contingent
liability within note 26.
e) Recent accounting developments
The Group has considered the following amendments to published standards that are effective for the Group for the financial period
beginning 4 May 2025 and concluded that they are either not relevant to the Group or that they do not have a significant impact on the
Group\u2019s financial statements other than disclosures:
\u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 on Lack of Exchangeability
The accounting policies for the Group have remained unchanged from those disclosed in the Annual Report for the period ended
3 May 2025.
The following standards and revisions will be effective for future periods:
\u2022 Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 \u2013 Classification and Measurement of
Financial Instruments
\u2022 Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 \u2013 Contracts Referencing Nature-
dependent Electricity
\u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019
\u2022 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019
The Group has considered the impact of the amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures
\u2013 Classification and Measurement of Financial Instruments\u2019, which will become effective for the financial period ended 1 May 2027.
The amendments clarify when financial assets and liabilities should be recognised and derecognised, including in respect of electronic
payment systems. The Group currently recognises cash receipts from card payment processors on the date the customer transaction
takes place. On adoption, such receipts will instead be recognised as receivables until the settlement date, resulting in an estimated
reclassification of approximately \u00a330m-\u00a360m from cash and cash equivalents to trade and other receivables on the balance sheet.
This will decrease reported net cash by approximately \u00a330m-\u00a360m on transition, with no impact on net assets or the income statement.
In subsequent periods, the impact on net cash will be limited to movements in the period-end receivable balance.
The impact of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which will become effective for the financial period ended
29 April 2028, is still under assessment by the Group. It will affect how the Group presents and discloses its financial performance but it
will not impact the recognition or measurement of any items in the financial statements. Income and expenses will be classified into five
categories on the face of the consolidated income statement: operating, investing, financing, taxation and discontinued operations
(if applicable). The Group\u2019s measurement of profit before tax will not be affected. Disclosures relating to \u2018management-defined
performance measures\u2019, a subset of the Group\u2019s alternative performance measures (APMs), will be included in the audited notes to the
financial statements.
The Group has considered the impact of the remaining above standards and revisions and has concluded that they will not have a
significant impact on the Group\u2019s financial statements.
f) Subsidiary undertakings exempt from audit
The following subsidiaries, all of which are incorporated in England and Wales are exempt from the requirements of the Companies Act
2006 relating to the audit of individual accounts by virtue of section 479A of that Act:
Name
Company registration number
Carphone Warehouse Europe Limited
06534088
Connected World Services Distributions Limited
01847868
CPW Acton Five Limited
05738735
Currys Holdings Limited
07866062
Currys Retail Group Limited
03847921
Currys Retail limited
02142673
DSG European Investments Limited
03891149
DSG International Holdings Limited
03887870
DSG Overseas Investments Limited
02734677
The Carphone Warehouse (Digital) Limited
03966947
The Phone House Holdings (UK) Limited
03663563
iD Mobile Limited
09304672
Accounting policies
Revenue primarily comprises sales of goods and services net of returns and expected returns, and excludes sales taxes. Revenue is
measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes
amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a
customer. The following accounting policies are applied to the principal revenue generating activities in which the Group is engaged.
a) Sale of goods
Revenue from the sale of goods is recognised at the point of sale or, where later, upon delivery to the customer. Where consideration
is received, or receivable, in advance of the customer obtaining control and the performance obligations being satisfied, a contract
liability is recognised.
It is Group policy to grant customers the right to return their products within a defined period of time. As this does not represent a
separate performance obligation, the Group only recognises revenue to which it expects to be entitled. The Group uses the most
likely amount method to estimate the expected value of goods to be returned by customers exercising their rights in line with the
Group\u2019s refund policy based on the prior period return rates.
A refund liability is recognised as a component of trade and other payables for the amount of variable consideration that the
Group does not expect to be entitled. A separate right to return asset is recognised within inventory to represent the right to recover
goods from customers on settlement of the refund liability. This is measured by reference to the former carrying amount of the goods
sold less any recoverability costs and decrease in value.
b) Commission Revenue \u2013 Network agreements
Revenue from network commissions is recognised on completion of the performance obligation under the contracts with the Mobile
Network Operator (\u2018MNO\u2019). Over the life of these contracts the service provided by the Group to the MNO is the procurement of
connections to the MNO\u2019s network.
The Group acts as an agent and earns a commission for the service provided to the MNO (\u2018network commission\u2019). Revenue is
recognised at the point the individual consumer signs a contract with the MNO. The level of network commission earned is based on a
share of the monthly payments made by the consumer to the MNO, including contractual monthly line rental payments together with
a share of \u2018out-of-bundle\u2019 spend, spend after the contractual term, and amounts due from customer upgrades performed directly
by the network.
The method of measuring the value of the revenue and contract asset in the month of connection is to estimate all future cash flows
that will be received from the network and discount these based on the expected timing of receipt. Transaction price is estimated
based on extensive historical evidence obtained from the network and an adjustment is made for expected and possible changes
in consumer behaviour including as a result of regulatory changes impacting the sector.
Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will
not occur. This is based on the best estimate of expected future trends.
c) Commission Revenue \u2013 Insurance
Insurance revenue relates to the sale of third-party insurance products. Sales commission received from third parties is recognised
when the insurance policies to which it relates are sold. Although there are no ongoing performance obligations, future commission
receivable can vary due to consumer behaviour, however, it is only recognised to the extent that it is highly probable that there will
not be a significant reversal of revenue. The Group acts as an agent and recognises a contract asset in relation to this revenue. Any
amount previously recognised as a contract asset is reclassified to trade receivables at the point in which it becomes billable and is
no longer conditioned on something other than the passage of time. Revenue from the provision of insurance administration services is
recognised over the life of the relevant policies when the Group\u2019s performance obligations are satisfied.
d) Support services revenue \u2013 Customer support agreements
Revenue earned from the sale of customer support agreements is recognised in full as the stand-ready performance obligations are
satisfied under the contracts with the customer. Where consideration is received in advance of the performance of the obligations
being satisfied, a contract liability is recognised. Due to the cancellation options and customer refund clauses, contract terms have
been assessed to either be monthly or a series of day-to-day contracts with revenue recognised respectively in the month to which
payment relates, or on a \u2018straight-line\u2019 basis.
e) Connectivity revenue
Connectivity represents revenue recognised through our Mobile Virtual Network Operator (\u2018MVNO\u2019) where we are the principal in the
arrangement of providing handset and/or connectivity to the consumer. Transaction prices attributable to performance obligations
are calculated by allocating total contract revenue in the proportion to the standalone selling price (\u2018SSP\u2019) for each performance
obligation. The handset element is included within \u2018Sale of goods\u2019 and the connectivity element is recognised in \u2018Connectivity
revenue\u2019.
Revenue is recognised either when the performance obligation in the contract has been performed at a point in time (provision of
handset at contract commencement) or \u2018over time\u2019 as control of the performance obligation is transferred to the customer (provision
of monthly connectivity service).
f) Other services revenue
Other services revenue, mainly comprising delivery and installation, is recognised when the obligation to the customer has been
fulfilled.
Accounting policies
Equity settled share-based payments are measured at fair value at the date of grant and expensed on a straight-line basis over the
vesting period, based on an estimate of the number of shares that will eventually vest. A Monte Carlo model is used to measure fair
value.
For all schemes, the number of options expected to vest is recalculated at each balance sheet date, based on expectations of
leavers prior to vesting. For schemes with internal performance criteria such as free cash flow, the number of options expected to
vest is also adjusted based on expectations of performance against target. No adjustment is made for expected performance
against market-based performance criteria such as TSR, because the likelihood that the performance criteria will be met is taken into
account when estimating the fair value of the award on the grant date. The movement in cumulative expense since the previous
balance sheet date is recognised in the income statement, with a corresponding entry in reserves.
Accounting policies
Current tax
Current tax is provided at amounts expected to be paid or recovered using the prevailing tax rates and laws that have been
enacted or substantively enacted by the balance sheet date and adjusted for any tax payable in respect of previous periods.
Deferred tax
Deferred tax liabilities are recognised for all temporary differences between the carrying amount of an asset or liability in the
balance sheet and the tax base value and represent tax payable in future periods. Deferred tax assets are recognised to the extent
that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred
tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able
to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the
foreseeable future. No provision is made for tax that would have been payable on the distribution of retained profits of overseas
subsidiaries or associated undertakings where it has been determined that these profits will not be distributed in the foreseeable
future.
Current and deferred tax is recognised in the income statement except where it relates to an item recognised directly in other
comprehensive income or reserves, in which case it is recognised directly in other comprehensive income or reserves as appropriate.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are
expected to reverse, based on tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date.
Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction
and when the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax balances are not discounted.
Accounting policies
On acquisition of a subsidiary, associate or business, the fair value of the consideration is allocated between the identifiable net
tangible and intangible assets and liabilities on a fair value basis, with any excess consideration representing acquisition intangibles
including goodwill. At the acquisition date, goodwill is allocated to each Group of cash-generating units (\u2018CGUs\u2019) expected to
benefit from the combination and held in the currency of the operations to which the goodwill relates.
Goodwill is not amortised, but is assessed annually for impairment, or more frequently where there is an indication that goodwill may
be impaired. Impairment is assessed by measuring the recoverable amount of the Group of CGUs to which the goodwill relates, at
the level at which this is monitored by management. The recoverable amount is calculated as the value in use (\u2018VIU\u2019) of each CGU,
which is represented by the discounted future cash flows. Where the carrying amount of goodwill exceeds the VIU calculated, an
impairment charge is recognised in the income statement.
On disposal of subsidiary undertakings and businesses, the relevant goodwill is included in the calculation of the profit or loss
on disposal.
Accounting policies
Acquisition intangibles
Acquisition intangibles comprise brand names and customer relationships purchased as part of acquisitions of businesses and are
capitalised and amortised over their useful economic lives on a straight-line basis. These intangible assets are stated at cost less
accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is
provided to write off the cost of assets on a straight-line basis as follows:
Brands 7.0% \u2013 13.3% per annum
Customer relationships 13.3% per annum
This amortisation is included in the income statement as an administrative expense and, as further described in note A4 in the
Glossary and Definitions section of this Annual Report, this is recognised as an adjusting item.
Software and licences
Software and licences include costs incurred to acquire the assets as well as internal infrastructure and design costs incurred in the
development of software in order to bring the assets into use.
Internally generated software is recognised as an intangible asset only if it can be separately identified, it is probable that
the asset will generate future economic benefits which exceed one year, and the development cost can be measured reliably.
Where these conditions are not met, development expenditure is recognised as an expense in the period in which it is incurred. Costs
associated with maintaining computer software are recognised as an expense as incurred unless they increase the future economic
benefits of the asset, in which case they are capitalised.
The expenditure capitalised includes the cost of materials and incremental direct labour. Subsequent expenditure is capitalised
only when it increases the future economic benefits embodied in the specific asset to which it relates.
Software is stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated
loss on disposal. Amortisation is provided and recorded in administrative expenses to write off the cost of assets on a straight-line
basis as follows:
Software and licences 10.0% \u2013 33.3% per annum
Intangible assets are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion that
the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the intangible
assets form part of a separate CGU, such as a store or business unit, and business indicators exist which could lead to the
conclusions that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its VIU. The
VIU is calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment
is determined by comparing the net book value with the VIU.
Cloud software licence agreements
Licence agreements to use cloud software are treated as service contracts and expensed in the consolidated income statement,
unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the
ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within
intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in
the consolidated income statement, unless they create a separately identifiable resource controlled by the Group, in which case
they are capitalised.
Accounting policies
Property, plant & equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses.
Assets under construction are held at cost less any accumulated impairment losses. Cost includes the original purchase price of the
asset, costs attributable to bringing the asset to the location and condition necessary for intended use and any capitalised
borrowing costs. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific
asset to which it relates while maintenance related costs are recognised in the income statement when incurred.
With the exception of land, depreciation is provided to write off the cost of the assets over their expected useful lives from the date
the asset was brought into use or capable of being used on a straight-line basis. Rates applied to different classes of property,
plant & equipment are as below. Useful lives have been reviewed with consideration to the impacts of climate change and no
material impact has been identified.
Land and buildings
Fixtures, fittings and other equipment
1.7% \u2013 4.0% per annum
10.0% \u2013 33.3% per annum
Property, plant & equipment are assessed on an ongoing basis to determine whether circumstances exist that could lead to the
conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied.
Where the property, plant & equipment form part of a separate CGU, such as a store, and indicators exist which could mean that the
net book value is not supportable, the recoverable amount of the CGU is determined by calculating its value in use (VIU). The VIU is
calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment is
determined by comparing the net book value with the VIU.
Accounting policies
Right-of-use assets are recognised at the commencement of the lease, when the underlying asset becomes available for use,
and comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement
date, any initial direct costs less any lease incentives received upon initial recognition. They are subsequently measured at cost less
accumulated depreciation and impairment losses and adjusted for any subsequent remeasurement of lease liabilities.
Right-of-use assets are depreciated on a straight-line basis over the shorter period of lease term and useful life of the underlying
asset.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the
right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers
those payments occurs.
Accounting policies
Inventories are stated at the lower of cost and net realisable value, and on a weighted average cost basis. Cost comprises direct
purchase cost and those overheads that have been incurred in bringing the inventories to their present location and condition, less
any attributable discounts and income received from suppliers in respect of that inventory. Net realisable value is based on
estimated selling price, less further costs expected to be incurred on disposal. Provision is made for obsolete, slow moving or
defective items where appropriate.
Certain purchases of inventories may be subject to cash flow hedges to address foreign exchange risk. Where this is the case a basis
adjustment is made; the initial cost of hedged inventory is adjusted by the associated gain or loss transferred from the cash flow
hedge reserve.
Accounting policies
Trade receivables are initially measured at their transaction price. Where there is a significant financing component, trade and other
receivables are discounted at contract inception using a discount rate that is at an arm\u2019s length basis and such that would be
reflected in a separate financing transaction between the Group and the customer. Other receivables are initially measured at fair
value plus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, trade and
other receivables are measured at amortised cost. The loss allowance for trade receivables, accrued income and contract assets
is measured using the simplified approach (lifetime expected credit losses). Loss allowance for other debtors is measured using
12-month expected credit losses unless there is a significant increase in credit risk and then the loss allowance is measured using
lifetime expected credit losses. See note 22 for further disclosures.
Accounting policies
Cash and cash equivalents are classified as held at amortised cost, comprising cash at bank and in hand, bank overdrafts and
short-term highly liquid deposits which have an original maturity of less than three months, are available on demand and are subject
to an insignificant risk of changes in value. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash
flow statement, are shown under current liabilities and further disclosed in note 16.
Cash and cash equivalents include restricted cash which predominantly comprises funds held by the Group\u2019s insurance businesses to
cover regulatory reserve requirements. These funds are not available to offset the Group\u2019s borrowings.
The payment card receivable within cash and cash equivalents is settled multiple times per week so is treated as a short-term highly
liquid investment. There is negligible credit risk associated with this balance.
ccounting policies Trade and other payables are initially recorded at fair value and subsequently measured at amortised cost. Contract liabilities predominantly relate to the sale of customer support agreements. Revenue is recognised in full as each performance obligation is satisfied under the contracts with the customer. Where consideration is received in advance of the performance of the obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer refund clauses, contract terms have been assessed to either be monthly or a series of day-to-day contracts with revenue recognised respectively in the month to which payment relates, or on a straight-line basis.
Accounting policies
Borrowings in the Group\u2019s balance sheet represent bank loans drawn under committed and uncommitted facilities. Borrowings are
initially recorded at fair value less attributable transaction costs. Transaction fees such as bank fees and legal costs associated
with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility.
All other borrowing costs are recognised in the income statement in the period in which they are incurred.
Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value
being recognised in the income statement over the period of the borrowings on an effective interest basis.
Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are classified as held at
amortised cost.
Accounting policies
The Group as a lessee
The Group\u2019s leasing activities predominantly relate to retail store properties, distribution properties, and distribution vehicle fleet.
The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset
and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases
(defined as leases with a lease term of 12 months or less) and leases of low value assets (which comprise IT equipment and small
items of office furniture). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis
over the term of the lease with no corresponding right-of-use asset.
Lease liabilities
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted using the Group incremental borrowing rate as the rate implicit in the lease cannot be determined and subsequently held
at amortised cost in accordance with IFRS 9. The interest rate implied in the lease is determined based on a series of inputs including:
the risk-free rate based on government bond rates; a country-specific risk adjustment; and a credit risk adjustment. This is the rate
that the Group would have to pay for a loan of a similar term, and with similar security, to obtain an asset of similar value.
Lease payments included in the measurement of the lease liability comprise:
\u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable.
\u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date.
\u2022 The amount expected to be payable by the lessee under residual value guarantees.
\u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options.
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:
\u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of
exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a
revised discount rate.
\u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual
value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate
(unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).
\u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability
is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount
rate at the effective date of the modification.
Accounting policies
Provisions are recognised when a legal or constructive obligation exists as a result of past events, it is probable that an outflow of
resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Provisions are discounted where the time value of money is considered to be material.
Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the
contract exceed the economic benefits expected to be received under the contract. Where the Group has assets dedicated to the
fulfilment of a contract that cannot be redirected, an impairment loss is recognised before a separate provision for
an onerous contract.
A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring, and has raised a
valid expectation with those affected that it will carry out the restructuring by starting to implement the plan or announcing its main
features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the
restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing
activities of the entity.
All provisions are assessed by reference to the best available information at the balance sheet date. In calculating provisions,
estimates are made for the amount and timing of outflow of economic benefits, however, the Group does not consider that the
actual future economic outflows will vary materially from the estimated amounts.
Accounting policies
Company contributions to defined contribution pension schemes and contributions made to state pension schemes for certain
overseas employees are charged to the income statement on an accruals basis when employees have rendered service entitling
them to the contributions.
For defined benefit pension schemes, the difference between the market value of the assets and the present value of the accrued
pension liabilities is shown as an asset or liability in the consolidated balance sheet. The calculation of the present value is
determined by an independent actuary using the projected unit credit method. The calculation incorporates actuarial assumptions,
including the discount rates used to determine the present value of accrued pension liabilities, inflation assumptions and the life
expectancy of members.
Actuarial gains and losses arising from changes in actuarial assumptions together with experience adjustments and actual return on
assets are recognised in the consolidated statement of comprehensive income and expensed as they arise. Such amounts are not
reclassified to the income statement in subsequent years.
Defined benefit costs recognised in the income statement are comprised mainly of net interest expense or income with such interest
being recognised within finance costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or
asset taking into account any changes in the net defined benefit obligation during the year as a result of contribution or
benefit payments.
Accounting policies
Non-derivative financial assets
Financial assets are recognised in the Group\u2019s balance sheet when the Group becomes party to the contractual provisions of the
investment. The Group\u2019s financial assets comprise cash and cash equivalents, and receivables which involve a contractual right to
receive cash from external parties. Financial assets comprise all items shown in notes 13 and 14 with the exception of prepayments
and contract assets.
When the Group recognises a financial asset, it classifies it in accordance with IFRS 9 depending on the Group\u2019s intention with regard
to the collection, or sale, of contractual cash flows and whether the financial asset\u2019s cash flows relate solely to the payment of
principal and interest on principal outstanding. All of the Group\u2019s assets measured at amortised cost are subject to impairments
driven by the expected credit loss model as further stipulated in note 13 and below.
Financial assets are derecognised when the contractual rights to the cash flows expire or the Group has transferred the financial
asset in a way that qualifies for derecognition in accordance with IFRS 9.
The Group reviews several factors when considering a significant increase in credit risk including but not limited to: credit rating
changes; adverse changes in general economic and/or market conditions; and material changes in the operating results or financial
position of the debtor. Indicators that an asset is credit-impaired would include: observable data in relation to the financial health
of the debtor; significant financial difficulty of the issuer or the debtor; the debtor breaches contract; or it is probable that the
debtor will enter bankruptcy or financial reorganisation.
Non-derivative financial liabilities
The Group\u2019s financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date.
Financial liabilities comprise all items shown in notes 15 to 17 with the exception of other taxes and social security, contract liabilities
and accruals for wages, bonuses and holiday pay. Financial liabilities are recognised in the Group\u2019s balance sheet when the Group
becomes a party to the contractual provisions of the instrument. Financial liabilities (or a part of a financial liability) are
derecognised when the obligation specified in the contract is discharged, cancelled or expires.
In the event that the terms in which the Group are contractually obliged are substantially modified, the financial liability to which it
relates is derecognised and subsequently re-recognised on the modified terms.
Where the Group has the right and intention to offset in relation to financial assets and liabilities under IAS 32, these are presented on
a net basis.
Derivatives
The Group uses derivatives to manage its exposure to fluctuating foreign exchange rates. These instruments are initially recognised at
fair value on the date the contract is entered into and are subsequently remeasured to fair value at each prevailing balance sheet
date and are recorded within assets or liabilities as appropriate. The treatment of the resulting gain or loss depends on whether the
derivative is designated as a hedging instrument and if so, the nature of the item being hedged. Derivatives that qualify for hedge
accounting are treated as a hedge of a highly probable forecast transaction (cash flow hedge) in the case of foreign exchange
hedging.
Cash flow hedge accounting
At inception the relationship between the hedging instrument and the hedged item is documented, as well as an assessment of the
effectiveness of the derivative instrument used in the hedging transaction in offsetting changes in the cash flow of the hedged item.
This effectiveness assessment is repeated on an ongoing basis during the life of the hedging instrument to ensure that the instrument
remains an effective hedge.
The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow
hedge reserve. Any gain or loss relating to the ineffective portion is recognised immediately in the income statement within finance
costs. Amounts recognised in other comprehensive income and accumulated in the cash flow hedge reserve are recycled to the
income statement, in the same line as the recognised hedged item, in the period when the hedged item will affect profit or loss. If the
hedging instrument expires or is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in other
comprehensive income at that time remains in other comprehensive income and is recognised when the forecast transaction is
recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in other
comprehensive income is immediately transferred to the income statement and recognised within finance costs.
Where hedged forecast transactions result in the recognition of a non-financial asset or liability, the gains and losses previously
recognised and accumulated in the cash flow hedge reserve are subsequently removed and included in the initial cost of the
non-financial asset or liability. Such transfers will not affect other comprehensive income.
Derivatives that do not qualify for hedge accounting
Derivatives that do not qualify for hedge accounting are classified at fair value through profit or loss. All changes in fair value of
derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement within the same
line as the item that is hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-266": { "value": "a) Basis of preparation Currys plc (the \u2018Company\u2019) is a public company limited by shares incorporated in the United Kingdom, which is registered in England and Wales under the Companies Act 2006. The consolidated financial statements have been prepared on a going concern basis in accordance with UK-adopted international accounting standards. The financial statements have been presented in Pound Sterling, based on the Group\u2019s primary economic environment, and on the historical cost convention except for the revaluation of certain financial instruments and defined benefit pension obligations, as explained below. All amounts have been rounded to the nearest million (\u2018\u00a3m\u2019), unless otherwise stated. Significant accounting policies have been included in the relevant notes to the financial statements to which the policies relate. Where accounting policies are applied to the financial statements as a whole, they are detailed further below. Unless otherwise stated, the accounting policies are the same as those which have been applied consistently to all periods presented and in previous financial periods. Alternative performance measures (\u2018APMs\u2019) In addition to IFRS measures, the Group uses certain APMs that are considered to be additional informative measures of ongoing trading performance of the Group and are consistent with how performance is measured internally. The APMs used by the Group in addition to IFRS measures are included within the Glossary and Definitions section of this Annual Report. This includes further information on the definitions, purpose, and reconciliation to IFRS measures of those APMs that are used for internal reporting and presented to the Group\u2019s Chief Operating Decision Maker (\u2018CODM\u2019). The CODM has been determined to be the Board. Going concern Going concern is the basis of preparation of the financial statements that assumes an entity will remain in operation for a period of at least 12 months from the date of approval of these financial statements. In their consideration of going concern, the directors have reviewed the Group\u2019s future cash forecasts and profit projections, which are based on market data and past experience. The debt facilities modelled in the base case total \u00a3525m, post renewal in September 2024. As a result of the uncertainties surrounding the forecasts due to the current macroeconomic environment, including the geopolitical and trade disruption arising from the Iran War, the Group has also modelled a severe but plausible downside scenario by applying a sales risk of 5% per annum across the 3-year viability period from 2026/27 to 2028/29. This sales risk can be offset with controllable mitigations across various operating expense line items and hence in this severe but plausible downside scenario, the Group does not breach any of the Group\u2019s facilities or banking covenants. Finally, the Group has numerous other mitigations available (in addition to those applied to the severe but plausible downside scenario) which are considered controllable should sales drop below the severe but plausible downside, before requiring additional sources of financing in excess of those that are committed. Such a scenario, and the sequence of events which could lead to it, is considered to be remote. In addition to this scenario, the Group has also assessed the potential impact of a significant cyber-attack, reflecting the nature of recent incidents experienced across Europe. This assessment considered a temporary disruption to core operating systems, associated recovery costs and short-term impacts on trading. The modelling indicates that, while such an event could result in operational challenges, the Group\u2019s existing business continuity plans, insurance cover and other contingency measures would limit the financial impact to a level that remains manageable within the Group\u2019s available facilities and covenant headroom. The directors are of the opinion that the Group\u2019s forecasts and projections, which take into account reasonably possible changes in trading performance including the impact of increased uncertainty and inflation in the wider economic environment, show that the Group is able to operate within its current facilities and comply with its banking covenants for at least 12 months from the date of approval of these financial statements. In arriving at their conclusion that the Group has adequate financial resources, the directors considered the level of borrowings and facilities and that the Group has a robust policy towards liquidity and cash flow management. For this reason, the Board considers it appropriate for the Group to adopt the going concern basis in preparing the financial information. The long-term effect of macroeconomic factors is uncertain and should the impact on trading conditions be more prolonged or severe than what the directors consider to be reasonably possible, the Group would need to implement additional operational or financial measures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-4": { "value": "Currys plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-263": { "value": "Currys plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-5": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-6": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-264": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-296": { "value": "The consolidated financial statements have been prepared on a going concern basis in accordance with UK-adopted international accounting standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-297": { "value": "The financial statements have been presented in Pound Sterling, based on the Group\u2019s primary economic environment, and on the historical cost convention except for the revaluation of certain financial instruments and defined benefit pension obligations, as explained below. All amounts have been rounded to the nearest million (\u2018\u00a3m\u2019), unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-298": { "value": "Going concern Going concern is the basis of preparation of the financial statements that assumes an entity will remain in operation for a period of at least 12 months from the date of approval of these financial statements. In their consideration of going concern, the directors have reviewed the Group\u2019s future cash forecasts and profit projections, which are based on market data and past experience. The debt facilities modelled in the base case total \u00a3525m, post renewal in September 2024. As a result of the uncertainties surrounding the forecasts due to the current macroeconomic environment, including the geopolitical and trade disruption arising from the Iran War, the Group has also modelled a severe but plausible downside scenario by applying a sales risk of 5% per annum across the 3-year viability period from 2026/27 to 2028/29. This sales risk can be offset with controllable mitigations across various operating expense line items and hence in this severe but plausible downside scenario, the Group does not breach any of the Group\u2019s facilities or banking covenants. Finally, the Group has numerous other mitigations available (in addition to those applied to the severe but plausible downside scenario) which are considered controllable should sales drop below the severe but plausible downside, before requiring additional sources of financing in excess of those that are committed. Such a scenario, and the sequence of events which could lead to it, is considered to be remote. In addition to this scenario, the Group has also assessed the potential impact of a significant cyber-attack, reflecting the nature of recent incidents experienced across Europe. This assessment considered a temporary disruption to core operating systems, associated recovery costs and short-term impacts on trading. The modelling indicates that, while such an event could result in operational challenges, the Group\u2019s existing business continuity plans, insurance cover and other contingency measures would limit the financial impact to a level that remains manageable within the Group\u2019s available facilities and covenant headroom. The directors are of the opinion that the Group\u2019s forecasts and projections, which take into account reasonably possible changes in trading performance including the impact of increased uncertainty and inflation in the wider economic environment, show that the Group is able to operate within its current facilities and comply with its banking covenants for at least 12 months from the date of approval of these financial statements. In arriving at their conclusion that the Group has adequate financial resources, the directors considered the level of borrowings and facilities and that the Group has a robust policy towards liquidity and cash flow management. For this reason, the Board considers it appropriate for the Group to adopt the going concern basis in preparing the financial information. The long-term effect of macroeconomic factors is uncertain and should the impact on trading conditions be more prolonged or severe than what the directors consider to be reasonably possible, the Group would need to implement additional operational or financial measures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-267": { "value": "b) Accounting convention and basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power over the investee; is exposed, or has rights, to variable return from its involvement with the investee; and has the ability to use its power to affect its returns. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by the Group. All intercompany transactions and balances are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-269": { "value": "
Foreign currency transactions
Transactions denominated in foreign currencies are translated to the Group\u2019s presentational currency using the exchange rate at the
date of the transaction. The Group uses foreign exchange forward contracts to hedge material transactions denominated in foreign
currencies, as outlined in note 22. Foreign exchange differences arising are recognised in the Group\u2019s income statement in the period in
which they arise.
Foreign currency translation
Material monetary assets and liabilities denominated in foreign currencies are hedged, mainly using forward foreign exchange contracts
to create matching liabilities and assets, and are translated at the rates prevailing at the balance sheet date.
The results of foreign operations are translated each month at the monthly rate, and their balance sheets are translated at the rates
prevailing at the balance sheet date. Goodwill and acquisition intangible assets are held in the currency of the operation to which they
relate. Exchange differences arising on the translation of net assets, goodwill and results of foreign operations are recognised in the
Group statement of other comprehensive income and are included in the Group\u2019s translation reserve.
The principal exchange rates against Pound Sterling used in these financial statements are as follows:
Average
Closing
2026
2025
2026
2025
Euro
1.15
1.19
1.16
1.17
Norwegian Krone
13.33
13.89
12.59
13.82
Swedish Krona
12.58
13.52
12.51
12.82
US Dollar
1.34
1.28
1.36
1.33
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-268": { "value": "
d) Key sources of estimation uncertainty and critical accounting judgements
Critical accounting judgements and estimates used in the preparation of the financial statements are continually reviewed and revised
as necessary. Whilst every effort is made to ensure that such judgements and estimates are reasonable, by their nature they are
uncertain, and as such changes may have a material impact.
Key sources of estimation uncertainty
Defined benefit pension schemes
The surplus or deficit in the UK defined benefit pension scheme that is recognised through the consolidated statement of comprehensive
income and expense is subject to a number of assumptions and uncertainties. The calculated liabilities of the scheme are based on
assumptions regarding inflation rates, discount rates and member longevity. Such assumptions are based on actuarial advice and are
benchmarked against similar pension schemes. The Group receives details of invested assets from external valuation experts to value
these assets. The valuations closest to year end are used and the private investments are rolled forward to incorporate future
investments and distributions. The stale prices of all level 3 investments are considered to be the representative of the fair value as at
the reporting date based on information available and provided by the fund managers at the time of preparation of these financial
statements. Refer to note 19 for further information.
UK deferred tax asset
Deferred tax assets are only recognised by the Group to the extent that future taxable profits, which include the reversal of taxable
temporary differences, will be available against which deductible temporary differences can be utilised. On this basis, a net deferred
tax asset of \u00a357m has been recognised in the UK in 2025/26, following the UK business\u2019 continued trading performance and forecast
profitability, which is outlined further below.
The Group has a total potential UK deferred tax asset of \u00a3177m (excluding capital losses), relating primarily to unused capital
allowances and brought forward trading losses, that has been assessed for recoverability under IAS 12. A full breakdown of potential
deferred tax assets by category can be found in note 6c.
Management previously recognised a net \u00a3nil UK deferred tax asset in 2022/23 and 2023/24 on the basis of the prevailing
macroeconomic uncertainty at the time. Following this, a \u00a323m deferred tax asset was recognised in 2024/25, based on the profits
forecast to arise in the 2025/26 Budget year. This was due to the UK business\u2019 improved trading performance and forecast profitability,
but taking an approach that provided a high degree of confidence, due to residual macroeconomic uncertainty and the deferred tax
asset originating in the recent past.
