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"fact-331": {
"value": "General information Overview Travis Perkins plc is a Company incorporated in the United Kingdom under the Companies Act 2006. The address of the registered office is given on page 186. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report on pages 2 to 82. These financial statements are presented in pounds sterling, the currency of the primary economic environment in which the Group operates. Basis of accounting The Group financial statements have been prepared in accordance with UK-adopted international accounting standards. The Company has elected to prepare its Parent Company financial statements in accordance with FRS 101; these are presented on pages 171 to 181. Basis of preparation The financial statements have been prepared on the historic cost basis, except that derivatives, other financial instruments and contingent consideration arising from business combinations are stated at fair value through profit and loss and designated financial instruments are stated at fair value through other comprehensive income. The consolidated financial statements include the accounts of the Company and all entities controlled by the Company (its subsidiaries, together referred to as \u201cthe Group\u201d) from the date control commences until the date that control ceases. Control is achieved where the Company: \u2022 Has power over the investee \u2022 Is exposed or has rights to a variable return from the involvement with the investee \u2022 Has the ability to use its power to affect its returns As such, the results of subsidiaries acquired are included in the consolidated income statement from the effective date of acquisition . Foreign currencies Transactions denominated in foreign currencies are recorded at the rates ruling on the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Going concern After reviewing the Group\u2019s forecasts and risk assessments and making other enquiries, the Board has formed the judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the 12 months from the date of signing this Annual Report and Accounts. For this reason the Board continues to adopt the going concern basis in preparing the financial statements. In arriving at their opinion the Directors considered: \u2022 The Group\u2019s cash \ufb02ow forecasts and revenue projections \u2022 The impact on trading performance of severe but plausible downside scenarios. Key assumptions include signi\ufb01cant reductions in revenue, removal of property pro\ufb01ts and limited reductions in \ufb01xed overheads, as well as mitigating actions such as delayed capital expenditure and dividend suspension \u2022 The committed debt facilities available to the Group and the covenants thereon \u2022 The Group\u2019s debt maturity pro\ufb01le, including the upcoming bond maturity in 2023 \u2022 The Group\u2019s robust policy towards liquidity and cash \ufb02ow management \u2022 The Group\u2019s ability to successfully manage the principal risk and uncertainties outlined on pages 75 to 81 during periods of uncertain economic outlook and challenging macroeconomic conditions The downside scenarios tested, outlining the impact of severe but plausible adverse scenarios based on a severe recession and housing market weakness, show that there is sufficient headroom for liquidity and covenant compliance purposes for at least the next 12 months from the date of approval of these financial statements. The going concern assessment is not sensitive to estimates on inflation . Significant accounting policies The principal accounting policies adopted in preparing the financial statements are provided throughout the notes to the financial statements. Key judgements and estimates The preparation of financial statements requires the Directors to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience and current and expected economic conditions. The Directors frequently re-evaluate these significant factors and make adjustments as facts and circumstances dictate Some financial information in the Merchanting businesses is produced by finance systems that were first implemented by the Group over 30 years ago. As the business has grown, these have been amended to cope with significantly higher transaction levels and more complicated ways of doing business. This has made the systems unwieldy and increases the risk of material misstatement in the information calculated by the systems. There are processes and controls in place to mitigate these risks. Key estimates including those that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year are found in the following notes: Page Note Description 152 18 Pension assumptions The notes are organised into the following sections: Income and expenses: Provides a breakdown of individual line items in the income statement and summarises the accounting policies, judgements and estimates relevant to understanding these items. Assets and liabilities: Provides a breakdown of individual line items in the balance sheets and summarises the accounting policies, judgements and estimates relevant to understanding these items. Capital: Provides information about the capital management practices of the Group and shareholder returns for the year. Risks: Discusses the Group\u2019s impairment testing and the exposure to various financial risks, explains how these affect the Group\u2019s financial position and performance and what the Group does to manage these risks. Group structure: Explains aspects of the Group structure and how changes have affected the financial position and performance of the Group. People: Provides information about the number of people employed by the Group and associated costs. Other: Provides information on items which require disclosure, but are not considered critical in understanding the financial performance or position of the Group",
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"value": "These financial statements are presented in pounds sterling, the currency of the primary economic environment in which the Group operates",
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"value": "Basis of preparation The financial statements have been prepared on the historic cost basis, except that derivatives, other financial instruments and contingent consideration arising from business combinations are stated at fair value through profit and loss and designated financial instruments are stated at fair value through other comprehensive income. The consolidated financial statements include the accounts of the Company and all entities controlled by the Company (its subsidiaries, together referred to as \u201cthe Group\u201d) from the date control commences until the date that control ceases. Control is achieved where the Company: \u2022 Has power over the investee \u2022 Is exposed or has rights to a variable return from the involvement with the investee \u2022 Has the ability to use its power to affect its returns As such, the results of subsidiaries acquired are included in the consolidated income statement from the effective date of acquisition ",
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"value": "The consolidated financial statements include the accounts of the Company and all entities controlled by the Company (its subsidiaries, together referred to as \u201cthe Group\u201d) from the date control commences until the date that control ceases. Control is achieved where the Company: \u2022 Has power over the investee \u2022 Is exposed or has rights to a variable return from the involvement with the investee \u2022 Has the ability to use its power to affect its returns As such, the results of subsidiaries acquired are included in the consolidated income statement from the effective date of acquisition ",
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"value": "The consolidated financial statements include the accounts of the Company and all entities controlled by the Company (its subsidiaries, together referred to as \u201cthe Group\u201d) from the date control commences until the date that control ceases.",
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"value": "Foreign currencies Transactions denominated in foreign currencies are recorded at the rates ruling on the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. ",
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"value": "Going concern After reviewing the Group\u2019s forecasts and risk assessments and making other enquiries, the Board has formed the judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the 12 months from the date of signing this Annual Report and Accounts. For this reason the Board continues to adopt the going concern basis in preparing the financial statements. In arriving at their opinion the Directors considered: \u2022 The Group\u2019s cash \ufb02ow forecasts and revenue projections \u2022 The impact on trading performance of severe but plausible downside scenarios. Key assumptions include signi\ufb01cant reductions in revenue, removal of property pro\ufb01ts and limited reductions in \ufb01xed overheads, as well as mitigating actions such as delayed capital expenditure and dividend suspension \u2022 The committed debt facilities available to the Group and the covenants thereon \u2022 The Group\u2019s debt maturity pro\ufb01le, including the upcoming bond maturity in 2023 \u2022 The Group\u2019s robust policy towards liquidity and cash \ufb02ow management \u2022 The Group\u2019s ability to successfully manage the principal risk and uncertainties outlined on pages 75 to 81 during periods of uncertain economic outlook and challenging macroeconomic conditions The downside scenarios tested, outlining the impact of severe but plausible adverse scenarios based on a severe recession and housing market weakness, show that there is sufficient headroom for liquidity and covenant compliance purposes for at least the next 12 months from the date of approval of these financial statements. The going concern assessment is not sensitive to estimates on inflation ",
"dimensions": {
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"fact-342": {
"value": "Key judgements and estimates The preparation of financial statements requires the Directors to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Future events and their effects cannot be determined with certainty. Therefore, the determination of estimates requires the exercise of judgement based on various assumptions and other factors such as historical experience and current and expected economic conditions. The Directors frequently re-evaluate these significant factors and make adjustments as facts and circumstances dictate Some financial information in the Merchanting businesses is produced by finance systems that were first implemented by the Group over 30 years ago. As the business has grown, these have been amended to cope with significantly higher transaction levels and more complicated ways of doing business. This has made the systems unwieldy and increases the risk of material misstatement in the information calculated by the systems. There are processes and controls in place to mitigate these risks. Key estimates including those that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year are found in the following notes: Page Note Description 152 18 Pension assumptions ",
"dimensions": {
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"language": "en",
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"fact-343": {
"value": "1. Revenue Accounting policy Revenue recognition Revenue is recognised when the Group has satisfied its performance obligations to the customer and the customer has obtained control of the goods or services being transferred. Performance obligations to the customer in respect of sales of goods are satisfied on delivery or collection by customer. Payments are typically due from credit customers not later than the last day of the month following the month of delivery. Revenue is measured at the transaction price received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax. For the Group sale of services comprises tool hire. Tool hire revenue is recognised on a straight-line basis over the period of hire. Customer rebates Where the Group has rebate agreements with its customers, the value of variable income with respect to customer rebates is calculated in accordance with the agreements in place so that the amount recognised as revenue in the year is based on the amount which is highly probable not to reverse. a. Revenue \u00a3m 2022 2021 Sale of goods 4,836.0 4,443.2 Sale of services 158.8 143.5 4,994.8 4,586.7 b. Revenue reconciliation and like-for-like sales \u00a3m Merchanting Toolstation Total 2021 revenue 3,826.1 760.6 4,586.7 Network change (9.2) (11.9) (21.1) Trading days (32.0) (2.0) (34.0) 2021 like-for-like revenue 3,784.9 746.7 4,531.6 Like-for-like change 434.9 28.3 463.2 2022 revenue 4,219.8 775.0 4,994.8 Network change (107.0) (55.7) (162.7) 2022 like-for-like revenue 4,112.8 719.3 4,832.1 Like-for-like revenue % 8.7% (3.7)% 6.6% Total revenue growth % 10.3% 1.9% 8.9% Like-for-like sales are a measure of underlying sales performance for two successive periods. Branches and stores contribute to like-for-like sales once they have been trading for more than 12 months. Revenue included in like-for-like is for the equivalent times in both years being compared. When branches close, revenue is excluded from the prior year figures for the months equivalent to the post-closure period in the current year.",
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"fact-344": {
"value": "Revenue Accounting policy Revenue recognition Revenue is recognised when the Group has satisfied its performance obligations to the customer and the customer has obtained control of the goods or services being transferred. Performance obligations to the customer in respect of sales of goods are satisfied on delivery or collection by customer. Payments are typically due from credit customers not later than the last day of the month following the month of delivery. Revenue is measured at the transaction price received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax. For the Group sale of services comprises tool hire. Tool hire revenue is recognised on a straight-line basis over the period of hire. Customer rebates Where the Group has rebate agreements with its customers, the value of variable income with respect to customer rebates is calculated in accordance with the agreements in place so that the amount recognised as revenue in the year is based on the amount which is highly probable not to reverse. ",
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"fact-345": {
"value": "2. Profit a. Operating profit \u00a3m 2022 2021 Revenue 4994.8 4,586.7 Cost of sales (3,610.1) (3, 277.9) Gross profit 1,384.7 1,308.8 Selling and distribution (816.4) (729.6) Administrative expenses (324.5) (291.3) Profit on disposal of properties 25.3 48.9 Other operating income (note 4b) 15.7 11.7 Operating profit 284.8 348.5 Adjusting items (note 3) \u2013 (6.8) Amortisation of acquired intangible assets 10.5 11.1 Adjusted operating profit 295.3 352.8 Profit on disposal of properties (25.3) (48.9) Adjusted operating profit before property disposals 270.0 303.9 b. Adjusted profit \u00a3m 2022 2021 Profit before tax 245.0 305.6 Adjusting items (note 3) \u2013 (6.8) Amortisation of acquired intangible assets 10.5 11.1 Adjusted profit before tax 255.5 309.9 Total tax (52.8) (64.8) Tax on adjusting items \u2013 1.6 Adjusting items \u2013 deferred tax (note 3) \u2013 4.7 Tax on amortisation of acquired intangible assets (2.6) (2.7) Adjusted profit after tax 200.1 248.7 Adjusted profit excludes adjusting items and amortisation of acquired intangible assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
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"fact-346": {
"value": "Adjusting items Accounting policy Adjusting items are those items of income and expenditure that, by reference to the Group, are material in size and unusual in nature or incidence and that in the judgement of the Directors should be disclosed separately on the face of the financial statements (or in the notes in the case of a segment) to ensure both that the reader has a clear understanding of the Group\u2019s underlying financial performance and that there is comparability of financial performance between periods. Items of income or expense that are considered by the Directors for designation as adjusting items include, but are not limited to, significant restructurings, onerous contracts, write-downs or impairments of current and non-current assets, the costs of acquiring and integrating businesses, gains or losses on disposals of businesses and investments, re-measurement gains or losses arising from changes in the fair value of derivative financial instruments to the extent that hedge accounting is not achieved or is not effective, material pension scheme curtailment gains and the effect of changes in corporation tax rates on deferred tax balances",