Over this period and in 2025/26, the UK business has increased sales, improved gross margins (through delivery of strategic initiatives, such as increased customer adoption of Services, and better end-to-end product modelling analysis) and delivered substantial cost saving initiatives, resulting in better current and forecast profitability. In light of this sustained improved performance in 2025/26, management consider that recognising a \u00a357m UK deferred tax asset based on the taxable profits that are forecast to arise across its 3-year business planning period from 2026/27 to 2028/29 is now most appropriate. In this regard, it should be noted that the 3-year business planning period is the longest period over which management prepares its detailed forecasts. Should the time horizon for future taxable profits be increased to 5 years, which is a possibility in 2026/27 if UK profits continue to materialise, then the deferred tax asset could increase materially to an amount of up to approximately \u00a387m. Management also prepares a 3-year business planning forecast based on the Group\u2019s reasonable worst-case scenario that is modelled in its going concern viability testing. This scenario makes an assumption of lower sales, offset with various risk mitigations (such as cost reductions) that management would implement in the event that such lower sales materialised. Under this scenario, the UK\u2019s deferred tax asset would reduce to an amount of \u00a345m over this 3-year time horizon. In measuring the deferred tax asset, management has reviewed the forecasts used for both going concern and viability assessment and goodwill impairment testing and used the same underlying profit figures as a basis for the calculations. Due to restrictions under UK tax rules which only enable the utilisation of brought forward tax losses against 50% of taxable profits over \u00a35m, it is unlikely that the total potential \u00a3177m deferred tax asset would fully unwind until several years after the Group\u2019s business plan, even in the event that the profits forecast in the Group\u2019s business plan arose in perpetuity. It should be noted that climate change is not expected to have a material impact on the Group\u2019s performance and that management does not build any other sensitivities into the Group\u2019s goodwill impairment testing (note 8). Critical accounting judgements Taxation The Group is subject to income taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax outcome is uncertain. The Group recognises a provision when it is probable that an obligation to pay tax will crystallise as a result of a past event. The quantum of provision recognised is based on the best information available and has been assessed by in-house tax specialists, and where appropriate third-party taxation and legal advisors, and represents the Group\u2019s best estimate of the most likely outcome. Where the final outcome of such matters differs from the amounts initially recorded, any differences will impact the income tax and deferred tax provisions in the period to which such determination is made. Tax laws that apply to the Group\u2019s businesses may be amended by the relevant authorities, for example as a result of changes in fiscal circumstances or priorities. Such potential amendments and their application to the Group are monitored regularly and the requirement for recognition of any liabilities (or changes in existing provisions) assessed where necessary. The Group has recognised provisions in relation to uncertain tax positions of \u00a352m at 2 May 2026 (2024/25: \u00a351m) based on their most recent weighted average probability of occurring. Due to the nature of the provisions recorded, the timing of the settlement of these amounts remain uncertain. During the year the provision increased by \u00a31m due to the further accrual of interest. Under IAS 12 uncertain tax provisions are presented as part of income tax payable. In relation to its uncertain tax positions, the Group continues to cooperate with HMRC in relation to open tax cases arising from pre- merger legacy transactions in the Carphone Warehouse Group. One of these cases has been heard before the First Tier Tax Tribunal and has been accepted for appeal at the Upper Tribunal. The Group has risk assessed that certain cases have a probable chance of resulting in cash outflows to HMRC that are measured at \u00a352m as at 2 May 2026 (comprising the amount of tax payable and interest up to 2 May 2026) (2024/25: \u00a351m). It should be noted that penalties of up to 30% could be applied to the principal amount tax payable, but these have not been considered probable based on the status of the position with HMRC. The cases could ultimately result in cash outflows of between \u00a3nil and \u00a396m, depending upon their outcome. Furthermore, certain other tax cases arising from pre-merger legacy transactions in the Carphone Warehouse Group have not been considered probable to result in cash outflows to HMRC. This has been determined based on the strength of third-party legal advice and therefore no provision on the Group\u2019s balance sheet has been made. The potential range of tax exposures relating to this case is estimated to be \u00a3nil \u2013 \u00a3338m excluding penalties (2024/25: \u00a3nil \u2013 \u00a3321m). Penalties could range from nil to 30% of the principal amount of any tax. Any potential cash outflow would occur in greater than one year. This potential outflow has been disclosed as a contingent liability within note 26. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-299": { "value": "Key sources of estimation uncertainty Defined benefit pension schemes The surplus or deficit in the UK defined benefit pension scheme that is recognised through the consolidated statement of comprehensive income and expense is subject to a number of assumptions and uncertainties. The calculated liabilities of the scheme are based on assumptions regarding inflation rates, discount rates and member longevity. Such assumptions are based on actuarial advice and are benchmarked against similar pension schemes. The Group receives details of invested assets from external valuation experts to value these assets. The valuations closest to year end are used and the private investments are rolled forward to incorporate future investments and distributions. The stale prices of all level 3 investments are considered to be the representative of the fair value as at the reporting date based on information available and provided by the fund managers at the time of preparation of these financial statements. Refer to note 19 for further information. UK deferred tax asset Deferred tax assets are only recognised by the Group to the extent that future taxable profits, which include the reversal of taxable temporary differences, will be available against which deductible temporary differences can be utilised. On this basis, a net deferred tax asset of \u00a357m has been recognised in the UK in 2025/26, following the UK business\u2019 continued trading performance and forecast profitability, which is outlined further below. The Group has a total potential UK deferred tax asset of \u00a3177m (excluding capital losses), relating primarily to unused capital allowances and brought forward trading losses, that has been assessed for recoverability under IAS 12. A full breakdown of potential deferred tax assets by category can be found in note 6c. Management previously recognised a net \u00a3nil UK deferred tax asset in 2022/23 and 2023/24 on the basis of the prevailing macroeconomic uncertainty at the time. Following this, a \u00a323m deferred tax asset was recognised in 2024/25, based on the profits forecast to arise in the 2025/26 Budget year. This was due to the UK business\u2019 improved trading performance and forecast profitability, but taking an approach that provided a high degree of confidence, due to residual macroeconomic uncertainty and the deferred tax asset originating in the recent past. Over this period and in 2025/26, the UK business has increased sales, improved gross margins (through delivery of strategic initiatives, such as increased customer adoption of Services, and better end-to-end product modelling analysis) and delivered substantial cost saving initiatives, resulting in better current and forecast profitability. In light of this sustained improved performance in 2025/26, management consider that recognising a \u00a357m UK deferred tax asset based on the taxable profits that are forecast to arise across its 3-year business planning period from 2026/27 to 2028/29 is now most appropriate. In this regard, it should be noted that the 3-year business planning period is the longest period over which management prepares its detailed forecasts. Should the time horizon for future taxable profits be increased to 5 years, which is a possibility in 2026/27 if UK profits continue to materialise, then the deferred tax asset could increase materially to an amount of up to approximately \u00a387m. Management also prepares a 3-year business planning forecast based on the Group\u2019s reasonable worst-case scenario that is modelled in its going concern viability testing. This scenario makes an assumption of lower sales, offset with various risk mitigations (such as cost reductions) that management would implement in the event that such lower sales materialised. Under this scenario, the UK\u2019s deferred tax asset would reduce to an amount of \u00a345m over this 3-year time horizon. In measuring the deferred tax asset, management has reviewed the forecasts used for both going concern and viability assessment and goodwill impairment testing and used the same underlying profit figures as a basis for the calculations. Due to restrictions under UK tax rules which only enable the utilisation of brought forward tax losses against 50% of taxable profits over \u00a35m, it is unlikely that the total potential \u00a3177m deferred tax asset would fully unwind until several years after the Group\u2019s business plan, even in the event that the profits forecast in the Group\u2019s business plan arose in perpetuity. It should be noted that climate change is not expected to have a material impact on the Group\u2019s performance and that management does not build any other sensitivities into the Group\u2019s goodwill impairment testing (note 8). Critical accounting judgements Taxation The Group is subject to income taxes in a number of different jurisdictions and judgement is required in determining the appropriate provision for transactions where the ultimate tax outcome is uncertain. The Group recognises a provision when it is probable that an obligation to pay tax will crystallise as a result of a past event. The quantum of provision recognised is based on the best information available and has been assessed by in-house tax specialists, and where appropriate third-party taxation and legal advisors, and represents the Group\u2019s best estimate of the most likely outcome. Where the final outcome of such matters differs from the amounts initially recorded, any differences will impact the income tax and deferred tax provisions in the period to which such determination is made. Tax laws that apply to the Group\u2019s businesses may be amended by the relevant authorities, for example as a result of changes in fiscal circumstances or priorities. Such potential amendments and their application to the Group are monitored regularly and the requirement for recognition of any liabilities (or changes in existing provisions) assessed where necessary. The Group has recognised provisions in relation to uncertain tax positions of \u00a352m at 2 May 2026 (2024/25: \u00a351m) based on their most recent weighted average probability of occurring. Due to the nature of the provisions recorded, the timing of the settlement of these amounts remain uncertain. During the year the provision increased by \u00a31m due to the further accrual of interest. Under IAS 12 uncertain tax provisions are presented as part of income tax payable. In relation to its uncertain tax positions, the Group continues to cooperate with HMRC in relation to open tax cases arising from pre- merger legacy transactions in the Carphone Warehouse Group. One of these cases has been heard before the First Tier Tax Tribunal and has been accepted for appeal at the Upper Tribunal. The Group has risk assessed that certain cases have a probable chance of resulting in cash outflows to HMRC that are measured at \u00a352m as at 2 May 2026 (comprising the amount of tax payable and interest up to 2 May 2026) (2024/25: \u00a351m). It should be noted that penalties of up to 30% could be applied to the principal amount tax payable, but these have not been considered probable based on the status of the position with HMRC. The cases could ultimately result in cash outflows of between \u00a3nil and \u00a396m, depending upon their outcome. Furthermore, certain other tax cases arising from pre-merger legacy transactions in the Carphone Warehouse Group have not been considered probable to result in cash outflows to HMRC. This has been determined based on the strength of third-party legal advice and therefore no provision on the Group\u2019s balance sheet has been made. The potential range of tax exposures relating to this case is estimated to be \u00a3nil \u2013 \u00a3338m excluding penalties (2024/25: \u00a3nil \u2013 \u00a3321m). Penalties could range from nil to 30% of the principal amount of any tax. Any potential cash outflow would occur in greater than one year. This potential outflow has been disclosed as a contingent liability within note 26. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-270": { "value": "e) Recent accounting developments The Group has considered the following amendments to published standards that are effective for the Group for the financial period beginning 4 May 2025 and concluded that they are either not relevant to the Group or that they do not have a significant impact on the Group\u2019s financial statements other than disclosures: \u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 on Lack of Exchangeability The accounting policies for the Group have remained unchanged from those disclosed in the Annual Report for the period ended 3 May 2025. The following standards and revisions will be effective for future periods: \u2022 Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 \u2013 Classification and Measurement of Financial Instruments \u2022 Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 \u2013 Contracts Referencing Nature- dependent Electricity \u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 \u2022 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 The Group has considered the impact of the amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures \u2013 Classification and Measurement of Financial Instruments\u2019, which will become effective for the financial period ended 1 May 2027. The amendments clarify when financial assets and liabilities should be recognised and derecognised, including in respect of electronic payment systems. The Group currently recognises cash receipts from card payment processors on the date the customer transaction takes place. On adoption, such receipts will instead be recognised as receivables until the settlement date, resulting in an estimated reclassification of approximately \u00a330m-\u00a360m from cash and cash equivalents to trade and other receivables on the balance sheet. This will decrease reported net cash by approximately \u00a330m-\u00a360m on transition, with no impact on net assets or the income statement. In subsequent periods, the impact on net cash will be limited to movements in the period-end receivable balance. The impact of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which will become effective for the financial period ended 29 April 2028, is still under assessment by the Group. It will affect how the Group presents and discloses its financial performance but it will not impact the recognition or measurement of any items in the financial statements. Income and expenses will be classified into five categories on the face of the consolidated income statement: operating, investing, financing, taxation and discontinued operations (if applicable). The Group\u2019s measurement of profit before tax will not be affected. Disclosures relating to \u2018management-defined performance measures\u2019, a subset of the Group\u2019s alternative performance measures (APMs), will be included in the audited notes to the financial statements. The Group has considered the impact of the remaining above standards and revisions and has concluded that they will not have a significant impact on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-301": { "value": "The Group has considered the following amendments to published standards that are effective for the Group for the financial period beginning 4 May 2025 and concluded that they are either not relevant to the Group or that they do not have a significant impact on the Group\u2019s financial statements other than disclosures: \u2022 Amendments to IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 on Lack of Exchangeability The accounting policies for the Group have remained unchanged from those disclosed in the Annual Report for the period ended 3 May 2025. The following standards and revisions will be effective for future periods: \u2022 Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 \u2013 Classification and Measurement of Financial Instruments \u2022 Amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures\u2019 \u2013 Contracts Referencing Nature- dependent Electricity \u2022 IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 \u2022 IAS 21 \u2018The Effects of Changes in Foreign Exchange Rates\u2019 The Group has considered the impact of the amendments to IFRS 9 \u2018Financial Instruments\u2019 and IFRS 7 \u2018Financial Instruments: Disclosures \u2013 Classification and Measurement of Financial Instruments\u2019, which will become effective for the financial period ended 1 May 2027. The amendments clarify when financial assets and liabilities should be recognised and derecognised, including in respect of electronic payment systems. The Group currently recognises cash receipts from card payment processors on the date the customer transaction takes place. On adoption, such receipts will instead be recognised as receivables until the settlement date, resulting in an estimated reclassification of approximately \u00a330m-\u00a360m from cash and cash equivalents to trade and other receivables on the balance sheet. This will decrease reported net cash by approximately \u00a330m-\u00a360m on transition, with no impact on net assets or the income statement. In subsequent periods, the impact on net cash will be limited to movements in the period-end receivable balance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-300": { "value": "The impact of IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019, which will become effective for the financial period ended 29 April 2028, is still under assessment by the Group. It will affect how the Group presents and discloses its financial performance but it will not impact the recognition or measurement of any items in the financial statements. Income and expenses will be classified into five categories on the face of the consolidated income statement: operating, investing, financing, taxation and discontinued operations (if applicable). The Group\u2019s measurement of profit before tax will not be affected. Disclosures relating to \u2018management-defined performance measures\u2019, a subset of the Group\u2019s alternative performance measures (APMs), will be included in the audited notes to the financial statements. The Group has considered the impact of the remaining above standards and revisions and has concluded that they will not have a significant impact on the Group\u2019s financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-271": { "value": "f) Subsidiary undertakings exempt from audit The following subsidiaries, all of which are incorporated in England and Wales are exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A of that Act:
Name
Company registration number
Carphone Warehouse Europe Limited
06534088
Connected World Services Distributions Limited
01847868
CPW Acton Five Limited
05738735
Currys Holdings Limited
07866062
Currys Retail Group Limited
03847921
Currys Retail limited
02142673
DSG European Investments Limited
03891149
DSG International Holdings Limited
03887870
DSG Overseas Investments Limited
02734677
The Carphone Warehouse (Digital) Limited
03966947
The Phone House Holdings (UK) Limited
03663563
iD Mobile Limited
09304672
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-272": { "value": "
2. Segmental analysis
The Group\u2019s operating segments reflect the segments routinely reviewed by the CODM and used to manage performance and allocate
resources. This information is predominantly based on geographical areas which are either managed separately or have similar trading
characteristics.
The Group\u2019s operating and reportable segments have been identified as follows:
\u2022 UK & Ireland: comprising Currys, iD Mobile and B2B operations;
\u2022 Nordics: operates both franchise and own stores in Norway, Sweden, Finland and Denmark with further franchise operations in
Iceland, Greenland and the Faroe Islands.
UK & Ireland and Nordics are involved in the sale of consumer electronics and mobile technology products and services, primarily
through stores or online channels.
Transactions between segments are on an arm\u2019s length basis.
a) Segmental results
Period ended 2 May 2026
UK & Ireland Nordics Eliminations Total
\u00a3m \u00a3m \u00a3m \u00a3m
External revenue
5,438
3,816
\u2013
9,254
Inter-segmental revenue
65
\u2013
(65)
\u2013
Total revenue
5,503
3,816
(65)
9,254
Profit before interest and tax
134
86
\u2013
220
Finance income
9
Finance costs
(76)
Profit before tax
153
Depreciation and amortisation
(166)
(128)
\u2013
(294)
Period ended 3 May 2025
UK & Ireland Nordics Eliminations Total
\u00a3m \u00a3m \u00a3m \u00a3m
External revenue
5,286
3,420
\u2013
8,706
Inter-segmental revenue
63
\u2013
(63)
\u2013
Total revenue
5,349
3,420
(63)
8,706
Profit before interest and tax
145
53
\u2013
198
Finance income
11
Finance costs
(85)
Profit before tax
124
Depreciation and amortisation
(164)
(125)
\u2013
(289)
No individual customer represented more than 10% of the Group\u2019s revenue within the current or preceding period.
b) Geographical information
Revenues are allocated to countries according to the entity\u2019s country of domicile. Revenue by destination is not materially different to
that shown by domicile. Non-current assets exclude financial instruments and deferred tax assets.
Period ended 2 May 2026
Period ended 3 May 2025
UK Norway Sweden Other Total UK Norway Sweden Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
5,238
1,126
1,342
1,548
9,254
5,092
1,010
1,129
1,475
8,706
Non-current assets
1,945
471
474
515
3,405
1,915
445
463
542
3,365
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-302": { "value": "b) Geographical information Revenues are allocated to countries according to the entity\u2019s country of domicile. Revenue by destination is not materially different to that shown by domicile. Non-current assets exclude financial instruments and deferred tax assets.
Period ended 2 May 2026
Period ended 3 May 2025
UK Norway Sweden Other Total UK Norway Sweden Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
5,238
1,126
1,342
1,548
9,254
5,092
1,010
1,129
1,475
8,706
Non-current assets
1,945
471
474
515
3,405
1,915
445
463
542
3,365
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-354": { "value": "3. Revenue and profit before interest and taxation Accounting policies Revenue primarily comprises sales of goods and services net of returns and expected returns, and excludes sales taxes. Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The following accounting policies are applied to the principal revenue generating activities in which the Group is engaged. a) Sale of goods Revenue from the sale of goods is recognised at the point of sale or, where later, upon delivery to the customer. Where consideration is received, or receivable, in advance of the customer obtaining control and the performance obligations being satisfied, a contract liability is recognised. It is Group policy to grant customers the right to return their products within a defined period of time. As this does not represent a separate performance obligation, the Group only recognises revenue to which it expects to be entitled. The Group uses the most likely amount method to estimate the expected value of goods to be returned by customers exercising their rights in line with the Group\u2019s refund policy based on the prior period return rates. A refund liability is recognised as a component of trade and other payables for the amount of variable consideration that the Group does not expect to be entitled. A separate right to return asset is recognised within inventory to represent the right to recover goods from customers on settlement of the refund liability. This is measured by reference to the former carrying amount of the goods sold less any recoverability costs and decrease in value. b) Commission Revenue \u2013 Network agreements Revenue from network commissions is recognised on completion of the performance obligation under the contracts with the Mobile Network Operator (\u2018MNO\u2019). Over the life of these contracts the service provided by the Group to the MNO is the procurement of connections to the MNO\u2019s network. The Group acts as an agent and earns a commission for the service provided to the MNO (\u2018network commission\u2019). Revenue is recognised at the point the individual consumer signs a contract with the MNO. The level of network commission earned is based on a share of the monthly payments made by the consumer to the MNO, including contractual monthly line rental payments together with a share of \u2018out-of-bundle\u2019 spend, spend after the contractual term, and amounts due from customer upgrades performed directly by the network. The method of measuring the value of the revenue and contract asset in the month of connection is to estimate all future cash flows that will be received from the network and discount these based on the expected timing of receipt. Transaction price is estimated based on extensive historical evidence obtained from the network and an adjustment is made for expected and possible changes in consumer behaviour including as a result of regulatory changes impacting the sector. Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will not occur. This is based on the best estimate of expected future trends. c) Commission Revenue \u2013 Insurance Insurance revenue relates to the sale of third-party insurance products. Sales commission received from third parties is recognised when the insurance policies to which it relates are sold. Although there are no ongoing performance obligations, future commission receivable can vary due to consumer behaviour, however, it is only recognised to the extent that it is highly probable that there will not be a significant reversal of revenue. The Group acts as an agent and recognises a contract asset in relation to this revenue. Any amount previously recognised as a contract asset is reclassified to trade receivables at the point in which it becomes billable and is no longer conditioned on something other than the passage of time. Revenue from the provision of insurance administration services is recognised over the life of the relevant policies when the Group\u2019s performance obligations are satisfied. d) Support services revenue \u2013 Customer support agreements Revenue earned from the sale of customer support agreements is recognised in full as the stand-ready performance obligations are satisfied under the contracts with the customer. Where consideration is received in advance of the performance of the obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer refund clauses, contract terms have been assessed to either be monthly or a series of day-to-day contracts with revenue recognised respectively in the month to which payment relates, or on a \u2018straight-line\u2019 basis. e) Connectivity revenue Connectivity represents revenue recognised through our Mobile Virtual Network Operator (\u2018MVNO\u2019) where we are the principal in the arrangement of providing handset and/or connectivity to the consumer. Transaction prices attributable to performance obligations are calculated by allocating total contract revenue in the proportion to the standalone selling price (\u2018SSP\u2019) for each performance obligation. The handset element is included within \u2018Sale of goods\u2019 and the connectivity element is recognised in \u2018Connectivity revenue\u2019. Revenue is recognised either when the performance obligation in the contract has been performed at a point in time (provision of handset at contract commencement) or \u2018over time\u2019 as control of the performance obligation is transferred to the customer (provision of monthly connectivity service). f) Other services revenue Other services revenue, mainly comprising delivery and installation, is recognised when the obligation to the customer has been fulfilled.
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Revenue
9,254
8,706
Cost of sales
(7,557)
(7,086)
Gross profit
1,697
1,620
Operating expenses
(1,477)
(1,422)
Profit before interest and tax
220
198
The Group\u2019s disaggregated revenues recognised under \u2018Revenue from Contracts with Customers\u2019 in accordance with IFRS 15 relates to the following operating segments and revenue streams:
Period ended 2 May 2026
UK & Ireland Nordics Total
\u00a3m \u00a3m \u00a3m
Sale of goods
4,649
3,481
8,130
Commission revenue
161
170
331
Support services revenue
230
53
283
Connectivity revenue
257
2
259
Other services revenue
141
110
251
Total revenue
5,438
3,816
9, 254
Period ended 3 May 2025
UK & Ireland Nordics Total
\u00a3m \u00a3m \u00a3m
Sale of goods
4,541
3,117
7,658
Commission revenue
173
161
334
Support services revenue
231
47
278
Connectivity revenue
202
\u2013
202
Other services revenue
139
95
234
Total revenue
5,286
3,420
8,706
Revenue from commissions relates predominantly to network and insurance commissions which are further explained within the accounting policies section above. Income received from suppliers such as volume rebates The Group\u2019s agreements with suppliers contain a price for units purchased as well as other rebates and discounts which are summarised below: Volume Rebates: This income is linked to purchases made from suppliers and is recognised as a reduction to cost of goods sold as inventory is sold. Rebates that relate to inventory not sold are recognised within the value of inventory at the period end. Where an agreement spans period ends, estimation is required regarding amounts to be recognised. Forecasts are used as well as historical data in the estimation of the level of income recognised. Amounts are only recognised where the Group has a clear entitlement to the receipt of the rebate and a reliable estimate can be made. Customer discount support: This income is received from suppliers on a price per unit basis. The level of estimation is minimal as amounts are recognised as a reduction to cost of goods sold based on the agreement terms and only once the item is sold. Marketing income: This income is received in relation to marketing activities that are performed on behalf of suppliers. Marketing income is recognised over the period as set out in the specific supplier agreements and is recognised as a reduction to cost of sales. Supplier funding amounts that have been recognised and not invoiced are shown within accrued income on the balance sheet. Cash inflows for supplier funding received are classified as operating cash flows. Profit before interest and taxation is stated after charging/(crediting) the following. The remaining cost of goods sold and operating expenses include distribution, marketing, IT and other costs.
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Depreciation of property, plant & equipment
47
39
Depreciation of right-of-use assets
181
181
Impairment of right-of-use assets
1
\u2013
Amortisation of acquisition intangibles
23
23
Amortisation of other intangibles
43
46
Impairment of other intangibles
1
\u2013
Impairment of inventory
54
54
Cost of inventory recognised as an expense
6,588
6,639
Cash flow hedge amounts reclassified and reported in income statement
(4)
4
Net foreign exchange gains
(5)
\u2013
Share-based payments expense
15
11
Other employee costs
955
893
Restructuring costs*
24
13
Regulatory income*
(2)
(7)
* Restructuring and regulatory income are further detailed within note A4 in the Glossary and Definitions section of this Annual Report Auditor\u2019s remuneration comprises the following:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual accounts
0.1
0.1
Fees payable to the Company\u2019s Auditor and its associates for the audit of the Company\u2019s subsidiaries
2.2
2.2
Total audit fees
2.3
2.3
Audit-related assurance services:
Review of interim statement
0.3
0.2
Other assurance services
0.1
0.2
Total audit and audit-related assurance services
2.7
2.7
Total audit and non-audit fees
2.7
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-303": { "value": "3. Revenue and profit before interest and taxation Accounting policies Revenue primarily comprises sales of goods and services net of returns and expected returns, and excludes sales taxes. Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The following accounting policies are applied to the principal revenue generating activities in which the Group is engaged. a) Sale of goods Revenue from the sale of goods is recognised at the point of sale or, where later, upon delivery to the customer. Where consideration is received, or receivable, in advance of the customer obtaining control and the performance obligations being satisfied, a contract liability is recognised. It is Group policy to grant customers the right to return their products within a defined period of time. As this does not represent a separate performance obligation, the Group only recognises revenue to which it expects to be entitled. The Group uses the most likely amount method to estimate the expected value of goods to be returned by customers exercising their rights in line with the Group\u2019s refund policy based on the prior period return rates. A refund liability is recognised as a component of trade and other payables for the amount of variable consideration that the Group does not expect to be entitled. A separate right to return asset is recognised within inventory to represent the right to recover goods from customers on settlement of the refund liability. This is measured by reference to the former carrying amount of the goods sold less any recoverability costs and decrease in value. b) Commission Revenue \u2013 Network agreements Revenue from network commissions is recognised on completion of the performance obligation under the contracts with the Mobile Network Operator (\u2018MNO\u2019). Over the life of these contracts the service provided by the Group to the MNO is the procurement of connections to the MNO\u2019s network. The Group acts as an agent and earns a commission for the service provided to the MNO (\u2018network commission\u2019). Revenue is recognised at the point the individual consumer signs a contract with the MNO. The level of network commission earned is based on a share of the monthly payments made by the consumer to the MNO, including contractual monthly line rental payments together with a share of \u2018out-of-bundle\u2019 spend, spend after the contractual term, and amounts due from customer upgrades performed directly by the network. The method of measuring the value of the revenue and contract asset in the month of connection is to estimate all future cash flows that will be received from the network and discount these based on the expected timing of receipt. Transaction price is estimated based on extensive historical evidence obtained from the network and an adjustment is made for expected and possible changes in consumer behaviour including as a result of regulatory changes impacting the sector. Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will not occur. This is based on the best estimate of expected future trends. c) Commission Revenue \u2013 Insurance Insurance revenue relates to the sale of third-party insurance products. Sales commission received from third parties is recognised when the insurance policies to which it relates are sold. Although there are no ongoing performance obligations, future commission receivable can vary due to consumer behaviour, however, it is only recognised to the extent that it is highly probable that there will not be a significant reversal of revenue. The Group acts as an agent and recognises a contract asset in relation to this revenue. Any amount previously recognised as a contract asset is reclassified to trade receivables at the point in which it becomes billable and is no longer conditioned on something other than the passage of time. Revenue from the provision of insurance administration services is recognised over the life of the relevant policies when the Group\u2019s performance obligations are satisfied. d) Support services revenue \u2013 Customer support agreements Revenue earned from the sale of customer support agreements is recognised in full as the stand-ready performance obligations are satisfied under the contracts with the customer. Where consideration is received in advance of the performance of the obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer refund clauses, contract terms have been assessed to either be monthly or a series of day-to-day contracts with revenue recognised respectively in the month to which payment relates, or on a \u2018straight-line\u2019 basis. e) Connectivity revenue Connectivity represents revenue recognised through our Mobile Virtual Network Operator (\u2018MVNO\u2019) where we are the principal in the arrangement of providing handset and/or connectivity to the consumer. Transaction prices attributable to performance obligations are calculated by allocating total contract revenue in the proportion to the standalone selling price (\u2018SSP\u2019) for each performance obligation. The handset element is included within \u2018Sale of goods\u2019 and the connectivity element is recognised in \u2018Connectivity revenue\u2019. Revenue is recognised either when the performance obligation in the contract has been performed at a point in time (provision of handset at contract commencement) or \u2018over time\u2019 as control of the performance obligation is transferred to the customer (provision of monthly connectivity service). f) Other services revenue Other services revenue, mainly comprising delivery and installation, is recognised when the obligation to the customer has been fulfilled.
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Revenue
9,254
8,706
Cost of sales
(7,557)
(7,086)
Gross profit
1,697
1,620
Operating expenses
(1,477)
(1,422)
Profit before interest and tax
220
198
The Group\u2019s disaggregated revenues recognised under \u2018Revenue from Contracts with Customers\u2019 in accordance with IFRS 15 relates to the following operating segments and revenue streams:
Period ended 2 May 2026
UK & Ireland Nordics Total
\u00a3m \u00a3m \u00a3m
Sale of goods
4,649
3,481
8,130
Commission revenue
161
170
331
Support services revenue
230
53
283
Connectivity revenue
257
2
259
Other services revenue
141
110
251
Total revenue
5,438
3,816
9, 254
Period ended 3 May 2025
UK & Ireland Nordics Total
\u00a3m \u00a3m \u00a3m
Sale of goods
4,541
3,117
7,658
Commission revenue
173
161
334
Support services revenue
231
47
278
Connectivity revenue
202
\u2013
202
Other services revenue
139
95
234
Total revenue
5,286
3,420
8,706
Revenue from commissions relates predominantly to network and insurance commissions which are further explained within the accounting policies section above. Income received from suppliers such as volume rebates The Group\u2019s agreements with suppliers contain a price for units purchased as well as other rebates and discounts which are summarised below: Volume Rebates: This income is linked to purchases made from suppliers and is recognised as a reduction to cost of goods sold as inventory is sold. Rebates that relate to inventory not sold are recognised within the value of inventory at the period end. Where an agreement spans period ends, estimation is required regarding amounts to be recognised. Forecasts are used as well as historical data in the estimation of the level of income recognised. Amounts are only recognised where the Group has a clear entitlement to the receipt of the rebate and a reliable estimate can be made. Customer discount support: This income is received from suppliers on a price per unit basis. The level of estimation is minimal as amounts are recognised as a reduction to cost of goods sold based on the agreement terms and only once the item is sold. Marketing income: This income is received in relation to marketing activities that are performed on behalf of suppliers. Marketing income is recognised over the period as set out in the specific supplier agreements and is recognised as a reduction to cost of sales. Supplier funding amounts that have been recognised and not invoiced are shown within accrued income on the balance sheet. Cash inflows for supplier funding received are classified as operating cash flows. Profit before interest and taxation is stated after charging/(crediting) the following. The remaining cost of goods sold and operating expenses include distribution, marketing, IT and other costs.
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Depreciation of property, plant & equipment
47
39
Depreciation of right-of-use assets
181
181
Impairment of right-of-use assets
1
\u2013
Amortisation of acquisition intangibles
23
23
Amortisation of other intangibles
43
46
Impairment of other intangibles
1
\u2013
Impairment of inventory
54
54
Cost of inventory recognised as an expense
6,588
6,639
Cash flow hedge amounts reclassified and reported in income statement
(4)
4
Net foreign exchange gains
(5)
\u2013
Share-based payments expense
15
11
Other employee costs
955
893
Restructuring costs*
24
13
Regulatory income*
(2)
(7)
* Restructuring and regulatory income are further detailed within note A4 in the Glossary and Definitions section of this Annual Report Auditor\u2019s remuneration comprises the following:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual accounts
0.1
0.1
Fees payable to the Company\u2019s Auditor and its associates for the audit of the Company\u2019s subsidiaries
2.2
2.2
Total audit fees
2.3
2.3
Audit-related assurance services:
Review of interim statement
0.3
0.2
Other assurance services
0.1
0.2
Total audit and audit-related assurance services
2.7
2.7
Total audit and non-audit fees
2.7
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-273": { "value": "3. Revenue and profit before interest and taxation Accounting policies Revenue primarily comprises sales of goods and services net of returns and expected returns, and excludes sales taxes. Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The following accounting policies are applied to the principal revenue generating activities in which the Group is engaged. a) Sale of goods Revenue from the sale of goods is recognised at the point of sale or, where later, upon delivery to the customer. Where consideration is received, or receivable, in advance of the customer obtaining control and the performance obligations being satisfied, a contract liability is recognised. It is Group policy to grant customers the right to return their products within a defined period of time. As this does not represent a separate performance obligation, the Group only recognises revenue to which it expects to be entitled. The Group uses the most likely amount method to estimate the expected value of goods to be returned by customers exercising their rights in line with the Group\u2019s refund policy based on the prior period return rates. A refund liability is recognised as a component of trade and other payables for the amount of variable consideration that the Group does not expect to be entitled. A separate right to return asset is recognised within inventory to represent the right to recover goods from customers on settlement of the refund liability. This is measured by reference to the former carrying amount of the goods sold less any recoverability costs and decrease in value. b) Commission Revenue \u2013 Network agreements Revenue from network commissions is recognised on completion of the performance obligation under the contracts with the Mobile Network Operator (\u2018MNO\u2019). Over the life of these contracts the service provided by the Group to the MNO is the procurement of connections to the MNO\u2019s network. The Group acts as an agent and earns a commission for the service provided to the MNO (\u2018network commission\u2019). Revenue is recognised at the point the individual consumer signs a contract with the MNO. The level of network commission earned is based on a share of the monthly payments made by the consumer to the MNO, including contractual monthly line rental payments together with a share of \u2018out-of-bundle\u2019 spend, spend after the contractual term, and amounts due from customer upgrades performed directly by the network. The method of measuring the value of the revenue and contract asset in the month of connection is to estimate all future cash flows that will be received from the network and discount these based on the expected timing of receipt. Transaction price is estimated based on extensive historical evidence obtained from the network and an adjustment is made for expected and possible changes in consumer behaviour including as a result of regulatory changes impacting the sector. Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will not occur. This is based on the best estimate of expected future trends. c) Commission Revenue \u2013 Insurance Insurance revenue relates to the sale of third-party insurance products. Sales commission received from third parties is recognised when the insurance policies to which it relates are sold. Although there are no ongoing performance obligations, future commission receivable can vary due to consumer behaviour, however, it is only recognised to the extent that it is highly probable that there will not be a significant reversal of revenue. The Group acts as an agent and recognises a contract asset in relation to this revenue. Any amount previously recognised as a contract asset is reclassified to trade receivables at the point in which it becomes billable and is no longer conditioned on something other than the passage of time. Revenue from the provision of insurance administration services is recognised over the life of the relevant policies when the Group\u2019s performance obligations are satisfied. d) Support services revenue \u2013 Customer support agreements Revenue earned from the sale of customer support agreements is recognised in full as the stand-ready performance obligations are satisfied under the contracts with the customer. Where consideration is received in advance of the performance of the obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer refund clauses, contract terms have been assessed to either be monthly or a series of day-to-day contracts with revenue recognised respectively in the month to which payment relates, or on a \u2018straight-line\u2019 basis. e) Connectivity revenue Connectivity represents revenue recognised through our Mobile Virtual Network Operator (\u2018MVNO\u2019) where we are the principal in the arrangement of providing handset and/or connectivity to the consumer. Transaction prices attributable to performance obligations are calculated by allocating total contract revenue in the proportion to the standalone selling price (\u2018SSP\u2019) for each performance obligation. The handset element is included within \u2018Sale of goods\u2019 and the connectivity element is recognised in \u2018Connectivity revenue\u2019. Revenue is recognised either when the performance obligation in the contract has been performed at a point in time (provision of handset at contract commencement) or \u2018over time\u2019 as control of the performance obligation is transferred to the customer (provision of monthly connectivity service). f) Other services revenue Other services revenue, mainly comprising delivery and installation, is recognised when the obligation to the customer has been fulfilled.
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Revenue
9,254
8,706
Cost of sales
(7,557)
(7,086)
Gross profit
1,697
1,620
Operating expenses
(1,477)
(1,422)
Profit before interest and tax
220
198
The Group\u2019s disaggregated revenues recognised under \u2018Revenue from Contracts with Customers\u2019 in accordance with IFRS 15 relates to the following operating segments and revenue streams:
Period ended 2 May 2026
UK & Ireland Nordics Total
\u00a3m \u00a3m \u00a3m
Sale of goods
4,649
3,481
8,130
Commission revenue
161
170
331
Support services revenue
230
53
283
Connectivity revenue
257
2
259
Other services revenue
141
110
251
Total revenue
5,438
3,816
9, 254
Period ended 3 May 2025
UK & Ireland Nordics Total
\u00a3m \u00a3m \u00a3m
Sale of goods
4,541
3,117
7,658
Commission revenue
173
161
334
Support services revenue
231
47
278
Connectivity revenue
202
\u2013
202
Other services revenue
139
95
234
Total revenue
5,286
3,420
8,706
Revenue from commissions relates predominantly to network and insurance commissions which are further explained within the accounting policies section above.
Income received from suppliers such as volume rebates
The Group\u2019s agreements with suppliers contain a price for units purchased as well as other rebates and discounts which are summarised
below:
Volume Rebates: This income is linked to purchases made from suppliers and is recognised as a reduction to cost of goods sold as
inventory is sold. Rebates that relate to inventory not sold are recognised within the value of inventory at the period end. Where an
agreement spans period ends, estimation is required regarding amounts to be recognised. Forecasts are used as well as historical data
in the estimation of the level of income recognised. Amounts are only recognised where the Group has a clear entitlement to the receipt
of the rebate and a reliable estimate can be made.
Customer discount support: This income is received from suppliers on a price per unit basis. The level of estimation is minimal as
amounts are recognised as a reduction to cost of goods sold based on the agreement terms and only once the item is sold.
Marketing income: This income is received in relation to marketing activities that are performed on behalf of suppliers. Marketing
income is recognised over the period as set out in the specific supplier agreements and is recognised as a reduction to cost of sales.
Supplier funding amounts that have been recognised and not invoiced are shown within accrued income on the balance sheet.
Cash inflows for supplier funding received are classified as operating cash flows.
Profit before interest and taxation is stated after charging/(crediting) the following. The remaining cost of goods sold and operating
expenses include distribution, marketing, IT and other costs.
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Depreciation of property, plant & equipment
47
39
Depreciation of right-of-use assets
181
181
Impairment of right-of-use assets
1
\u2013
Amortisation of acquisition intangibles
23
23
Amortisation of other intangibles
43
46
Impairment of other intangibles
1
\u2013
Impairment of inventory
54
54
Cost of inventory recognised as an expense
6,588
6,639
Cash flow hedge amounts reclassified and reported in income statement
(4)
4
Net foreign exchange gains
(5)
\u2013
Share-based payments expense
15
11
Other employee costs
955
893
Restructuring costs*
24
13
Regulatory income*
(2)
(7)
* Restructuring and regulatory income are further detailed within note A4 in the Glossary and Definitions section of this Annual Report
Auditor\u2019s remuneration comprises the following:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual accounts
0.1
0.1
Fees payable to the Company\u2019s Auditor and its associates for the audit of the Company\u2019s subsidiaries
2.2
2.2
Total audit fees
2.3
2.3
Audit-related assurance services:
Review of interim statement
0.3
0.2
Other assurance services
0.1
0.2
Total audit and audit-related assurance services
2.7
2.7
Total audit and non-audit fees
2.7
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-333": { "value": "Accounting policies Revenue primarily comprises sales of goods and services net of returns and expected returns, and excludes sales taxes. Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer. The following accounting policies are applied to the principal revenue generating activities in which the Group is engaged. a) Sale of goods Revenue from the sale of goods is recognised at the point of sale or, where later, upon delivery to the customer. Where consideration is received, or receivable, in advance of the customer obtaining control and the performance obligations being satisfied, a contract liability is recognised. It is Group policy to grant customers the right to return their products within a defined period of time. As this does not represent a separate performance obligation, the Group only recognises revenue to which it expects to be entitled. The Group uses the most likely amount method to estimate the expected value of goods to be returned by customers exercising their rights in line with the Group\u2019s refund policy based on the prior period return rates. A refund liability is recognised as a component of trade and other payables for the amount of variable consideration that the Group does not expect to be entitled. A separate right to return asset is recognised within inventory to represent the right to recover goods from customers on settlement of the refund liability. This is measured by reference to the former carrying amount of the goods sold less any recoverability costs and decrease in value. b) Commission Revenue \u2013 Network agreements Revenue from network commissions is recognised on completion of the performance obligation under the contracts with the Mobile Network Operator (\u2018MNO\u2019). Over the life of these contracts the service provided by the Group to the MNO is the procurement of connections to the MNO\u2019s network. The Group acts as an agent and earns a commission for the service provided to the MNO (\u2018network commission\u2019). Revenue is recognised at the point the individual consumer signs a contract with the MNO. The level of network commission earned is based on a share of the monthly payments made by the consumer to the MNO, including contractual monthly line rental payments together with a share of \u2018out-of-bundle\u2019 spend, spend after the contractual term, and amounts due from customer upgrades performed directly by the network. The method of measuring the value of the revenue and contract asset in the month of connection is to estimate all future cash flows that will be received from the network and discount these based on the expected timing of receipt. Transaction price is estimated based on extensive historical evidence obtained from the network and an adjustment is made for expected and possible changes in consumer behaviour including as a result of regulatory changes impacting the sector. Revenue is only recognised to the extent that it is highly probable that a significant reversal in the amount of revenue recognised will not occur. This is based on the best estimate of expected future trends. c) Commission Revenue \u2013 Insurance Insurance revenue relates to the sale of third-party insurance products. Sales commission received from third parties is recognised when the insurance policies to which it relates are sold. Although there are no ongoing performance obligations, future commission receivable can vary due to consumer behaviour, however, it is only recognised to the extent that it is highly probable that there will not be a significant reversal of revenue. The Group acts as an agent and recognises a contract asset in relation to this revenue. Any amount previously recognised as a contract asset is reclassified to trade receivables at the point in which it becomes billable and is no longer conditioned on something other than the passage of time. Revenue from the provision of insurance administration services is recognised over the life of the relevant policies when the Group\u2019s performance obligations are satisfied. d) Support services revenue \u2013 Customer support agreements Revenue earned from the sale of customer support agreements is recognised in full as the stand-ready performance obligations are satisfied under the contracts with the customer. Where consideration is received in advance of the performance of the obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer refund clauses, contract terms have been assessed to either be monthly or a series of day-to-day contracts with revenue recognised respectively in the month to which payment relates, or on a \u2018straight-line\u2019 basis. e) Connectivity revenue Connectivity represents revenue recognised through our Mobile Virtual Network Operator (\u2018MVNO\u2019) where we are the principal in the arrangement of providing handset and/or connectivity to the consumer. Transaction prices attributable to performance obligations are calculated by allocating total contract revenue in the proportion to the standalone selling price (\u2018SSP\u2019) for each performance obligation. The handset element is included within \u2018Sale of goods\u2019 and the connectivity element is recognised in \u2018Connectivity revenue\u2019. Revenue is recognised either when the performance obligation in the contract has been performed at a point in time (provision of handset at contract commencement) or \u2018over time\u2019 as control of the performance obligation is transferred to the customer (provision of monthly connectivity service). f) Other services revenue Other services revenue, mainly comprising delivery and installation, is recognised when the obligation to the customer has been fulfilled. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-362": { "value": "
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Revenue
9,254
8,706
Cost of sales
(7,557)
(7,086)
Gross profit
1,697
1,620
Operating expenses
(1,477)
(1,422)
Profit before interest and tax
220
198
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-363": { "value": "
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Depreciation of property, plant & equipment
47
39
Depreciation of right-of-use assets
181
181
Impairment of right-of-use assets
1
\u2013
Amortisation of acquisition intangibles
23
23
Amortisation of other intangibles
43
46
Impairment of other intangibles
1
\u2013
Impairment of inventory
54
54
Cost of inventory recognised as an expense
6,588
6,639
Cash flow hedge amounts reclassified and reported in income statement
(4)
4
Net foreign exchange gains
(5)
\u2013
Share-based payments expense
15
11
Other employee costs
955
893
Restructuring costs*
24
13
Regulatory income*
(2)
(7)
10. Property, plant & equipment Accounting policies Property, plant & equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Assets under construction are held at cost less any accumulated impairment losses. Cost includes the original purchase price of the asset, costs attributable to bringing the asset to the location and condition necessary for intended use and any capitalised borrowing costs. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates while maintenance related costs are recognised in the income statement when incurred. With the exception of land, depreciation is provided to write off the cost of the assets over their expected useful lives from the date the asset was brought into use or capable of being used on a straight-line basis. Rates applied to different classes of property, plant & equipment are as below. Useful lives have been reviewed with consideration to the impacts of climate change and no material impact has been identified. Land and buildings Fixtures, fittings and other equipment 1.7% \u2013 4.0% per annum 10.0% \u2013 33.3% per annum Property, plant & equipment are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the property, plant & equipment form part of a separate CGU, such as a store, and indicators exist which could mean that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its value in use (VIU). The VIU is calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment is determined by comparing the net book value with the VIU.