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"fact-347": {
"value": "4. Expenses and other income a. Operating profit Operating profit has been arrived at after charging / (crediting): \u00a3m 2022 2021 Movement of provisions against inventories (3.3) (0.6) Cost of inventories recognised as an expense 3,43 7.2 3,119.5 Pension costs in administration expenses 7.4 6.5 Pension costs in selling and distribution costs 13.9 12.2 Impairment losses / (reversal of impairment) for trade receivables (note 14) 11.0 (5.7) Gain on disposal of property, plant and equipment (25.3) (48.9) Costs of \u00a314.8m were incurred in 2022 in respect of restructuring activity (2021: credit of \u00a36.8m).",
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"fact-348": {
"value": "b. Other operating income \u00a3m 2022 2021 Rental income 5.3 6.6 Transitional Service Agreement income 10.4 5.1 15.7 11.7 The \u201cTransition Service Agreement\u201d income represents amounts received in respect of specific services provided to businesses the Group has sold or demerged in order to maintain business continuity in those businesses. This income and the related costs will significantly decrease in 2023 as the service agreements expire",
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"fact-349": {
"value": "c. Auditor\u2019s remuneration During the year the Group incurred the following costs for services provided by the Company\u2019s auditor: \u00a3\u2019000 2022 2021 Fees payable to the Company\u2019s auditor for audit services: Audit of the Company\u2019s annual accounts 270 220 Auditor for the audit of the Company\u2019s subsidiaries 1,561 1,447 Additional fees payable for the prior period audit 60 153 Fees paid to the Company\u2019s auditor for other services: Audit-related assurance services 85 75 Services relating to corporate finance transactions \u2013 695 1,976 2,590 A description of the work of the Audit Committee is set out in the Audit Committee report on pages 93 to 97 and includes an explanation of how auditor objectivity and independence is safeguarded when the auditor provides non-audit services",
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},
"fact-350": {
"value": "5. Business segments The operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker (\u201cCODM\u201d), which is considered to be the Board, to assess performance and allocate capital. Segmental operating profit represents the result of each segment without allocation of certain central costs, finance costs and tax. Segmental adjusted operating profit is the result of each segment before adjusting items and property profits. Unallocated segment assets and liabilities comprise financial instruments, current and deferred tax, cash, borrowings and pension scheme assets and liabilities. Both operating segments sell building materials to a wide range of customers, none of which are dominant, and operate predominantly in the United Kingdom. The Wickes business was demerged on 27 April 2021 and the Plumbing & Heating business was sold on 30 September 2021 and are excluded from the 2021 comparatives a. Segment information 2022 \u00a3m Merchanting Toolstation Unallocated Consolidated Revenue 4,219.8 775.0 - 4,994.8 Operating profit 331.3 (11.8) (34.7) 284.8 Amortisation of acquired intangible assets 7.6 2.9 \u2013 10.5 Adjusting items \u2013 \u2013 \u2013 \u2013 Adjusted operating profit 338.9 (8.9) (34.7) 295.3 Less property profits (25.3) \u2013 - (25.3) Adjusted operating profit excluding property profits 313.6 (8.9) (34.7) 270.0 Adjusted operating margin 8.0% (1.1%) \u2013 5.9% Adjusted operating margin excluding property profits 7.4% (1.1%) \u2013 5.4% Average capital employed 2,181.3 572.9 (83.4) 2,670.8 Segment assets 2,959.1 743.8 433.6 4,136.5 Segment liabilities (1,083.3) (309.4) (641.6) (2,034.3) Consolidated net assets 1,875.8 434.4 (208.0) 2,102.2 Capital expenditure 91.6 49.9 _ 141.5 Amortisation of acquired intangible assets 7.6 2.9 _ 10.5 Depreciation and amortisation of software 65.6 14.6 _ 80.2 2021 \u00a3m Merchanting Toolstation Unallocated Consolidated Revenue 3,826.1 760.6 \u2013 4,586.7 Operating profit 369.8 16.9 (38.2) 348.5 Amortisation of acquired intangible assets 6.1 5.0 \u2013 11.1 Adjusting items (6.8) \u2013 \u2013 (6.8) Adjusted operating profit 369.1 21.9 (38.2) 352.8 Less property profits (48.9) \u2013 \u2013 (48.9) Adjusted operating profit excluding property profits 320.2 21.9 (38.2) 303.9 Adjusted operating margin 9.6% 2.9% \u2013 7.7% Adjusted operating margin excluding property profits 8.4% 2.9% \u2013 6.6% Average capital employed 2,055.8 486.4 (36.1) 2,506.1 Segment assets 2,933.2 694.2 772.7 4,400.1 Segment liabilities (1,121.5) (307.1) (733.7) (2,162.3) Consolidated net assets 1,811.7 387.1 39.0 2, 2 37.8 Capital expenditure 142.9 30.4 \u2013 173.3 Amortisation of acquired intangible assets 6.1 5.0 \u2013 11.1 Depreciation and amortisation of software 68.2 10.7 \u2013 78.9 5. Business segments continued b. Unallocated segment assets and liabilities Unallocated segment assets and liabilities comprise the following: \u00a3m 2022 2021 Assets Financial instruments 4.3 4.9 Property, plant and equipment 25.5 17.6 Cash and cash equivalents 235.7 459.8 Retirement benefit surplus 135.9 275.8 Unallocated corporate assets 16.5 0.7 Tax asset 0.7 \u2013 Deferred tax asset 15.0 13.9 433.6 772.7 Liabilities Tax liabilities \u2013 (0.4) Deferred tax liabilities (96.0) (140.4) Interest-bearing loans, borrowings and loan notes (541.6) (575.2) Unallocated corporate liabilities (4.0) (17.7) (641.6) (733.7) Non-current assets owned by the Toolstation Europe businesses are located in foreign countries",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-351": {
"value": "The operating segments are identified on the basis of internal reports about components of the Group that are regularly reviewed by the Chief Operating Decision Maker (\u201cCODM\u201d), which is considered to be the Board, to assess performance and allocate capital. Segmental operating profit represents the result of each segment without allocation of certain central costs, finance costs and tax. Segmental adjusted operating profit is the result of each segment before adjusting items and property profits. Unallocated segment assets and liabilities comprise financial instruments, current and deferred tax, cash, borrowings and pension scheme assets and liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-352": {
"value": "6. Net finance costs a. Finance costs and finance income \u00a3m 2022 2021 Interest on bank loans and overdrafts (0.8) (0.6) Interest on bonds (21.5) (20.0) Interest on loan and interest rate swap (1.3) \u2013 Amortisation of issue costs of bank loans (1.5) (1.2) Unwinding of discounts \u2013 property provisions (0.4) (0.1) Pension scheme SPV interest (1.7) (2.0) Net loss on remeasurement of foreign exchange \u2013 (1.3) Net loss on remeasurement of derivatives at fair value (0.3) (0.5) Finance costs before lease interest (27.5) (25.7) Interest on lease liabilities (21.5) (21.1) Finance costs (49.0) (46.8) Net gain on remeasurement of foreign exchange 2.1 \u2013 Net gain on remeasurement of derivatives at fair value \u2013 \u2013 Other finance income \u2013 pension scheme 5.3 2.4 Interest receivable 1.8 1.5 Finance income 9.2 3.9 Net finance costs (39.8) (42.9) The charge caused by the unwinding of discounts relates to the property provisions (note 15) and the pension scheme SPV loan (note 18) b. Interest for non-statutory measures \u00a3m 2022 2021 Interest on bank loans and overdrafts 0.8 0.6 Interest on bonds 21.5 20.0 Loan and interest rate swap 1.3 \u2013 Amortisation of issue costs of bank loans 1.5 1.2 Pension scheme SPV interest 1.7 2.0 Interest for non-statutory measures 26.8 23.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-353": {
"value": "7. Ta x Accounting policy The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items which are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. This is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and 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. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on tax laws and rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. a. Tax charge in the income statement \u00a3m 2022 2021 Current tax: Current year 56.2 62.1 Prior year 1.4 0.6 Total current tax 57.6 62.7 Deferred tax: Current year (2.5) 1.9 Prior year (2.3) 0.2 Total deferred tax (4.8) 2.1 Total tax charge 52.8 64.8 The total tax charge in 2021 included \u00a34.7m classified as adjusting (see note 3), and a charge of \u00a31.6m relating to costs recognised as adjusting items 7. Tax continued The differences between the total tax charge and the amount calculated by applying the standard rate of UK corporation tax to the profit before tax for the Group is as follows: 2022 2021 \u00a3m \u00a3m % \u00a3m % Profit / (loss) before tax 245.0 305.6 Tax at the UK corporation tax rate 46.6 19.0 58.1 19.0 Tax effect of expenses/credits that are not deductible/taxable (0.1) (0.4) Depreciation of non-qualifying property 2.9 2.8 Share-based payments 1.3 (0.2) Deferred tax rate change (0.2) 14.3 Losses 3.3 (4.8) Property profits 1.2 (2.0) Current period deferred tax rate differential (1.3) (3.8) Prior period adjustment (0.9) 0.8 Tax expense and effective tax rate for the year 52.8 21.6 64.8 21.2 b. Tax charge in the statement of comprehensive income The following amounts relating to tax have been recognised in other comprehensive income: \u00a3m 2022 2021 Items that may be reclassified: Deferred tax charge on cash flow hedge (1.1) \u2013 Items that may not be reclassified: Deferred tax charge on actuarial movement 36.3 (34.3) Income tax relating to other comprehensive income 35.2 (34.3) c. Tax credited directly to equity The following amounts of tax have been recognised in equity: \u00a3m 2022 2021 Current tax: Excess tax deductions for share-based payments on exercised options 0.1 0.7 Deferred tax: Revaluation reserve 7.8 (2.7) Deferred tax: Share-based payments (2.4) (1.4) Deferred tax: Cash flow hedge 5.5 (3.4)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": "Ta x Accounting policy The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items which are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. This is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and 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. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on tax laws and rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "8. Discontinued operations During the year ended 31 December 2021, the Group completed the demerger of the Wickes business and the disposal of the Plumbing & Heating business. The Wickes business was demerged on 27 April 2021 and the Group recognised the distribution at a fair value of \u00a3679.7m. The difference between the fair value of the Wickes business and the carrying amount of the assets distributed has been recognised as an expense of \u00a369.4m. The Plumbing & Heating business was sold to H.I.G. Capital on 30 September 2021 for cash consideration of \u00a3303.4m. Total net assets sold were \u00a3210.4m and transaction costs were \u00a312.0m, generating a profit on disposal of \u00a381.0m. The Company received cash of \u00a328.7m in 2021 from the Plumbing & Heating business before the completion of the sale. a) Results of discontinued operations \u00a3m 2021 Revenue 1,469.2 Operating profit 56.0 Net finance costs \u2013 interest on lease liabilities (18.4) Profit before tax 37.6 Tax (11.1) Profit for the period of discontinued operations 26.5 Pre-tax profit on disposal of P&H and loss after tax recognised on the remeasurement of assets held for distribution for Wickes 11.6 Profit for the period from discontinued operations 38.1 Net cash flows used in discontinued investing activities represent the purchase of tangible fixed assets. Net cash used in discontinued financing activities in 2021 consists of the repayment of \u00a329.8m of lease liabilities, dividend payments from P&H to the continuing Group of \u00a328.7m, the settlement of intra-group debt of \u00a3156.1m and \u00a3238.0m of cash and cash equivalents within Wickes at the date of its demerger. Within the continuing cash flow statement, financing transactions with discontinued operations in 2021 represents an outflow of \u00a3127.4m for \u00a3156.1m settlement of intra-group debt and the dividend payment from P&H of \u00a328.7m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "9. Goodwill and other intangible assets Accounting policy Goodwill arising on acquisition represents the excess of the cost of acquisition over the share of the aggregate fair value of identifiable net assets (including intangible assets) of a business or a subsidiary at the date of acquisition. All material intangible fixed assets obtained on acquisition have been recognised separately in the financial statements. Goodwill is initially recognised as an asset and allocated to cash-generating units or groups of cash-generating units that are expected to benefit from the synergies of the combination and is then reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement and is not reversed. Goodwill is accordingly stated in the balance sheet at cost less any provisions for impairment in value. Goodwill arising on acquisitions before the date of transition to IFRS (1 January 2004) has been retained at the previous UK GAAP carrying value subject to being tested for impairment at that date. Goodwill written off to reserves prior to 1998 under UK GAAP has not been reinstated and would not be included in determining any subsequent profit or loss on disposal. Intangible assets identified as part of the assets of an acquired business are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition . a. Goodwill by reportable segment \u00a3m Merchanting Toolstation Retail Plumbing & Heating Total At 1 January 2021 661.0 174.8 455.2 67.5 1,358.5 Eliminated on disposal / distribution \u2013 \u2013 (455.2) (67. 5) (522.7) Recognised on acquisition (see note 31) 21.5 \u2013 \u2013 \u2013 21.5 Effect on movement in exchange rates \u2013 (4.3) \u2013 \u2013 (4.3) At 1 January 2022 682.5 170.5 \u2013 \u2013 853.0 Measurement period adjustments 2.3 \u2013 \u2013 \u2013 2.3 Effect on movement in exchange rates \u2013 3.7 \u2013 \u2013 3.7 At 31 December 2022 684.8 174. 2 \u2013 \u2013 859.0 b. Other intangible assets Accounting policy Intangible assets are amortised to the income statement on a straight-line basis over a maximum of 20 years except where they are considered to have an indefinite useful life. In the latter instance, they are reviewed annually for impairment. The directly attributable costs incurred for the development of computer software controlled by and for use within the business are capitalised and written off over their estimated useful life, which ranges from three to ten years. Interfaces are amortised over the lower of the remaining estimated useful lives of the systems they operate between. Costs relating to research, maintenance and training are expensed as they are incurred. No amortisation is charged on assets in the course of construction. Amounts paid to third parties in respect of the development of assets not controlled by the Group are expensed over the period where the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the period the software is in use. Acquired customer relationships are amortised over their estimated useful lives, which range from five to 15 years. The remaining lives of amortised customer relationships range from one to seven years. No amortisation is charged on computer software under construction 9. Goodwill and other intangible assets continued \u00a3m Brand Computer software Customer relationships Assets under construction Total Cost or valuation At 1 January 2021 318.7 132.8 145.2 2.6 599.3 Additions \u2013 2.2 \u2013 0.3 2.5 Additions from acquired business \u2013 0.5 9.4 \u2013 9.9 Transfers between categories \u2013 0.2 \u2013 (0.2) \u2013 Derecognition (168.3) (34.2) (3.0) \u2013 (205.5) At 1 January 2022 150.4 101.5 151.6 2.7 406.2 Additions \u2013 6.8 \u2013 0.4 7. 