Fixtures, fittings
Land and and other
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Balance at 3 May 2025
47
78
125
Additions
15
38
53
Disposals
(1)
\u2013
(1)
Depreciation
(14)
(33)
(47)
Foreign exchange
1
2
3
Balance as at 2 May 2026
48
85
133
Cost
116
312
428
Accumulated depreciation
(68)
(227)
(295)
Balance as at 2 May 2026
48
85
133
Included in net book value as at 2 May 2026
Assets under construction
\u2013
11
11
Fixtures, fittings
Land and and other
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Balance at 27 April 2024
43
68
111
Additions
15
38
53
Disposals
\u2013
(1)
(1)
Depreciation
(11)
(28)
(39)
Foreign exchange
\u2013
1
1
Balance as at 3 May 2025
47
78
125
Cost
124
577
701
Accumulated depreciation
(77)
(49 9)
(576)
Balance as at 3 May 2025
47
78
125
Included in net book value as at 3 May 2025
Assets under construction
\u2013
12
12
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-334": { "value": "Auditor\u2019s remuneration comprises the following:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Fees payable to the Company\u2019s Auditor for the audit of the Company\u2019s annual accounts
0.1
0.1
Fees payable to the Company\u2019s Auditor and its associates for the audit of the Company\u2019s subsidiaries
2.2
2.2
Total audit fees
2.3
2.3
Audit-related assurance services:
Review of interim statement
0.3
0.2
Other assurance services
0.1
0.2
Total audit and audit-related assurance services
2.7
2.7
Total audit and non-audit fees
2.7
2.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-274": { "value": "
4. Employee costs and share-based payments
a) Employee costs
The aggregate remuneration recognised in the income statement is as follows:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Salaries and performance bonuses
796
756
Social security costs
119
101
Other pension costs
40
36
955
893
Share-based payments
15
11
970
904
The average number of employees is:
Period ended Period ended
2 May 3 May
2026 2025
number number
UK & Ireland
15,416
14,792
Nordics
9,660
9,914
2 5 , 0 76
24,706
Compensation earned by key management, comprising the Board of Directors and Executive Committee, is as follows:
Period ended 2 May 2026
Period ended 3 May 2025
Board of Executive Board of Executive
Directors Committee Directors Committee
\u00a3m \u00a3m \u00a3m \u00a3m
Short-term employee benefits
5
6
4
5
Share-based payments
2
4
2
2
7
10
6
7
Further information about individual directors\u2019 remuneration, amounts related to long-term incentive schemes, and pension contributions
is included in the audited information in the Remuneration Report. The gain on share options exercised by directors in the period was \u00a33m
(2024/25: \u00a31m).
b) Share-based payments Accounting policies Equity settled share-based payments are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on an estimate of the number of shares that will eventually vest. A Monte Carlo model is used to measure fair value. For all schemes, the number of options expected to vest is recalculated at each balance sheet date, based on expectations of leavers prior to vesting. For schemes with internal performance criteria such as free cash flow, the number of options expected to vest is also adjusted based on expectations of performance against target. No adjustment is made for expected performance against market-based performance criteria such as TSR, because the likelihood that the performance criteria will be met is taken into account when estimating the fair value of the award on the grant date. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in reserves. (i) Share option schemes The Group offers discretionary awards of nil-priced options under the Long-Term Incentive Plan (\u2018LTIP\u2019) to senior employees. Awards are granted annually and will usually vest after three years subject to continued service. Some awards are also subject to the achievement of performance conditions. For awards granted during the period ended 1 May 2021 performance conditions are based on a combination of relative TSR performance against a bespoke comparator Group of 22 European Special Line Retailers and other comparable companies and cumulative free cash flow. For awards granted during the period ended 29 April 2023, performance conditions are based on a combination of relative TSR performance against the constituents of the FTSE 250 at the end of the performance period and cumulative free cash flow. For awards granted during the periods ended 27 April 2024 and 3 May 2025 performance conditions are based on a combination of relative TSR performance against the constituents of the FTSE 250 at the end of the performance period, cumulative free cash flow and earnings per share. For awards granted during the period ended 2 May 2026, performance conditions are based on a combination of cumulative free cash flow, earnings per share and relative TSR against an adjusted FTSE 250 constituents group which excludes companies in the basic resources, energy and financial services sectors. In February 2019, the Group launched the Colleague Shareholder Award which granted every permanent colleague with 12 months service at least \u00a31,000 of options which vest after three years. These awards were not subject to performance conditions. The following table summarises the number and weighted average exercise price (\u2018WAEP\u2019) of share options for these schemes:
Period ended 2 May 2026
Period ended 3 May 2025
Number WAEP Number WAEP
m \u00a3 m \u00a3
Outstanding at the beginning of the period
98
\u2013
88
\u2013
Granted during the period
20
\u2013
30
\u2013
Lapsed during the period
(18)
\u2013
(18)
\u2013
Exercised during the period
(20)
\u2013
(2)
\u2013
Outstanding at the end of the period
80
\u2013
98
\u2013
Exercisable at the end of the period
3
\u2013
3
\u2013
Period ended Period ended
2 May 3 May
2026 2025
Weighted average market price of options exercised in the period
\u00a31.20
\u00a30.87
Weighted average remaining contractual life of awards outstanding
8.0 yrs
8.1 yrs
Exercise price for options outstanding
\u00a3nil
\u00a3nil
(ii) SAYE scheme
The Group has SAYE schemes which allow participants to save up to \u00a3500 per month for either three or five years. At the end of the
savings period, participants can purchase shares in the Company based on a discounted share price determined at the commencement
of the scheme.
The following table summarises the number and WAEP of share options for these schemes:
Period ended 2 May 2026
Period ended 3 May 2025
Number WAEP Number WAEP
m \u00a3 m \u00a3
Outstanding at the beginning of the period
37
0.50
32
0.45
Granted during the period
7
1.16
9
0.73
Exercised during the period
(6)
0.59
\u2013
\u2013
Forfeited during period
(3)
0.61
(4)
0.61
Outstanding at the end of the period
35
0.61
37
0.50
Exercisable at the end of the period
\u2013
0.50
\u2013
0.48
Period ended Period ended
2 May 3 May
2026 2025
Weighted average market price of options exercised in the period
\u00a30.82
\u00a30.85
Weighted average remaining contractual life of awards outstanding
2.2 yrs
2.6 yrs
Range of exercise prices for options outstanding
\u00a30.39 \u2013 \u00a31.16
\u00a30.39 \u2013 \u00a30.93
(iii) Fair value model
The fair value of options was estimated at the date of grant using a Monte Carlo model. The model combines the market price of
a share at the date of grant with the probability of meeting performance criteria, based on the historical performance of the Group.
The weighted average fair value of options granted during the period was \u00a30.87 (2024/25: \u00a30.60). The following table lists the inputs to
the model:
Period ended Period ended
2 May 3 May
2026 2025
Exercise price
\u00a3nil \u2013 \u00a31.16
\u00a3nil \u2013 \u00a30.73
Dividend yield
0% \u2013 2.4%
0% \u2013 2.9%
Historical and expected volatility
38% \u2013 40%
40% \u2013 43%
Expected option life
4 \u2013 10 yrs
4 \u2013 10 yrs
Weighted average share price
\u00a31.25
\u00a30.83
The expected volatility reflects the assumption that the historical volatility is indicative of future trends.
(iv) Charge to the income statement and entries in reserves
During the period ended 2 May 2026, the Group recognised a non-cash accounting charge to the income statement of \u00a315m
(2024/25: \u00a311m) in respect of equity-settled share-based payments, with a corresponding credit through reserves.
c) Employee Benefit Trust (\u2018EBT\u2019)
2 May 2026
3 May 2025
Market value Nominal value Number Market value Nominal value Number
\u00a3m \u00a3m m \u00a3m \u00a3m m
Investment in own shares
67
0.1
53
68
0.1
59
Maximum number of shares held during the period
78
0.1
68
51
0.1
59
The number of shares held by the EBT remain held for potential awards under outstanding plans. The costs of administering the EBT are charged to the income statement in the period to which they relate. Investments in own shares are recorded at cost and are recognised directly in equity within other reserves as disclosed in note 20b. The EBT acquired 20m (2024/25: 19m) of the Company\u2019s shares during the period ended 2 May 2026 via market purchases for cash consideration of \u00a326m (2024/25: \u00a315m). During the period the EBT subsequently issued 25m (2024/25: 2m) ordinary shares to employees to satisfy share awards. These shares were held at a cost of \u00a321m (2024/25: \u00a32m). The EBT has waived rights to receive dividends and agrees to abstain from exercising their right to vote. The shares have not been allocated to specific schemes as further disclosed in the Directors\u2019 Report. At 2 May 2026, the EBT held 4.8% (2024/25: 5.2%) of the issued share capital of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-304": { "value": "4. Employee costs and share-based payments a) Employee costs The aggregate remuneration recognised in the income statement is as follows:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Salaries and performance bonuses
796
756
Social security costs
119
101
Other pension costs
40
36
955
893
Share-based payments
15
11
970
904
The average number of employees is:
Period ended Period ended
2 May 3 May
2026 2025
number number
UK & Ireland
15,416
14,792
Nordics
9,660
9,914
2 5 , 0 76
24,706
Compensation earned by key management, comprising the Board of Directors and Executive Committee, is as follows:
Period ended 2 May 2026
Period ended 3 May 2025
Board of Executive Board of Executive
Directors Committee Directors Committee
\u00a3m \u00a3m \u00a3m \u00a3m
Short-term employee benefits
5
6
4
5
Share-based payments
2
4
2
2
7
10
6
7
Further information about individual directors\u2019 remuneration, amounts related to long-term incentive schemes, and pension contributions is included in the audited information in the Remuneration Report. The gain on share options exercised by directors in the period was \u00a33m (2024/25: \u00a31m). b) Share-based payments Accounting policies Equity settled share-based payments are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on an estimate of the number of shares that will eventually vest. A Monte Carlo model is used to measure fair value. For all schemes, the number of options expected to vest is recalculated at each balance sheet date, based on expectations of leavers prior to vesting. For schemes with internal performance criteria such as free cash flow, the number of options expected to vest is also adjusted based on expectations of performance against target. No adjustment is made for expected performance against market-based performance criteria such as TSR, because the likelihood that the performance criteria will be met is taken into account when estimating the fair value of the award on the grant date. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in reserves. (i) Share option schemes The Group offers discretionary awards of nil-priced options under the Long-Term Incentive Plan (\u2018LTIP\u2019) to senior employees. Awards are granted annually and will usually vest after three years subject to continued service. Some awards are also subject to the achievement of performance conditions. For awards granted during the period ended 1 May 2021 performance conditions are based on a combination of relative TSR performance against a bespoke comparator Group of 22 European Special Line Retailers and other comparable companies and cumulative free cash flow. For awards granted during the period ended 29 April 2023, performance conditions are based on a combination of relative TSR performance against the constituents of the FTSE 250 at the end of the performance period and cumulative free cash flow. For awards granted during the periods ended 27 April 2024 and 3 May 2025 performance conditions are based on a combination of relative TSR performance against the constituents of the FTSE 250 at the end of the performance period, cumulative free cash flow and earnings per share. For awards granted during the period ended 2 May 2026, performance conditions are based on a combination of cumulative free cash flow, earnings per share and relative TSR against an adjusted FTSE 250 constituents group which excludes companies in the basic resources, energy and financial services sectors. In February 2019, the Group launched the Colleague Shareholder Award which granted every permanent colleague with 12 months service at least \u00a31,000 of options which vest after three years. These awards were not subject to performance conditions. The following table summarises the number and weighted average exercise price (\u2018WAEP\u2019) of share options for these schemes:
Period ended 2 May 2026
Period ended 3 May 2025
Number WAEP Number WAEP
m \u00a3 m \u00a3
Outstanding at the beginning of the period
98
\u2013
88
\u2013
Granted during the period
20
\u2013
30
\u2013
Lapsed during the period
(18)
\u2013
(18)
\u2013
Exercised during the period
(20)
\u2013
(2)
\u2013
Outstanding at the end of the period
80
\u2013
98
\u2013
Exercisable at the end of the period
3
\u2013
3
\u2013
Period ended Period ended
2 May 3 May
2026 2025
Weighted average market price of options exercised in the period
\u00a31.20
\u00a30.87
Weighted average remaining contractual life of awards outstanding
8.0 yrs
8.1 yrs
Exercise price for options outstanding
\u00a3nil
\u00a3nil
(ii) SAYE scheme The Group has SAYE schemes which allow participants to save up to \u00a3500 per month for either three or five years. At the end of the savings period, participants can purchase shares in the Company based on a discounted share price determined at the commencement of the scheme. The following table summarises the number and WAEP of share options for these schemes:
Period ended 2 May 2026
Period ended 3 May 2025
Number WAEP Number WAEP
m \u00a3 m \u00a3
Outstanding at the beginning of the period
37
0.50
32
0.45
Granted during the period
7
1.16
9
0.73
Exercised during the period
(6)
0.59
\u2013
\u2013
Forfeited during period
(3)
0.61
(4)
0.61
Outstanding at the end of the period
35
0.61
37
0.50
Exercisable at the end of the period
\u2013
0.50
\u2013
0.48
Period ended Period ended
2 May 3 May
2026 2025
Weighted average market price of options exercised in the period
\u00a30.82
\u00a30.85
Weighted average remaining contractual life of awards outstanding
2.2 yrs
2.6 yrs
Range of exercise prices for options outstanding
\u00a30.39 \u2013 \u00a31.16
\u00a30.39 \u2013 \u00a30.93
(iii) Fair value model The fair value of options was estimated at the date of grant using a Monte Carlo model. The model combines the market price of a share at the date of grant with the probability of meeting performance criteria, based on the historical performance of the Group. The weighted average fair value of options granted during the period was \u00a30.87 (2024/25: \u00a30.60). The following table lists the inputs to the model:
Period ended Period ended
2 May 3 May
2026 2025
Exercise price
\u00a3nil \u2013 \u00a31.16
\u00a3nil \u2013 \u00a30.73
Dividend yield
0% \u2013 2.4%
0% \u2013 2.9%
Historical and expected volatility
38% \u2013 40%
40% \u2013 43%
Expected option life
4 \u2013 10 yrs
4 \u2013 10 yrs
Weighted average share price
\u00a31.25
\u00a30.83
The expected volatility reflects the assumption that the historical volatility is indicative of future trends. (iv) Charge to the income statement and entries in reserves During the period ended 2 May 2026, the Group recognised a non-cash accounting charge to the income statement of \u00a315m (2024/25: \u00a311m) in respect of equity-settled share-based payments, with a corresponding credit through reserves.
c) Employee Benefit Trust (\u2018EBT\u2019)
2 May 2026
3 May 2025
Market value Nominal value Number Market value Nominal value Number
\u00a3m \u00a3m m \u00a3m \u00a3m m
Investment in own shares
67
0.1
53
68
0.1
59
Maximum number of shares held during the period
78
0.1
68
51
0.1
59
The number of shares held by the EBT remain held for potential awards under outstanding plans. The costs of administering the EBT are
charged to the income statement in the period to which they relate. Investments in own shares are recorded at cost and are recognised
directly in equity within other reserves as disclosed in note 20b.
The EBT acquired 20m (2024/25: 19m) of the Company\u2019s shares during the period ended 2 May 2026 via market purchases for cash
consideration of \u00a326m (2024/25: \u00a315m). During the period the EBT subsequently issued 25m (2024/25: 2m) ordinary shares to employees
to satisfy share awards. These shares were held at a cost of \u00a321m (2024/25: \u00a32m).
The EBT has waived rights to receive dividends and agrees to abstain from exercising their right to vote. The shares have not been
allocated to specific schemes as further disclosed in the Directors\u2019 Report. At 2 May 2026, the EBT held 4.8% (2024/25: 5.2%) of the
issued share capital of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-335": { "value": "Accounting policies Equity settled share-based payments are measured at fair value at the date of grant and expensed on a straight-line basis over the vesting period, based on an estimate of the number of shares that will eventually vest. A Monte Carlo model is used to measure fair value. For all schemes, the number of options expected to vest is recalculated at each balance sheet date, based on expectations of leavers prior to vesting. For schemes with internal performance criteria such as free cash flow, the number of options expected to vest is also adjusted based on expectations of performance against target. No adjustment is made for expected performance against market-based performance criteria such as TSR, because the likelihood that the performance criteria will be met is taken into account when estimating the fair value of the award on the grant date. The movement in cumulative expense since the previous balance sheet date is recognised in the income statement, with a corresponding entry in reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-275": { "value": "
5. Net finance costs
Accounting policies
Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for
financial liabilities that are measured at amortised cost is calculated using the effective interest method.
Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract assets
and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including lease
liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs
related to the Group\u2019s defined benefit pension obligation .
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Unwind of discounts on trade and other receivables
4
5
Other interest income
5
6
Finance income
9
11
Interest on bank overdrafts, loans and borrowings
(6)
(9)
Interest expense on lease liabilities
(53)
(56)
Net interest on defined benefit pension obligations
(2)
(8)
Amortisation of facility fees
(1)
(4)
Other interest expense
(14)
(8)
Finance costs
(76)
(85)
Total net finance costs
(67)
( 74)
All finance costs in the above table represent interest costs of financial liabilities and assets, other than amortisation of facility fees
which represent non-financial assets and net interest on defined benefit pension obligations. Other interest expense includes the cost
of cross-currency hedging, which has increased in the current period due to the widening gap between UK and European interest rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-369": { "value": "5. Net finance costs Accounting policies Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for financial liabilities that are measured at amortised cost is calculated using the effective interest method. Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract assets and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including lease liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs related to the Group\u2019s defined benefit pension obligation .
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Unwind of discounts on trade and other receivables
4
5
Other interest income
5
6
Finance income
9
11
Interest on bank overdrafts, loans and borrowings
(6)
(9)
Interest expense on lease liabilities
(53)
(56)
Net interest on defined benefit pension obligations
(2)
(8)
Amortisation of facility fees
(1)
(4)
Other interest expense
(14)
(8)
Finance costs
(76)
(85)
Total net finance costs
(67)
( 74)
All finance costs in the above table represent interest costs of financial liabilities and assets, other than amortisation of facility fees which represent non-financial assets and net interest on defined benefit pension obligations. Other interest expense includes the cost of cross-currency hedging, which has increased in the current period due to the widening gap between UK and European interest rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-364": { "value": "5. Net finance costs Accounting policies Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for financial liabilities that are measured at amortised cost is calculated using the effective interest method. Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract assets and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including lease liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs related to the Group\u2019s defined benefit pension obligation .
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Unwind of discounts on trade and other receivables
4
5
Other interest income
5
6
Finance income
9
11
Interest on bank overdrafts, loans and borrowings
(6)
(9)
Interest expense on lease liabilities
(53)
(56)
Net interest on defined benefit pension obligations
(2)
(8)
Amortisation of facility fees
(1)
(4)
Other interest expense
(14)
(8)
Finance costs
(76)
(85)
Total net finance costs
(67)
( 74)
All finance costs in the above table represent interest costs of financial liabilities and assets, other than amortisation of facility fees which represent non-financial assets and net interest on defined benefit pension obligations. Other interest expense includes the cost of cross-currency hedging, which has increased in the current period due to the widening gap between UK and European interest rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-355": { "value": "5. Net finance costs Accounting policies Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for financial liabilities that are measured at amortised cost is calculated using the effective interest method. Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract assets and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including lease liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs related to the Group\u2019s defined benefit pension obligation .
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Unwind of discounts on trade and other receivables
4
5
Other interest income
5
6
Finance income
9
11
Interest on bank overdrafts, loans and borrowings
(6)
(9)
Interest expense on lease liabilities
(53)
(56)
Net interest on defined benefit pension obligations
(2)
(8)
Amortisation of facility fees
(1)
(4)
Other interest expense
(14)
(8)
Finance costs
(76)
(85)
Total net finance costs
(67)
( 74)
All finance costs in the above table represent interest costs of financial liabilities and assets, other than amortisation of facility fees which represent non-financial assets and net interest on defined benefit pension obligations. Other interest expense includes the cost of cross-currency hedging, which has increased in the current period due to the widening gap between UK and European interest rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-336": { "value": "5. Net finance costs Accounting policies Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for financial liabilities that are measured at amortised cost is calculated using the effective interest method. Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract assets and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including lease liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs related to the Group\u2019s defined benefit pension obligation .
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Unwind of discounts on trade and other receivables
4
5
Other interest income
5
6
Finance income
9
11
Interest on bank overdrafts, loans and borrowings
(6)
(9)
Interest expense on lease liabilities
(53)
(56)
Net interest on defined benefit pension obligations
(2)
(8)
Amortisation of facility fees
(1)
(4)
Other interest expense
(14)
(8)
Finance costs
(76)
(85)
Total net finance costs
(67)
( 74)
All finance costs in the above table represent interest costs of financial liabilities and assets, other than amortisation of facility fees which represent non-financial assets and net interest on defined benefit pension obligations. Other interest expense includes the cost of cross-currency hedging, which has increased in the current period due to the widening gap between UK and European interest rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-305": { "value": "5. Net finance costs Accounting policies Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for financial liabilities that are measured at amortised cost is calculated using the effective interest method. Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract assets and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including lease liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs related to the Group\u2019s defined benefit pension obligation .
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Unwind of discounts on trade and other receivables
4
5
Other interest income
5
6
Finance income
9
11
Interest on bank overdrafts, loans and borrowings
(6)
(9)
Interest expense on lease liabilities
(53)
(56)
Net interest on defined benefit pension obligations
(2)
(8)
Amortisation of facility fees
(1)
(4)
Other interest expense
(14)
(8)
Finance costs
(76)
(85)
Total net finance costs
(67)
( 74)
All finance costs in the above table represent interest costs of financial liabilities and assets, other than amortisation of facility fees which represent non-financial assets and net interest on defined benefit pension obligations. Other interest expense includes the cost of cross-currency hedging, which has increased in the current period due to the widening gap between UK and European interest rates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-372": { "value": "Accounting policies Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for financial liabilities that are measured at amortised cost is calculated using the effective interest method. Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract assets and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including lease liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs related to the Group\u2019s defined benefit pension obligation . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-374": { "value": "Accounting policies Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for financial liabilities that are measured at amortised cost is calculated using the effective interest method. Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract assets and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including lease liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs related to the Group\u2019s defined benefit pension obligation ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-373": { "value": "Accounting policies Net finance costs comprise both finance income and finance costs. Finance income for financial assets and finance costs for financial liabilities that are measured at amortised cost is calculated using the effective interest method. Finance income includes income on cash and cash equivalents and income on the unwind of the network commission contract assets and receivables as further disclosed in note 13. Finance costs include interest costs in relation to financial liabilities, including lease liabilities which represent the unwind of the discount rate applied at the commencement date of the lease, and finance costs related to the Group\u2019s defined benefit pension obligation . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-306": { "value": "6. Tax Accounting policies Current tax Current tax is provided at amounts expected to be paid or recovered using the prevailing tax rates and laws that have been enacted or substantively enacted by the balance sheet date and adjusted for any tax payable in respect of previous periods. Deferred tax Deferred tax liabilities are recognised for all temporary differences between the carrying amount of an asset or liability in the balance sheet and the tax base value and represent tax payable in future periods. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. No provision is made for tax that would have been payable on the distribution of retained profits of overseas subsidiaries or associated undertakings where it has been determined that these profits will not be distributed in the foreseeable future. Current and deferred tax is recognised in the income statement except where it relates to an item recognised directly in other comprehensive income or reserves, in which case it is recognised directly in other comprehensive income or reserves as appropriate. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date. Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax balances are not discounted. a) Tax expense The income tax charge comprises:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Current tax
UK corporation tax at 25% (2024/25: 25%)
23
11
Overseas tax
15
6
38
17
Adjustments made in respect of prior periods:
UK corporation tax
1
\u2013
Overseas tax
1
\u2013
2
\u2013
Total current tax
40
17
Deferred tax
UK corporation tax
(51)
(2)
Overseas tax
\u2013
1
(51)
(1)
Adjustments in respect of prior periods:
Overseas tax
(1)
\u2013
(1)
\u2013
Total deferred tax
(52)
(1)
Total tax (credit)/charge
(12)
16
b) Reconciliation of standard to actual (effective) tax rate The principal differences between the total tax charge shown above and the amount calculated by applying the standard rate of UK corporation tax to profit before taxation are as follows:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Profit before taxation
153
124
Tax at UK statutory rate of 25% (2024/25: 25%)
38
31
Items attracting no tax relief or liability
(i)
2
1
Recognition of UK deferred tax asset
(ii)
(51)
(2)
Movement in unprovided deferred tax
(iii)
\u2013
(13)
Differences in effective overseas tax rates
(3)
(1)
Other tax adjustments
1
\u2013
Adjustments in respect of prior periods
1
\u2013
Total tax (credit)/charge
(12)
16
(i) Items attracting no tax relief or liability relate mainly to non-deductible expenditure, including non-qualifying depreciation. (ii) As described in note 1d, the Group increased the recognition of its UK deferred tax asset by \u00a334m, of which \u00a351m was credited to the income statement (mainly in relation to tax losses), \u00a321m was charged to other comprehensive income (mainly in relation to its defined benefit pension scheme) and \u00a34m was credited directly to equity (in relation to equity settled share-based payments). These amounts relate to the deductible temporary differences that are expected to reverse over the Group\u2019s 3 year business planning period (see also note 6c below). (iii) The Group utilised accelerated capital allowances to shelter its taxable profits arising in the prior period. As no deferred tax asset was previously recognised on brought forward deductible temporary differences, this gave rise to a reconciling item that reduced the effective tax rate for the prior period. Following the partial recognition of a UK deferred tax asset during the prior period, as taxable profits are sheltered by the utilisation of recognised deferred tax assets, this does not give rise to a reconciling difference in the accounting period ended 2 May 2026. c) Deferred tax
Accelerated Retirement
capital benefit Losses carried Other temporary
allowances obligations forward differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 27 April 2024
(21)
5
12
12
8
(Charged)/credited directly to income statement
\u2013
\u2013
(4)
5
1
Credited to other comprehensive income
\u2013
17
\u2013
2
19
Credited directly to equity
\u2013
\u2013
\u2013
4
4
At 3 May 2025
(21)
22
8
23
32
Credited directly to income statement
14
\u2013
34
4
52
Charged to other comprehensive income
\u2013
(21)
\u2013
\u2013
(21)
Credited directly to equity
\u2013
\u2013
\u2013
4
4
At 2 May 2026
(7)
1
42
31
67
The net deferred tax asset has increased by \u00a335m in the year, which mainly relates to the increase in the partial recognition of the UK deferred tax asset as described in note 1d. The charge to other comprehensive income of \u00a321m in 2025/26 primarily relates to the Group\u2019s defined benefit pension liability, for which tax deductions are available in the period that cash contributions are made into the scheme. As an \u00a382m cash contribution was paid into the scheme in 2025/26, which largely settled the balance sheet obligation, this resulted in the deferred tax asset being almost fully utilised. Deferred tax comprises the following gross balances:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Deferred tax assets
174
148
Deferred tax liabilities
(107)
(116)
67
32
Analysis of deferred tax relating to items (charged)/credited to other comprehensive income and equity in the period:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Defined benefit pension schemes
(21)
17
Equity settled share based payments
4
6
(17)
23
The Group increased the recognition of its UK deferred tax asset from \u00a323m to \u00a357m, of which \u00a351m was credited to the income statement (mainly in relation to tax losses and accelerated capital allowances), \u00a321m was charged to other comprehensive income (mainly in relation to the funding of its defined benefit pension scheme) and \u00a34m was credited to equity (in relation to equity settled share-based payments). The recognised amounts relate to the deductible temporary differences that are expected to reverse over the Group\u2019s 3-year business planning period (see also note 1d). The Group has total unrecognised deferred tax assets relating to gross tax losses of \u00a31,367m (2024/25: \u00a31,505m) of which \u00a31,346m relates to the UK (2024/25: \u00a31,484m). \u00a31,095m (2024/25: \u00a31,095m) of these losses relate to carried forward capital losses in the legacy Dixons Group. The balance of the losses relates to carried forward trading losses, principally due to the losses realised in the Carphone Warehouse business in the UK. A deferred tax asset has not been recognised in respect of accelerated capital allowances (\u00a3241m), trading losses (\u00a3270m) and other deductible temporary differences (\u00a340m) to the extent that they exceed the Group\u2019s taxable temporary differences in the UK or where they are trapped in overseas entities with no future prospect of utilisation. d) Pillar 2 Model rules Management have calculated the Group\u2019s Pillar 2 Income Taxes position for the accounting period ended 2 May 2026 and does not expect a liability to arise for the year. For future periods, a material exposure is similarly not expected to arise on the basis that the effective tax rates in the jurisdictions that it operates are above 15%. The Group has applied the exemption in the amendments to IAS 12 and has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar 2 Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-276": { "value": "6. Tax Accounting policies Current tax Current tax is provided at amounts expected to be paid or recovered using the prevailing tax rates and laws that have been enacted or substantively enacted by the balance sheet date and adjusted for any tax payable in respect of previous periods. Deferred tax Deferred tax liabilities are recognised for all temporary differences between the carrying amount of an asset or liability in the balance sheet and the tax base value and represent tax payable in future periods. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. No provision is made for tax that would have been payable on the distribution of retained profits of overseas subsidiaries or associated undertakings where it has been determined that these profits will not be distributed in the foreseeable future. Current and deferred tax is recognised in the income statement except where it relates to an item recognised directly in other comprehensive income or reserves, in which case it is recognised directly in other comprehensive income or reserves as appropriate. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date. Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax balances are not discounted. a) Tax expense The income tax charge comprises:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Current tax
UK corporation tax at 25% (2024/25: 25%)
23
11
Overseas tax
15
6
38
17
Adjustments made in respect of prior periods:
UK corporation tax
1
\u2013
Overseas tax
1
\u2013
2
\u2013
Total current tax
40
17
Deferred tax
UK corporation tax
(51)
(2)
Overseas tax
\u2013
1
(51)
(1)
Adjustments in respect of prior periods:
Overseas tax
(1)
\u2013
(1)
\u2013
Total deferred tax
(52)
(1)
Total tax (credit)/charge
(12)
16
b) Reconciliation of standard to actual (effective) tax rate
The principal differences between the total tax charge shown above and the amount calculated by applying the standard rate of
UK corporation tax to profit before taxation are as follows:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Profit before taxation
153
124
Tax at UK statutory rate of 25% (2024/25: 25%)
38
31
Items attracting no tax relief or liability
(i)
2
1
Recognition of UK deferred tax asset
(ii)
(51)
(2)
Movement in unprovided deferred tax
(iii)
\u2013
(13)
Differences in effective overseas tax rates
(3)
(1)
Other tax adjustments
1
\u2013
Adjustments in respect of prior periods
1
\u2013
Total tax (credit)/charge
(12)
16
(i) Items attracting no tax relief or liability relate mainly to non-deductible expenditure, including non-qualifying depreciation.
(ii) As described in note 1d, the Group increased the recognition of its UK deferred tax asset by \u00a334m, of which \u00a351m was credited to the income statement (mainly in relation to
tax losses), \u00a321m was charged to other comprehensive income (mainly in relation to its defined benefit pension scheme) and \u00a34m was credited directly to equity (in relation
to equity settled share-based payments). These amounts relate to the deductible temporary differences that are expected to reverse over the Group\u2019s 3 year business
planning period (see also note 6c below).
(iii) The Group utilised accelerated capital allowances to shelter its taxable profits arising in the prior period. As no deferred tax asset was previously recognised on brought
forward deductible temporary differences, this gave rise to a reconciling item that reduced the effective tax rate for the prior period. Following the partial recognition of
a UK deferred tax asset during the prior period, as taxable profits are sheltered by the utilisation of recognised deferred tax assets, this does not give rise to a reconciling
difference in the accounting period ended 2 May 2026.
c) Deferred tax
Accelerated Retirement
capital benefit Losses carried Other temporary
allowances obligations forward differences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 27 April 2024
(21)
5
12
12
8
(Charged)/credited directly to income statement
\u2013
\u2013
(4)
5
1
Credited to other comprehensive income
\u2013
17
\u2013
2
19
Credited directly to equity
\u2013
\u2013
\u2013
4
4
At 3 May 2025
(21)
22
8
23
32
Credited directly to income statement
14
\u2013
34
4
52
Charged to other comprehensive income
\u2013
(21)
\u2013
\u2013
(21)
Credited directly to equity
\u2013
\u2013
\u2013
4
4
At 2 May 2026
(7)
1
42
31
67
The net deferred tax asset has increased by \u00a335m in the year, which mainly relates to the increase in the partial recognition of the UK
deferred tax asset as described in note 1d.
The charge to other comprehensive income of \u00a321m in 2025/26 primarily relates to the Group\u2019s defined benefit pension liability, for
which tax deductions are available in the period that cash contributions are made into the scheme. As an \u00a382m cash contribution was
paid into the scheme in 2025/26, which largely settled the balance sheet obligation, this resulted in the deferred tax asset being almost
fully utilised.
Deferred tax comprises the following gross balances:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Deferred tax assets
174
148
Deferred tax liabilities
(107)
(116)
67
32
Analysis of deferred tax relating to items (charged)/credited to other comprehensive income and equity in the period:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Defined benefit pension schemes
(21)
17
Equity settled share based payments
4
6
(17)
23
The Group increased the recognition of its UK deferred tax asset from \u00a323m to \u00a357m, of which \u00a351m was credited to the income
statement (mainly in relation to tax losses and accelerated capital allowances), \u00a321m was charged to other comprehensive income
(mainly in relation to the funding of its defined benefit pension scheme) and \u00a34m was credited to equity (in relation to equity settled
share-based payments). The recognised amounts relate to the deductible temporary differences that are expected to reverse over
the Group\u2019s 3-year business planning period (see also note 1d).
The Group has total unrecognised deferred tax assets relating to gross tax losses of \u00a31,367m (2024/25: \u00a31,505m) of which \u00a31,346m
relates to the UK (2024/25: \u00a31,484m). \u00a31,095m (2024/25: \u00a31,095m) of these losses relate to carried forward capital losses in the legacy
Dixons Group. The balance of the losses relates to carried forward trading losses, principally due to the losses realised in the Carphone
Warehouse business in the UK.
A deferred tax asset has not been recognised in respect of accelerated capital allowances (\u00a3241m), trading losses (\u00a3270m) and other
deductible temporary differences (\u00a340m) to the extent that they exceed the Group\u2019s taxable temporary differences in the UK or where
they are trapped in overseas entities with no future prospect of utilisation.
d) Pillar 2 Model rules
Management have calculated the Group\u2019s Pillar 2 Income Taxes position for the accounting period ended 2 May 2026 and does not
expect a liability to arise for the year. For future periods, a material exposure is similarly not expected to arise on the basis that the
effective tax rates in the jurisdictions that it operates are above 15%.