2 Transfers between categories \u2013 2.4 \u2013 (2.4) \u2013 At 31 December 2022 150.4 110.7 151.6 0.7 413.4 Amortisation At 1 January 2021 72.9 99.7 114.7 \u2013 287.3 Charged on acquired intangibles 3.6 1.7 5.8 \u2013 11.1 Charged on internally generated intangibles \u2013 12.3 \u2013 \u2013 12.3 Disposals (5.1) (22.1) (3.0) \u2013 (30.2) At 1 January 2022 71.4 91.6 117.5 \u2013 280.5 Charged on acquired intangibles 2.3 \u2013 8.2 \u2013 10.5 Charged on internally generated intangibles \u2013 6.5 \u2013 \u2013 6.5 Disposals \u2013 \u2013 \u2013 \u2013 \u2013 At 31 December 2022 73.7 98.1 125.7 \u2013 297. 5 Net book value At 31 December 2021 79.0 9.9 34.1 2.7 125.7 At 31 December 2022 76.7 12.6 25.9 0.7 115.9 Where a brand has not been established for a significant period of time the Directors do not have sufficient evidence to support a contention that it will have an indefinite useful life. Accordingly for Toolstation and certain product-related brands the Directors have decided it is appropriate to amortise their brand costs over their estimated useful lives. The useful lives of those brands being amortised range from ten to 20 years. The Directors consider that the other brands, which are also all leading brands in their sectors with significant histories and significant growth prospects, have an indefinite useful life. They are reviewed annually for impairment; details of impairment tests are shown in note 29. c. Cash-generating units The Directors consider that each branch or distribution network in the Group is an individual cash-generating unit (\u201cCGU\u201d). Goodwill and intangible fixed assets with indefinite useful lives have been allocated and monitored for impairment testing purposes to groups of individual CGUs within the same brand. The following table analyses goodwill and intangible fixed assets with indefinite useful lives by CGU grouping. \u00a3m 2022 2021 CGU grouping Intangibles Goodwill Total Intangibles Goodwill Total Merchanting CCF \u2013 43.6 43.6 \u2013 43.6 43.6 Keyline \u2013 100.2 100.2 \u2013 100.2 100.2 BSS Industrial 49.3 26.8 76.1 49.3 26.8 76.1 TF Solutions \u2013 7.8 7.8 \u2013 7. 8 7.8 Travis Perkins \u2013 482.6 482.6 \u2013 482.6 482.6 Staircraft \u2013 23.8 23.8 \u2013 21.5 21.5 Toolstation Toolstation UK \u2013 103.4 103.4 \u2013 103.4 103.4 Toolstation Benelux \u2013 61.1 61.1 \u2013 57.9 57.9 Toolstation France \u2013 9.7 9.7 \u2013 9.2 9.2 49.3 859.0 908.3 49.3 853.0 902.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-358": {
"value": "Accounting policy Goodwill arising on acquisition represents the excess of the cost of acquisition over the share of the aggregate fair value of identifiable net assets (including intangible assets) of a business or a subsidiary at the date of acquisition. All material intangible fixed assets obtained on acquisition have been recognised separately in the financial statements. Goodwill is initially recognised as an asset and allocated to cash-generating units or groups of cash-generating units that are expected to benefit from the synergies of the combination and is then reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement and is not reversed. Goodwill is accordingly stated in the balance sheet at cost less any provisions for impairment in value. Goodwill arising on acquisitions before the date of transition to IFRS (1 January 2004) has been retained at the previous UK GAAP carrying value subject to being tested for impairment at that date. Goodwill written off to reserves prior to 1998 under UK GAAP has not been reinstated and would not be included in determining any subsequent profit or loss on disposal. Intangible assets identified as part of the assets of an acquired business are capitalised separately from goodwill if the fair value can be measured reliably on initial recognition ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "Accounting policy Intangible assets are amortised to the income statement on a straight-line basis over a maximum of 20 years except where they are considered to have an indefinite useful life. In the latter instance, they are reviewed annually for impairment. The directly attributable costs incurred for the development of computer software controlled by and for use within the business are capitalised and written off over their estimated useful life, which ranges from three to ten years. Interfaces are amortised over the lower of the remaining estimated useful lives of the systems they operate between. Costs relating to research, maintenance and training are expensed as they are incurred. No amortisation is charged on assets in the course of construction. Amounts paid to third parties in respect of the development of assets not controlled by the Group are expensed over the period where the Group receives the benefit of the use of these assets. Licence fees for using third-party software are expensed over the period the software is in use. Acquired customer relationships are amortised over their estimated useful lives, which range from five to 15 years. The remaining lives of amortised customer relationships range from one to seven years. No amortisation is charged on computer software under construction ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "10. Property, plant and equipment Accounting policy Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and any impairment in value. Assets are depreciated to their estimated residual value on a straight-line basis over their estimated useful lives as follows: \u2022 Buildings \u2013 50 years or, if lower, the estimated useful life of the building or the life of the lease \u2022 Leasehold improvements \u2013 the life of the lease \u2022 Plant and equipment \u2013 four to 10 years \u2022 Freehold land is not depreciated The estimated useful lives are estimated taking into consideration the potential impact of climate change. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds net of expenses and the carrying amount of the asset in the balance sheet and is recognised in the income statement. Where appropriate, the attributable revaluation reserve remaining in respect of properties revalued prior to the adoption of IFRS is transferred directly to retained earnings. \u00a3m Freehold Long leasehold Leasehold improvements Plant and equipment Total At 1 January 2021 422.3 34.1 264.1 820.7 1,541.2 Additions related to continued operations 66.9 - 52.6 53.5 173.0 Additions related to discontinued operations 0.2 - 3.8 5.4 9.4 Acquired through business combinations 19.8 - - 7. 8 27.6 Disposals (32.0) (0.9) (10.5) (27.9) (71.3) Derecognition on demerger and disposal of subsidiaries (2.6) (1.2) (145.7) (353.8) (503.3) Reclassifications 9.3 - (9.1) 3.0 3.2 Effect of movements in exchange rates - - (0.4) (0.3) (0.7) At 1 January 2022 483.9 32.0 154.8 508.4 1,179.1 Additions 38.6 - 31.9 71.0 141.5 Disposals (15.3) - (13.4) (8.4) (37.1) Reclassifications 7.6 - (21.1) 13.5 - Effect of movements in exchange rates - - - 1.6 1.6 At 31 December 2022 514.8 32.0 152.2 586.1 1,285.1 Accumulated depreciation At 1 January 2021 59.1 15.3 85.5 550.9 710.8 Charged in the year on continued operations 7.1 0.7 10.2 51.2 69.2 Charged in the year on discontinued operations - - 2.4 9.9 12.3 Disposals (16.6) (0.9) (1.3) (27.9) (46.7) Derecognition on demerger and disposal of subsidiaries (0.8) (0.9) (90.3) (274. 2) (366.2) Reclassifications - - - (0.3) (0.3) Effect of movements in exchange rates - - (0.1) - (0.1) At 1 January 2022 48.8 14.2 6.4 309.6 379.0 Charged in the year 2.0 0.8 11.2 59.6 73.6 Disposals (3.2) - (1.3) (10.8) (15.3) Reclassifications (3.1) - 3.1 - - Effect of movements in exchange rates - - - 0.5 0.5 At 31 December 2022 44.5 15.0 19.4 358.9 437.8 Net book value At 31 December 2021 435.1 17.8 148.4 198.8 800.1 At 31 December 2022 470.3 17.0 132.8 22 7. 2 847. 3 0. Property, plant and equipment continued The cost element of the tangible fixed assets carrying value is analysed as follows: Freehold Long leasehold Leasehold improvements Plant and equipment Total At deemed cost 20.2 3.6 \u2013 \u2013 23.8 At cost 494.6 28.4 152.2 584.4 1,259.6 514.8 32.0 152.2 584.4 1,283.4 Included within freehold property is land with a value of \u00a3230.7m (2021: \u00a3194.5m) which is not depreciated. No assets are pledged as security for the Group\u2019s liabilities, other than 16 freehold properties, as disclosed in note 18. Included within leasehold improvements is \u00a328.0m in respect of assets under construction which are not depreciated. In assessing the useful economic lives of the Group\u2019s tangible fixed assets, management has considered the possible impacts of climate risks, as set out in the Statement of Principal Risks and Uncertainties and the Group\u2019s planned responses to climate change, per the TCFD Disclosure on pages 50 to 61.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "Accounting policy Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and any impairment in value. Assets are depreciated to their estimated residual value on a straight-line basis over their estimated useful lives as follows: \u2022 Buildings \u2013 50 years or, if lower, the estimated useful life of the building or the life of the lease \u2022 Leasehold improvements \u2013 the life of the lease \u2022 Plant and equipment \u2013 four to 10 years \u2022 Freehold land is not depreciated The estimated useful lives are estimated taking into consideration the potential impact of climate change. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sale proceeds net of expenses and the carrying amount of the asset in the balance sheet and is recognised in the income statement. Where appropriate, the attributable revaluation reserve remaining in respect of properties revalued prior to the adoption of IFRS is transferred directly to retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "Assets are depreciated to their estimated residual value on a straight-line basis over their estimated useful lives as follows: \u2022 Buildings \u2013 50 years or, if lower, the estimated useful life of the building or the life of the lease \u2022 Leasehold improvements \u2013 the life of the lease \u2022 Plant and equipment \u2013 four to 10 years \u2022 Freehold land is not depreciated The estimated useful lives are estimated taking into consideration the potential impact of climate change. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-363": {
"value": "11. Leases Accounting policy IFRS 16 \u2013 Leases establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transactions. Identifying a lease At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the Group has both the right to direct the identified asset\u2019s use and to obtain substantially all the economic benefits from that use. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for fleet leases in which it is a lessee, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. For each lease or lease component, the Group follows the lease accounting model as per IFRS 16 \u2013 Leases, unless the recognition exceptions can be used. Recognition exceptions The Group has elected to account for lease payments as an expense on a straight-line basis over the lease term or another systematic basis for the following two types of leases: i) leases with a lease term of 12 months or less and containing no purchase options \u2013 this election is made by class of underlying asset ii) leases where the underlying asset has a low value when new \u2013 this election can be made on a lease-by-lease basis For leases where the Group has taken short-term lease recognition exemption and there are any changes to the lease term or the lease is modified, the Group accounts for the lease as a new lease. Lessee accounting Upon lease commencement the Group recognises a right-of-use asset and a lease liability. Initial measurement The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease if that can be readily determined. If that rate cannot be readily determined, the Group uses the incremental borrowing rate. Variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability and are initially measured using the index or rate as at the commencement date. Amounts expected to be payable by the lessee under residual value guarantees are also included. Variable lease payments that are not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers payment occurs, unless the costs are included in the carrying amount of another asset under another accounting standard. Subsequent measurement After lease commencement, the Group measures right-of-use assets using a cost model. Under the cost model a right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility. The Group has applied judgement to determine the lease term for some lease contracts in which it is a lessee that includes renewal options and break clauses. The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, and therefore the amount of lease liabilities and right-of-use assets recognised. Judgements in determining the lease term In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For property leases the following factors are normally the most relevant: \u2022 The pro\ufb01tability of the leased store/warehouse and future plans for the business \u2022 If there are signi\ufb01cant penalties to terminate (or not extend), the Group is typically reasonably certain to extend (or not terminate). Most termination options on leases with impaired right-of-use assets are considered as reasonably certain to be exercised and therefore the lease liabilities were calculated only to the break-clause date. d. The Group as lessor The Group leases a number of ex-trading properties and surplus units in trade parks owned by the Group to third parties. Property rental income earned during the year in respect of these properties was \u00a35.3m (2021: \u00a36.6m). At the balance sheet date, the Group had contracts with lessees for the following undiscounted future minimum lease payments: \u00a3m 2022 2021 Within one year 4.0 6.2 One to two years 7.1 5.1 Two to three years 8.2 4.6 Three to four years 4.0 4.0 Four to five years 2.1 3.5 After five years 7.4 18.7 32.8 42.1 11. Leases continued Maturity analysis \u2013 contractual undiscounted cash flows: 2022 2021 Less than one year 88.5 93.5 One to five years 282.3 270.9 More than five years 262.1 247.0 Total undiscounted lease liabilities at 31 December (note 28(f)) 632.9 611.4 b. Amounts recognised in the statement of profit and loss The statement of profit and loss shows the following amounts relating to leases: \u00a3m 2022 2021 Depreciation of right-of-use assets 79.0 80.0 Interest expense (included in finance costs) 21.5 21.1 Expense relating to short-term leases 4.7 4.5 Expense relating to leases of low-value assets 3.0 1.8 Impairment / (reversal of impairment) of right-of-use assets 3.3 (4.3) Gains on lease terminations (3.1) - All impairments of right-of-use assets relate to land and buildings. Depreciation of right-of-use assets by class of asset: \u00a3m 2022 2021 Land and buildings 70.3 66.7 Plant and equipment 8.7 13.3 79.0 80.0 The total cash outflow for leases in 2022 was \u00a3100.3m (2021: \u00a396.7m). c. The Group\u2019s leasing activities and how these are accounted for The Group leases various properties, motor vehicles and equipment. Rental contracts are typically made for fixed periods but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are recognised as a right-of-use asset with a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance \ufb01xed payments), less any lease incentives receivable \u2022 Variable lease payments that are based on an index or a rate \u2022 Amounts expected to be payable by the lessee under residual value guarantees \u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option \u2022 Payments of penalties for terminating the lease if the lease term re\ufb02ects the lessee exercising that option The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of lease liability \u2022 Any lease payments made at or before the commencement date less any lease incentives received \u2022 Any initial direct costs \u2022 Restoration costs Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise mainly IT equipment, vending machines and paint-mixing machines The lease liability is subsequently remeasured to reflect changes in: \u2022 the lease term (using a revised discount rate) \u2022 the assessment of a purchase option (using a revised discount rate) \u2022 the amounts expected to be payable under residual value guarantees (using an unchanged discount rate) \u2022 future lease payments resulting from a change in an index or a rate used to determine those payments (using an unchanged discount rate) The remeasurements are matched by adjustments to the right-of-use