The Group has applied the exemption in the amendments to IAS 12 and has neither recognised nor disclosed information about
deferred tax assets or liabilities relating to Pillar 2 Income Taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-337": { "value": "Accounting policies Current tax Current tax is provided at amounts expected to be paid or recovered using the prevailing tax rates and laws that have been enacted or substantively enacted by the balance sheet date and adjusted for any tax payable in respect of previous periods. Deferred tax Deferred tax liabilities are recognised for all temporary differences between the carrying amount of an asset or liability in the balance sheet and the tax base value and represent tax payable in future periods. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. No provision is made for tax that would have been payable on the distribution of retained profits of overseas subsidiaries or associated undertakings where it has been determined that these profits will not be distributed in the foreseeable future. Current and deferred tax is recognised in the income statement except where it relates to an item recognised directly in other comprehensive income or reserves, in which case it is recognised directly in other comprehensive income or reserves as appropriate. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date. Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax balances are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-356": { "value": "Deferred tax Deferred tax liabilities are recognised for all temporary differences between the carrying amount of an asset or liability in the balance sheet and the tax base value and represent tax payable in future periods. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. No provision is made for tax that would have been payable on the distribution of retained profits of overseas subsidiaries or associated undertakings where it has been determined that these profits will not be distributed in the foreseeable future. Current and deferred tax is recognised in the income statement except where it relates to an item recognised directly in other comprehensive income or reserves, in which case it is recognised directly in other comprehensive income or reserves as appropriate. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted, or substantively enacted, by the balance sheet date. Deferred tax assets and liabilities are offset against each other when they relate to income taxes levied by the same tax jurisdiction and when the Group intends to settle its current tax assets and liabilities on a net basis. Deferred tax balances are not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-338": { "value": "Deferred tax comprises the following gross balances:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Deferred tax assets
174
148
Deferred tax liabilities
(107)
(116)
67
32
Analysis of deferred tax relating to items (charged)/credited to other comprehensive income and equity in the period:
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Defined benefit pension schemes
(21)
17
Equity settled share based payments
4
6
(17)
23
The Group increased the recognition of its UK deferred tax asset from \u00a323m to \u00a357m, of which \u00a351m was credited to the income statement (mainly in relation to tax losses and accelerated capital allowances), \u00a321m was charged to other comprehensive income (mainly in relation to the funding of its defined benefit pension scheme) and \u00a34m was credited to equity (in relation to equity settled share-based payments). The recognised amounts relate to the deductible temporary differences that are expected to reverse over the Group\u2019s 3-year business planning period (see also note 1d). The Group has total unrecognised deferred tax assets relating to gross tax losses of \u00a31,367m (2024/25: \u00a31,505m) of which \u00a31,346m relates to the UK (2024/25: \u00a31,484m). \u00a31,095m (2024/25: \u00a31,095m) of these losses relate to carried forward capital losses in the legacy Dixons Group. The balance of the losses relates to carried forward trading losses, principally due to the losses realised in the Carphone Warehouse business in the UK. A deferred tax asset has not been recognised in respect of accelerated capital allowances (\u00a3241m), trading losses (\u00a3270m) and other deductible temporary differences (\u00a340m) to the extent that they exceed the Group\u2019s taxable temporary differences in the UK or where they are trapped in overseas entities with no future prospect of utilisation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-339": { "value": "d) Pillar 2 Model rules Management have calculated the Group\u2019s Pillar 2 Income Taxes position for the accounting period ended 2 May 2026 and does not expect a liability to arise for the year. For future periods, a material exposure is similarly not expected to arise on the basis that the effective tax rates in the jurisdictions that it operates are above 15%. The Group has applied the exemption in the amendments to IAS 12 and has neither recognised nor disclosed information about deferred tax assets or liabilities relating to Pillar 2 Income Taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-277": { "value": "
7. Earnings per share
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Profit for the period attributable to equity shareholders
165
108
Million
Million
Weighted average number of shares
Average shares in issue
1,125
1,133
Less average holding by Group EBT and Treasury shares held by Company
(60)
(52)
For basic earnings per share
1,065
1,081
Dilutive effect of share options and other incentive schemes
74
51
For diluted earnings per share
1,139
1,132
Pence
Pence
Earnings per share
Basic earnings per share
15.5
10.0
Diluted earnings per share
14.5
9.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-307": { "value": "8. Goodwill Accounting policies On acquisition of a subsidiary, associate or business, the fair value of the consideration is allocated between the identifiable net tangible and intangible assets and liabilities on a fair value basis, with any excess consideration representing acquisition intangibles including goodwill. At the acquisition date, goodwill is allocated to each Group of cash-generating units (\u2018CGUs\u2019) expected to benefit from the combination and held in the currency of the operations to which the goodwill relates. Goodwill is not amortised, but is assessed annually for impairment, or more frequently where there is an indication that goodwill may be impaired. Impairment is assessed by measuring the recoverable amount of the Group of CGUs to which the goodwill relates, at the level at which this is monitored by management. The recoverable amount is calculated as the value in use (\u2018VIU\u2019) of each CGU, which is represented by the discounted future cash flows. Where the carrying amount of goodwill exceeds the VIU calculated, an impairment charge is recognised in the income statement. On disposal of subsidiary undertakings and businesses, the relevant goodwill is included in the calculation of the profit or loss on disposal.
Cost
\u00a3m
At 27 April 2024
2,973
Foreign exchange
14
At 3 May 2025
2,987
Additions
1
Foreign exchange
38
At 2 May 2026
3,026
Accumulated impairment
\u00a3m
At 27 April 2024 and 3 May 2025
(736)
Impairment
\u2013
At 2 May 2026
(736)
Carrying amount
\u00a3m
At 27 April 2024
2,237
At 3 May 2025
2,251
At 2 May 2026
2,290
An addition of \u00a31m was recognised in the year in relation to the acquisition of two franchise stores constituting a business in Norway. An impairment review has been performed as described in note 8b below, which identified no impairment charge for the current period (2024/25: \u00a3nil) recorded against the goodwill of the UK & Ireland CGU or the Nordics CGU. a) Carrying value of goodwill The components of goodwill comprise the following businesses:
2 May 3 May
2026 2025
\u00a3m \u00a3m
UK & Ireland
1,329
1,329
Nordics
961
922
2,290
2,251
b) Goodwill impairment testing As required by IAS 36, goodwill is subject to impairment review on an annual basis and as such an impairment review has been undertaken during the period ended 2 May 2026. As a result of the review, no impairment has been identified for the current or prior period. The testing methodology is described below. Key assumptions The key assumptions used in calculating VIU are: i. management\u2019s sales and costs projections; ii. the long-term growth rate beyond the plan period; and iii. the pre-tax discount rate. The long-term sales and cost projections are based on the Board approved three-year strategic plan. The projections consider the outlook for addressable markets and the relative performance of competitors, together with management\u2019s views on the future achievable growth in market share and impact of the committed initiatives, including the Group\u2019s commitment to long-term sustainability targets and the initiatives being undertaken to mitigate physical and transitional climate change risks as detailed on page 28 of this report. The likely impact of climate change on discounted cash flows has been assessed as immaterial. In forming these projections, management draws on past experience as a measure to forecast future performance. The cash flows include ongoing capital expenditure required to maintain the store network and e-commerce channels in order to operate the omnichannel businesses and to compete in their respective markets, as well as any planned capital investment required to achieve the Group\u2019s net zero targets. A key component in determining the expected cash flows is the forecast operating profit in 2028/29, which drives the terminal value in the VIU calculation. The compound annual growth rate in sales and costs can rise as well as fall year-on-year depending not only on the year three targets, but also on the current financial year base. Other key assumptions comprise the long-term growth rate and pre-tax discount rate. Growth rates used were derived from third-party long-term growth rate forecasts and are based on the GDP growth rate for the territories in which the businesses operate. The pre-tax rates have been derived from the post-tax weighted average cost of capital (\u2018WACC\u2019) for each CGU, using the capital asset pricing model, the inputs of which include a country risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta), and has been calculated by reference to an industry peer Group of quoted companies. The pre-tax rates applied to the forecast cash flows are based on a risk-free rate of interest appropriate to the geographic location of the cash flows related to the asset being tested. The risks specific to the asset are reflected as an adjustment to the future estimated cash flows. The value attributed to these assumptions for each component of goodwill are as follows:
2 May 2026
3 May 2025
Compound Compound Compound Compound
annual annual Pre-tax annual annual Pre-tax
growth in growth in Long-term discount growth in growth in Long-term discount
sales costs growth rate rate sales costs growth rate rate
UK & Ireland
3.7%
3.7%
1.5%
10.6%
1.9%
1.8%
1.5%
10.4%
Nordics
1.5%
1.4%
1.6%
9.1%
0.7%
0.4%
1.7%
9.2%
In line with the assumptions noted above the Group undertook an impairment review of both the UK & Ireland and Nordic CGUs at the period end, prepared using the methodology required by IAS 36. This reflected headroom from the VIU above the carrying value of the CGUs and therefore no impairment was identified. In accordance with IFRIC 10, any impairment recognised in prior periods has not been reversed. c) Goodwill impairment sensitivity analysis Management do not consider that any reasonably possible changes in the key assumptions would cause the carrying amounts of the CGUs to exceed their VIU and therefore a sensitivity analysis has not been disclosed. 9. Intangible assets Accounting policies Acquisition intangibles Acquisition intangibles comprise brand names and customer relationships purchased as part of acquisitions of businesses and are capitalised and amortised over their useful economic lives on a straight-line basis. These intangible assets are stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided to write off the cost of assets on a straight-line basis as follows: Brands 7.0% \u2013 13.3% per annum Customer relationships 13.3% per annum This amortisation is included in the income statement as an administrative expense and, as further described in note A4 in the Glossary and Definitions section of this Annual Report, this is recognised as an adjusting item. Software and licences Software and licences include costs incurred to acquire the assets as well as internal infrastructure and design costs incurred in the development of software in order to bring the assets into use. Internally generated software is recognised as an intangible asset only if it can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the development cost can be measured reliably. Where these conditions are not met, development expenditure is recognised as an expense in the period in which it is incurred. Costs associated with maintaining computer software are recognised as an expense as incurred unless they increase the future economic benefits of the asset, in which case they are capitalised. The expenditure capitalised includes the cost of materials and incremental direct labour. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. Software is stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided and recorded in administrative expenses to write off the cost of assets on a straight-line basis as follows: Software and licences 10.0% \u2013 33.3% per annum Intangible assets are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the intangible assets form part of a separate CGU, such as a store or business unit, and business indicators exist which could lead to the conclusions that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its VIU. The VIU is calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment is determined by comparing the net book value with the VIU. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the consolidated income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the consolidated income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised.
Acquisition intangibles
Customer Software
Brands relationships Sub-total and licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 3 May 2025
93
\u2013
93
111
204
Additions
\u2013
\u2013
\u2013
23
23
Amortisation
(23)
\u2013
(23)
(43)
(66)
Disposals
\u2013
\u2013
\u2013
(1)
(1)
Impairment
\u2013
\u2013
\u2013
(1)
(1)
Foreign exchange
2
\u2013
2
2
4
Balance at 2 May 2026
72
\u2013
72
91
163
Cost
369
73
442
471
913
Accumulated amortisation and impairment losses
(297)
(73)
(370)
(380)
(750)
Balance at 2 May 2026
72
\u2013
72
91
163
Included in net book value as at 2 May 2026
Assets under construction
\u2013
\u2013
\u2013
4
4
Acquisition intangibles
Customer Software
Brands relationships Sub-total and licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 27 April 2024
115
\u2013
115
131
246
Additions
-
\u2013
\u2013
26
26
Amortisation
(23)
\u2013
(23)
(46)
(69)
Foreign exchange
1
\u2013
1
\u2013
1
Balance at 3 May 2025
93
\u2013
93
111
204
Cost
367
73
440
500
940
Accumulated amortisation and impairment losses
(274)
(73)
(347)
(389)
(736)
Balance at 3 May 2025
93
\u2013
93
111
204
Included in net book value as at 3 May 2025
Assets under construction
\u2013
\u2013
\u2013
7
7
During the period ended 2 May 2026, impairment charges of \u00a31m were recognised on software in the UK & Ireland segment which had become obsolete due to system replacements and strategic reviews that took place in the period. No impairments were recognised in relation to intangible assets in the prior period. Individually material intangible assets Brands are included in intangible assets and are considered individually material to the financial statements. The primary intangible assets, their net book values and remaining amortisation periods are as follows:
2 May 2026
3 May 2025
Remaining Remaining
amortisation amortisation
Net book value period Net book value period
\u00a3m Periods \u00a3m Periods
Currys
37
4
48
5
Elgiganten
16
4
21
5
Elkj\u00f8p
11
4
13
5
Gigantti
8
4
11
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-278": { "value": "8. Goodwill Accounting policies On acquisition of a subsidiary, associate or business, the fair value of the consideration is allocated between the identifiable net tangible and intangible assets and liabilities on a fair value basis, with any excess consideration representing acquisition intangibles including goodwill. At the acquisition date, goodwill is allocated to each Group of cash-generating units (\u2018CGUs\u2019) expected to benefit from the combination and held in the currency of the operations to which the goodwill relates. Goodwill is not amortised, but is assessed annually for impairment, or more frequently where there is an indication that goodwill may be impaired. Impairment is assessed by measuring the recoverable amount of the Group of CGUs to which the goodwill relates, at the level at which this is monitored by management. The recoverable amount is calculated as the value in use (\u2018VIU\u2019) of each CGU, which is represented by the discounted future cash flows. Where the carrying amount of goodwill exceeds the VIU calculated, an impairment charge is recognised in the income statement. On disposal of subsidiary undertakings and businesses, the relevant goodwill is included in the calculation of the profit or loss on disposal.
Cost
\u00a3m
At 27 April 2024
2,973
Foreign exchange
14
At 3 May 2025
2,987
Additions
1
Foreign exchange
38
At 2 May 2026
3,026
Accumulated impairment
\u00a3m
At 27 April 2024 and 3 May 2025
(736)
Impairment
\u2013
At 2 May 2026
(736)
Carrying amount
\u00a3m
At 27 April 2024
2,237
At 3 May 2025
2,251
At 2 May 2026
2,290
An addition of \u00a31m was recognised in the year in relation to the acquisition of two franchise stores constituting a business in Norway. An impairment review has been performed as described in note 8b below, which identified no impairment charge for the current period (2024/25: \u00a3nil) recorded against the goodwill of the UK & Ireland CGU or the Nordics CGU. a) Carrying value of goodwill The components of goodwill comprise the following businesses:
2 May 3 May
2026 2025
\u00a3m \u00a3m
UK & Ireland
1,329
1,329
Nordics
961
922
2,290
2,251
b) Goodwill impairment testing
As required by IAS 36, goodwill is subject to impairment review on an annual basis and as such an impairment review has been
undertaken during the period ended 2 May 2026. As a result of the review, no impairment has been identified for the current or prior
period. The testing methodology is described below.
Key assumptions
The key assumptions used in calculating VIU are:
i. management\u2019s sales and costs projections;
ii. the long-term growth rate beyond the plan period; and
iii. the pre-tax discount rate.
The long-term sales and cost projections are based on the Board approved three-year strategic plan. The projections consider the
outlook for addressable markets and the relative performance of competitors, together with management\u2019s views on the future
achievable growth in market share and impact of the committed initiatives, including the Group\u2019s commitment to long-term sustainability
targets and the initiatives being undertaken to mitigate physical and transitional climate change risks as detailed on page 28 of this
report. The likely impact of climate change on discounted cash flows has been assessed as immaterial. In forming these projections,
management draws on past experience as a measure to forecast future performance. The cash flows include ongoing capital
expenditure required to maintain the store network and e-commerce channels in order to operate the omnichannel businesses and
to compete in their respective markets, as well as any planned capital investment required to achieve the Group\u2019s net zero targets.
A key component in determining the expected cash flows is the forecast operating profit in 2028/29, which drives the terminal value in
the VIU calculation. The compound annual growth rate in sales and costs can rise as well as fall year-on-year depending not only on
the year three targets, but also on the current financial year base.
Other key assumptions comprise the long-term growth rate and pre-tax discount rate. Growth rates used were derived from third-party
long-term growth rate forecasts and are based on the GDP growth rate for the territories in which the businesses operate. The pre-tax
rates have been derived from the post-tax weighted average cost of capital (\u2018WACC\u2019) for each CGU, using the capital asset pricing
model, the inputs of which include a country risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta), and has
been calculated by reference to an industry peer Group of quoted companies. The pre-tax rates applied to the forecast cash flows
are based on a risk-free rate of interest appropriate to the geographic location of the cash flows related to the asset being tested.
The risks specific to the asset are reflected as an adjustment to the future estimated cash flows.
The value attributed to these assumptions for each component of goodwill are as follows:
2 May 2026
3 May 2025
Compound Compound Compound Compound
annual annual Pre-tax annual annual Pre-tax
growth in growth in Long-term discount growth in growth in Long-term discount
sales costs growth rate rate sales costs growth rate rate
UK & Ireland
3.7%
3.7%
1.5%
10.6%
1.9%
1.8%
1.5%
10.4%
Nordics
1.5%
1.4%
1.6%
9.1%
0.7%
0.4%
1.7%
9.2%
In line with the assumptions noted above the Group undertook an impairment review of both the UK & Ireland and Nordic CGUs at the
period end, prepared using the methodology required by IAS 36. This reflected headroom from the VIU above the carrying value of
the CGUs and therefore no impairment was identified. In accordance with IFRIC 10, any impairment recognised in prior periods has not
been reversed.
c) Goodwill impairment sensitivity analysis
Management do not consider that any reasonably possible changes in the key assumptions would cause the carrying amounts of the
CGUs to exceed their VIU and therefore a sensitivity analysis has not been disclosed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-365": { "value": "Accounting policies On acquisition of a subsidiary, associate or business, the fair value of the consideration is allocated between the identifiable net tangible and intangible assets and liabilities on a fair value basis, with any excess consideration representing acquisition intangibles including goodwill. At the acquisition date, goodwill is allocated to each Group of cash-generating units (\u2018CGUs\u2019) expected to benefit from the combination and held in the currency of the operations to which the goodwill relates. Goodwill is not amortised, but is assessed annually for impairment, or more frequently where there is an indication that goodwill may be impaired. Impairment is assessed by measuring the recoverable amount of the Group of CGUs to which the goodwill relates, at the level at which this is monitored by management. The recoverable amount is calculated as the value in use (\u2018VIU\u2019) of each CGU, which is represented by the discounted future cash flows. Where the carrying amount of goodwill exceeds the VIU calculated, an impairment charge is recognised in the income statement. On disposal of subsidiary undertakings and businesses, the relevant goodwill is included in the calculation of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-357": { "value": "Accounting policies On acquisition of a subsidiary, associate or business, the fair value of the consideration is allocated between the identifiable net tangible and intangible assets and liabilities on a fair value basis, with any excess consideration representing acquisition intangibles including goodwill. At the acquisition date, goodwill is allocated to each Group of cash-generating units (\u2018CGUs\u2019) expected to benefit from the combination and held in the currency of the operations to which the goodwill relates. Goodwill is not amortised, but is assessed annually for impairment, or more frequently where there is an indication that goodwill may be impaired. Impairment is assessed by measuring the recoverable amount of the Group of CGUs to which the goodwill relates, at the level at which this is monitored by management. The recoverable amount is calculated as the value in use (\u2018VIU\u2019) of each CGU, which is represented by the discounted future cash flows. Where the carrying amount of goodwill exceeds the VIU calculated, an impairment charge is recognised in the income statement. On disposal of subsidiary undertakings and businesses, the relevant goodwill is included in the calculation of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-340": { "value": "Accounting policies On acquisition of a subsidiary, associate or business, the fair value of the consideration is allocated between the identifiable net tangible and intangible assets and liabilities on a fair value basis, with any excess consideration representing acquisition intangibles including goodwill. At the acquisition date, goodwill is allocated to each Group of cash-generating units (\u2018CGUs\u2019) expected to benefit from the combination and held in the currency of the operations to which the goodwill relates. Goodwill is not amortised, but is assessed annually for impairment, or more frequently where there is an indication that goodwill may be impaired. Impairment is assessed by measuring the recoverable amount of the Group of CGUs to which the goodwill relates, at the level at which this is monitored by management. The recoverable amount is calculated as the value in use (\u2018VIU\u2019) of each CGU, which is represented by the discounted future cash flows. Where the carrying amount of goodwill exceeds the VIU calculated, an impairment charge is recognised in the income statement. On disposal of subsidiary undertakings and businesses, the relevant goodwill is included in the calculation of the profit or loss on disposal. Accounting policies Acquisition intangibles Acquisition intangibles comprise brand names and customer relationships purchased as part of acquisitions of businesses and are capitalised and amortised over their useful economic lives on a straight-line basis. These intangible assets are stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided to write off the cost of assets on a straight-line basis as follows: Brands 7.0% \u2013 13.3% per annum Customer relationships 13.3% per annum This amortisation is included in the income statement as an administrative expense and, as further described in note A4 in the Glossary and Definitions section of this Annual Report, this is recognised as an adjusting item. Software and licences Software and licences include costs incurred to acquire the assets as well as internal infrastructure and design costs incurred in the development of software in order to bring the assets into use. Internally generated software is recognised as an intangible asset only if it can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the development cost can be measured reliably. Where these conditions are not met, development expenditure is recognised as an expense in the period in which it is incurred. Costs associated with maintaining computer software are recognised as an expense as incurred unless they increase the future economic benefits of the asset, in which case they are capitalised. The expenditure capitalised includes the cost of materials and incremental direct labour. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. Software is stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided and recorded in administrative expenses to write off the cost of assets on a straight-line basis as follows: Software and licences 10.0% \u2013 33.3% per annum Intangible assets are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the intangible assets form part of a separate CGU, such as a store or business unit, and business indicators exist which could lead to the conclusions that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its VIU. The VIU is calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment is determined by comparing the net book value with the VIU. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the consolidated income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the consolidated income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-279": { "value": "9. Intangible assets Accounting policies Acquisition intangibles Acquisition intangibles comprise brand names and customer relationships purchased as part of acquisitions of businesses and are capitalised and amortised over their useful economic lives on a straight-line basis. These intangible assets are stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided to write off the cost of assets on a straight-line basis as follows: Brands 7.0% \u2013 13.3% per annum Customer relationships 13.3% per annum This amortisation is included in the income statement as an administrative expense and, as further described in note A4 in the Glossary and Definitions section of this Annual Report, this is recognised as an adjusting item. Software and licences Software and licences include costs incurred to acquire the assets as well as internal infrastructure and design costs incurred in the development of software in order to bring the assets into use. Internally generated software is recognised as an intangible asset only if it can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the development cost can be measured reliably. Where these conditions are not met, development expenditure is recognised as an expense in the period in which it is incurred. Costs associated with maintaining computer software are recognised as an expense as incurred unless they increase the future economic benefits of the asset, in which case they are capitalised. The expenditure capitalised includes the cost of materials and incremental direct labour. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. Software is stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided and recorded in administrative expenses to write off the cost of assets on a straight-line basis as follows: Software and licences 10.0% \u2013 33.3% per annum Intangible assets are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the intangible assets form part of a separate CGU, such as a store or business unit, and business indicators exist which could lead to the conclusions that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its VIU. The VIU is calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment is determined by comparing the net book value with the VIU. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the consolidated income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the consolidated income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised.
Acquisition intangibles
Customer Software
Brands relationships Sub-total and licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 3 May 2025
93
\u2013
93
111
204
Additions
\u2013
\u2013
\u2013
23
23
Amortisation
(23)
\u2013
(23)
(43)
(66)
Disposals
\u2013
\u2013
\u2013
(1)
(1)
Impairment
\u2013
\u2013
\u2013
(1)
(1)
Foreign exchange
2
\u2013
2
2
4
Balance at 2 May 2026
72
\u2013
72
91
163
Cost
369
73
442
471
913
Accumulated amortisation and impairment losses
(297)
(73)
(370)
(380)
(750)
Balance at 2 May 2026
72
\u2013
72
91
163
Included in net book value as at 2 May 2026
Assets under construction
\u2013
\u2013
\u2013
4
4
Acquisition intangibles
Customer Software
Brands relationships Sub-total and licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 27 April 2024
115
\u2013
115
131
246
Additions
-
\u2013
\u2013
26
26
Amortisation
(23)
\u2013
(23)
(46)
(69)
Foreign exchange
1
\u2013
1
\u2013
1
Balance at 3 May 2025
93
\u2013
93
111
204
Cost
367
73
440
500
940
Accumulated amortisation and impairment losses
(274)
(73)
(347)
(389)
(736)
Balance at 3 May 2025
93
\u2013
93
111
204
Included in net book value as at 3 May 2025
Assets under construction
\u2013
\u2013
\u2013
7
7
During the period ended 2 May 2026, impairment charges of \u00a31m were recognised on software in the UK & Ireland segment which had
become obsolete due to system replacements and strategic reviews that took place in the period. No impairments were recognised in
relation to intangible assets in the prior period.
Individually material intangible assets
Brands are included in intangible assets and are considered individually material to the financial statements. The primary intangible
assets, their net book values and remaining amortisation periods are as follows:
2 May 2026
3 May 2025
Remaining Remaining
amortisation amortisation
Net book value period Net book value period
\u00a3m Periods \u00a3m Periods
Currys
37
4
48
5
Elgiganten
16
4
21
5
Elkj\u00f8p
11
4
13
5
Gigantti
8
4
11
5
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-358": { "value": "Accounting policies Acquisition intangibles Acquisition intangibles comprise brand names and customer relationships purchased as part of acquisitions of businesses and are capitalised and amortised over their useful economic lives on a straight-line basis. These intangible assets are stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided to write off the cost of assets on a straight-line basis as follows: Brands 7.0% \u2013 13.3% per annum Customer relationships 13.3% per annum This amortisation is included in the income statement as an administrative expense and, as further described in note A4 in the Glossary and Definitions section of this Annual Report, this is recognised as an adjusting item. Software and licences Software and licences include costs incurred to acquire the assets as well as internal infrastructure and design costs incurred in the development of software in order to bring the assets into use. Internally generated software is recognised as an intangible asset only if it can be separately identified, it is probable that the asset will generate future economic benefits which exceed one year, and the development cost can be measured reliably. Where these conditions are not met, development expenditure is recognised as an expense in the period in which it is incurred. Costs associated with maintaining computer software are recognised as an expense as incurred unless they increase the future economic benefits of the asset, in which case they are capitalised. The expenditure capitalised includes the cost of materials and incremental direct labour. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. Software is stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided and recorded in administrative expenses to write off the cost of assets on a straight-line basis as follows: Software and licences 10.0% \u2013 33.3% per annum Intangible assets are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the intangible assets form part of a separate CGU, such as a store or business unit, and business indicators exist which could lead to the conclusions that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its VIU. The VIU is calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment is determined by comparing the net book value with the VIU. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the consolidated income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the consolidated income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-280": { "value": "10. Property, plant & equipment Accounting policies Property, plant & equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Assets under construction are held at cost less any accumulated impairment losses. Cost includes the original purchase price of the asset, costs attributable to bringing the asset to the location and condition necessary for intended use and any capitalised borrowing costs. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates while maintenance related costs are recognised in the income statement when incurred. With the exception of land, depreciation is provided to write off the cost of the assets over their expected useful lives from the date the asset was brought into use or capable of being used on a straight-line basis. Rates applied to different classes of property, plant & equipment are as below. Useful lives have been reviewed with consideration to the impacts of climate change and no material impact has been identified. Land and buildings Fixtures, fittings and other equipment 1.7% \u2013 4.0% per annum 10.0% \u2013 33.3% per annum Property, plant & equipment are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the property, plant & equipment form part of a separate CGU, such as a store, and indicators exist which could mean that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its value in use (VIU). The VIU is calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment is determined by comparing the net book value with the VIU.
Fixtures, fittings
Land and and other
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Balance at 3 May 2025
47
78
125
Additions
15
38
53
Disposals
(1)
\u2013
(1)
Depreciation
(14)
(33)
(47)
Foreign exchange
1
2
3
Balance as at 2 May 2026
48
85
133
Cost
116
312
428
Accumulated depreciation
(68)
(227)
(295)
Balance as at 2 May 2026
48
85
133
Included in net book value as at 2 May 2026
Assets under construction
\u2013
11
11
Fixtures, fittings
Land and and other
buildings equipment Total
\u00a3m \u00a3m \u00a3m
Balance at 27 April 2024
43
68
111
Additions
15
38
53
Disposals
\u2013
(1)
(1)
Depreciation
(11)
(28)
(39)
Foreign exchange
\u2013
1
1
Balance as at 3 May 2025
47
78
125
Cost
124
577
701
Accumulated depreciation
(77)
(49 9)
(576)
Balance as at 3 May 2025
47
78
125
Included in net book value as at 3 May 2025
Assets under construction
\u2013
12
12
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-341": { "value": "Accounting policies Property, plant & equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Assets under construction are held at cost less any accumulated impairment losses. Cost includes the original purchase price of the asset, costs attributable to bringing the asset to the location and condition necessary for intended use and any capitalised borrowing costs. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates while maintenance related costs are recognised in the income statement when incurred. With the exception of land, depreciation is provided to write off the cost of the assets over their expected useful lives from the date the asset was brought into use or capable of being used on a straight-line basis. Rates applied to different classes of property, plant & equipment are as below. Useful lives have been reviewed with consideration to the impacts of climate change and no material impact has been identified. Land and buildings Fixtures, fittings and other equipment 1.7% \u2013 4.0% per annum 10.0% \u2013 33.3% per annum Property, plant & equipment are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the property, plant & equipment form part of a separate CGU, such as a store, and indicators exist which could mean that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its value in use (VIU). The VIU is calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment is determined by comparing the net book value with the VIU. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-308": { "value": "Accounting policies Property, plant & equipment are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Assets under construction are held at cost less any accumulated impairment losses. Cost includes the original purchase price of the asset, costs attributable to bringing the asset to the location and condition necessary for intended use and any capitalised borrowing costs. Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates while maintenance related costs are recognised in the income statement when incurred. With the exception of land, depreciation is provided to write off the cost of the assets over their expected useful lives from the date the asset was brought into use or capable of being used on a straight-line basis. Rates applied to different classes of property, plant & equipment are as below. Useful lives have been reviewed with consideration to the impacts of climate change and no material impact has been identified. Land and buildings Fixtures, fittings and other equipment 1.7% \u2013 4.0% per annum 10.0% \u2013 33.3% per annum Property, plant & equipment are assessed on an ongoing basis to determine whether circumstances exist that could lead to the conclusion that the net book value is not supportable. Where assets are to be taken out of use, an impairment charge is levied. Where the property, plant & equipment form part of a separate CGU, such as a store, and indicators exist which could mean that the net book value is not supportable, the recoverable amount of the CGU is determined by calculating its value in use (VIU). The VIU is calculated by applying discounted cash flow modelling to management\u2019s projection of future profitability and any impairment is determined by comparing the net book value with the VIU. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-342": { "value": "11. Right-of-use assets Accounting policies Right-of-use assets are recognised at the commencement of the lease, when the underlying asset becomes available for use, and comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, any initial direct costs less any lease incentives received upon initial recognition. They are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any subsequent remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter period of lease term and useful life of the underlying asset. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs.
Land and Vehicles
buildings and equipment Total
\u00a3m \u00a3m \u00a3m
Balance at 3 May 2025
748
13
761
Additions
193
13
206
Depreciation
(171)
(10)
(181)
Disposals
(5)
\u2013
(5)
Impairment
(1)
\u2013
(1)
Foreign exchange
17
\u2013
17
Balance as at 2 May 2026
781
16
797
Cost
1,679
68
1,747
Accumulated depreciation
(898)
(52)
(950)
Balance as at 2 May 2026
781
16
797
Land and Vehicles
buildings and equipment Total
\u00a3m \u00a3m \u00a3m
Balance at 27 April 2024
779
20
799
Additions
145
3
148
Depreciation
(171)
(10)
(181)
Disposals
(13)
\u2013
(13)
Foreign exchange
8
\u2013
8
Balance as at 3 May 2025
748
13
761
Cost
1,513
64
1,577
Accumulated depreciation
(765)
(51)
(816)
Balance as at 3 May 2025
748
13
761
Management continues to monitor the trading performance of the omnichannel business and the macroeconomic environment in which it operates. Considering the recent geopolitical uncertainty and its potential impact on cost of capital, management concluded that indicators of impairment existed during the period and undertook an impairment review of store assets. This led to the identification and recognition of an impairment charge of \u00a33m over store assets within the UK. Also, in the current period, an impairment reversal (credit) of \u00a36m was recognised on store assets which had been impaired in a prior period. The impaired stores were impaired to the VIU (\u2018value in use\u2019) recoverable amount of \u00a313m which is their carrying value at the period end. The stores with impairment reversals were written back to the lower of the original cost or VIU recoverable amount of \u00a322m. The reversals were made as there has been a sustained improvement in performance of those stores. The carrying value of stores predominantly relates to right-of-use assets, however, also includes other fixed assets. The discount rate applied in calculating the VIU was 10.6%. In addition, in the current period an impairment charge of \u00a34m was recognised in relation to right-of-use assets for two local delivery centres and one store in the Nordics where operations ceased during the period, impairing their carrying value to their VIU of \u00a3nil. There were no impairments or impairment reversals recognised in the prior period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-281": { "value": "11. Right-of-use assets Accounting policies Right-of-use assets are recognised at the commencement of the lease, when the underlying asset becomes available for use, and comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, any initial direct costs less any lease incentives received upon initial recognition. They are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any subsequent remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter period of lease term and useful life of the underlying asset. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs.
Land and Vehicles
buildings and equipment Total
\u00a3m \u00a3m \u00a3m
Balance at 3 May 2025
748
13
761
Additions
193
13
206
Depreciation
(171)
(10)
(181)
Disposals
(5)
\u2013
(5)
Impairment
(1)
\u2013
(1)
Foreign exchange
17
\u2013
17
Balance as at 2 May 2026
781
16
797
Cost
1,679
68
1,747
Accumulated depreciation
(898)
(52)
(950)
Balance as at 2 May 2026
781
16
797
Land and Vehicles
buildings and equipment Total
\u00a3m \u00a3m \u00a3m
Balance at 27 April 2024
779
20
799
Additions
145
3
148
Depreciation
(171)
(10)
(181)
Disposals
(13)
\u2013
(13)
Foreign exchange
8
\u2013
8
Balance as at 3 May 2025
748
13
761
Cost
1,513
64
1,577
Accumulated depreciation
(765)
(51)
(816)
Balance as at 3 May 2025
748
13
761
Management continues to monitor the trading performance of the omnichannel business and the macroeconomic environment in which it operates. Considering the recent geopolitical uncertainty and its potential impact on cost of capital, management concluded that indicators of impairment existed during the period and undertook an impairment review of store assets. This led to the identification and recognition of an impairment charge of \u00a33m over store assets within the UK. Also, in the current period, an impairment reversal (credit) of \u00a36m was recognised on store assets which had been impaired in a prior period. The impaired stores were impaired to the VIU (\u2018value in use\u2019) recoverable amount of \u00a313m which is their carrying value at the period end. The stores with impairment reversals were written back to the lower of the original cost or VIU recoverable amount of \u00a322m. The reversals were made as there has been a sustained improvement in performance of those stores. The carrying value of stores predominantly relates to right-of-use assets, however, also includes other fixed assets. The discount rate applied in calculating the VIU was 10.6%. In addition, in the current period an impairment charge of \u00a34m was recognised in relation to right-of-use assets for two local delivery centres and one store in the Nordics where operations ceased during the period, impairing their carrying value to their VIU of \u00a3nil. There were no impairments or impairment reversals recognised in the prior period. 17. Lease liabilities Accounting policies The Group as a lessee The Group\u2019s leasing activities predominantly relate to retail store properties, distribution properties, and distribution vehicle fleet. The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (which comprise IT equipment and small items of office furniture). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease with no corresponding right-of-use asset. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Group incremental borrowing rate as the rate implicit in the lease cannot be determined and subsequently held at amortised cost in accordance with IFRS 9. The interest rate implied in the lease is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; and a credit risk adjustment. This is the rate that the Group would have to pay for a loan of a similar term, and with similar security, to obtain an asset of similar value. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable. \u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date. \u2022 The amount expected to be payable by the lessee under residual value guarantees. \u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options. \u2022 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Analysed as:
Current
203
201
Non-current
749
739
952
940
Total undiscounted future committed payments due are as follows:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Amounts due:
Year 1
242
234
Year 2
204
210
Year 3
180
175
Year 4
140
153
Year 5
92
116
Onwards
357
251
1,215
1,139
The Group does not face a significant liquidity risk with regard to its lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-309": { "value": "Accounting policies Right-of-use assets are recognised at the commencement of the lease, when the underlying asset becomes available for use, and comprises the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, any initial direct costs less any lease incentives received upon initial recognition. They are subsequently measured at cost less accumulated depreciation and impairment losses and adjusted for any subsequent remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis over the shorter period of lease term and useful life of the underlying asset. Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that triggers those payments occurs. Accounting policies The Group as a lessee The Group\u2019s leasing activities predominantly relate to retail store properties, distribution properties, and distribution vehicle fleet. The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (which comprise IT equipment and small items of office furniture). For these leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease with no corresponding right-of-use asset. Lease liabilities The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Group incremental borrowing rate as the rate implicit in the lease cannot be determined and subsequently held at amortised cost in accordance with IFRS 9. The interest rate implied in the lease is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; and a credit risk adjustment. This is the rate that the Group would have to pay for a loan of a similar term, and with similar security, to obtain an asset of similar value. Lease payments included in the measurement of the lease liability comprise: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable. \u2022 Variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date. \u2022 The amount expected to be payable by the lessee under residual value guarantees. \u2022 The exercise price of purchase options, if the lessee is reasonably certain to exercise the options. \u2022 Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease term has changed or there is a significant event or change in circumstances resulting in a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. \u2022 The lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used). \u2022 A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-282": { "value": "12. Inventory Accounting policies Inventories are stated at the lower of cost and net realisable value, and on a weighted average cost basis. Cost comprises direct purchase cost and those overheads that have been incurred in bringing the inventories to their present location and condition, less any attributable discounts and income received from suppliers in respect of that inventory. Net realisable value is based on estimated selling price, less further costs expected to be incurred on disposal. Provision is made for obsolete, slow moving or defective items where appropriate. Certain purchases of inventories may be subject to cash flow hedges to address foreign exchange risk. Where this is the case a basis adjustment is made; the initial cost of hedged inventory is adjusted by the associated gain or loss transferred from the cash flow hedge reserve.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Finished goods and goods for resale
1,181
1,037
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-310": { "value": "Accounting policies Inventories are stated at the lower of cost and net realisable value, and on a weighted average cost basis. Cost comprises direct purchase cost and those overheads that have been incurred in bringing the inventories to their present location and condition, less any attributable discounts and income received from suppliers in respect of that inventory. Net realisable value is based on estimated selling price, less further costs expected to be incurred on disposal. Provision is made for obsolete, slow moving or defective items where appropriate. Certain purchases of inventories may be subject to cash flow hedges to address foreign exchange risk. Where this is the case a basis adjustment is made; the initial cost of hedged inventory is adjusted by the associated gain or loss transferred from the cash flow hedge reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-366": { "value": "13. Trade and other receivables Accounting policies Trade receivables are initially measured at their transaction price. Where there is a significant financing component, trade and other receivables are discounted at contract inception using a discount rate that is at an arm\u2019s length basis and such that would be reflected in a separate financing transaction between the Group and the customer. Other receivables are initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables, accrued income and contract assets is measured using the simplified approach (lifetime expected credit losses). Loss allowance for other debtors is measured using 12-month expected credit losses unless there is a significant increase in credit risk and then the loss allowance is measured using lifetime expected credit losses. See note 22 for further disclosures.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Trade receivables
216
227
Less expected credit loss allowances
(25)
(22)
191
205
Contract assets
38
38
Prepayments
60
75
Other receivables
26
27
Accrued income
479
440
794
785
Non-current
98
100
Current
696
685
794
785
The majority of trade and other receivables are non-interest bearing. Non-current receivables mainly comprise commission receivable on sales. See note 22 for further information on credit risk related to receivables balances. Included with the accrued income balance is accrued supplier income of \u00a3185m (2024/25: \u00a3186m) and accrued MVNO revenue of \u00a3261m (2024/25: \u00a3230m). As set out in the table below, adjustments are made in the trade receivables balance for expected credit loss allowances.
2 May 2026
3 May 2025
Gross trade Expected credit Net trade Gross trade Expected credit Net trade
receivables loss allowances receivables receivables loss allowances receivables
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Ageing of gross trade receivables and
expected credit loss allowances:
Not yet due
172
\u2013
172
152
(2)
150
Past due:
Under two months
12
\u2013
12
24
(1)
23
Two to four months
7
(1)
6
8
(1)
7
Over four months
25
(24)
1
43
(18)
25
44
(25)
19
75
(20)
55
216
(25)
191
227
(22)
205
Movements in the expected credit loss allowances for trade receivables is as follows:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening balance
(22)
(22)
Charged to the income statement
(9)
(2)
Receivables written off as irrecoverable
4
1
Amounts recovered during the period
3
1
Foreign exchange
(1)
\u2013
Closing balance
(25)
(22)
Management also consider the counterparty risk relating to its accrued income balance, which comprises amounts where the Group has fulfilled its performance obligations but not yet invoiced the customer. The amounts are primarily due from large multinationals and blue chip companies and hence the loss allowances made are not material. Further details with regards to trade receivables credit risk are included in note 22. Contract assets
2 May 3 May
2026 2025
\u00a3m \u00a3m
Insurance commission contract assets
1
1
Network commission contract assets
37
37
38
38
The Group recognises contract assets where the performance obligations have been met but the right to consideration from the customer is conditional on something other than the passage of time. This occurs on both insurance commission revenue and network commission revenue as detailed in the accounting policies in note 3. Upon the initial recognition of revenue from contracts with customers, the Group considers the risk profile for amounts due from network and insurance customers based on historical experience and forward-looking information in accordance with IFRS 15. As such, credit risk is factored into the initial recognition of revenue, while contract assets are adjusted at each reporting date to reflect the future expected value. Therefore, no further expected credit loss is recognised as it is included within the initial measurement of the Group\u2019s contract assets. Further information is disclosed in note 22, while additional information on the measurement of expected consideration is detailed below. Network commission contract assets and receivables As described in the accounting policies in note 3, the revenue earned by the Group for the acquisition of consumers on behalf of the third-party network operator is subject to variable consideration. Some consideration is paid by the MNO at the time of connection with the remainder paid over the duration of the consumer\u2019s contractual relationship, which is usually between 1 and 5 years. Whilst the underlying contract with the consumer predominately constitutes a fixed monthly value, variability arises due to future expected behaviour of such consumers after the point of connection. Under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 the Group only recognises revenue to the extent that it is highly probable that there will not be a significant reversal in the future. In determining the amount of revenue to recognise, the Group estimates the amount that it expects to receive in respect of each consumer based on historical trends and anticipated changes in consumer behaviour. A discounted cash flow methodology is used to measure the expected consideration, by estimating all future cash flows that will be received from the MNO and discounting these based on the timing of receipt. Having estimated the expected consideration, the Group applies a constraint to reduce it to a level where any future significant reversal of revenue would be considered highly improbable. In the period ended 2 May 2026, \u00a3127m (2024/25: \u00a3134m) of revenue was recognised in relation to the contract with the MNO, of which \u00a311m (2024/25: \u00a39m) related to performance obligations satisfied in previous periods due to changes in the estimated transaction price, including CPI uplift on prior period transactions and other amounts settled by the MNO. Cash receipts from the MNO against the contract asset balance were \u00a3136m (2024/25: \u00a3158m). Payment terms with the MNO are based on a mix of cash received upon connection and future payments as the MNO receives monthly instalments from end consumers over the life of the consumer contract. Once amounts are invoiced to the MNO, the invoiced balance is recognised in trade receivables rather than accrued income. Increases in the asset balance in relation to discounting were \u00a34m (2024/25: \u00a34m), which reflects an increase in the present value of the asset due to passage of time since initial recognition, and for which a corresponding credit is recognised in finance income in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-359": { "value": "13. Trade and other receivables Accounting policies Trade receivables are initially measured at their transaction price. Where there is a significant financing component, trade and other receivables are discounted at contract inception using a discount rate that is at an arm\u2019s length basis and such that would be reflected in a separate financing transaction between the Group and the customer. Other receivables are initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables, accrued income and contract assets is measured using the simplified approach (lifetime expected credit losses). Loss allowance for other debtors is measured using 12-month expected credit losses unless there is a significant increase in credit risk and then the loss allowance is measured using lifetime expected credit losses. See note 22 for further disclosures.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Trade receivables
216
227
Less expected credit loss allowances
(25)
(22)
191
205
Contract assets
38
38
Prepayments
60
75
Other receivables
26
27
Accrued income
479
440
794
785
Non-current
98
100
Current
696
685
794
785
The majority of trade and other receivables are non-interest bearing. Non-current receivables mainly comprise commission receivable on sales. See note 22 for further information on credit risk related to receivables balances. Included with the accrued income balance is accrued supplier income of \u00a3185m (2024/25: \u00a3186m) and accrued MVNO revenue of \u00a3261m (2024/25: \u00a3230m). As set out in the table below, adjustments are made in the trade receivables balance for expected credit loss allowances.
2 May 2026
3 May 2025
Gross trade Expected credit Net trade Gross trade Expected credit Net trade
receivables loss allowances receivables receivables loss allowances receivables
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Ageing of gross trade receivables and
expected credit loss allowances:
Not yet due
172
\u2013
172
152
(2)
150
Past due:
Under two months
12
\u2013
12
24
(1)
23
Two to four months
7
(1)
6
8
(1)
7
Over four months
25
(24)
1
43
(18)
25
44
(25)
19
75
(20)
55
216
(25)
191
227
(22)
205
Movements in the expected credit loss allowances for trade receivables is as follows:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening balance
(22)
(22)
Charged to the income statement
(9)
(2)
Receivables written off as irrecoverable
4
1
Amounts recovered during the period
3
1
Foreign exchange
(1)
\u2013
Closing balance
(25)
(22)
Management also consider the counterparty risk relating to its accrued income balance, which comprises amounts where the Group has fulfilled its performance obligations but not yet invoiced the customer. The amounts are primarily due from large multinationals and blue chip companies and hence the loss allowances made are not material. Further details with regards to trade receivables credit risk are included in note 22. Contract assets
2 May 3 May
2026 2025
\u00a3m \u00a3m
Insurance commission contract assets
1
1
Network commission contract assets
37
37
38
38
The Group recognises contract assets where the performance obligations have been met but the right to consideration from the customer is conditional on something other than the passage of time. This occurs on both insurance commission revenue and network commission revenue as detailed in the accounting policies in note 3. Upon the initial recognition of revenue from contracts with customers, the Group considers the risk profile for amounts due from network and insurance customers based on historical experience and forward-looking information in accordance with IFRS 15. As such, credit risk is factored into the initial recognition of revenue, while contract assets are adjusted at each reporting date to reflect the future expected value. Therefore, no further expected credit loss is recognised as it is included within the initial measurement of the Group\u2019s contract assets. Further information is disclosed in note 22, while additional information on the measurement of expected consideration is detailed below. Network commission contract assets and receivables As described in the accounting policies in note 3, the revenue earned by the Group for the acquisition of consumers on behalf of the third-party network operator is subject to variable consideration. Some consideration is paid by the MNO at the time of connection with the remainder paid over the duration of the consumer\u2019s contractual relationship, which is usually between 1 and 5 years. Whilst the underlying contract with the consumer predominately constitutes a fixed monthly value, variability arises due to future expected behaviour of such consumers after the point of connection. Under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 the Group only recognises revenue to the extent that it is highly probable that there will not be a significant reversal in the future. In determining the amount of revenue to recognise, the Group estimates the amount that it expects to receive in respect of each consumer based on historical trends and anticipated changes in consumer behaviour. A discounted cash flow methodology is used to measure the expected consideration, by estimating all future cash flows that will be received from the MNO and discounting these based on the timing of receipt. Having estimated the expected consideration, the Group applies a constraint to reduce it to a level where any future significant reversal of revenue would be considered highly improbable. In the period ended 2 May 2026, \u00a3127m (2024/25: \u00a3134m) of revenue was recognised in relation to the contract with the MNO, of which \u00a311m (2024/25: \u00a39m) related to performance obligations satisfied in previous periods due to changes in the estimated transaction price, including CPI uplift on prior period transactions and other amounts settled by the MNO. Cash receipts from the MNO against the contract asset balance were \u00a3136m (2024/25: \u00a3158m). Payment terms with the MNO are based on a mix of cash received upon connection and future payments as the MNO receives monthly instalments from end consumers over the life of the consumer contract. Once amounts are invoiced to the MNO, the invoiced balance is recognised in trade receivables rather than accrued income. Increases in the asset balance in relation to discounting were \u00a34m (2024/25: \u00a34m), which reflects an increase in the present value of the asset due to passage of time since initial recognition, and for which a corresponding credit is recognised in finance income in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-343": { "value": "13. Trade and other receivables Accounting policies Trade receivables are initially measured at their transaction price. Where there is a significant financing component, trade and other receivables are discounted at contract inception using a discount rate that is at an arm\u2019s length basis and such that would be reflected in a separate financing transaction between the Group and the customer. Other receivables are initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables, accrued income and contract assets is measured using the simplified approach (lifetime expected credit losses). Loss allowance for other debtors is measured using 12-month expected credit losses unless there is a significant increase in credit risk and then the loss allowance is measured using lifetime expected credit losses. See note 22 for further disclosures.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Trade receivables
216
227
Less expected credit loss allowances
(25)
(22)
191
205
Contract assets
38
38
Prepayments
60
75
Other receivables
26
27
Accrued income
479
440
794
785
Non-current
98
100
Current
696
685
794
785
The majority of trade and other receivables are non-interest bearing. Non-current receivables mainly comprise commission receivable on sales. See note 22 for further information on credit risk related to receivables balances. Included with the accrued income balance is accrued supplier income of \u00a3185m (2024/25: \u00a3186m) and accrued MVNO revenue of \u00a3261m (2024/25: \u00a3230m). As set out in the table below, adjustments are made in the trade receivables balance for expected credit loss allowances.
2 May 2026
3 May 2025
Gross trade Expected credit Net trade Gross trade Expected credit Net trade
receivables loss allowances receivables receivables loss allowances receivables
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Ageing of gross trade receivables and
expected credit loss allowances:
Not yet due
172
\u2013
172
152
(2)
150
Past due:
Under two months
12
\u2013
12
24
(1)
23
Two to four months
7
(1)
6
8
(1)
7
Over four months
25
(24)
1
43
(18)
25
44
(25)
19
75
(20)
55
216
(25)
191
227
(22)
205
Movements in the expected credit loss allowances for trade receivables is as follows:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening balance
(22)
(22)
Charged to the income statement
(9)
(2)
Receivables written off as irrecoverable
4
1
Amounts recovered during the period
3
1
Foreign exchange
(1)
\u2013
Closing balance
(25)
(22)
Management also consider the counterparty risk relating to its accrued income balance, which comprises amounts where the Group has fulfilled its performance obligations but not yet invoiced the customer. The amounts are primarily due from large multinationals and blue chip companies and hence the loss allowances made are not material. Further details with regards to trade receivables credit risk are included in note 22. Contract assets
2 May 3 May
2026 2025
\u00a3m \u00a3m
Insurance commission contract assets
1
1
Network commission contract assets
37
37
38
38
The Group recognises contract assets where the performance obligations have been met but the right to consideration from the customer is conditional on something other than the passage of time. This occurs on both insurance commission revenue and network commission revenue as detailed in the accounting policies in note 3. Upon the initial recognition of revenue from contracts with customers, the Group considers the risk profile for amounts due from network and insurance customers based on historical experience and forward-looking information in accordance with IFRS 15. As such, credit risk is factored into the initial recognition of revenue, while contract assets are adjusted at each reporting date to reflect the future expected value. Therefore, no further expected credit loss is recognised as it is included within the initial measurement of the Group\u2019s contract assets. Further information is disclosed in note 22, while additional information on the measurement of expected consideration is detailed below. Network commission contract assets and receivables As described in the accounting policies in note 3, the revenue earned by the Group for the acquisition of consumers on behalf of the third-party network operator is subject to variable consideration. Some consideration is paid by the MNO at the time of connection with the remainder paid over the duration of the consumer\u2019s contractual relationship, which is usually between 1 and 5 years. Whilst the underlying contract with the consumer predominately constitutes a fixed monthly value, variability arises due to future expected behaviour of such consumers after the point of connection. Under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 the Group only recognises revenue to the extent that it is highly probable that there will not be a significant reversal in the future. In determining the amount of revenue to recognise, the Group estimates the amount that it expects to receive in respect of each consumer based on historical trends and anticipated changes in consumer behaviour. A discounted cash flow methodology is used to measure the expected consideration, by estimating all future cash flows that will be received from the MNO and discounting these based on the timing of receipt. Having estimated the expected consideration, the Group applies a constraint to reduce it to a level where any future significant reversal of revenue would be considered highly improbable. In the period ended 2 May 2026, \u00a3127m (2024/25: \u00a3134m) of revenue was recognised in relation to the contract with the MNO, of which \u00a311m (2024/25: \u00a39m) related to performance obligations satisfied in previous periods due to changes in the estimated transaction price, including CPI uplift on prior period transactions and other amounts settled by the MNO. Cash receipts from the MNO against the contract asset balance were \u00a3136m (2024/25: \u00a3158m). Payment terms with the MNO are based on a mix of cash received upon connection and future payments as the MNO receives monthly instalments from end consumers over the life of the consumer contract. Once amounts are invoiced to the MNO, the invoiced balance is recognised in trade receivables rather than accrued income. Increases in the asset balance in relation to discounting were \u00a34m (2024/25: \u00a34m), which reflects an increase in the present value of the asset due to passage of time since initial recognition, and for which a corresponding credit is recognised in finance income in the income statement.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-283": { "value": "13. Trade and other receivables Accounting policies Trade receivables are initially measured at their transaction price. Where there is a significant financing component, trade and other receivables are discounted at contract inception using a discount rate that is at an arm\u2019s length basis and such that would be reflected in a separate financing transaction between the Group and the customer. Other receivables are initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables, accrued income and contract assets is measured using the simplified approach (lifetime expected credit losses). Loss allowance for other debtors is measured using 12-month expected credit losses unless there is a significant increase in credit risk and then the loss allowance is measured using lifetime expected credit losses. See note 22 for further disclosures.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Trade receivables
216
227
Less expected credit loss allowances
(25)
(22)
191
205
Contract assets
38
38
Prepayments
60
75
Other receivables
26
27
Accrued income
479
440
794
785
Non-current
98
100
Current
696
685
794
785
The majority of trade and other receivables are non-interest bearing. Non-current receivables mainly comprise commission receivable on sales. See note 22 for further information on credit risk related to receivables balances. Included with the accrued income balance is accrued supplier income of \u00a3185m (2024/25: \u00a3186m) and accrued MVNO revenue of \u00a3261m (2024/25: \u00a3230m).
As set out in the table below, adjustments are made in the trade receivables balance for expected credit loss allowances.
2 May 2026
3 May 2025
Gross trade Expected credit Net trade Gross trade Expected credit Net trade
receivables loss allowances receivables receivables loss allowances receivables
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Ageing of gross trade receivables and
expected credit loss allowances:
Not yet due
172
\u2013
172
152
(2)
150
Past due:
Under two months
12
\u2013
12
24
(1)
23
Two to four months
7
(1)
6
8
(1)
7
Over four months
25
(24)
1
43
(18)
25
44
(25)
19
75
(20)
55
216
(25)
191
227
(22)
205
Movements in the expected credit loss allowances for trade receivables is as follows:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening balance
(22)
(22)
Charged to the income statement
(9)
(2)
Receivables written off as irrecoverable
4
1
Amounts recovered during the period
3
1
Foreign exchange
(1)
\u2013
Closing balance
(25)
(22)
Management also consider the counterparty risk relating to its accrued income balance, which comprises amounts where the Group has
fulfilled its performance obligations but not yet invoiced the customer. The amounts are primarily due from large multinationals and blue
chip companies and hence the loss allowances made are not material. Further details with regards to trade receivables credit risk are
included in note 22.
Contract assets
2 May 3 May
2026 2025
\u00a3m \u00a3m
Insurance commission contract assets
1
1
Network commission contract assets
37
37
38
38
The Group recognises contract assets where the performance obligations have been met but the right to consideration from the
customer is conditional on something other than the passage of time. This occurs on both insurance commission revenue and network
commission revenue as detailed in the accounting policies in note 3.
Upon the initial recognition of revenue from contracts with customers, the Group considers the risk profile for amounts due from network
and insurance customers based on historical experience and forward-looking information in accordance with IFRS 15. As such, credit risk
is factored into the initial recognition of revenue, while contract assets are adjusted at each reporting date to reflect the future
expected value. Therefore, no further expected credit loss is recognised as it is included within the initial measurement of the Group\u2019s
contract assets. Further information is disclosed in note 22, while additional information on the measurement of expected consideration
is detailed below.
Network commission contract assets and receivables
As described in the accounting policies in note 3, the revenue earned by the Group for the acquisition of consumers on behalf of the
third-party network operator is subject to variable consideration. Some consideration is paid by the MNO at the time of connection
with the remainder paid over the duration of the consumer\u2019s contractual relationship, which is usually between 1 and 5 years. Whilst the
underlying contract with the consumer predominately constitutes a fixed monthly value, variability arises due to future expected
behaviour of such consumers after the point of connection.
Under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 the Group only recognises revenue to the extent that it is highly probable that
there will not be a significant reversal in the future. In determining the amount of revenue to recognise, the Group estimates the amount
that it expects to receive in respect of each consumer based on historical trends and anticipated changes in consumer behaviour.
A discounted cash flow methodology is used to measure the expected consideration, by estimating all future cash flows that will be
received from the MNO and discounting these based on the timing of receipt. Having estimated the expected consideration, the Group
applies a constraint to reduce it to a level where any future significant reversal of revenue would be considered highly improbable.
In the period ended 2 May 2026, \u00a3127m (2024/25: \u00a3134m) of revenue was recognised in relation to the contract with the MNO, of which
\u00a311m (2024/25: \u00a39m) related to performance obligations satisfied in previous periods due to changes in the estimated transaction price,
including CPI uplift on prior period transactions and other amounts settled by the MNO. Cash receipts from the MNO against the
contract asset balance were \u00a3136m (2024/25: \u00a3158m). Payment terms with the MNO are based on a mix of cash received upon
connection and future payments as the MNO receives monthly instalments from end consumers over the life of the consumer contract.
Once amounts are invoiced to the MNO, the invoiced balance is recognised in trade receivables rather than accrued income. Increases
in the asset balance in relation to discounting were \u00a34m (2024/25: \u00a34m), which reflects an increase in the present value of the asset due
to passage of time since initial recognition, and for which a corresponding credit is recognised in finance income in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-311": { "value": "Accounting policies Trade receivables are initially measured at their transaction price. Where there is a significant financing component, trade and other receivables are discounted at contract inception using a discount rate that is at an arm\u2019s length basis and such that would be reflected in a separate financing transaction between the Group and the customer. Other receivables are initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Subsequently, trade and other receivables are measured at amortised cost. The loss allowance for trade receivables, accrued income and contract assets is measured using the simplified approach (lifetime expected credit losses). Loss allowance for other debtors is measured using 12-month expected credit losses unless there is a significant increase in credit risk and then the loss allowance is measured using lifetime expected credit losses. See note 22 for further disclosures. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-370": { "value": "
2 May 3 May
2026 2025
\u00a3m \u00a3m
Trade receivables
216
227
Less expected credit loss allowances
(25)
(22)
191
205
Contract assets
38
38
Prepayments
60
75
Other receivables
26
27
Accrued income
479
440
794
785
Non-current
98
100
Current
696
685
794
785
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-284": { "value": "14. Cash and cash equivalents Accounting policies Cash and cash equivalents are classified as held at amortised cost, comprising cash at bank and in hand, bank overdrafts and short-term highly liquid deposits which have an original maturity of less than three months, are available on demand and are subject to an insignificant risk of changes in value. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are shown under current liabilities and further disclosed in note 16. Cash and cash equivalents include restricted cash which predominantly comprises funds held by the Group\u2019s insurance businesses to cover regulatory reserve requirements. These funds are not available to offset the Group\u2019s borrowings. The payment card receivable within cash and cash equivalents is settled multiple times per week so is treated as a short-term highly liquid investment. There is negligible credit risk associated with this balance.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Cash and cash equivalents
176
209
Included within cash and cash equivalents is \u00a329m (2024/25: \u00a330m) of restricted cash and \u00a361m (2024/25: \u00a353m) of payment card receivables.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-312": { "value": "Accounting policies Cash and cash equivalents are classified as held at amortised cost, comprising cash at bank and in hand, bank overdrafts and short-term highly liquid deposits which have an original maturity of less than three months, are available on demand and are subject to an insignificant risk of changes in value. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are shown under current liabilities and further disclosed in note 16. Cash and cash equivalents include restricted cash which predominantly comprises funds held by the Group\u2019s insurance businesses to cover regulatory reserve requirements. These funds are not available to offset the Group\u2019s borrowings. The payment card receivable within cash and cash equivalents is settled multiple times per week so is treated as a short-term highly liquid investment. There is negligible credit risk associated with this balance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-285": { "value": "
15. Trade and other payables
Accounting policies
Trade and other payables are initially recorded at fair value and subsequently measured at amortised cost.
Contract liabilities predominantly relate to the sale of customer support agreements. Revenue is recognised in full as each
performance obligation is satisfied under the contracts with the customer. Where consideration is received in advance of the
performance of the obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer
refund clauses, contract terms have been assessed to either be monthly or a series of day-to-day contracts with revenue
recognised respectively in the month to which payment relates, or on a straight-line basis.
2 May 2026
3 May 2025
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
1,339
7
1,170
16
Other taxes and social security
195
\u2013
213
\u2013
Other creditors
2
\u2013
2
\u2013
Contract liabilities
207
96
215
96
Accruals
299
5
289
5
2,042
108
1,889
117
The carrying amount of trade and other payables approximates their fair value.
Contract liabilities
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening balance
311
289
Revenue recognised in the period that was included in the opening balance
(201)
(176)
Increase in contract liabilities in the period not yet recognised in revenue
193
198
Closing balance
303
311
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-344": { "value": "15. Trade and other payables Accounting policies Trade and other payables are initially recorded at fair value and subsequently measured at amortised cost. Contract liabilities predominantly relate to the sale of customer support agreements. Revenue is recognised in full as each performance obligation is satisfied under the contracts with the customer. Where consideration is received in advance of the performance of the obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer refund clauses, contract terms have been assessed to either be monthly or a series of day-to-day contracts with revenue recognised respectively in the month to which payment relates, or on a straight-line basis.
2 May 2026
3 May 2025
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
1,339
7
1,170
16
Other taxes and social security
195
\u2013
213
\u2013
Other creditors
2
\u2013
2
\u2013
Contract liabilities
207
96
215
96
Accruals
299
5
289
5
2,042
108
1,889
117
The carrying amount of trade and other payables approximates their fair value. Contract liabilities
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening balance
311
289
Revenue recognised in the period that was included in the opening balance
(201)
(176)
Increase in contract liabilities in the period not yet recognised in revenue
193
198
Closing balance
303
311
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-313": { "value": "Accounting policies Trade and other payables are initially recorded at fair value and subsequently measured at amortised cost. Contract liabilities predominantly relate to the sale of customer support agreements. Revenue is recognised in full as each performance obligation is satisfied under the contracts with the customer. Where consideration is received in advance of the performance of the obligations being satisfied, a contract liability is recognised. Due to the cancellation options and customer refund clauses, contract terms have been assessed to either be monthly or a series of day-to-day contracts with revenue recognised respectively in the month to which payment relates, or on a straight-line basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-360": { "value": "
2 May 2026
3 May 2025
Current Non-current Current Non-current
\u00a3m \u00a3m \u00a3m \u00a3m
Trade payables
1,339
7
1,170
16
Other taxes and social security
195
\u2013
213
\u2013
Other creditors
2
\u2013
2
\u2013
Contract liabilities
207
96
215
96
Accruals
299
5
289
5
2,042
108
1,889
117
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-371": { "value": "16. Loans and other borrowings Accounting policies Borrowings in the Group\u2019s balance sheet represent bank loans drawn under committed and uncommitted facilities. Borrowings are initially recorded at fair value less attributable transaction costs. Transaction fees such as bank fees and legal costs associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. All other borrowing costs are recognised in the income statement in the period in which they are incurred. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are classified as held at amortised cost.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Current liabilities
Bank overdrafts
\u2013
25
\u2013
25
Committed facilities In September 2024, the Group refinanced its existing debt to one revolving credit facility. In July 2025, the Group exercised its option to extend the facility by one year, which is due to mature in September 2029. The interest rate payable for drawings under this facility is at a margin over risk free rates (or other applicable interest basis) for the relevant currency and for the appropriate period. The actual margin applicable to any drawing depends on the fixed charge cover ratio calculated in respect of the most recent accounting period. A non-utilisation fee is payable in respect of amounts available but undrawn under this facility and a utilisation fee is payable when aggregate drawings exceed certain levels. As at 2 May 2026 available facilities totalled \u00a3525m (2024/25: \u00a3525m) and the Group had no drawings under these facilities (2024/25: \u00a3nil). Uncommitted facilities The Group also has overdrafts and short-term money market lines from UK and European banks denominated in various currencies, all of which are repayable on demand. Interest is charged at the market rates applicable in the countries concerned and these facilities are used to assist in short-term liquidity management. Total available facilities are \u00a357m (2024/25: \u00a357m). As at 2 May 2026 the Group had \u00a3nil drawings on uncommitted facilities (2024/25: \u00a325m). All borrowings are unsecured. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-345": { "value": "16. Loans and other borrowings Accounting policies Borrowings in the Group\u2019s balance sheet represent bank loans drawn under committed and uncommitted facilities. Borrowings are initially recorded at fair value less attributable transaction costs. Transaction fees such as bank fees and legal costs associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. All other borrowing costs are recognised in the income statement in the period in which they are incurred. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are classified as held at amortised cost.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Current liabilities
Bank overdrafts
\u2013
25
\u2013
25
Committed facilities In September 2024, the Group refinanced its existing debt to one revolving credit facility. In July 2025, the Group exercised its option to extend the facility by one year, which is due to mature in September 2029. The interest rate payable for drawings under this facility is at a margin over risk free rates (or other applicable interest basis) for the relevant currency and for the appropriate period. The actual margin applicable to any drawing depends on the fixed charge cover ratio calculated in respect of the most recent accounting period. A non-utilisation fee is payable in respect of amounts available but undrawn under this facility and a utilisation fee is payable when aggregate drawings exceed certain levels. As at 2 May 2026 available facilities totalled \u00a3525m (2024/25: \u00a3525m) and the Group had no drawings under these facilities (2024/25: \u00a3nil). Uncommitted facilities The Group also has overdrafts and short-term money market lines from UK and European banks denominated in various currencies, all of which are repayable on demand. Interest is charged at the market rates applicable in the countries concerned and these facilities are used to assist in short-term liquidity management. Total available facilities are \u00a357m (2024/25: \u00a357m). As at 2 May 2026 the Group had \u00a3nil drawings on uncommitted facilities (2024/25: \u00a325m). All borrowings are unsecured. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-286": { "value": "16. Loans and other borrowings Accounting policies Borrowings in the Group\u2019s balance sheet represent bank loans drawn under committed and uncommitted facilities. Borrowings are initially recorded at fair value less attributable transaction costs. Transaction fees such as bank fees and legal costs associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. All other borrowing costs are recognised in the income statement in the period in which they are incurred. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are classified as held at amortised cost.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Current liabilities
Bank overdrafts
\u2013
25
\u2013
25
Committed facilities
In September 2024, the Group refinanced its existing debt to one revolving credit facility. In July 2025, the Group exercised its option to
extend the facility by one year, which is due to mature in September 2029. The interest rate payable for drawings under this facility is at
a margin over risk free rates (or other applicable interest basis) for the relevant currency and for the appropriate period. The actual
margin applicable to any drawing depends on the fixed charge cover ratio calculated in respect of the most recent accounting period.
A non-utilisation fee is payable in respect of amounts available but undrawn under this facility and a utilisation fee is payable when
aggregate drawings exceed certain levels. As at 2 May 2026 available facilities totalled \u00a3525m (2024/25: \u00a3525m) and the Group had
no drawings under these facilities (2024/25: \u00a3nil).
Uncommitted facilities
The Group also has overdrafts and short-term money market lines from UK and European banks denominated in various currencies, all
of which are repayable on demand. Interest is charged at the market rates applicable in the countries concerned and these facilities
are used to assist in short-term liquidity management. Total available facilities are \u00a357m (2024/25: \u00a357m). As at 2 May 2026 the Group
had \u00a3nil drawings on uncommitted facilities (2024/25: \u00a325m).
All borrowings are unsecured.
22. Financial risk management and derivative financial instruments Accounting policies Non-derivative financial assets Financial assets are recognised in the Group\u2019s balance sheet when the Group becomes party to the contractual provisions of the investment. The Group\u2019s financial assets comprise cash and cash equivalents, and receivables which involve a contractual right to receive cash from external parties. Financial assets comprise all items shown in notes 13 and 14 with the exception of prepayments and contract assets. When the Group recognises a financial asset, it classifies it in accordance with IFRS 9 depending on the Group\u2019s intention with regard to the collection, or sale, of contractual cash flows and whether the financial asset\u2019s cash flows relate solely to the payment of principal and interest on principal outstanding. All of the Group\u2019s assets measured at amortised cost are subject to impairments driven by the expected credit loss model as further stipulated in note 13 and below. Financial assets are derecognised when the contractual rights to the cash flows expire or the Group has transferred the financial asset in a way that qualifies for derecognition in accordance with IFRS 9. The Group reviews several factors when considering a significant increase in credit risk including but not limited to: credit rating changes; adverse changes in general economic and/or market conditions; and material changes in the operating results or financial position of the debtor. Indicators that an asset is credit-impaired would include: observable data in relation to the financial health of the debtor; significant financial difficulty of the issuer or the debtor; the debtor breaches contract; or it is probable that the debtor will enter bankruptcy or financial reorganisation. Non-derivative financial liabilities The Group\u2019s financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date. Financial liabilities comprise all items shown in notes 15 to 17 with the exception of other taxes and social security, contract liabilities and accruals for wages, bonuses and holiday pay. Financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities (or a part of a financial liability) are derecognised when the obligation specified in the contract is discharged, cancelled or expires. In the event that the terms in which the Group are contractually obliged are substantially modified, the financial liability to which it relates is derecognised and subsequently re-recognised on the modified terms. Where the Group has the right and intention to offset in relation to financial assets and liabilities under IAS 32, these are presented on a net basis. Derivatives The Group uses derivatives to manage its exposure to fluctuating foreign exchange rates. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each prevailing balance sheet date and are recorded within assets or liabilities as appropriate. The treatment of the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. Derivatives that qualify for hedge accounting are treated as a hedge of a highly probable forecast transaction (cash flow hedge) in the case of foreign exchange hedging. Cash flow hedge accounting At inception the relationship between the hedging instrument and the hedged item is documented, as well as an assessment of the effectiveness of the derivative instrument used in the hedging transaction in offsetting changes in the cash flow of the hedged item. This effectiveness assessment is repeated on an ongoing basis during the life of the hedging instrument to ensure that the instrument remains an effective hedge. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve. Any gain or loss relating to the ineffective portion is recognised immediately in the income statement within finance costs. Amounts recognised in other comprehensive income and accumulated in the cash flow hedge reserve are recycled to the income statement, in the same line as the recognised hedged item, in the period when the hedged item will affect profit or loss. If the hedging instrument expires or is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in other comprehensive income at that time remains in other comprehensive income and is recognised when the forecast transaction is recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in other comprehensive income is immediately transferred to the income statement and recognised within finance costs. Where hedged forecast transactions result in the recognition of a non-financial asset or liability, the gains and losses previously recognised and accumulated in the cash flow hedge reserve are subsequently removed and included in the initial cost of the non-financial asset or liability. Such transfers will not affect other comprehensive income. Derivatives that do not qualify for hedge accounting Derivatives that do not qualify for hedge accounting are classified at fair value through profit or loss. All changes in fair value of derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement within the same line as the item that is hedged.
The carrying amount of the Group\u2019s financial assets, liabilities and derivative financial instruments are as follows:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Lease receivables
(1)
2
3
Cash and cash equivalents
(2)
176
209
Trade and other receivables
(2)
696
672
Derivative financial assets
(3)
15
5
Derivative financial liabilities
(3)
(22)
(16)
Trade and other payables
(2)
(1,496)
(1,345)
Loans and other borrowings
(2)
\u2013
(25)
Lease liabilities
(1)
(952)
(940)
(1) Measured in accordance with IFRS 16 \u2018Leases\u2019.
(2) Held at amortised cost.
(3) Held at fair value through profit or loss.
Financial instruments that are measured at fair value in the financial statements require disclosure of fair value measurements by level
based on the following fair value measurement hierarchy:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities.
\u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly (that is,
as prices) or indirectly (that is, derived from prices).
\u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
Listed investments held are categorised as level 1 in the fair value hierarchy and are valued based on quoted bid prices in an active
market.
The significant inputs required to measure the Group\u2019s remaining financial instruments at fair value on the balance sheet, being derivative
financial assets and liabilities, are observable and are classified as level 2 in the fair value hierarchy. There have also been no transfers
of assets or liabilities between levels of the fair value hierarchy.
Fair values have been arrived at by discounting future cash flows (where the impact of discounting is material), assuming no early
redemption, or by revaluing forward currency contracts to period end market rates as appropriate to the instrument.
Management considers that the carrying amount of financial assets and liabilities recorded at amortised cost and their fair value are
not materially different.
Offsetting financial assets and financial liabilities
The Group has forward foreign exchange contracts that are subject to enforceable master netting arrangements. Under these master
netting agreements gross assets and liabilities could be offset in the case of a counterparty default.
(i) Financial assets
2 May 2026
Gross amounts
of recognised
financial Net amounts of Financial
Gross amounts liabilities financial assets instruments not
of recognised set off in the presented in the set off in the
financial assets balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
15
\u2013
15
(13)
2
3 May 2025
Gross amounts
of recognised
financial Net amounts of Financial
Gross amounts of liabilities financial assets instruments not
recognised set off in the presented in the set off in the
financial assets balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
5
\u2013
5
(4)
1
* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative
liabilities respectively.
(ii) Financial liabilities
2 May 2026
Gross amounts Net amounts
Gross amounts of recognised of financial Financial
of recognised financial assets liabilities instruments not
financial set off in the presented in the set off in the
liabilities balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
(22)
\u2013
(22)
13
(9)
3 May 2025
Gross amounts Net amounts
Gross amounts of recognised of financial Financial
of recognised financial assets liabilities instruments not
financial set off in the presented in the set off in the
liabilities balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
(16)
\u2013
(16)
4
(12)
* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative
liabilities respectively.
a) Financial risk management policies
The Group\u2019s activities expose it to certain financial risks including market risk (such as foreign exchange risk and interest rate risk),
credit risk and liquidity risk. The Group\u2019s Treasury function, which operates under treasury policies approved by the Group\u2019s Tax and
Treasury Committee, uses certain financial instruments to mitigate potentially adverse effects on the Group\u2019s financial performance
from these risks. These financial instruments consist of bank loans and deposits, spot and forward foreign exchange contracts,
and foreign exchange swaps.
Throughout the period under review, in accordance with Group policy, no speculative use of derivatives or other instruments was
permitted. No contracts with embedded derivatives have been identified and, accordingly, no such derivatives have been accounted
for separately.
b) Foreign exchange risk
The Group undertakes certain transactions that are denominated in foreign currencies and consequently has exposure to exchange
rate fluctuations. These exposures primarily arise from inventory purchases, with most of the Group\u2019s exposure being to the Euro and
US Dollar. The Group uses spot and forward currency contracts to mitigate these exposures, with such contracts designed to cover
exposures ranging from one month to one year.
The translation risk on converting overseas currency profits or losses is not hedged and such profits or losses are converted into Pound
Sterling at average exchange rates throughout the period. The Group\u2019s principal translation currency exposures are the Euro and
Norwegian Krone.
As at 2 May 2026, the total notional principal amount of outstanding currency contracts was \u00a31,945m (2024/25: \u00a31,498m) and had a net
fair value of \u00a37m liability (2024/25: \u00a310m liability). Monetary assets and liabilities and foreign exchange contracts are sensitive to
movements in foreign exchange rates.
The impact of fluctuations in foreign exchange rates on profit/loss is mitigated by using offsetting exposures and non-hedged
derivatives, however there may be residual minimal impact on profit/loss from residual exposures that are not fully matched. This
sensitivity can be analysed in comparison to period end rates (assuming all other variables remain constant) as follows:
Period ended 2 May 2026
Period ended 3 May 2025
Effect on profit Effect on total Effect on profit Effect on total
before tax* equity before tax* equity
\u00a3m \u00a3m \u00a3m \u00a3m
10% movement in the US Dollar exchange rate
\u2013
7
\u2013
7
10% movement in the Euro exchange rate
\u2013
22
\u2013
21
10% movement in the Norwegian Krone exchange rate
\u2013
10
\u2013
10
10% movement in the Swedish Krona exchange rate
\u2013
15
\u2013
14
10% movement in the Danish Krone exchange rate
\u2013
7
\u2013
9
10% movement in the Chinese Yuan Offshore exchange rate
\u2013
6
\u2013
6
* Wherever possible the Group offsets foreign exchange fluctuations using matching foreign currency assets or liabilities or unhedged derivatives. The impact of unmatched
exposures is immaterial.
c) Interest rate risk
The Group\u2019s interest rate risk arises primarily on cash, cash equivalents and loans and other borrowings, all of which are at floating rates
of interest, and which therefore expose the Group to cash flow interest rate risk. These floating rates are linked to risk-free rates and
other applicable interest rate bases as appropriate to the instrument and currency. Future cash flows arising from these financial
instruments depend on interest rates and periods agreed at the time of rollover. Group policy permits the use of long-term interest rate
derivatives in managing the risks associated with movements in interest rates, however none have been utilised in the current or prior
period.