asset. Lease modifications may also prompt remeasurement of the lease liability unless they are determined to be separate leases. Depreciation The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The payments related to leases are presented under cash flows from financing activities and cash flows from operating activities in the cash flow statement. Lessor accounting When the Group acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to ownership of an underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the recognition exemption, then it classifies the sub-lease as an operating lease. If an arrangement contains a lease and non-lease components, the Group applies IFRS 15 \u2013 Revenue from Contracts with Customers to allocate the consideration in the contract. The Group recognises operating lease payments as income on a straight-line basis over the lease term as part of \u201cother income\u201d. The Group recognises finance income over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment. Sale and leaseback transactions To determine whether the transfer of an asset is accounted for as a sale an entity applies the requirements of IFRS 15 \u2013 Revenue from Contracts with Customers for determining when a performance obligation is satisfied. If an asset transfer satisfies the requirements to be accounted for as a sale the seller measures the right-of-use asset at the proportion of the previous carrying amount that relates to the right-of-use retained. Accordingly, the seller only recognises the amount of gain or loss that relates to the rights transferred to the buyer. If the fair value of the sale consideration does not equal the asset\u2019s fair value, or if the lease payments are not market rates, the sales proceeds are adjusted to fair value, either by accounting for prepayments or additional financing . a. Amounts recognised in the balance sheet Right-of-use assets included in the statement of financial position at 31 December: \u00a3m 2022 2021 Land and buildings 435.3 425.3 Plant and equipment 16.4 14.5 At 31 December 451.7 439.8 Additions to the right-of-use assets during the 2021 financial year end were \u00a392.4m in respect of continuing operations and \u00a32.0m in respect of discontinued operations. Lease liabilities included in the statement of financial position at 31 December: \u00a3m 2022 2021 Current 74.3 74.5 Non-current 438.3 414.7 512.6 489.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "Accounting policy IFRS 16 \u2013 Leases establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees and lessors provide relevant information that faithfully represents those transactions. Identifying a lease At the inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control is conveyed where the Group has both the right to direct the identified asset\u2019s use and to obtain substantially all the economic benefits from that use. At inception or on reassessment of a contract that contains a lease component, the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. However, for fleet leases in which it is a lessee, the Group has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. For each lease or lease component, the Group follows the lease accounting model as per IFRS 16 \u2013 Leases, unless the recognition exceptions can be used. Recognition exceptions The Group has elected to account for lease payments as an expense on a straight-line basis over the lease term or another systematic basis for the following two types of leases: i) leases with a lease term of 12 months or less and containing no purchase options \u2013 this election is made by class of underlying asset ii) leases where the underlying asset has a low value when new \u2013 this election can be made on a lease-by-lease basis For leases where the Group has taken short-term lease recognition exemption and there are any changes to the lease term or the lease is modified, the Group accounts for the lease as a new lease. Lessee accounting Upon lease commencement the Group recognises a right-of-use asset and a lease liability. Initial measurement The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease if that can be readily determined. If that rate cannot be readily determined, the Group uses the incremental borrowing rate. Variable lease payments that depend on an index or a rate are included in the initial measurement of the lease liability and are initially measured using the index or rate as at the commencement date. Amounts expected to be payable by the lessee under residual value guarantees are also included. Variable lease payments that are not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers payment occurs, unless the costs are included in the carrying amount of another asset under another accounting standard. Subsequent measurement After lease commencement, the Group measures right-of-use assets using a cost model. Under the cost model a right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment . The lease liability is subsequently remeasured to reflect changes in: \u2022 the lease term (using a revised discount rate) \u2022 the assessment of a purchase option (using a revised discount rate) \u2022 the amounts expected to be payable under residual value guarantees (using an unchanged discount rate) \u2022 future lease payments resulting from a change in an index or a rate used to determine those payments (using an unchanged discount rate) The remeasurements are matched by adjustments to the right-of-use asset. Lease modifications may also prompt remeasurement of the lease liability unless they are determined to be separate leases. Depreciation The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of property, plant and equipment. In addition, the right-of-use asset is reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The payments related to leases are presented under cash flows from financing activities and cash flows from operating activities in the cash flow statement. Lessor accounting When the Group acts as a lessor, it determines at lease inception whether each lease is a finance or operating lease. To classify each lease, the Group makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to ownership of an underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the recognition exemption, then it classifies the sub-lease as an operating lease. If an arrangement contains a lease and non-lease components, the Group applies IFRS 15 \u2013 Revenue from Contracts with Customers to allocate the consideration in the contract. The Group recognises operating lease payments as income on a straight-line basis over the lease term as part of \u201cother income\u201d. The Group recognises finance income over the lease term of a finance lease, based on a pattern reflecting a constant periodic rate of return on the net investment. Sale and leaseback transactions To determine whether the transfer of an asset is accounted for as a sale an entity applies the requirements of IFRS 15 \u2013 Revenue from Contracts with Customers for determining when a performance obligation is satisfied. If an asset transfer satisfies the requirements to be accounted for as a sale the seller measures the right-of-use asset at the proportion of the previous carrying amount that relates to the right-of-use retained. Accordingly, the seller only recognises the amount of gain or loss that relates to the rights transferred to the buyer. If the fair value of the sale consideration does not equal the asset\u2019s fair value, or if the lease payments are not market rates, the sales proceeds are adjusted to fair value, either by accounting for prepayments or additional financing ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "12. Inventories Accounting policy Inventories, which consist of goods for resale, are stated at the lower of average weighted cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price less the estimated costs of disposal . \u00a3m 2022 2021 Inventories 727. 8 724.