The effect on the income statement and equity of a 100 basis point movement in the interest rate for the currencies in which most Group
cash, cash equivalents, loans and other borrowings are denominated is below, assuming that the period end positions prevail
throughout the period:
Increase/(decrease) on profit before tax
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
1% increase in the GBP interest rate
1
2
1% increase in the NOK interest rate
\u2013
\u2013
d) Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are
settled by delivering cash or another financial asset. The Group manages its exposure to liquidity risk by reviewing regularly the
long-term and short-term cash flow projections for the business against the resources available to it.
In order to ensure that sufficient funds are available for ongoing and future developments, the Group has committed bank facilities,
excluding overdrafts repayable on demand, totalling \u00a3525m (2024/25: \u00a3525m). Further details of committed borrowing facilities are
shown in note 16.
The table below analyses the Group\u2019s financial liabilities and derivative assets and liabilities into relevant maturity groupings.
The amounts disclosed in the table are the contractual undiscounted cash flows, including both principal and interest flows, assuming
that interest rates remain constant and that borrowings are paid in full in the period of maturity.
2 May 2026
In more than
one year but
not more than In more than
Within one year five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(242)
(616)
(357)
(1,215)
Derivative financial instruments \u2013 gross cash outflows:
Forward foreign exchange contracts
(1,945)
\u2013
\u2013
(1,945)
Derivative financial instruments \u2013 gross cash inflows:
Forward foreign exchange contracts
1,938
\u2013
\u2013
1,938
Loans and other borrowings
\u2013
\u2013
\u2013
\u2013
Trade and other payables
(1,489)
(7)
\u2013
(1,496)
(1,738)
(623)
(357)
(2,718)
3 May 2025
In more than
one year but
not more than In more than
Within one year five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(234)
(653)
(253)
(1,140)
Derivative financial instruments \u2013 gross cash outflows:
Forward foreign exchange contracts
(1,498)
\u2013
\u2013
(1,498)
Derivative financial instruments \u2013 gross cash inflows:
Forward foreign exchange contracts
1,487
\u2013
\u2013
1,487
Loans and other borrowings
(25)
\u2013
\u2013
(25)
Trade and other payables
(1,329)
(16)
\u2013
(1,345)
(1,599)
(669)
(253)
(2,521)
e) Credit risk
Credit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations and arises principally from
the Group\u2019s receivables from consumers. The Group\u2019s exposure to credit risk is regularly monitored and the Group\u2019s policy is updated as
appropriate.
The credit risk associated with cash and cash equivalents and derivative financial instruments are closely monitored and credit ratings
are used in determining maximum counterparty credit risk.
Surplus cash is invested in investment grade institutions using only low risk, highly liquid instruments such as overnight deposits and money
market funds. The Group only invests in money market funds where cash can be withdrawn the same day, and which are comprised of
assets with a weighted-average maturity of less than 90 days.
2 May 3 May
2026 2025
Counterparty credit rating \u00a3m \u00a3m
AAA to AA-
122
157
A+ to A-
50
49
BBB+ to BBB-
4
3
176
209
All derivative assets are considered low risk financial instruments as they are held at banks that are investment grade.
The Group\u2019s contract assets of \u00a338m (2024/25: \u00a338m) are generally owed to the Group by major multinational enterprises with whom
the Group has well-established relationships and are consequently not considered to add significantly to the Group\u2019s credit risk
exposure. In addition, credit risk is also inherently associated with the MNO end subscribers. Exposure to credit risk associated with the
MNO subscriber is managed through an extensive consumer credit checking process prior to connection with the network. The large
volume of MNO subscribers reduces the Group\u2019s exposure to concentration of credit risk. Further information for credit risk associated to
contract assets and the MNO is disclosed within note 13.
For the Group\u2019s trade receivables in the UK and Nordics, it has adopted the simplified approach to calculating expected credit losses
allowed by IFRS 9. Historical credit loss rates are applied consistently to Groups of financial assets with similar risk characteristics.
These are then adjusted for known forward-looking impacts on creditworthiness.
The gross carrying amount of financial assets within trade and other receivables is made up of trade receivables of \u00a3216m (2024/25:
\u00a3227m), accrued income of \u00a3515m (2024/25: \u00a3466m) and other debtors of \u00a326m (2024/25: \u00a327m). The expected credit loss associated
with trade receivables is \u00a325m (2024/25: \u00a322m), with accrued income is \u00a336m (2024/25: \u00a326m) relating to iD Mobile, and with other
receivables is \u00a3nil (2024/25: \u00a3nil). The table below contains gross amounts which are deemed to have a material level of credit risk of
\u00a3265m (2024/25: \u00a3240m) for trade receivables, mainly in the main sales ledgers, and \u00a3297m (2024/25: \u00a3256m) for accrued income.
Other amounts within trade and other receivables are not considered to have a material level of credit risk because they primarily
relate to receivables with blue chip multinational companies with no history of default and no concentration of credit risk to the Group.
The Group applies the expected credit loss model, as described above, to all financial assets. The areas of risk and corresponding
expected credit loss are as follows:
2 May 2026
3 May 2025
Gross carrying Expected Gross carrying Expected
amount credit loss amount credit loss
\u00a3m \u00a3m \u00a3m \u00a3m
UK & Ireland \u2013 Business to Business
7
3
4
2
UK & Ireland \u2013 Main Sales Ledger
160
14
145
12
UK & Ireland \u2013 iD Mobile
297
36
256
26
Nordics \u2013 Business to Business
29
1
28
2
Nordics \u2013 Franchise Debtors
36
3
33
3
Nordics \u2013 Main sales ledger
33
4
30
3
562
61
496
48
Ageing of the areas of credit risk is set out in the tables below:
2 May 3 May
2026 2025
Gross amounts of recognised financial assets \u00a3m \u00a3m
Not yet due
423
371
0 \u2013 90 days
90
77
91 \u2013 180 days
14
12
180+ days
35
36
562
496
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s
maximum exposure to credit risk.
f) Capital risk
The Group manages its capital to ensure that entities within the Group will be able to continue as a going concern, whilst maximising
the return to shareholders through a suitable mix of debt and equity. The capital structure of the Group consists of cash and cash
equivalents, loans and other borrowings, and equity attributable to equity holders of the Company comprising issued capital, reserves
and accumulated profits. Except in relation to minimum capital requirements in its insurance business, the Group is not subject to any
externally imposed capital requirements. The Group monitors its capital structure on an ongoing basis, including assessing the risks
associated with each class of capital.
g) Derivatives
Derivative financial instruments comprise forward foreign exchange contracts and foreign exchange swaps. The Group has designated
financial instruments under IFRS 9 as explained below.
Cash flow hedges
Foreign exchange
The objective of the Group\u2019s policy on foreign exchange hedging is to protect the Group from adverse currency fluctuations and to gain
greater certainty of earnings by protecting the Group from sudden currency movements. All hedging of foreign currency exposures is
managed centrally within the Group Treasury function. The Group analyses its exposure to foreign exchange rate movements without
assuming any correlations between currency pairs and uses this analysis to hedge up to the level prescribed in its transactional hedging
policy (a target of up to 80% hedged a year in advance). The Group generally prefers to use vanilla forward foreign exchange
contracts as hedging instruments for hedges of forecasted transactions. The Group can use more complex derivatives including options
when management considers that they are more appropriate, based on management\u2019s views on potential foreign exchange rate
movements.
Any amendments to the Group\u2019s policies or strategy on managing foreign currency risk must be approved by the Group\u2019s Tax and
Treasury Committee.
As at 2 May 2026 the Group had forward and swap foreign exchange contracts in place with a notional value of \u00a3887m (2024/25:
\u00a3812m) and a net fair value of \u00a35m liability (2024/25: \u00a39m liability) that were designated and effective as cash flow hedges. These
contracts are expected to cover exposures ranging from one month to one year. The fair value of derivative foreign exchange contracts
and foreign exchange swaps not designated as cash flow hedges was a \u00a31m liability (2024/25: \u00a3nil asset).
Possible sources of ineffectiveness are scenarios where future cash flows are delayed to a later period or brought forward to a prior
period. Ineffectiveness can also be caused by credit risk (both own risk and that of the counterparty). All hedges are expected to be
highly effective.
As of 2 May 2026, the Group holds the following levels of foreign exchange hedging derivatives (foreign exchange forwards) to hedge
its exposure to fluctuating foreign exchange rates over the next 12 months:
Period ended 2 May 2026
Period ended 3 May 2025
Change in fair Change in fair
Maturing hedges value used to Maturing hedges value used to
in the next Weighted calculate hedge in the next Weighted calculate hedge
12 months average ineffectiveness 12 months average ineffectiveness
\u00a3m hedge rate \u00a3m \u00a3m hedge rate \u00a3m
Hedging USD purchases into GBP (UK)
81
1.3385
\u2013
37
1.2804
(1)
Hedging EUR purchases into GBP (UK)
17
1.1362
\u2013
20
1.1729
\u2013
Hedging CNY purchases into GBP (UK)
87
9.2377
\u2013
77
9.1215
(3)
Hedging EUR purchases into NOK (Nordics)
329
11.5135
(17)
300
11.7048
3
Hedging USD purchases into NOK (Nordics)
43
9.8182
(2)
47
10.9885
(2)
Hedging SEK sales into NOK (Nordics)
165
0.9393
9
151
0.9574
(5)
Hedging DKK sales into NOK (Nordics)
82
0.6502
4
97
0.6382
(1)
Hedging GBP purchases into EUR (Ireland)
83
1.1354
1
83
1.1717
\u2013
887
(5)
812
(9)
The change in value of hedging instruments is a total of \u00a3(5)m (2024/25: \u00a3(9)m). This is used in assessing the economic relationship
between hedged items and hedging instruments. Ineffectiveness caused by foreign currency basis spread and credit risk was highly
immaterial during the period.
Interest rate
The Group\u2019s interest rate risk management objective is to limit the amount of additional expense incurred if interest rates rise to
unexpected levels. To manage the interest rate exposure, the Group regularly reviews and considers entering into interest rate swaps to
fix its floating rate borrowings, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable
rate interest amounts calculated by reference to an agreed-upon notional principal amount. The Group monitors and manages its
interest rate risk individually in each currency and it does not make any assumptions about how interest rates in different currencies
may move in tandem.
Any amendments to the Group\u2019s policies or strategy on managing interest rate risk must be approved by the Group\u2019s Tax and Treasury
Committee. As at 2 May 2026 there are no interest rate swaps in place.
The Group\u2019s interest rate risk management strategy and policies remain unchanged and if circumstances change, the Group\u2019s interest rate
programme may be recommenced in future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-361": { "value": "Accounting policies Borrowings in the Group\u2019s balance sheet represent bank loans drawn under committed and uncommitted facilities. Borrowings are initially recorded at fair value less attributable transaction costs. Transaction fees such as bank fees and legal costs associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. All other borrowing costs are recognised in the income statement in the period in which they are incurred. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are classified as held at amortised cost. Accounting policies Non-derivative financial assets Financial assets are recognised in the Group\u2019s balance sheet when the Group becomes party to the contractual provisions of the investment. The Group\u2019s financial assets comprise cash and cash equivalents, and receivables which involve a contractual right to receive cash from external parties. Financial assets comprise all items shown in notes 13 and 14 with the exception of prepayments and contract assets. When the Group recognises a financial asset, it classifies it in accordance with IFRS 9 depending on the Group\u2019s intention with regard to the collection, or sale, of contractual cash flows and whether the financial asset\u2019s cash flows relate solely to the payment of principal and interest on principal outstanding. All of the Group\u2019s assets measured at amortised cost are subject to impairments driven by the expected credit loss model as further stipulated in note 13 and below. Financial assets are derecognised when the contractual rights to the cash flows expire or the Group has transferred the financial asset in a way that qualifies for derecognition in accordance with IFRS 9. The Group reviews several factors when considering a significant increase in credit risk including but not limited to: credit rating changes; adverse changes in general economic and/or market conditions; and material changes in the operating results or financial position of the debtor. Indicators that an asset is credit-impaired would include: observable data in relation to the financial health of the debtor; significant financial difficulty of the issuer or the debtor; the debtor breaches contract; or it is probable that the debtor will enter bankruptcy or financial reorganisation. Non-derivative financial liabilities The Group\u2019s financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date. Financial liabilities comprise all items shown in notes 15 to 17 with the exception of other taxes and social security, contract liabilities and accruals for wages, bonuses and holiday pay. Financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities (or a part of a financial liability) are derecognised when the obligation specified in the contract is discharged, cancelled or expires. In the event that the terms in which the Group are contractually obliged are substantially modified, the financial liability to which it relates is derecognised and subsequently re-recognised on the modified terms. Where the Group has the right and intention to offset in relation to financial assets and liabilities under IAS 32, these are presented on a net basis. Derivatives The Group uses derivatives to manage its exposure to fluctuating foreign exchange rates. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each prevailing balance sheet date and are recorded within assets or liabilities as appropriate. The treatment of the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. Derivatives that qualify for hedge accounting are treated as a hedge of a highly probable forecast transaction (cash flow hedge) in the case of foreign exchange hedging. Cash flow hedge accounting At inception the relationship between the hedging instrument and the hedged item is documented, as well as an assessment of the effectiveness of the derivative instrument used in the hedging transaction in offsetting changes in the cash flow of the hedged item. This effectiveness assessment is repeated on an ongoing basis during the life of the hedging instrument to ensure that the instrument remains an effective hedge. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve. Any gain or loss relating to the ineffective portion is recognised immediately in the income statement within finance costs. Amounts recognised in other comprehensive income and accumulated in the cash flow hedge reserve are recycled to the income statement, in the same line as the recognised hedged item, in the period when the hedged item will affect profit or loss. If the hedging instrument expires or is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in other comprehensive income at that time remains in other comprehensive income and is recognised when the forecast transaction is recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in other comprehensive income is immediately transferred to the income statement and recognised within finance costs. Where hedged forecast transactions result in the recognition of a non-financial asset or liability, the gains and losses previously recognised and accumulated in the cash flow hedge reserve are subsequently removed and included in the initial cost of the non-financial asset or liability. Such transfers will not affect other comprehensive income. Derivatives that do not qualify for hedge accounting Derivatives that do not qualify for hedge accounting are classified at fair value through profit or loss. All changes in fair value of derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement within the same line as the item that is hedged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-367": { "value": "Accounting policies Borrowings in the Group\u2019s balance sheet represent bank loans drawn under committed and uncommitted facilities. Borrowings are initially recorded at fair value less attributable transaction costs. Transaction fees such as bank fees and legal costs associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. All other borrowing costs are recognised in the income statement in the period in which they are incurred. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are classified as held at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-314": { "value": "Accounting policies Borrowings in the Group\u2019s balance sheet represent bank loans drawn under committed and uncommitted facilities. Borrowings are initially recorded at fair value less attributable transaction costs. Transaction fees such as bank fees and legal costs associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. All other borrowing costs are recognised in the income statement in the period in which they are incurred. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the income statement over the period of the borrowings on an effective interest basis. Bank overdrafts, which form part of cash and cash equivalents for the purpose of the cash flow statement, are classified as held at amortised cost. Non-derivative financial liabilities The Group\u2019s financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date. Financial liabilities comprise all items shown in notes 15 to 17 with the exception of other taxes and social security, contract liabilities and accruals for wages, bonuses and holiday pay. Financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities (or a part of a financial liability) are derecognised when the obligation specified in the contract is discharged, cancelled or expires. In the event that the terms in which the Group are contractually obliged are substantially modified, the financial liability to which it relates is derecognised and subsequently re-recognised on the modified terms. Where the Group has the right and intention to offset in relation to financial assets and liabilities under IAS 32, these are presented on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-346": { "value": "18. Provisions Accounting policies Provisions are recognised when a legal or constructive obligation exists as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted where the time value of money is considered to be material. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract. Where the Group has assets dedicated to the fulfilment of a contract that cannot be redirected, an impairment loss is recognised before a separate provision for an onerous contract. A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring, and has raised a valid expectation with those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. All provisions are assessed by reference to the best available information at the balance sheet date. In calculating provisions, estimates are made for the amount and timing of outflow of economic benefits, however, the Group does not consider that the actual future economic outflows will vary materially from the estimated amounts.
2 May 2026
Reorganisation Sales Property Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 3 May 2025
4
10
14
28
56
Additions
10
29
5
8
52
Released in the period
\u2013
(3)
(2)
(6)
(11)
Utilised in the period
(10)
(25)
(6)
(6)
(47)
Balance at 2 May 2026
4
11
11
24
50
Analysed as:
Current
4
8
4
15
31
Non-current
\u2013
3
7
9
19
4
11
11
24
50
3 May 2025
Reorganisation Sales Property Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 27 April 2024
3
10
15
44
72
Additions
4
26
5
9
44
Released in the period
(1)
\u2013
(2)
(15)
(18)
Utilised in the period
(2)
(26)
(4)
(10)
(4 2)
Balance at 3 May 2025
4
10
14
28
56
Analysed as:
Current
4
8
13
21
46
Non-current
\u2013
2
1
7
10
4
10
14
28
56
Reorganisation Reorganisation provisions of \u00a34m held at the reporting date mostly relate to redundancy costs. Reorganisation provisions are only recognised when a detailed formal plan is in place and it has been communicated to those affected. The balance at 2 May 2026 is related to reorganisation of UK and Ireland central and customer services operations and is expected to be utilised in the next 12 months. Sales Sales provisions relate to product and service warranties provided for up to one year. The anticipated costs of these are assessed by reference to historical trends and any other information that is considered relevant. Management estimates the related provision for future related claims based on historical information, as well as recent trends that might suggest that past cost information might differ from future claims. Property Following the previously announced store closure programmes, the Group has a number of present obligations related to its property portfolio that are explicitly excluded from the measurement of lease liabilities in accordance with IFRS 16. As such, at the reporting date the Group has onerous contracts for unavoidable store closure costs including service fees, legal costs and dilapidations of \u00a311m primarily relating to the Currys PC World 3-in-1 programme and Carphone Warehouse store closures in the UK & Ireland. Provisions for the costs described above are only recognised where there is a definitive business decision to exit a leased property, it is believed the unavoidable cost of meeting or exiting the obligations exceed the expected benefit to be received and after any impairment being recorded over right-of-use and store-related assets in accordance with IAS 36. The amounts of future expenditures for store closure costs are reviewed throughout the period and are based on readily available information at the reporting date as well as management\u2019s historical experience of similar transactions. Of the \u00a311m related to closure programmes announced in prior periods, utilisation is to be incurred in conjunction with the profile of the leases to which they relate. Where appropriate and in the interests of the Group, management will proactively seek to exit any liabilities early. Where there is a substantive expectation that the unavoidable costs provided for will be reduced as a result of exit negotiations, the provision will be remeasured based on the best available information and an amount released, as seen in the period. Other Other provisions predominantly relate to regulatory costs and other miscellaneous matters. As at the reporting date, provisions of \u00a39m (2024/25: \u00a312m) were held for potential legal fees, customer redress and other costs related to other historical regulatory matters. Management estimates the related provision based on historical claims information and applies this against any remaining potential claimants using an expected value approach. Related cash outflows are expected to take place within the next three years. As at the reporting date, further amounts in respect to other matters are as follows: \u2022 \u00a35m (2024/25: \u00a38m) for costs related to mobile insurance contracts, which is expected to be utilised in the next period. \u2022 \u00a35m (2024/25: \u00a34m) in relation to insurance claims against the Group based on estimated claim settlement, which will be utilised over time as the claims are resolved. \u2022 \u00a33m (2024/25: \u00a34m) in relation to estimated dilapidations for leased equipment which will be utilised at expiry of the lease over the next two years. \u2022 \u00a32m miscellaneous other balances. The range of estimation uncertainty across all categories of provisions is not considered to be material.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-287": { "value": "18. Provisions Accounting policies Provisions are recognised when a legal or constructive obligation exists as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted where the time value of money is considered to be material. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract. Where the Group has assets dedicated to the fulfilment of a contract that cannot be redirected, an impairment loss is recognised before a separate provision for an onerous contract. A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring, and has raised a valid expectation with those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. All provisions are assessed by reference to the best available information at the balance sheet date. In calculating provisions, estimates are made for the amount and timing of outflow of economic benefits, however, the Group does not consider that the actual future economic outflows will vary materially from the estimated amounts.
2 May 2026
Reorganisation Sales Property Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 3 May 2025
4
10
14
28
56
Additions
10
29
5
8
52
Released in the period
\u2013
(3)
(2)
(6)
(11)
Utilised in the period
(10)
(25)
(6)
(6)
(47)
Balance at 2 May 2026
4
11
11
24
50
Analysed as:
Current
4
8
4
15
31
Non-current
\u2013
3
7
9
19
4
11
11
24
50
3 May 2025
Reorganisation Sales Property Other Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 27 April 2024
3
10
15
44
72
Additions
4
26
5
9
44
Released in the period
(1)
\u2013
(2)
(15)
(18)
Utilised in the period
(2)
(26)
(4)
(10)
(4 2)
Balance at 3 May 2025
4
10
14
28
56
Analysed as:
Current
4
8
13
21
46
Non-current
\u2013
2
1
7
10
4
10
14
28
56
Reorganisation
Reorganisation provisions of \u00a34m held at the reporting date mostly relate to redundancy costs. Reorganisation provisions are only
recognised when a detailed formal plan is in place and it has been communicated to those affected. The balance at 2 May 2026 is
related to reorganisation of UK and Ireland central and customer services operations and is expected to be utilised in the next
12 months.
Sales
Sales provisions relate to product and service warranties provided for up to one year. The anticipated costs of these are assessed by
reference to historical trends and any other information that is considered relevant. Management estimates the related provision for
future related claims based on historical information, as well as recent trends that might suggest that past cost information might differ
from future claims.
Property
Following the previously announced store closure programmes, the Group has a number of present obligations related to its property
portfolio that are explicitly excluded from the measurement of lease liabilities in accordance with IFRS 16. As such, at the reporting date
the Group has onerous contracts for unavoidable store closure costs including service fees, legal costs and dilapidations of \u00a311m
primarily relating to the Currys PC World 3-in-1 programme and Carphone Warehouse store closures in the UK & Ireland.
Provisions for the costs described above are only recognised where there is a definitive business decision to exit a leased property, it is
believed the unavoidable cost of meeting or exiting the obligations exceed the expected benefit to be received and after any
impairment being recorded over right-of-use and store-related assets in accordance with IAS 36.
The amounts of future expenditures for store closure costs are reviewed throughout the period and are based on readily available
information at the reporting date as well as management\u2019s historical experience of similar transactions.
Of the \u00a311m related to closure programmes announced in prior periods, utilisation is to be incurred in conjunction with the profile of the
leases to which they relate. Where appropriate and in the interests of the Group, management will proactively seek to exit any liabilities
early. Where there is a substantive expectation that the unavoidable costs provided for will be reduced as a result of exit negotiations,
the provision will be remeasured based on the best available information and an amount released, as seen in the period.
Other
Other provisions predominantly relate to regulatory costs and other miscellaneous matters. As at the reporting date, provisions of \u00a39m
(2024/25: \u00a312m) were held for potential legal fees, customer redress and other costs related to other historical regulatory matters.
Management estimates the related provision based on historical claims information and applies this against any remaining potential
claimants using an expected value approach. Related cash outflows are expected to take place within the next three years.
As at the reporting date, further amounts in respect to other matters are as follows:
\u2022 \u00a35m (2024/25: \u00a38m) for costs related to mobile insurance contracts, which is expected to be utilised in the next period.
\u2022 \u00a35m (2024/25: \u00a34m) in relation to insurance claims against the Group based on estimated claim settlement, which will be utilised
over time as the claims are resolved.
\u2022 \u00a33m (2024/25: \u00a34m) in relation to estimated dilapidations for leased equipment which will be utilised at expiry of the lease over the
next two years.
\u2022 \u00a32m miscellaneous other balances.
The range of estimation uncertainty across all categories of provisions is not considered to be material.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-315": { "value": "Accounting policies Provisions are recognised when a legal or constructive obligation exists as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are discounted where the time value of money is considered to be material. Provisions for onerous contracts are recognised when the Group believes that the unavoidable costs of meeting or exiting the contract exceed the economic benefits expected to be received under the contract. Where the Group has assets dedicated to the fulfilment of a contract that cannot be redirected, an impairment loss is recognised before a separate provision for an onerous contract. A restructuring provision is recognised when the Group has developed a detailed formal plan for the restructuring, and has raised a valid expectation with those affected that it will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. The measurement of a restructuring provision includes only the direct expenditures arising from the restructuring, which are those amounts that are both necessarily entailed by the restructuring and not associated with the ongoing activities of the entity. All provisions are assessed by reference to the best available information at the balance sheet date. In calculating provisions, estimates are made for the amount and timing of outflow of economic benefits, however, the Group does not consider that the actual future economic outflows will vary materially from the estimated amounts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-288": { "value": "19. Retirement and other post-employment benefit obligations Accounting policies Company contributions to defined contribution pension schemes and contributions made to state pension schemes for certain overseas employees are charged to the income statement on an accruals basis when employees have rendered service entitling them to the contributions. For defined benefit pension schemes, the difference between the market value of the assets and the present value of the accrued pension liabilities is shown as an asset or liability in the consolidated balance sheet. The calculation of the present value is determined by an independent actuary using the projected unit credit method. The calculation incorporates actuarial assumptions, including the discount rates used to determine the present value of accrued pension liabilities, inflation assumptions and the life expectancy of members. Actuarial gains and losses arising from changes in actuarial assumptions together with experience adjustments and actual return on assets are recognised in the consolidated statement of comprehensive income and expensed as they arise. Such amounts are not reclassified to the income statement in subsequent years. Defined benefit costs recognised in the income statement are comprised mainly of net interest expense or income with such interest being recognised within finance costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset taking into account any changes in the net defined benefit obligation during the year as a result of contribution or benefit payments.
2 May 3 May
2026 2025
\u00a3m \u00a3m
Retirement benefit obligations
\u2013 UK
5
102
\u2013 Nordics
1
1
6
103
The Group operates a defined benefit scheme and provides defined contribution benefits largely through a Master Trust solution. The defined benefit scheme which operates in the UK holds assets in a separate trustee administered fund. The scheme is managed by a board of trustees and is valued by a qualified actuary who advises the trustees at least every three years, with contributions required being assessed in accordance with the actuary\u2019s advice. Since 1 September 2002, the provision of defined benefit pensions for employees in this scheme has been closed to new entrants and on 30 April 2010 was closed to future accrual with automatic provision of defined contribution benefits being offered to those active members of the defined benefit section at that time. Defined contribution benefits are offered to current eligible employees. The Nordics segment operates small unfunded pension schemes with characteristics of defined benefit schemes. The liabilities of these schemes are shown above. They also operate defined contribution schemes. a) Defined contribution pension schemes The pension charge in respect of defined contribution schemes was \u00a340m (2024/25: \u00a336m). b) UK defined benefit pension scheme \u2013 actuarial valuation and key risks A full actuarial valuation of the scheme was carried out at 31 March 2025 and showed a deficit of assets compared with liabilities of \u00a3134m. This is a significant improvement from the position at 31 March 2022 which showed a deficit of \u00a3403m. Based on this valuation it was agreed with the Trustees that the following contributions in respect of the scheme were payable: \u00a382m in 2025/26, and \u00a313m per annum from 2026/27 to 2030/31. The next triennial actuarial valuation has an effective date of 31 March 2028.
Key risks
The defined benefit pension schemes expose the Group to actuarial risks such as longer than expected longevity of members, lower
than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets
of the schemes. These are explored further in the table below, including the mitigations employed.
Risk
Description
Mitigation
Investment
The IAS 19 defined benefit obligations are calculated
The trustees regularly monitor the funding position and
using a discount rate derived from the yield obtained on consider their long-term plan to implement a diversified
high quality corporate bonds. If the pension scheme\u2019s investment portfolio that generates sufficient returns
assets underperform relative to this discount rate, the whilst managing the investment risks posed to the
accounting deficit will increase. scheme.
If the underperformance of assets also results in a The Group regularly engages with the trustees on the
larger deficit for the funding valuation (carried out scheme\u2019s investment strategy and its management.
every 3 years as a minimum), the pension scheme may
require additional contributions from the Group.
Inflation
The IAS 19 defined benefit obligations are in part linked
As part of the investment strategy implemented by the
to actual and future expected inflation. Therefore, a trustees, inflation risk is mitigated through a liability-
higher rate of inflation will result in a higher defined driven investment (\u2018LDI\u2019) portfolio.
benefit obligation.
The LDI portfolio consists of assets that increase/
A higher rate of inflation will also increase the Scheme\u2019s decrease in value in line with inflation expectations.
funding liability, which may require additional The scheme\u2019s holding in LDI is designed to hedge a large
contributions from the Group, as a part of discussions amount of the scheme\u2019s funding liability and thereby
on the triennial funding valuation. mitigate the net impact of any adverse movements in
inflation expectations.
Interest rate
The IAS 19 defined benefit obligations are calculated
As part of the investment strategy implemented by the
using a discount rate derived from the yields obtained trustees, interest rate risk is mitigated through the
on corporate bonds of an appropriate duration. If investment in a LDI portfolio.
long-term corporate bond yields reduce, the IAS 19
defined benefit obligations will increase. The LDI portfolio consists of assets that increase/
decrease in value in line with interest rate movements.
Similarly, a reduction in gilt yields (which are used in part The scheme\u2019s holding in LDI is designed to hedge a large
to calculate the liabilities for the funding valuation) will amount of the scheme\u2019s funding liability and thereby
result in a higher funding liability, which may require mitigate the impact of any adverse movements in
additional contributions from the Group, as a part of interest rates.
discussions on the triennial funding valuation.
However, as the LDI portfolio mitigates the interest rate
risk on the funding basis, deviations between gilt and
corporate bond yields can lead to ineffective hedging
in respect of the IAS 19 defined benefit obligations. The
scheme\u2019s credit asset allocation helps provide
additional hedging in this area.
Liquidity
The scheme is required to meet ongoing cash flow
The scheme operates a collateral adequacy
requirements, including benefit payments to members framework which ensures there are sufficient levels of
and collateral calls on the scheme\u2019s leveraged liquid assets to meet ongoing cash flow requirements,
investments. There is therefore a risk that the scheme has even in times of market distress. The framework is
insufficient liquid assets to meet these obligations. regularly assessed and appropriately managed to
ensure it remains robust to respond to significant market
events.
Longevity
The scheme provides pension benefits for the duration
The trustees and the Group regularly monitor the
of a member\u2019s life and typically to any surviving spouse. outlook for future life expectancy and the impact this
Therefore, an increase in life expectancy will result in might have on the defined benefit obligations.
higher IAS 19 defined benefit obligations.
Legislation
The scheme is exposed to the risk that new legislation or
The trustees and the Group regularly monitor this and
regulation could impact the valuation of the scheme\u2019s are kept up to date by their advisors on ongoing
liabilities in the future. changes in legislation and regulation, including the
impact of these to the scheme and the associated
liabilities.
c) UK Defined benefit pension scheme \u2013 IAS 19
The following summarises the components of net defined benefit expense recognised in the consolidated income statement,
the funded status and amounts recognised in the consolidated balance sheet and other amounts recognised in the consolidated
statement of comprehensive income. The methods set out in IAS 19 are different from those used by the scheme actuaries in determining
funding arrangements.
(i) Principal assumptions adopted
The assumptions used in calculating the expenses and obligations are set by the directors after consultation with the independent
actuary.
2 May 3 May
Rates per annum 2026 2025
Discount rate
6.25%
5.70%
Rate of increase in pensions in payment (pre/post April 2006 accrual)
3.05%/2.05%
2.80%/1.95%
Rate of increase in deferred pensions (pre/post April 2006 accrual)
3.20%
2.90%
Inflation
3.20%
2.90%
The Group largely uses demographic assumptions consistent with the formal actuarial valuation of the scheme as at 31 March 2025.
The assumptions for 2025/26 have been updated to reflect the latest industry approach and scheme specific modelling (the latter
being consistent with the formal actuarial valuation).
Post-retirement mortality has been assumed to follow the standard mortality tables \u2018S4\u2019 All Pensioners tables published by the
Continuous Mortality Investigation (\u2018CMI\u2019), based on the experience of Self-Administered Pension Schemes (\u2018SAPS\u2019) with multipliers of
103% for males and 104% for females. Future improvements to mortality has been assumed to follow the CMI 2025 core projections
model, which is the latest CMI model available at the reporting date.
On this basis, the life expectancy for members reaching age 65 over the next 20 years is between 86.6 and 87.8 for males, and between
88.6 and 89.7 for females. This compares with the 2024/25 assumptions, under which the equivalent expected life expectancies were
between 85.9 and 87.2 for males, and between 88.7 and 89.8 for females.
(ii) Amounts recognised in the consolidated income statement
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Net interest expense on defined benefit obligation
2
8
Total expense recognised in the income statement
2
8
(iii) Amounts recognised in other comprehensive income
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Remeasurement of defined benefit obligation \u2013 actuarial gains/(losses) arising from:
Changes in demographic assumptions
(2)
\u2013
Changes in financial assumptions
42
97
Experience adjustments
(28)
(2)
Remeasurement of scheme assets:
Actual return on plan assets (excluding amounts included in net interest expense)
6
(69)
Cumulative actuarial gain
18
26
(iv) Amounts recognised in the consolidated balance sheet
2 May 3 May
2026 2025
\u00a3m \u00a3m
Present value of defined benefit obligations
(1,024)
(1,033)
Fair value of plan assets
1,019
931
Net obligation
(5)
(102)
Changes in the present value of the defined benefit obligation:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening obligation
1,033
1,125
Past service cost
\u2013
\u2013
Interest cost
57
58
Remeasurements in other comprehensive income \u2013 actuarial (gains)/losses arising from changes in:
Demographic assumptions
2
\u2013
Financial assumptions
(42)
(97)
Experience adjustments
28
2
Benefits paid
(54)
(55)
Closing obligation
1,024
1,033
The weighted average maturity profile of the defined benefit obligation at the end of the year is 13 years (2024/25: 14 years), comprising
an average maturity of 17 years for deferred members and 9 years for pensioners.
The experience adjustments for 2025/26 relate to allowing for updated membership data as at 31 March 2025, higher than assumed
inflation over the period and the impact of actual pension increases during this period.
Changes in the fair value of the scheme assets:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening fair value
931
955
Interest income
54
50
Employer contributions
82
50
Remeasurements in other comprehensive income:
Actual return on plan assets (excluding interest income)
6
(69)
Benefits paid
(54)
(55)
Closing fair value
1,019
931
Analysis of scheme assets:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Corporate bonds
\u2013 Listed
105
-
Credit funds
\u2013 Listed
123
194
\u2013 Unlisted
184
210
Private equity
\u2013 Unlisted
\u2013
1
Liability driven investments (\u2018LDIs\u2019)*
\u2013 Listed
810
808
\u2013 Unlisted
(346)
(396)
Synthetic equity*
\u2013 Unlisted
102
83
Cash and cash instruments
\u2013 Unlisted
41
31
Other
\u2013 Unlisted
\u2013
\u2013
1,019
931
* These assets are managed together as part of one investment portfolio.
The table above provides the market value of the scheme assets split into key categories as at 2 May 2026. The scheme\u2019s investment
strategy is to:
\u2022 gain economic exposure to equity markets equivalent to a third of its assets through derivatives;
\u2022 invest a third of its assets in credit markets; and
\u2022 use a third of its assets to hedge inflation and interest rate risk, through a leveraged LDI strategy.
The scheme invests part of its assets in a bespoke fund to achieve this strategy. The fund consists of a synthetic (i.e. leveraged) equity
portfolio, a credit portfolio and a liability hedging portfolio. The synthetic equity portfolio uses equity total return swaps and equity
futures to provide economic exposure to a range of equity markets while the credit portfolio provides economic exposure to short
duration global credit. The objective of the LDI strategy is to broadly hedge the scheme\u2019s liabilities against inflation and interest rate risk
up to the value of the scheme\u2019s assets. This helps minimise the risk of mismatching between changes in the scheme\u2019s assets and liabilities.
The credit fund allocation also includes several types of private credit funds.
In the fair value hierarchy, listed investments are categorised as level 1. Unlisted investments (including unlisted LDIs and synthetic equity)
relate to derivatives, which are categorised as level 2, and private credit and private equity funds which are categorised as level 3.
Private credit investments are valued by aggregating quotes from brokers where this information is available. If this information is not
available, investments are valued at the last available date of each investment plus any subsequent known movements including
distributions (for example, with the private credit funds). Private equity fund valuations are based on the last audited accounts of each
investment with an allowance for broad movements in market indices and any known movements including distributions since the last
available accounts.
The investment strategy of the scheme is determined by the trustees based on advice provided by an independent investment
consultant. The Trustee\u2019s objective is to achieve an above average long-term return on the scheme\u2019s assets from a mixture of capital
growth and income, whilst managing investment risk and ensuring the strategy remains within the guidelines set out in the Pensions Act 1995
and 2004 and the scheme\u2019s statement of investment principles. In setting the strategy, the nature and duration of the scheme\u2019s liabilities
are taken into account, ensuring that an integrated approach is taken to investment risk and both short-term and long-term funding
requirements. The scheme invests in a diverse range of asset classes as set out above with matching assets primarily comprising holdings
in inflation-linked gilts, corporate bonds and liability driven investments.
Actual return on the scheme assets (excluding interest income) was a gain of \u00a36m (2024/25: a loss of \u00a369m). Part of the loss for 2024/25
related to the LDI strategy, with the strategy resulting in a loss of value over the period in line with the scheme\u2019s liability movement due to
changes in financial conditions over the prior period.
(v) Sensitivities
The value of the UK defined benefit pension scheme assets is sensitive to market conditions.
Changes in assumptions used for determining retirement benefit costs and liabilities may have a material impact on the 2025/26 income
statement and the balance sheet. The main assumptions are the discount rate, the rate of inflation and the assumed life expectancy.
The following table provides an estimate of the potential liability impacts of each of these variables if applied to the current period
consolidated income statement and consolidated balance sheet.
Note that due to the inclusion of an LDI strategy as part of the scheme\u2019s assets, the strategy intends for fluctuations in the liability due to
discount and inflation variances to largely be offset by movements in the LDI. The sensitivity analysis below does not make any
allowance for this impact or the impact on the total fair value of the plan assets.
Net finance costs impact
Liability impact
Surplus/(deficit) impact
Period ended Period ended Period ended Period ended Period ended Period ended
2 May 3 May 2 May 3 May 2 May 3 May
2026 2025 2026 2025 2026 2025
Positive/(negative) effect \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Discount rate: 1% increase
9
8
118
135
3
10
Inflation rate: 1% increase*
(6)
(7)
(96)
(116)
(2)
(8)
Life expectancy: 1-year increase
(2)
(2)
(41)
(4 2)
(41)
(41 )
* The increase in scheme benefits provided to members on retirement is subject to an inflation cap.
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is
unlikely that the changes in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
The surplus/(deficit) impact allows for movements in the actuarial value of liabilities, as well as a broad, approximate allowance for
changes in asset values. The changes in asset values are intended to be illustrative and are based on an approximate approach. Given
the diverse asset portfolio, a range of approaches could be adopted.
In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others
relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. The Trustees of
the Scheme received legal advice to consider the implications of the case for the Scheme. Based on the legal advice received, the
case does not expose the Scheme to any new risks and, as such, there was no allowance for the ruling in the results at 3 May 2025.
On 29 April 2026, the Pension Schemes Bill received royal assent (becoming the Pension Schemes Act 2026), passing into law legislation
which, in relation to validity issues arising from the Virgin Media ruling, gives affected pension schemes the ability to retrospectively
obtain written actuarial confirmation that historical benefit changes met the necessary standards, therefore, the Directors do not expect
the Virgin Media ruling to give rise to any additional liabilities and so the DBO at 2 May 2026 has not been adjusted and continues to
reflect the benefits currently being administered.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-316": { "value": "Accounting policies Company contributions to defined contribution pension schemes and contributions made to state pension schemes for certain overseas employees are charged to the income statement on an accruals basis when employees have rendered service entitling them to the contributions. For defined benefit pension schemes, the difference between the market value of the assets and the present value of the accrued pension liabilities is shown as an asset or liability in the consolidated balance sheet. The calculation of the present value is determined by an independent actuary using the projected unit credit method. The calculation incorporates actuarial assumptions, including the discount rates used to determine the present value of accrued pension liabilities, inflation assumptions and the life expectancy of members. Actuarial gains and losses arising from changes in actuarial assumptions together with experience adjustments and actual return on assets are recognised in the consolidated statement of comprehensive income and expensed as they arise. Such amounts are not reclassified to the income statement in subsequent years. Defined benefit costs recognised in the income statement are comprised mainly of net interest expense or income with such interest being recognised within finance costs. Net interest is calculated by applying the discount rate to the net defined benefit liability or asset taking into account any changes in the net defined benefit obligation during the year as a result of contribution or benefit payments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-317": { "value": "
a) Defined contribution pension schemes
The pension charge in respect of defined contribution schemes was \u00a340m (2024/25: \u00a336m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-318": { "value": "
b) UK defined benefit pension scheme \u2013 actuarial valuation and key risks
A full actuarial valuation of the scheme was carried out at 31 March 2025 and showed a deficit of assets compared with liabilities of
\u00a3134m. This is a significant improvement from the position at 31 March 2022 which showed a deficit of \u00a3403m.
Based on this valuation it was agreed with the Trustees that the following contributions in respect of the scheme were payable: \u00a382m in
2025/26, and \u00a313m per annum from 2026/27 to 2030/31. The next triennial actuarial valuation has an effective date of 31 March 2028.
Key risks The defined benefit pension schemes expose the Group to actuarial risks such as longer than expected longevity of members, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the schemes. These are explored further in the table below, including the mitigations employed.
Risk
Description
Mitigation
Investment
The IAS 19 defined benefit obligations are calculated
The trustees regularly monitor the funding position and
using a discount rate derived from the yield obtained on consider their long-term plan to implement a diversified
high quality corporate bonds. If the pension scheme\u2019s investment portfolio that generates sufficient returns
assets underperform relative to this discount rate, the whilst managing the investment risks posed to the
accounting deficit will increase. scheme.
If the underperformance of assets also results in a The Group regularly engages with the trustees on the
larger deficit for the funding valuation (carried out scheme\u2019s investment strategy and its management.
every 3 years as a minimum), the pension scheme may
require additional contributions from the Group.
Inflation
The IAS 19 defined benefit obligations are in part linked
As part of the investment strategy implemented by the
to actual and future expected inflation. Therefore, a trustees, inflation risk is mitigated through a liability-
higher rate of inflation will result in a higher defined driven investment (\u2018LDI\u2019) portfolio.
benefit obligation.
The LDI portfolio consists of assets that increase/
A higher rate of inflation will also increase the Scheme\u2019s decrease in value in line with inflation expectations.
funding liability, which may require additional The scheme\u2019s holding in LDI is designed to hedge a large
contributions from the Group, as a part of discussions amount of the scheme\u2019s funding liability and thereby
on the triennial funding valuation. mitigate the net impact of any adverse movements in
inflation expectations.
Interest rate
The IAS 19 defined benefit obligations are calculated
As part of the investment strategy implemented by the
using a discount rate derived from the yields obtained trustees, interest rate risk is mitigated through the
on corporate bonds of an appropriate duration. If investment in a LDI portfolio.
long-term corporate bond yields reduce, the IAS 19
defined benefit obligations will increase. The LDI portfolio consists of assets that increase/
decrease in value in line with interest rate movements.
Similarly, a reduction in gilt yields (which are used in part The scheme\u2019s holding in LDI is designed to hedge a large
to calculate the liabilities for the funding valuation) will amount of the scheme\u2019s funding liability and thereby
result in a higher funding liability, which may require mitigate the impact of any adverse movements in
additional contributions from the Group, as a part of interest rates.
discussions on the triennial funding valuation.
However, as the LDI portfolio mitigates the interest rate
risk on the funding basis, deviations between gilt and
corporate bond yields can lead to ineffective hedging
in respect of the IAS 19 defined benefit obligations. The
scheme\u2019s credit asset allocation helps provide
additional hedging in this area.
Liquidity
The scheme is required to meet ongoing cash flow
The scheme operates a collateral adequacy
requirements, including benefit payments to members framework which ensures there are sufficient levels of
and collateral calls on the scheme\u2019s leveraged liquid assets to meet ongoing cash flow requirements,
investments. There is therefore a risk that the scheme has even in times of market distress. The framework is
insufficient liquid assets to meet these obligations. regularly assessed and appropriately managed to
ensure it remains robust to respond to significant market
events.
Longevity
The scheme provides pension benefits for the duration
The trustees and the Group regularly monitor the
of a member\u2019s life and typically to any surviving spouse. outlook for future life expectancy and the impact this
Therefore, an increase in life expectancy will result in might have on the defined benefit obligations.
higher IAS 19 defined benefit obligations.
Legislation
The scheme is exposed to the risk that new legislation or
The trustees and the Group regularly monitor this and
regulation could impact the valuation of the scheme\u2019s are kept up to date by their advisors on ongoing
liabilities in the future. changes in legislation and regulation, including the
impact of these to the scheme and the associated
liabilities.
c) UK Defined benefit pension scheme \u2013 IAS 19 The following summarises the components of net defined benefit expense recognised in the consolidated income statement, the funded status and amounts recognised in the consolidated balance sheet and other amounts recognised in the consolidated statement of comprehensive income. The methods set out in IAS 19 are different from those used by the scheme actuaries in determining funding arrangements. (i) Principal assumptions adopted The assumptions used in calculating the expenses and obligations are set by the directors after consultation with the independent actuary.
2 May 3 May
Rates per annum 2026 2025
Discount rate
6.25%
5.70%
Rate of increase in pensions in payment (pre/post April 2006 accrual)
3.05%/2.05%
2.80%/1.95%
Rate of increase in deferred pensions (pre/post April 2006 accrual)
3.20%
2.90%
Inflation
3.20%
2.90%
The Group largely uses demographic assumptions consistent with the formal actuarial valuation of the scheme as at 31 March 2025. The assumptions for 2025/26 have been updated to reflect the latest industry approach and scheme specific modelling (the latter being consistent with the formal actuarial valuation). Post-retirement mortality has been assumed to follow the standard mortality tables \u2018S4\u2019 All Pensioners tables published by the Continuous Mortality Investigation (\u2018CMI\u2019), based on the experience of Self-Administered Pension Schemes (\u2018SAPS\u2019) with multipliers of 103% for males and 104% for females. Future improvements to mortality has been assumed to follow the CMI 2025 core projections model, which is the latest CMI model available at the reporting date. On this basis, the life expectancy for members reaching age 65 over the next 20 years is between 86.6 and 87.8 for males, and between 88.6 and 89.7 for females. This compares with the 2024/25 assumptions, under which the equivalent expected life expectancies were between 85.9 and 87.2 for males, and between 88.7 and 89.8 for females. (ii) Amounts recognised in the consolidated income statement
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Net interest expense on defined benefit obligation
2
8
Total expense recognised in the income statement
2
8
(iii) Amounts recognised in other comprehensive income
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Remeasurement of defined benefit obligation \u2013 actuarial gains/(losses) arising from:
Changes in demographic assumptions
(2)
\u2013
Changes in financial assumptions
42
97
Experience adjustments
(28)
(2)
Remeasurement of scheme assets:
Actual return on plan assets (excluding amounts included in net interest expense)
6
(69)
Cumulative actuarial gain
18
26
(iv) Amounts recognised in the consolidated balance sheet
2 May 3 May
2026 2025
\u00a3m \u00a3m
Present value of defined benefit obligations
(1,024)
(1,033)
Fair value of plan assets
1,019
931
Net obligation
(5)
(102)
Changes in the present value of the defined benefit obligation:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening obligation
1,033
1,125
Past service cost
\u2013
\u2013
Interest cost
57
58
Remeasurements in other comprehensive income \u2013 actuarial (gains)/losses arising from changes in:
Demographic assumptions
2
\u2013
Financial assumptions
(42)
(97)
Experience adjustments
28
2
Benefits paid
(54)
(55)
Closing obligation
1,024
1,033
The weighted average maturity profile of the defined benefit obligation at the end of the year is 13 years (2024/25: 14 years), comprising an average maturity of 17 years for deferred members and 9 years for pensioners. The experience adjustments for 2025/26 relate to allowing for updated membership data as at 31 March 2025, higher than assumed inflation over the period and the impact of actual pension increases during this period. Changes in the fair value of the scheme assets:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Opening fair value
931
955
Interest income
54
50
Employer contributions
82
50
Remeasurements in other comprehensive income:
Actual return on plan assets (excluding interest income)
6
(69)
Benefits paid
(54)
(55)
Closing fair value
1,019
931
Analysis of scheme assets:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Corporate bonds
\u2013 Listed
105
-
Credit funds
\u2013 Listed
123
194
\u2013 Unlisted
184
210
Private equity
\u2013 Unlisted
\u2013
1
Liability driven investments (\u2018LDIs\u2019)*
\u2013 Listed
810
808
\u2013 Unlisted
(346)
(396)
Synthetic equity*
\u2013 Unlisted
102
83
Cash and cash instruments
\u2013 Unlisted
41
31
Other
\u2013 Unlisted
\u2013
\u2013
1,019
931
* These assets are managed together as part of one investment portfolio. The table above provides the market value of the scheme assets split into key categories as at 2 May 2026. The scheme\u2019s investment strategy is to: \u2022 gain economic exposure to equity markets equivalent to a third of its assets through derivatives; \u2022 invest a third of its assets in credit markets; and \u2022 use a third of its assets to hedge inflation and interest rate risk, through a leveraged LDI strategy. The scheme invests part of its assets in a bespoke fund to achieve this strategy. The fund consists of a synthetic (i.e. leveraged) equity portfolio, a credit portfolio and a liability hedging portfolio. The synthetic equity portfolio uses equity total return swaps and equity futures to provide economic exposure to a range of equity markets while the credit portfolio provides economic exposure to short duration global credit. The objective of the LDI strategy is to broadly hedge the scheme\u2019s liabilities against inflation and interest rate risk up to the value of the scheme\u2019s assets. This helps minimise the risk of mismatching between changes in the scheme\u2019s assets and liabilities. The credit fund allocation also includes several types of private credit funds. In the fair value hierarchy, listed investments are categorised as level 1. Unlisted investments (including unlisted LDIs and synthetic equity) relate to derivatives, which are categorised as level 2, and private credit and private equity funds which are categorised as level 3. Private credit investments are valued by aggregating quotes from brokers where this information is available. If this information is not available, investments are valued at the last available date of each investment plus any subsequent known movements including distributions (for example, with the private credit funds). Private equity fund valuations are based on the last audited accounts of each investment with an allowance for broad movements in market indices and any known movements including distributions since the last available accounts. The investment strategy of the scheme is determined by the trustees based on advice provided by an independent investment consultant. The Trustee\u2019s objective is to achieve an above average long-term return on the scheme\u2019s assets from a mixture of capital growth and income, whilst managing investment risk and ensuring the strategy remains within the guidelines set out in the Pensions Act 1995 and 2004 and the scheme\u2019s statement of investment principles. In setting the strategy, the nature and duration of the scheme\u2019s liabilities are taken into account, ensuring that an integrated approach is taken to investment risk and both short-term and long-term funding requirements. The scheme invests in a diverse range of asset classes as set out above with matching assets primarily comprising holdings in inflation-linked gilts, corporate bonds and liability driven investments. Actual return on the scheme assets (excluding interest income) was a gain of \u00a36m (2024/25: a loss of \u00a369m). Part of the loss for 2024/25 related to the LDI strategy, with the strategy resulting in a loss of value over the period in line with the scheme\u2019s liability movement due to changes in financial conditions over the prior period. (v) Sensitivities The value of the UK defined benefit pension scheme assets is sensitive to market conditions. Changes in assumptions used for determining retirement benefit costs and liabilities may have a material impact on the 2025/26 income statement and the balance sheet. The main assumptions are the discount rate, the rate of inflation and the assumed life expectancy. The following table provides an estimate of the potential liability impacts of each of these variables if applied to the current period consolidated income statement and consolidated balance sheet. Note that due to the inclusion of an LDI strategy as part of the scheme\u2019s assets, the strategy intends for fluctuations in the liability due to discount and inflation variances to largely be offset by movements in the LDI. The sensitivity analysis below does not make any allowance for this impact or the impact on the total fair value of the plan assets.
Net finance costs impact
Liability impact
Surplus/(deficit) impact
Period ended Period ended Period ended Period ended Period ended Period ended
2 May 3 May 2 May 3 May 2 May 3 May
2026 2025 2026 2025 2026 2025
Positive/(negative) effect \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Discount rate: 1% increase
9
8
118
135
3
10
Inflation rate: 1% increase*
(6)
(7)
(96)
(116)
(2)
(8)
Life expectancy: 1-year increase
(2)
(2)
(41)
(4 2)
(41)
(41 )
* The increase in scheme benefits provided to members on retirement is subject to an inflation cap. The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the changes in assumptions would occur in isolation of one another as some of the assumptions may be correlated. The surplus/(deficit) impact allows for movements in the actuarial value of liabilities, as well as a broad, approximate allowance for changes in asset values. The changes in asset values are intended to be illustrative and are based on an approximate approach. Given the diverse asset portfolio, a range of approaches could be adopted. In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. The Trustees of the Scheme received legal advice to consider the implications of the case for the Scheme. Based on the legal advice received, the case does not expose the Scheme to any new risks and, as such, there was no allowance for the ruling in the results at 3 May 2025. On 29 April 2026, the Pension Schemes Bill received royal assent (becoming the Pension Schemes Act 2026), passing into law legislation which, in relation to validity issues arising from the Virgin Media ruling, gives affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historical benefit changes met the necessary standards, therefore, the Directors do not expect the Virgin Media ruling to give rise to any additional liabilities and so the DBO at 2 May 2026 has not been adjusted and continues to reflect the benefits currently being administered.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-289": { "value": "
20. Share capital, retained earnings and reserves
a) Share capital
2 May 3 May 2 May 3 May
2026 2025 2026 2025
million million \u00a3m \u00a3m
Authorised, allotted, called-up and fully paid ordinary shares
of 0.1p each
1,112
1,133
1
1
2 May 3 May 2 May 3 May
2026 2025 2026 2025
million million \u00a3m \u00a3m
Ordinary shares of 0.1p each in issue at the beginning of the period
1,133
1,133
1
1
Repurchased and cancelled during the period
(21)
\u2013
\u2013
\u2013
Ordinary shares of 0.1p each in issue at the end of the period
1,112
1,133
1
1
During the period, the group completed a share buyback program whereby 36m shares were re-purchased for \u00a350m. Of these
re-purchased shares, 21m (\u00a330m) were cancelled, with the remaining 15m (\u00a320m) held in treasury at year end and cancelled on 8 June
2026.
b) Retained earnings and reserves
Movements in retained earnings and reserves during the reported periods are presented in the consolidated statement of changes in
equity. Movements within the individual reserves are as follows:
Investment
Treasury in own
Hedging share shares Translation Demerger
reserve reserve reserve reserve reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 27 April 2024
2
\u2013
(32)
(64)
(750)
(844)
Other comprehensive income and expense recognised directly
in equity
(4)
\u2013
\u2013
17
\u2013
13
Amounts transferred to the carrying value of inventory
purchased during the period
(4)
\u2013
\u2013
\u2013
\u2013
(4)
Amounts transferred to accumulated profits
\u2013
\u2013
2
\u2013
\u2013
2
Purchase of own shares \u2013 EBT
\u2013
\u2013
(15)
\u2013
\u2013
(15)
As at 3 May 2025
(6)
\u2013
(45)
(47)
(750)
(848)
Other comprehensive income and expense recognised directly
in equity
(10)
\u2013
\u2013
51
\u2013
41
Amounts transferred to the carrying value of inventory
purchased during the period
17
\u2013
\u2013
\u2013
\u2013
17
Amounts transferred to accumulated profits
\u2013
\u2013
21
\u2013
\u2013
21
Purchase of own shares \u2013 EBT
\u2013
\u2013
(26)
\u2013
\u2013
(26)
Purchase of own shares \u2013 share buyback
\u2013
(50)
\u2013
\u2013
\u2013
(50)
Cancellation of treasury shares
\u2013
30
\u2013
\u2013
\u2013
30
As at 2 May 2026
1
(20)
(50)
4
(750)
(815)
Hedging reserve
The hedging reserve is used to recognise the effective portion of gains or losses on derivatives that are designated and qualify as cash
flow hedges. Amounts are subsequently either transferred to the initial cost of inventory or reclassified to profit or loss as appropriate.
Treasury share reserve
The treasury share reserve represents the repurchase of shares recognised as equity in the parent Company, Currys plc. Repurchased
shares are classified as treasury shares and presented in the treasury share reserve at cost, inclusive of any directly attributable cost
as disclosed above, as a deduction in total equity. When treasury shares are cancelled, the cost of those cancelled is transferred to
accumulated profits. For the period ending 2 May 2026, all shares purchased by the Company as treasury shares were done so as part
of the buyback programme previously announced on 4 September 2025. All shares purchased in treasury during the period were
subsequently cancelled.
Investment in own shares reserve
The investment in own shares reserve is used to recognise the cost of shares in the Company held by the EBT. As further disclosed in note
4c the shares held by the EBT are purchased in order to satisfy share option and SAYE plans issued by the Company as part of
employee share incentive schemes.
When shares are issued by the EBT to employees in order to satisfy employee share awards, the cost of these shares is transferred to
accumulated profits.
Translation reserve
The translation reserve accumulates exchange differences arising on translation of foreign subsidiaries which are recognised in other
comprehensive income. The cumulative amount is reclassified to accumulated profits when the related net investment is disposed of.
Demerger reserve
The demerger reserve arose as part of the demerger of the Group from TalkTalk in 2010.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-319": { "value": "a) Share capital
2 May 3 May 2 May 3 May
2026 2025 2026 2025
million million \u00a3m \u00a3m
Authorised, allotted, called-up and fully paid ordinary shares
of 0.1p each
1,112
1,133
1
1
2 May 3 May 2 May 3 May
2026 2025 2026 2025
million million \u00a3m \u00a3m
Ordinary shares of 0.1p each in issue at the beginning of the period
1,133
1,133
1
1
Repurchased and cancelled during the period
(21)
\u2013
\u2013
\u2013
Ordinary shares of 0.1p each in issue at the end of the period
1,112
1,133
1
1
During the period, the group completed a share buyback program whereby 36m shares were re-purchased for \u00a350m. Of these re-purchased shares, 21m (\u00a330m) were cancelled, with the remaining 15m (\u00a320m) held in treasury at year end and cancelled on 8 June 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-320": { "value": "b) Retained earnings and reserves Movements in retained earnings and reserves during the reported periods are presented in the consolidated statement of changes in equity. Movements within the individual reserves are as follows:
Investment
Treasury in own
Hedging share shares Translation Demerger
reserve reserve reserve reserve reserve Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 27 April 2024
2
\u2013
(32)
(64)
(750)
(844)
Other comprehensive income and expense recognised directly
in equity
(4)
\u2013
\u2013
17
\u2013
13
Amounts transferred to the carrying value of inventory
purchased during the period
(4)
\u2013
\u2013
\u2013
\u2013
(4)
Amounts transferred to accumulated profits
\u2013
\u2013
2
\u2013
\u2013
2
Purchase of own shares \u2013 EBT
\u2013
\u2013
(15)
\u2013
\u2013
(15)
As at 3 May 2025
(6)
\u2013
(45)
(47)
(750)
(848)
Other comprehensive income and expense recognised directly
in equity
(10)
\u2013
\u2013
51
\u2013
41
Amounts transferred to the carrying value of inventory
purchased during the period
17
\u2013
\u2013
\u2013
\u2013
17
Amounts transferred to accumulated profits
\u2013
\u2013
21
\u2013
\u2013
21
Purchase of own shares \u2013 EBT
\u2013
\u2013
(26)
\u2013
\u2013
(26)
Purchase of own shares \u2013 share buyback
\u2013
(50)
\u2013
\u2013
\u2013
(50)
Cancellation of treasury shares
\u2013
30
\u2013
\u2013
\u2013
30
As at 2 May 2026
1
(20)
(50)
4
(750)
(815)
Hedging reserve The hedging reserve is used to recognise the effective portion of gains or losses on derivatives that are designated and qualify as cash flow hedges. Amounts are subsequently either transferred to the initial cost of inventory or reclassified to profit or loss as appropriate. Treasury share reserve The treasury share reserve represents the repurchase of shares recognised as equity in the parent Company, Currys plc. Repurchased shares are classified as treasury shares and presented in the treasury share reserve at cost, inclusive of any directly attributable cost as disclosed above, as a deduction in total equity. When treasury shares are cancelled, the cost of those cancelled is transferred to accumulated profits. For the period ending 2 May 2026, all shares purchased by the Company as treasury shares were done so as part of the buyback programme previously announced on 4 September 2025. All shares purchased in treasury during the period were subsequently cancelled. Investment in own shares reserve The investment in own shares reserve is used to recognise the cost of shares in the Company held by the EBT. As further disclosed in note 4c the shares held by the EBT are purchased in order to satisfy share option and SAYE plans issued by the Company as part of employee share incentive schemes. When shares are issued by the EBT to employees in order to satisfy employee share awards, the cost of these shares is transferred to accumulated profits. Translation reserve The translation reserve accumulates exchange differences arising on translation of foreign subsidiaries which are recognised in other comprehensive income. The cumulative amount is reclassified to accumulated profits when the related net investment is disposed of. Demerger reserve The demerger reserve arose as part of the demerger of the Group from TalkTalk in 2010.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-290": { "value": "
21. Equity dividends
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Final Dividend for the period ended 3 May 2025 of 1.50p per ordinary share
16
\u2013
Interim Dividend for the period ended 2 May 2026 of 0.75p per ordinary share
8
\u2013
Amounts recognised as distributions to equity shareholders in the period \u2013 on ordinary shares
of 0.1p each
24
\u2013
The following distribution is proposed but has not been effected at 2 May 2026 and is subject to shareholders\u2019 approval at the
forthcoming Annual General Meeting:
\u00a3m
Final dividend for the period ended 2 May 2026 of 2. 25p per ordinary share
25
The payment of this dividend is not subject to withholding taxes in the UK.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-321": { "value": "0.0225", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-368": { "value": "22. Financial risk management and derivative financial instruments Accounting policies Non-derivative financial assets Financial assets are recognised in the Group\u2019s balance sheet when the Group becomes party to the contractual provisions of the investment. The Group\u2019s financial assets comprise cash and cash equivalents, and receivables which involve a contractual right to receive cash from external parties. Financial assets comprise all items shown in notes 13 and 14 with the exception of prepayments and contract assets. When the Group recognises a financial asset, it classifies it in accordance with IFRS 9 depending on the Group\u2019s intention with regard to the collection, or sale, of contractual cash flows and whether the financial asset\u2019s cash flows relate solely to the payment of principal and interest on principal outstanding. All of the Group\u2019s assets measured at amortised cost are subject to impairments driven by the expected credit loss model as further stipulated in note 13 and below. Financial assets are derecognised when the contractual rights to the cash flows expire or the Group has transferred the financial asset in a way that qualifies for derecognition in accordance with IFRS 9. The Group reviews several factors when considering a significant increase in credit risk including but not limited to: credit rating changes; adverse changes in general economic and/or market conditions; and material changes in the operating results or financial position of the debtor. Indicators that an asset is credit-impaired would include: observable data in relation to the financial health of the debtor; significant financial difficulty of the issuer or the debtor; the debtor breaches contract; or it is probable that the debtor will enter bankruptcy or financial reorganisation. Non-derivative financial liabilities The Group\u2019s financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date. Financial liabilities comprise all items shown in notes 15 to 17 with the exception of other taxes and social security, contract liabilities and accruals for wages, bonuses and holiday pay. Financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial liabilities (or a part of a financial liability) are derecognised when the obligation specified in the contract is discharged, cancelled or expires. In the event that the terms in which the Group are contractually obliged are substantially modified, the financial liability to which it relates is derecognised and subsequently re-recognised on the modified terms. Where the Group has the right and intention to offset in relation to financial assets and liabilities under IAS 32, these are presented on a net basis. Derivatives The Group uses derivatives to manage its exposure to fluctuating foreign exchange rates. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each prevailing balance sheet date and are recorded within assets or liabilities as appropriate. The treatment of the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. Derivatives that qualify for hedge accounting are treated as a hedge of a highly probable forecast transaction (cash flow hedge) in the case of foreign exchange hedging. Cash flow hedge accounting At inception the relationship between the hedging instrument and the hedged item is documented, as well as an assessment of the effectiveness of the derivative instrument used in the hedging transaction in offsetting changes in the cash flow of the hedged item. This effectiveness assessment is repeated on an ongoing basis during the life of the hedging instrument to ensure that the instrument remains an effective hedge. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve. Any gain or loss relating to the ineffective portion is recognised immediately in the income statement within finance costs. Amounts recognised in other comprehensive income and accumulated in the cash flow hedge reserve are recycled to the income statement, in the same line as the recognised hedged item, in the period when the hedged item will affect profit or loss. If the hedging instrument expires or is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in other comprehensive income at that time remains in other comprehensive income and is recognised when the forecast transaction is recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in other comprehensive income is immediately transferred to the income statement and recognised within finance costs. Where hedged forecast transactions result in the recognition of a non-financial asset or liability, the gains and losses previously recognised and accumulated in the cash flow hedge reserve are subsequently removed and included in the initial cost of the non-financial asset or liability. Such transfers will not affect other comprehensive income. Derivatives that do not qualify for hedge accounting Derivatives that do not qualify for hedge accounting are classified at fair value through profit or loss. All changes in fair value of derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement within the same line as the item that is hedged. The carrying amount of the Group\u2019s financial assets, liabilities and derivative financial instruments are as follows:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Lease receivables
(1)
2
3
Cash and cash equivalents
(2)
176
209
Trade and other receivables
(2)
696
672
Derivative financial assets
(3)
15
5
Derivative financial liabilities
(3)
(22)
(16)
Trade and other payables
(2)
(1,496)
(1,345)
Loans and other borrowings
(2)
\u2013
(25)
Lease liabilities
(1)
(952)
(940)
(1) Measured in accordance with IFRS 16 \u2018Leases\u2019. (2) Held at amortised cost. (3) Held at fair value through profit or loss. Financial instruments that are measured at fair value in the financial statements require disclosure of fair value measurements by level based on the following fair value measurement hierarchy: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities. \u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices). \u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Listed investments held are categorised as level 1 in the fair value hierarchy and are valued based on quoted bid prices in an active market. The significant inputs required to measure the Group\u2019s remaining financial instruments at fair value on the balance sheet, being derivative financial assets and liabilities, are observable and are classified as level 2 in the fair value hierarchy. There have also been no transfers of assets or liabilities between levels of the fair value hierarchy. Fair values have been arrived at by discounting future cash flows (where the impact of discounting is material), assuming no early redemption, or by revaluing forward currency contracts to period end market rates as appropriate to the instrument. Management considers that the carrying amount of financial assets and liabilities recorded at amortised cost and their fair value are not materially different. Offsetting financial assets and financial liabilities The Group has forward foreign exchange contracts that are subject to enforceable master netting arrangements. Under these master netting agreements gross assets and liabilities could be offset in the case of a counterparty default. (i) Financial assets
2 May 2026
Gross amounts
of recognised
financial Net amounts of Financial
Gross amounts liabilities financial assets instruments not
of recognised set off in the presented in the set off in the
financial assets balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
15
\u2013
15
(13)
2
3 May 2025
Gross amounts
of recognised
financial Net amounts of Financial
Gross amounts of liabilities financial assets instruments not
recognised set off in the presented in the set off in the
financial assets balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
5
\u2013
5
(4)
1
* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative liabilities respectively. (ii) Financial liabilities
2 May 2026
Gross amounts Net amounts
Gross amounts of recognised of financial Financial
of recognised financial assets liabilities instruments not
financial set off in the presented in the set off in the
liabilities balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
(22)
\u2013
(22)
13
(9)
3 May 2025
Gross amounts Net amounts
Gross amounts of recognised of financial Financial
of recognised financial assets liabilities instruments not
financial set off in the presented in the set off in the
liabilities balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
(16)
\u2013
(16)
4
(12)
* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative liabilities respectively. a) Financial risk management policies The Group\u2019s activities expose it to certain financial risks including market risk (such as foreign exchange risk and interest rate risk), credit risk and liquidity risk. The Group\u2019s Treasury function, which operates under treasury policies approved by the Group\u2019s Tax and Treasury Committee, uses certain financial instruments to mitigate potentially adverse effects on the Group\u2019s financial performance from these risks. These financial instruments consist of bank loans and deposits, spot and forward foreign exchange contracts, and foreign exchange swaps. Throughout the period under review, in accordance with Group policy, no speculative use of derivatives or other instruments was permitted. No contracts with embedded derivatives have been identified and, accordingly, no such derivatives have been accounted for separately. b) Foreign exchange risk The Group undertakes certain transactions that are denominated in foreign currencies and consequently has exposure to exchange rate fluctuations. These exposures primarily arise from inventory purchases, with most of the Group\u2019s exposure being to the Euro and US Dollar. The Group uses spot and forward currency contracts to mitigate these exposures, with such contracts designed to cover exposures ranging from one month to one year. The translation risk on converting overseas currency profits or losses is not hedged and such profits or losses are converted into Pound Sterling at average exchange rates throughout the period. The Group\u2019s principal translation currency exposures are the Euro and Norwegian Krone. As at 2 May 2026, the total notional principal amount of outstanding currency contracts was \u00a31,945m (2024/25: \u00a31,498m) and had a net fair value of \u00a37m liability (2024/25: \u00a310m liability). Monetary assets and liabilities and foreign exchange contracts are sensitive to movements in foreign exchange rates. The impact of fluctuations in foreign exchange rates on profit/loss is mitigated by using offsetting exposures and non-hedged derivatives, however there may be residual minimal impact on profit/loss from residual exposures that are not fully matched. This sensitivity can be analysed in comparison to period end rates (assuming all other variables remain constant) as follows:
Period ended 2 May 2026
Period ended 3 May 2025
Effect on profit Effect on total Effect on profit Effect on total
before tax* equity before tax* equity
\u00a3m \u00a3m \u00a3m \u00a3m
10% movement in the US Dollar exchange rate
\u2013
7
\u2013
7
10% movement in the Euro exchange rate
\u2013
22
\u2013
21
10% movement in the Norwegian Krone exchange rate
\u2013
10
\u2013
10
10% movement in the Swedish Krona exchange rate
\u2013
15
\u2013
14
10% movement in the Danish Krone exchange rate
\u2013
7
\u2013
9
10% movement in the Chinese Yuan Offshore exchange rate
\u2013
6
\u2013
6
* Wherever possible the Group offsets foreign exchange fluctuations using matching foreign currency assets or liabilities or unhedged derivatives. The impact of unmatched exposures is immaterial. c) Interest rate risk The Group\u2019s interest rate risk arises primarily on cash, cash equivalents and loans and other borrowings, all of which are at floating rates of interest, and which therefore expose the Group to cash flow interest rate risk. These floating rates are linked to risk-free rates and other applicable interest rate bases as appropriate to the instrument and currency. Future cash flows arising from these financial instruments depend on interest rates and periods agreed at the time of rollover. Group policy permits the use of long-term interest rate derivatives in managing the risks associated with movements in interest rates, however none have been utilised in the current or prior period. The effect on the income statement and equity of a 100 basis point movement in the interest rate for the currencies in which most Group cash, cash equivalents, loans and other borrowings are denominated is below, assuming that the period end positions prevail throughout the period: Increase/(decrease) on profit before tax
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
1% increase in the GBP interest rate
1
2
1% increase in the NOK interest rate
\u2013
\u2013
d) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its exposure to liquidity risk by reviewing regularly the long-term and short-term cash flow projections for the business against the resources available to it. In order to ensure that sufficient funds are available for ongoing and future developments, the Group has committed bank facilities, excluding overdrafts repayable on demand, totalling \u00a3525m (2024/25: \u00a3525m). Further details of committed borrowing facilities are shown in note 16. The table below analyses the Group\u2019s financial liabilities and derivative assets and liabilities into relevant maturity groupings. The amounts disclosed in the table are the contractual undiscounted cash flows, including both principal and interest flows, assuming that interest rates remain constant and that borrowings are paid in full in the period of maturity.
2 May 2026
In more than
one year but
not more than In more than
Within one year five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(242)
(616)
(357)
(1,215)
Derivative financial instruments \u2013 gross cash outflows:
Forward foreign exchange contracts
(1,945)
\u2013
\u2013
(1,945)
Derivative financial instruments \u2013 gross cash inflows:
Forward foreign exchange contracts
1,938
\u2013
\u2013
1,938
Loans and other borrowings
\u2013
\u2013
\u2013
\u2013
Trade and other payables
(1,489)
(7)
\u2013
(1,496)
(1,738)
(623)
(357)
(2,718)
3 May 2025
In more than
one year but
not more than In more than
Within one year five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(234)
(653)
(253)
(1,140)
Derivative financial instruments \u2013 gross cash outflows:
Forward foreign exchange contracts
(1,498)
\u2013
\u2013
(1,498)
Derivative financial instruments \u2013 gross cash inflows:
Forward foreign exchange contracts
1,487
\u2013
\u2013
1,487
Loans and other borrowings
(25)
\u2013
\u2013
(25)
Trade and other payables
(1,329)
(16)
\u2013
(1,345)
(1,599)
(669)
(253)
(2,521)
e) Credit risk Credit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from consumers. The Group\u2019s exposure to credit risk is regularly monitored and the Group\u2019s policy is updated as appropriate. The credit risk associated with cash and cash equivalents and derivative financial instruments are closely monitored and credit ratings are used in determining maximum counterparty credit risk. Surplus cash is invested in investment grade institutions using only low risk, highly liquid instruments such as overnight deposits and money market funds. The Group only invests in money market funds where cash can be withdrawn the same day, and which are comprised of assets with a weighted-average maturity of less than 90 days.
2 May 3 May
2026 2025
Counterparty credit rating \u00a3m \u00a3m
AAA to AA-
122
157
A+ to A-
50
49
BBB+ to BBB-
4
3
176
209
All derivative assets are considered low risk financial instruments as they are held at banks that are investment grade. The Group\u2019s contract assets of \u00a338m (2024/25: \u00a338m) are generally owed to the Group by major multinational enterprises with whom the Group has well-established relationships and are consequently not considered to add significantly to the Group\u2019s credit risk exposure. In addition, credit risk is also inherently associated with the MNO end subscribers. Exposure to credit risk associated with the MNO subscriber is managed through an extensive consumer credit checking process prior to connection with the network. The large volume of MNO subscribers reduces the Group\u2019s exposure to concentration of credit risk. Further information for credit risk associated to contract assets and the MNO is disclosed within note 13. For the Group\u2019s trade receivables in the UK and Nordics, it has adopted the simplified approach to calculating expected credit losses allowed by IFRS 9. Historical credit loss rates are applied consistently to Groups of financial assets with similar risk characteristics. These are then adjusted for known forward-looking impacts on creditworthiness. The gross carrying amount of financial assets within trade and other receivables is made up of trade receivables of \u00a3216m (2024/25: \u00a3227m), accrued income of \u00a3515m (2024/25: \u00a3466m) and other debtors of \u00a326m (2024/25: \u00a327m). The expected credit loss associated with trade receivables is \u00a325m (2024/25: \u00a322m), with accrued income is \u00a336m (2024/25: \u00a326m) relating to iD Mobile, and with other receivables is \u00a3nil (2024/25: \u00a3nil). The table below contains gross amounts which are deemed to have a material level of credit risk of \u00a3265m (2024/25: \u00a3240m) for trade receivables, mainly in the main sales ledgers, and \u00a3297m (2024/25: \u00a3256m) for accrued income. Other amounts within trade and other receivables are not considered to have a material level of credit risk because they primarily relate to receivables with blue chip multinational companies with no history of default and no concentration of credit risk to the Group. The Group applies the expected credit loss model, as described above, to all financial assets. The areas of risk and corresponding expected credit loss are as follows:
2 May 2026
3 May 2025
Gross carrying Expected Gross carrying Expected
amount credit loss amount credit loss
\u00a3m \u00a3m \u00a3m \u00a3m
UK & Ireland \u2013 Business to Business
7
3
4
2
UK & Ireland \u2013 Main Sales Ledger
160
14
145
12
UK & Ireland \u2013 iD Mobile
297
36
256
26
Nordics \u2013 Business to Business
29
1
28
2
Nordics \u2013 Franchise Debtors
36
3
33
3
Nordics \u2013 Main sales ledger
33
4
30
3
562
61
496
48
Ageing of the areas of credit risk is set out in the tables below:
2 May 3 May
2026 2025
Gross amounts of recognised financial assets \u00a3m \u00a3m
Not yet due
423
371
0 \u2013 90 days
90
77
91 \u2013 180 days
14
12
180+ days
35
36
562
496
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. f) Capital risk The Group manages its capital to ensure that entities within the Group will be able to continue as a going concern, whilst maximising the return to shareholders through a suitable mix of debt and equity. The capital structure of the Group consists of cash and cash equivalents, loans and other borrowings, and equity attributable to equity holders of the Company comprising issued capital, reserves and accumulated profits. Except in relation to minimum capital requirements in its insurance business, the Group is not subject to any externally imposed capital requirements. The Group monitors its capital structure on an ongoing basis, including assessing the risks associated with each class of capital. g) Derivatives Derivative financial instruments comprise forward foreign exchange contracts and foreign exchange swaps. The Group has designated financial instruments under IFRS 9 as explained below. Cash flow hedges Foreign exchange The objective of the Group\u2019s policy on foreign exchange hedging is to protect the Group from adverse currency fluctuations and to gain greater certainty of earnings by protecting the Group from sudden currency movements. All hedging of foreign currency exposures is managed centrally within the Group Treasury function. The Group analyses its exposure to foreign exchange rate movements without assuming any correlations between currency pairs and uses this analysis to hedge up to the level prescribed in its transactional hedging policy (a target of up to 80% hedged a year in advance). The Group generally prefers to use vanilla forward foreign exchange contracts as hedging instruments for hedges of forecasted transactions. The Group can use more complex derivatives including options when management considers that they are more appropriate, based on management\u2019s views on potential foreign exchange rate movements. Any amendments to the Group\u2019s policies or strategy on managing foreign currency risk must be approved by the Group\u2019s Tax and Treasury Committee. As at 2 May 2026 the Group had forward and swap foreign exchange contracts in place with a notional value of \u00a3887m (2024/25: \u00a3812m) and a net fair value of \u00a35m liability (2024/25: \u00a39m liability) that were designated and effective as cash flow hedges. These contracts are expected to cover exposures ranging from one month to one year. The fair value of derivative foreign exchange contracts and foreign exchange swaps not designated as cash flow hedges was a \u00a31m liability (2024/25: \u00a3nil asset). Possible sources of ineffectiveness are scenarios where future cash flows are delayed to a later period or brought forward to a prior period. Ineffectiveness can also be caused by credit risk (both own risk and that of the counterparty). All hedges are expected to be highly effective. As of 2 May 2026, the Group holds the following levels of foreign exchange hedging derivatives (foreign exchange forwards) to hedge its exposure to fluctuating foreign exchange rates over the next 12 months:
Period ended 2 May 2026
Period ended 3 May 2025
Change in fair Change in fair
Maturing hedges value used to Maturing hedges value used to
in the next Weighted calculate hedge in the next Weighted calculate hedge
12 months average ineffectiveness 12 months average ineffectiveness
\u00a3m hedge rate \u00a3m \u00a3m hedge rate \u00a3m
Hedging USD purchases into GBP (UK)
81
1.3385
\u2013
37
1.2804
(1)
Hedging EUR purchases into GBP (UK)
17
1.1362
\u2013
20
1.1729
\u2013
Hedging CNY purchases into GBP (UK)
87
9.2377
\u2013
77
9.1215
(3)
Hedging EUR purchases into NOK (Nordics)
329
11.5135
(17)
300
11.7048
3
Hedging USD purchases into NOK (Nordics)
43
9.8182
(2)
47
10.9885
(2)
Hedging SEK sales into NOK (Nordics)
165
0.9393
9
151
0.9574
(5)
Hedging DKK sales into NOK (Nordics)
82
0.6502
4
97
0.6382
(1)
Hedging GBP purchases into EUR (Ireland)
83
1.1354
1
83
1.1717
\u2013
887
(5)
812
(9)
The change in value of hedging instruments is a total of \u00a3(5)m (2024/25: \u00a3(9)m). This is used in assessing the economic relationship between hedged items and hedging instruments. Ineffectiveness caused by foreign currency basis spread and credit risk was highly immaterial during the period. Interest rate The Group\u2019s interest rate risk management objective is to limit the amount of additional expense incurred if interest rates rise to unexpected levels. To manage the interest rate exposure, the Group regularly reviews and considers entering into interest rate swaps to fix its floating rate borrowings, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The Group monitors and manages its interest rate risk individually in each currency and it does not make any assumptions about how interest rates in different currencies may move in tandem. Any amendments to the Group\u2019s policies or strategy on managing interest rate risk must be approved by the Group\u2019s Tax and Treasury Committee. As at 2 May 2026 there are no interest rate swaps in place. The Group\u2019s interest rate risk management strategy and policies remain unchanged and if circumstances change, the Group\u2019s interest rate programme may be recommenced in future.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-322": { "value": "Non-derivative financial assets Financial assets are recognised in the Group\u2019s balance sheet when the Group becomes party to the contractual provisions of the investment. The Group\u2019s financial assets comprise cash and cash equivalents, and receivables which involve a contractual right to receive cash from external parties. Financial assets comprise all items shown in notes 13 and 14 with the exception of prepayments and contract assets. When the Group recognises a financial asset, it classifies it in accordance with IFRS 9 depending on the Group\u2019s intention with regard to the collection, or sale, of contractual cash flows and whether the financial asset\u2019s cash flows relate solely to the payment of principal and interest on principal outstanding. All of the Group\u2019s assets measured at amortised cost are subject to impairments driven by the expected credit loss model as further stipulated in note 13 and below. Financial assets are derecognised when the contractual rights to the cash flows expire or the Group has transferred the financial asset in a way that qualifies for derecognition in accordance with IFRS 9. The Group reviews several factors when considering a significant increase in credit risk including but not limited to: credit rating changes; adverse changes in general economic and/or market conditions; and material changes in the operating results or financial position of the debtor. Indicators that an asset is credit-impaired would include: observable data in relation to the financial health of the debtor; significant financial difficulty of the issuer or the debtor; the debtor breaches contract; or it is probable that the debtor will enter bankruptcy or financial reorganisation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-347": { "value": "Financial assets are derecognised when the contractual rights to the cash flows expire or the Group has transferred the financial asset in a way that qualifies for derecognition in accordance with IFRS 9. In the event that the terms in which the Group are contractually obliged are substantially modified, the financial liability to which it relates is derecognised and subsequently re-recognised on the modified terms. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-348": { "value": "Derivatives The Group uses derivatives to manage its exposure to fluctuating foreign exchange rates. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each prevailing balance sheet date and are recorded within assets or liabilities as appropriate. The treatment of the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. Derivatives that qualify for hedge accounting are treated as a hedge of a highly probable forecast transaction (cash flow hedge) in the case of foreign exchange hedging. Derivatives that do not qualify for hedge accounting Derivatives that do not qualify for hedge accounting are classified at fair value through profit or loss. All changes in fair value of derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement within the same line as the item that is hedged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-323": { "value": "Derivatives The Group uses derivatives to manage its exposure to fluctuating foreign exchange rates. These instruments are initially recognised at fair value on the date the contract is entered into and are subsequently remeasured to fair value at each prevailing balance sheet date and are recorded within assets or liabilities as appropriate. The treatment of the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and if so, the nature of the item being hedged. Derivatives that qualify for hedge accounting are treated as a hedge of a highly probable forecast transaction (cash flow hedge) in the case of foreign exchange hedging. Cash flow hedge accounting At inception the relationship between the hedging instrument and the hedged item is documented, as well as an assessment of the effectiveness of the derivative instrument used in the hedging transaction in offsetting changes in the cash flow of the hedged item. This effectiveness assessment is repeated on an ongoing basis during the life of the hedging instrument to ensure that the instrument remains an effective hedge. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve. Any gain or loss relating to the ineffective portion is recognised immediately in the income statement within finance costs. Amounts recognised in other comprehensive income and accumulated in the cash flow hedge reserve are recycled to the income statement, in the same line as the recognised hedged item, in the period when the hedged item will affect profit or loss. If the hedging instrument expires or is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in other comprehensive income at that time remains in other comprehensive income and is recognised when the forecast transaction is recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in other comprehensive income is immediately transferred to the income statement and recognised within finance costs. Where hedged forecast transactions result in the recognition of a non-financial asset or liability, the gains and losses previously recognised and accumulated in the cash flow hedge reserve are subsequently removed and included in the initial cost of the non-financial asset or liability. Such transfers will not affect other comprehensive income. Derivatives that do not qualify for hedge accounting Derivatives that do not qualify for hedge accounting are classified at fair value through profit or loss. All changes in fair value of derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement within the same line as the item that is hedged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-349": { "value": "Cash flow hedge accounting At inception the relationship between the hedging instrument and the hedged item is documented, as well as an assessment of the effectiveness of the derivative instrument used in the hedging transaction in offsetting changes in the cash flow of the hedged item. This effectiveness assessment is repeated on an ongoing basis during the life of the hedging instrument to ensure that the instrument remains an effective hedge. The effective portion of changes in the fair value is recognised in other comprehensive income and accumulated in the cash flow hedge reserve. Any gain or loss relating to the ineffective portion is recognised immediately in the income statement within finance costs. Amounts recognised in other comprehensive income and accumulated in the cash flow hedge reserve are recycled to the income statement, in the same line as the recognised hedged item, in the period when the hedged item will affect profit or loss. If the hedging instrument expires or is sold, or no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in other comprehensive income at that time remains in other comprehensive income and is recognised when the forecast transaction is recognised in the income statement. If the forecast transaction is no longer expected to occur, the cumulative gain or loss in other comprehensive income is immediately transferred to the income statement and recognised within finance costs. Where hedged forecast transactions result in the recognition of a non-financial asset or liability, the gains and losses previously recognised and accumulated in the cash flow hedge reserve are subsequently removed and included in the initial cost of the non-financial asset or liability. Such transfers will not affect other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-324": { "value": "The carrying amount of the Group\u2019s financial assets, liabilities and derivative financial instruments are as follows:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Lease receivables
(1)
2
3
Cash and cash equivalents
(2)
176
209
Trade and other receivables
(2)
696
672
Derivative financial assets
(3)
15
5
Derivative financial liabilities
(3)
(22)
(16)
Trade and other payables
(2)
(1,496)
(1,345)
Loans and other borrowings
(2)
\u2013
(25)
Lease liabilities
(1)
(952)
(940)
(1) Measured in accordance with IFRS 16 \u2018Leases\u2019. (2) Held at amortised cost. (3) Held at fair value through profit or loss. g) Derivatives Derivative financial instruments comprise forward foreign exchange contracts and foreign exchange swaps. The Group has designated financial instruments under IFRS 9 as explained below. Cash flow hedges Foreign exchange The objective of the Group\u2019s policy on foreign exchange hedging is to protect the Group from adverse currency fluctuations and to gain greater certainty of earnings by protecting the Group from sudden currency movements. All hedging of foreign currency exposures is managed centrally within the Group Treasury function. The Group analyses its exposure to foreign exchange rate movements without assuming any correlations between currency pairs and uses this analysis to hedge up to the level prescribed in its transactional hedging policy (a target of up to 80% hedged a year in advance). The Group generally prefers to use vanilla forward foreign exchange contracts as hedging instruments for hedges of forecasted transactions. The Group can use more complex derivatives including options when management considers that they are more appropriate, based on management\u2019s views on potential foreign exchange rate movements. Any amendments to the Group\u2019s policies or strategy on managing foreign currency risk must be approved by the Group\u2019s Tax and Treasury Committee. As at 2 May 2026 the Group had forward and swap foreign exchange contracts in place with a notional value of \u00a3887m (2024/25: \u00a3812m) and a net fair value of \u00a35m liability (2024/25: \u00a39m liability) that were designated and effective as cash flow hedges. These contracts are expected to cover exposures ranging from one month to one year. The fair value of derivative foreign exchange contracts and foreign exchange swaps not designated as cash flow hedges was a \u00a31m liability (2024/25: \u00a3nil asset). Possible sources of ineffectiveness are scenarios where future cash flows are delayed to a later period or brought forward to a prior period. Ineffectiveness can also be caused by credit risk (both own risk and that of the counterparty). All hedges are expected to be highly effective. As of 2 May 2026, the Group holds the following levels of foreign exchange hedging derivatives (foreign exchange forwards) to hedge its exposure to fluctuating foreign exchange rates over the next 12 months:
Period ended 2 May 2026
Period ended 3 May 2025
Change in fair Change in fair
Maturing hedges value used to Maturing hedges value used to
in the next Weighted calculate hedge in the next Weighted calculate hedge
12 months average ineffectiveness 12 months average ineffectiveness
\u00a3m hedge rate \u00a3m \u00a3m hedge rate \u00a3m
Hedging USD purchases into GBP (UK)
81
1.3385
\u2013
37
1.2804
(1)
Hedging EUR purchases into GBP (UK)
17
1.1362
\u2013
20
1.1729
\u2013
Hedging CNY purchases into GBP (UK)
87
9.2377
\u2013
77
9.1215
(3)
Hedging EUR purchases into NOK (Nordics)
329
11.5135
(17)
300
11.7048
3
Hedging USD purchases into NOK (Nordics)
43
9.8182
(2)
47
10.9885
(2)
Hedging SEK sales into NOK (Nordics)
165
0.9393
9
151
0.9574
(5)
Hedging DKK sales into NOK (Nordics)
82
0.6502
4
97
0.6382
(1)
Hedging GBP purchases into EUR (Ireland)
83
1.1354
1
83
1.1717
\u2013
887
(5)
812
(9)
The change in value of hedging instruments is a total of \u00a3(5)m (2024/25: \u00a3(9)m). This is used in assessing the economic relationship between hedged items and hedging instruments. Ineffectiveness caused by foreign currency basis spread and credit risk was highly immaterial during the period. Interest rate The Group\u2019s interest rate risk management objective is to limit the amount of additional expense incurred if interest rates rise to unexpected levels. To manage the interest rate exposure, the Group regularly reviews and considers entering into interest rate swaps to fix its floating rate borrowings, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The Group monitors and manages its interest rate risk individually in each currency and it does not make any assumptions about how interest rates in different currencies may move in tandem. Any amendments to the Group\u2019s policies or strategy on managing interest rate risk must be approved by the Group\u2019s Tax and Treasury Committee. As at 2 May 2026 there are no interest rate swaps in place. The Group\u2019s interest rate risk management strategy and policies remain unchanged and if circumstances change, the Group\u2019s interest rate programme may be recommenced in future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-350": { "value": "Financial instruments that are measured at fair value in the financial statements require disclosure of fair value measurements by level based on the following fair value measurement hierarchy: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities. \u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices). \u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Listed investments held are categorised as level 1 in the fair value hierarchy and are valued based on quoted bid prices in an active market. The significant inputs required to measure the Group\u2019s remaining financial instruments at fair value on the balance sheet, being derivative financial assets and liabilities, are observable and are classified as level 2 in the fair value hierarchy. There have also been no transfers of assets or liabilities between levels of the fair value hierarchy. Fair values have been arrived at by discounting future cash flows (where the impact of discounting is material), assuming no early redemption, or by revaluing forward currency contracts to period end market rates as appropriate to the instrument. Management considers that the carrying amount of financial assets and liabilities recorded at amortised cost and their fair value are not materially different. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-325": { "value": "Financial instruments that are measured at fair value in the financial statements require disclosure of fair value measurements by level based on the following fair value measurement hierarchy: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets and liabilities. \u2022 Level 2 \u2013 inputs other than quoted prices included within level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices). \u2022 Level 3 \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). Listed investments held are categorised as level 1 in the fair value hierarchy and are valued based on quoted bid prices in an active market. The significant inputs required to measure the Group\u2019s remaining financial instruments at fair value on the balance sheet, being derivative financial assets and liabilities, are observable and are classified as level 2 in the fair value hierarchy. There have also been no transfers of assets or liabilities between levels of the fair value hierarchy. Fair values have been arrived at by discounting future cash flows (where the impact of discounting is material), assuming no early redemption, or by revaluing forward currency contracts to period end market rates as appropriate to the instrument. Management considers that the carrying amount of financial assets and liabilities recorded at amortised cost and their fair value are not materially different. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-326": { "value": "Offsetting financial assets and financial liabilities The Group has forward foreign exchange contracts that are subject to enforceable master netting arrangements. Under these master netting agreements gross assets and liabilities could be offset in the case of a counterparty default. (i) Financial assets
2 May 2026
Gross amounts
of recognised
financial Net amounts of Financial
Gross amounts liabilities financial assets instruments not
of recognised set off in the presented in the set off in the
financial assets balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
15
\u2013
15
(13)
2
3 May 2025
Gross amounts
of recognised
financial Net amounts of Financial
Gross amounts of liabilities financial assets instruments not
recognised set off in the presented in the set off in the
financial assets balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
5
\u2013
5
(4)
1
* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative liabilities respectively. (ii) Financial liabilities
2 May 2026
Gross amounts Net amounts
Gross amounts of recognised of financial Financial
of recognised financial assets liabilities instruments not
financial set off in the presented in the set off in the
liabilities balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
(22)
\u2013
(22)
13
(9)
3 May 2025
Gross amounts Net amounts
Gross amounts of recognised of financial Financial
of recognised financial assets liabilities instruments not
financial set off in the presented in the set off in the
liabilities balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
(16)
\u2013
(16)
4
(12)
* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative liabilities respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-351": { "value": "(i) Financial assets
2 May 2026
Gross amounts
of recognised
financial Net amounts of Financial
Gross amounts liabilities financial assets instruments not
of recognised set off in the presented in the set off in the
financial assets balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
15
\u2013
15
(13)
2
3 May 2025
Gross amounts
of recognised
financial Net amounts of Financial
Gross amounts of liabilities financial assets instruments not
recognised set off in the presented in the set off in the
financial assets balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
5
\u2013
5
(4)
1
* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative liabilities respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-352": { "value": "(ii) Financial liabilities
2 May 2026
Gross amounts Net amounts
Gross amounts of recognised of financial Financial
of recognised financial assets liabilities instruments not
financial set off in the presented in the set off in the
liabilities balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
(22)
\u2013
(22)
13
(9)
3 May 2025
Gross amounts Net amounts
Gross amounts of recognised of financial Financial
of recognised financial assets liabilities instruments not
financial set off in the presented in the set off in the
liabilities balance sheet balance sheet balance sheet Net amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Forward foreign exchange contracts*
(16)
\u2013
(16)
4
(12)
* The forward foreign exchange contract assets and liabilities are recognised within the statement of financial position as derivative assets and derivative liabilities respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-327": { "value": "b) Foreign exchange risk The Group undertakes certain transactions that are denominated in foreign currencies and consequently has exposure to exchange rate fluctuations. These exposures primarily arise from inventory purchases, with most of the Group\u2019s exposure being to the Euro and US Dollar. The Group uses spot and forward currency contracts to mitigate these exposures, with such contracts designed to cover exposures ranging from one month to one year. The translation risk on converting overseas currency profits or losses is not hedged and such profits or losses are converted into Pound Sterling at average exchange rates throughout the period. The Group\u2019s principal translation currency exposures are the Euro and Norwegian Krone. As at 2 May 2026, the total notional principal amount of outstanding currency contracts was \u00a31,945m (2024/25: \u00a31,498m) and had a net fair value of \u00a37m liability (2024/25: \u00a310m liability). Monetary assets and liabilities and foreign exchange contracts are sensitive to movements in foreign exchange rates. The impact of fluctuations in foreign exchange rates on profit/loss is mitigated by using offsetting exposures and non-hedged derivatives, however there may be residual minimal impact on profit/loss from residual exposures that are not fully matched. This sensitivity can be analysed in comparison to period end rates (assuming all other variables remain constant) as follows:
Period ended 2 May 2026
Period ended 3 May 2025
Effect on profit Effect on total Effect on profit Effect on total
before tax* equity before tax* equity
\u00a3m \u00a3m \u00a3m \u00a3m
10% movement in the US Dollar exchange rate
\u2013
7
\u2013
7
10% movement in the Euro exchange rate
\u2013
22
\u2013
21
10% movement in the Norwegian Krone exchange rate
\u2013
10
\u2013
10
10% movement in the Swedish Krona exchange rate
\u2013
15
\u2013
14
10% movement in the Danish Krone exchange rate
\u2013
7
\u2013
9
10% movement in the Chinese Yuan Offshore exchange rate
\u2013
6
\u2013
6
* Wherever possible the Group offsets foreign exchange fluctuations using matching foreign currency assets or liabilities or unhedged derivatives. The impact of unmatched exposures is immaterial. c) Interest rate risk The Group\u2019s interest rate risk arises primarily on cash, cash equivalents and loans and other borrowings, all of which are at floating rates of interest, and which therefore expose the Group to cash flow interest rate risk. These floating rates are linked to risk-free rates and other applicable interest rate bases as appropriate to the instrument and currency. Future cash flows arising from these financial instruments depend on interest rates and periods agreed at the time of rollover. Group policy permits the use of long-term interest rate derivatives in managing the risks associated with movements in interest rates, however none have been utilised in the current or prior period. The effect on the income statement and equity of a 100 basis point movement in the interest rate for the currencies in which most Group cash, cash equivalents, loans and other borrowings are denominated is below, assuming that the period end positions prevail throughout the period: Increase/(decrease) on profit before tax
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
1% increase in the GBP interest rate
1
2
1% increase in the NOK interest rate
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-329": { "value": "d) Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group manages its exposure to liquidity risk by reviewing regularly the long-term and short-term cash flow projections for the business against the resources available to it. In order to ensure that sufficient funds are available for ongoing and future developments, the Group has committed bank facilities, excluding overdrafts repayable on demand, totalling \u00a3525m (2024/25: \u00a3525m). Further details of committed borrowing facilities are shown in note 16. The table below analyses the Group\u2019s financial liabilities and derivative assets and liabilities into relevant maturity groupings. The amounts disclosed in the table are the contractual undiscounted cash flows, including both principal and interest flows, assuming that interest rates remain constant and that borrowings are paid in full in the period of maturity.
2 May 2026
In more than
one year but
not more than In more than
Within one year five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(242)
(616)
(357)
(1,215)
Derivative financial instruments \u2013 gross cash outflows:
Forward foreign exchange contracts
(1,945)
\u2013
\u2013
(1,945)
Derivative financial instruments \u2013 gross cash inflows:
Forward foreign exchange contracts
1,938
\u2013
\u2013
1,938
Loans and other borrowings
\u2013
\u2013
\u2013
\u2013
Trade and other payables
(1,489)
(7)
\u2013
(1,496)
(1,738)
(623)
(357)
(2,718)
3 May 2025
In more than
one year but
not more than In more than
Within one year five years five years Total
\u00a3m \u00a3m \u00a3m \u00a3m
Lease liabilities
(234)
(653)
(253)
(1,140)
Derivative financial instruments \u2013 gross cash outflows:
Forward foreign exchange contracts
(1,498)
\u2013
\u2013
(1,498)
Derivative financial instruments \u2013 gross cash inflows:
Forward foreign exchange contracts
1,487
\u2013
\u2013
1,487
Loans and other borrowings
(25)
\u2013
\u2013
(25)
Trade and other payables
(1,329)
(16)
\u2013
(1,345)
(1,599)
(669)
(253)
(2,521)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-328": { "value": "e) Credit risk Credit risk is the risk of financial loss to the Group if a counterparty fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from consumers. The Group\u2019s exposure to credit risk is regularly monitored and the Group\u2019s policy is updated as appropriate. The credit risk associated with cash and cash equivalents and derivative financial instruments are closely monitored and credit ratings are used in determining maximum counterparty credit risk. Surplus cash is invested in investment grade institutions using only low risk, highly liquid instruments such as overnight deposits and money market funds. The Group only invests in money market funds where cash can be withdrawn the same day, and which are comprised of assets with a weighted-average maturity of less than 90 days.
2 May 3 May
2026 2025
Counterparty credit rating \u00a3m \u00a3m
AAA to AA-
122
157
A+ to A-
50
49
BBB+ to BBB-
4
3
176
209
All derivative assets are considered low risk financial instruments as they are held at banks that are investment grade. The Group\u2019s contract assets of \u00a338m (2024/25: \u00a338m) are generally owed to the Group by major multinational enterprises with whom the Group has well-established relationships and are consequently not considered to add significantly to the Group\u2019s credit risk exposure. In addition, credit risk is also inherently associated with the MNO end subscribers. Exposure to credit risk associated with the MNO subscriber is managed through an extensive consumer credit checking process prior to connection with the network. The large volume of MNO subscribers reduces the Group\u2019s exposure to concentration of credit risk. Further information for credit risk associated to contract assets and the MNO is disclosed within note 13. For the Group\u2019s trade receivables in the UK and Nordics, it has adopted the simplified approach to calculating expected credit losses allowed by IFRS 9. Historical credit loss rates are applied consistently to Groups of financial assets with similar risk characteristics. These are then adjusted for known forward-looking impacts on creditworthiness. The gross carrying amount of financial assets within trade and other receivables is made up of trade receivables of \u00a3216m (2024/25: \u00a3227m), accrued income of \u00a3515m (2024/25: \u00a3466m) and other debtors of \u00a326m (2024/25: \u00a327m). The expected credit loss associated with trade receivables is \u00a325m (2024/25: \u00a322m), with accrued income is \u00a336m (2024/25: \u00a326m) relating to iD Mobile, and with other receivables is \u00a3nil (2024/25: \u00a3nil). The table below contains gross amounts which are deemed to have a material level of credit risk of \u00a3265m (2024/25: \u00a3240m) for trade receivables, mainly in the main sales ledgers, and \u00a3297m (2024/25: \u00a3256m) for accrued income. Other amounts within trade and other receivables are not considered to have a material level of credit risk because they primarily relate to receivables with blue chip multinational companies with no history of default and no concentration of credit risk to the Group. The Group applies the expected credit loss model, as described above, to all financial assets. The areas of risk and corresponding expected credit loss are as follows:
2 May 2026
3 May 2025
Gross carrying Expected Gross carrying Expected
amount credit loss amount credit loss
\u00a3m \u00a3m \u00a3m \u00a3m
UK & Ireland \u2013 Business to Business
7
3
4
2
UK & Ireland \u2013 Main Sales Ledger
160
14
145
12
UK & Ireland \u2013 iD Mobile
297
36
256
26
Nordics \u2013 Business to Business
29
1
28
2
Nordics \u2013 Franchise Debtors
36
3
33
3
Nordics \u2013 Main sales ledger
33
4
30
3
562
61
496
48
Ageing of the areas of credit risk is set out in the tables below:
2 May 3 May
2026 2025
Gross amounts of recognised financial assets \u00a3m \u00a3m
Not yet due
423
371
0 \u2013 90 days
90
77
91 \u2013 180 days
14
12
180+ days
35
36
562
496
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-330": { "value": "f) Capital risk The Group manages its capital to ensure that entities within the Group will be able to continue as a going concern, whilst maximising the return to shareholders through a suitable mix of debt and equity. The capital structure of the Group consists of cash and cash equivalents, loans and other borrowings, and equity attributable to equity holders of the Company comprising issued capital, reserves and accumulated profits. Except in relation to minimum capital requirements in its insurance business, the Group is not subject to any externally imposed capital requirements. The Group monitors its capital structure on an ongoing basis, including assessing the risks associated with each class of capital. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-353": { "value": "Cash flow hedges Foreign exchange The objective of the Group\u2019s policy on foreign exchange hedging is to protect the Group from adverse currency fluctuations and to gain greater certainty of earnings by protecting the Group from sudden currency movements. All hedging of foreign currency exposures is managed centrally within the Group Treasury function. The Group analyses its exposure to foreign exchange rate movements without assuming any correlations between currency pairs and uses this analysis to hedge up to the level prescribed in its transactional hedging policy (a target of up to 80% hedged a year in advance). The Group generally prefers to use vanilla forward foreign exchange contracts as hedging instruments for hedges of forecasted transactions. The Group can use more complex derivatives including options when management considers that they are more appropriate, based on management\u2019s views on potential foreign exchange rate movements. Any amendments to the Group\u2019s policies or strategy on managing foreign currency risk must be approved by the Group\u2019s Tax and Treasury Committee. As at 2 May 2026 the Group had forward and swap foreign exchange contracts in place with a notional value of \u00a3887m (2024/25: \u00a3812m) and a net fair value of \u00a35m liability (2024/25: \u00a39m liability) that were designated and effective as cash flow hedges. These contracts are expected to cover exposures ranging from one month to one year. The fair value of derivative foreign exchange contracts and foreign exchange swaps not designated as cash flow hedges was a \u00a31m liability (2024/25: \u00a3nil asset). Possible sources of ineffectiveness are scenarios where future cash flows are delayed to a later period or brought forward to a prior period. Ineffectiveness can also be caused by credit risk (both own risk and that of the counterparty). All hedges are expected to be highly effective. As of 2 May 2026, the Group holds the following levels of foreign exchange hedging derivatives (foreign exchange forwards) to hedge its exposure to fluctuating foreign exchange rates over the next 12 months:
Period ended 2 May 2026
Period ended 3 May 2025
Change in fair Change in fair
Maturing hedges value used to Maturing hedges value used to
in the next Weighted calculate hedge in the next Weighted calculate hedge
12 months average ineffectiveness 12 months average ineffectiveness
\u00a3m hedge rate \u00a3m \u00a3m hedge rate \u00a3m
Hedging USD purchases into GBP (UK)
81
1.3385
\u2013
37
1.2804
(1)
Hedging EUR purchases into GBP (UK)
17
1.1362
\u2013
20
1.1729
\u2013
Hedging CNY purchases into GBP (UK)
87
9.2377
\u2013
77
9.1215
(3)
Hedging EUR purchases into NOK (Nordics)
329
11.5135
(17)
300
11.7048
3
Hedging USD purchases into NOK (Nordics)
43
9.8182
(2)
47
10.9885
(2)
Hedging SEK sales into NOK (Nordics)
165
0.9393
9
151
0.9574
(5)
Hedging DKK sales into NOK (Nordics)
82
0.6502
4
97
0.6382
(1)
Hedging GBP purchases into EUR (Ireland)
83
1.1354
1
83
1.1717
\u2013
887
(5)
812
(9)
The change in value of hedging instruments is a total of \u00a3(5)m (2024/25: \u00a3(9)m). This is used in assessing the economic relationship between hedged items and hedging instruments. Ineffectiveness caused by foreign currency basis spread and credit risk was highly immaterial during the period. Interest rate The Group\u2019s interest rate risk management objective is to limit the amount of additional expense incurred if interest rates rise to unexpected levels. To manage the interest rate exposure, the Group regularly reviews and considers entering into interest rate swaps to fix its floating rate borrowings, in which the Group agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The Group monitors and manages its interest rate risk individually in each currency and it does not make any assumptions about how interest rates in different currencies may move in tandem. Any amendments to the Group\u2019s policies or strategy on managing interest rate risk must be approved by the Group\u2019s Tax and Treasury Committee. As at 2 May 2026 there are no interest rate swaps in place. The Group\u2019s interest rate risk management strategy and policies remain unchanged and if circumstances change, the Group\u2019s interest rate programme may be recommenced in future.", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-291": { "value": "
23. Notes to the cash flow statement
a) Reconciliation of cash and cash equivalents and bank overdrafts at the end of the period
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Cash at bank and on deposit
176
209
Bank overdrafts
\u2013
(25)
Cash and cash equivalents and bank overdrafts at end of the period
176
184
b) Reconciliation of operating profit to cash generated from operations
Period ended Period ended
2 May 3 May
2026 2025
\u00a3m \u00a3m
Profit after tax for the period
165
108
Income tax (credit)/expense
(12)
16
Net finance costs
67
74
Profit before interest and tax
220
198
Depreciation and amortisation
294
289
Research and development expenditure credit
(2)
\u2013
Derivative financial instruments*
10
-
Share-based payment charge
15
15
Profit/(loss) on disposal of fixed assets
2
(1)
Impairments and other non-cash items
2
5
Operating cash flows before movements in working capital
541
506
Movements in working capital**:
Increase in inventory
(114)
(2)
Decrease/(Increase) in receivables
14
(65)
Increase in payables
79
84
Decrease in provisions
(6)
(16)
(27)
1
Cash generated from operations
514
507
* Cash flows from derivative financial instruments were previously presented as cash flows from financing activities when these should have been presented as part of cash
generated from operations. As the Directors do not consider the effect on the prior period financial statements to be material, this has been corrected in the current period.
** The non-cash movements in working capital balances are due to FX translation of foreign currency balances.
c) Changes in liabilities arising from financing activities
The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes.
Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s
consolidated cash flow statement as cash flows from financing activities.
Lease
additions
3 May Financing modifications Foreign 2 May
2025 cash flows and disposals exchange Interest 2026
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and other borrowings (note 16)
\u2013
6
\u2013
\u2013
(6)
\u2013
Lease liabilities (note 17)
(i)
(940)
250
(191)
(18)
(53)
(952)
Total liabilities from financing activities
(ii)
(940)
256
(191)
(18)
(59)
(952)
Lease
additions,
27 April Financing modifications Foreign 3 May
2024 cash flows and disposals exchange Interest 2025
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and other borrowings (note 16)
\u2013
9
\u2013
\u2013
(9)
\u2013
Lease liabilities (note 17)
(i)
(1,003)
262
(135)
(8)
(56)
(940)
Total liabilities from financing activities
(ii)
(1,003)
271
(135)
(8)
(65)
(940)
(i) Lease liabilities are secured over the Group\u2019s right-of-use assets.
(ii) In addition to the amounts shown above, facility arrangement fees of \u00a31m (2024/25: \u00a35m) are included within cash flows from financing activities in the consolidated cash
flow statement.
d) Proceeds on sale of business
On 10 April 2024, the Group announced that it has completed the sale of Dixons South East Europe A.E.V.E., the holding company of
Currys\u2019 entire Greece and Cyprus retail business. During the period ended 3 May 2025, transaction fees of \u00a35m that were accrued at the
prior period end were paid, resulting in a corresponding cash flow from discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-292": { "value": "
24. Related party transactions
Transactions between the Group\u2019s subsidiary undertakings, which are related parties, have been eliminated on consolidation and
accordingly are not disclosed. See note 4a for details of related party transactions with key management personnel.
The Group had the following transactions and balances with its associates:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Revenue from sale of goods and services
26
14
Amounts owed to the Group
1
1
Details of the associates are shown within Other significant shareholdings in note C9 to the Company financial statements.
All transactions entered into with related parties were completed on an arm\u2019s length basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-331": { "value": "24. Related party transactions Transactions between the Group\u2019s subsidiary undertakings, which are related parties, have been eliminated on consolidation and accordingly are not disclosed. See note 4a for details of related party transactions with key management personnel. The Group had the following transactions and balances with its associates:
2 May 3 May
2026 2025
\u00a3m \u00a3m
Revenue from sale of goods and services
26
14
Amounts owed to the Group
1
1
Details of the associates are shown within Other significant shareholdings in note C9 to the Company financial statements. All transactions entered into with related parties were completed on an arm\u2019s length basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-293": { "value": "
25. Capital commitments
2 May 3 May
2026 2025
\u00a3m \u00a3m
Intangible assets
1
1
Contracted for but not provided for in the accounts
1
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-332": { "value": "25. Capital commitments
2 May 3 May
2026 2025
\u00a3m \u00a3m
Intangible assets
1
1
Contracted for but not provided for in the accounts
1
1
26. Contingent liabilities
The Group continues to cooperate with HMRC in relation to open tax cases arising from pre-merger legacy corporate transactions in
the former Carphone Warehouse Group. It is possible that a future economic outflow will arise from one of these matters, and therefore
a contingent liability has been disclosed. This determination is based on the strength of third-party legal advice on the matter and
therefore the Group considers it \u2018more likely than not\u2019 that these enquiries will not result in an economic outflow. The potential range of
tax exposures relating to this enquiry is estimated to be approximately \u00a3nil \u2013 \u00a3218m excluding interest and penalties. Interest is \u00a3120m
up to 2 May 2026. Penalties could range from nil to 30% of the principal amount of any tax. Any potential cash outflow would occur in
greater than one year.
The Group received a Spanish tax assessment connected to a business that was disposed of by the legacy Carphone Warehouse
Group in 2014. This issue has entered litigation and is likely to take two to three years to reach resolution. The Group considers that it is
not probable the claim will result in an economic outflow based on third-party legal advice. The maximum potential exposure as a
result of the claim is \u00a310m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-295": { "value": "26. Contingent liabilities The Group continues to cooperate with HMRC in relation to open tax cases arising from pre-merger legacy corporate transactions in the former Carphone Warehouse Group. It is possible that a future economic outflow will arise from one of these matters, and therefore a contingent liability has been disclosed. This determination is based on the strength of third-party legal advice on the matter and therefore the Group considers it \u2018more likely than not\u2019 that these enquiries will not result in an economic outflow. The potential range of tax exposures relating to this enquiry is estimated to be approximately \u00a3nil \u2013 \u00a3218m excluding interest and penalties. Interest is \u00a3120m up to 2 May 2026. Penalties could range from nil to 30% of the principal amount of any tax. Any potential cash outflow would occur in greater than one year. The Group received a Spanish tax assessment connected to a business that was disposed of by the legacy Carphone Warehouse Group in 2014. This issue has entered litigation and is likely to take two to three years to reach resolution. The Group considers that it is not probable the claim will result in an economic outflow based on third-party legal advice. The maximum potential exposure as a result of the claim is \u00a310m.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } }, "fact-294": { "value": "
27. Events after the balance sheet date
There were no material events after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138001E12GWLLDQQF16", "period": "2025-05-04T00:00:00/2026-05-03T00:00:00" } } } }