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "Accounting policy Inventories, which consist of goods for resale, are stated at the lower of average weighted cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price less the estimated costs of disposal ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "Accounting policy Supplier income comprises fixed price discounts, volume rebates and customer sales support. Fixed price discounts and volume rebates received and receivable in respect of goods which have been sold are initially deducted from the cost of inventory and therefore reduce cost of sales in the income statement when the goods are sold. Where goods on which the fixed price discount or volume rebate has been earned remain in inventory at the year end, the cost of that inventory reflects those discounts and rebates. The Group receives customer sales support payments that are made entirely at the supplier\u2019s option, that are requested by the Group when a specific product is about to be sold to a specific customer and for which payment is only received after the sale has been completed. All customer sales support receipts received and receivable are deducted from cost of sales when the sale to the third party has been completed, ie when the customer sales support payment has been earned. Supplier income receivable is netted off against trade payables when there is a legally binding arrangement in place and it is management\u2019s intention to do so, otherwise amounts are included in other receivables in the balance sheet. Other supplier income relates to customer sales support received in respect of sales of specific products to specific customers which is included in the income statement when the relevant sale occurs, ie when all conditions for it to be earned have been met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "14. Trade and other receivables Accounting policy Trade and other receivables The Group\u2019s trade and other receivables at the balance sheet date comprise principally of amounts receivable from the sale of goods, amounts due in respect of rebates in relation to unbilled work in progress and sundry prepayments. Impairment of financial assets Trade receivables are subject to the expected credit loss model in IFRS 9 \u2013 Financial Instruments. The Group applies the IFRS 9 \u2013 Financial Instruments simplified approach to measuring expected credit losses. This uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses trade receivables have been grouped based on shared credit risk characteristics and the days past due. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include the failure of a debtor to engage in a repayment plan with the Group and the commencement of legal proceedings. \u00a3m 2022 2021 Current: Trade receivables 581.4 558.8 Allowance for doubtful debts (17.7) (13.7) 563.7 545.1 Other receivables 124.0 122.3 Other financial assets \u2013 loan notes _ 4.7 Prepayments and accrued income 38.2 34.6 Trade and other receivables 725.9 706.7 Non current: Other receivables 17. 2 _ Prepayments and accrued income _ 0.7 Trade and other receivables 17. 2 0.7 The Directors consider that the only class of asset containing material credit risk is trade receivables. The average credit term taken for sales of goods is 56 days (2021: 57 days). No interest is charged on the trade receivable from the date of the invoice until the date the invoice is classified as overdue according to the trading terms agreed between the Group and the customer. Thereafter, the Group retains the right to charge interest at 4% pa above the clearing bank base rate on the outstanding balance. The increase in the non-current prepayments balance reflects supplier licence fees and implementation costs incurred in respect of the Group\u2019s IT modernisation programmes, as well as deferred consideration from a property sold in Cambridge. Movement in the allowance for doubtful debts \u00a3m 2022 2021 At 1 January 13.7 30.6 Amounts written off during the year (7.0) ( 7.0) Charge / (release) in the year 11.0 (5.7) Derecognised on demerger/disposal of the business _ (4.2) At 31 December 17.7 13.7 Expected credit loss assessment Loss rates are based on actual credit loss experience over the past five years and existing market conditions, as well as forward-looking estimated at the end of each reporting period. The following table provides information about the exposure to credit risk and expected credit losses for trade receivables as at 31 December 2022. \u00a3m Gross carrying amount Weighted average loss rate Net loss allowance Credit impaired Current (not past due) 534.2 0.7% (3.0) No Days overdue: 1\u201330 18.9 6.0% (0.9) No 31\u201360 5.4 13.2% (0.6) No 61\u201390 1.9 22.3% (0.3) No 91\u2013120 (0.2) 43.7% _ No More than 120 21.2 72.8% (12.9) 581.4 (17.7 ) The following table provides information about the exposure to credit risk and expected credit losses for trade receivables as at 31 December 2021. \u00a3m Gross carrying amount Weighted average loss rate Net loss allowance Credit impaired Current (not past due) 516.4 0.4% (1.5) No Days overdue: 1\u201330 17.8 13.3% (0.9) No 31\u201360 6.8 22.1% (0.8) No 61\u201390 3.1 45.5% (0.6) No 91\u2013120 0.8 82.0% (0.3) No More than 120 13.9 82.9% (9.6) Yes 558.8 (13.7) Loss rates are based on actual credit loss experience over the past five years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "15. Provisions Accounting policy A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation because of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet dates, and are discounted to present value. Should a provision ultimately prove to be unnecessary then it is credited back into the income statement. Where the provision was originally established as an adjusting item, any release is shown as an adjusting credit. The Group has a number of vacant and partly sublet leased properties. Where necessary a provision has been made for the residual commitments for rates and other payments, after taking into account existing and anticipated subtenant arrangements. The Group recognises provisions for the cost of reinstating certain Group properties at the end of their lease term, based on the conditions set out in the terms of the individual leases. The timing of the outflows will match the ends of the relevant leases, which range from two to 25 years. It is Group policy to self insure using policies with a high excess against claims arising in respect of damage to third party assets, or due to employers or public liability claims. Whilst the Group does not have a contractual right to defer payment, the nature of insurance claims means they may take some time to be settled. The insurance claims provision represents management\u2019s best estimate, based upon external advice of the value of outstanding claims against it where the final settlement date is uncertain, in line with IAS 37 15. Provisions continued \u00a3m Property Insurance Restructuring Total At 1 January 2021 41.8 31.3 6.8 79.9 (Release) / charge to income statement (3.3) 4.1 (0.8) \u2013 Derecognised following demerger or disposal (9.0) (9.7) (3.1) (21.8) Utilisation of provision (13.6) (5.6) (2.9) (22.1) At 31 December 2021 15.9 20.1 \u2013 36.0 Charge to income statement 3.3 4.5 \u2013 7.8 Utilisation of provision (6.8) (5.6) \u2013 (12.4) At 31 December 2022 12.4 19.0 \u2013 31.4 Included in current liabilities 7.5 19.0 \u2013 26.5 Included in non-current liabilities 4.9 \u2013 \u2013 4.9 12.4 19.0 \u2013 31.4 The restructuring provision related to the 2020 branch closures and restructuring activities treated as adjusting items in that year. It excluded property-related provisions and inventory and trade creditor amounts which were separately classified. The following table details the Group\u2019s liquidity analysis of its provisions, based on the undiscounted net cash outflows. The impact of discounting is not material for the Group\u2019s provisions. 0\u20131 year 1\u20132 years 2\u20135 years 5+ years Total 2022: Property 7.5 1.7 1.6 1.6 12.4 Insurance 19.0 \u2013 \u2013 \u2013 19.0 26.5 1.7 1.6 1.6 31.4 2021: Property 9.1 0.3 4.4 2.1 15.9 Insurance 20.1 \u2013 \u2013 \u2013 20.1 29.2 0.3 4.4 2.1 36.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "Accounting policy A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation because of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet dates, and are discounted to present value. Should a provision ultimately prove to be unnecessary then it is credited back into the income statement. Where the provision was originally established as an adjusting item, any release is shown as an adjusting credit. The Group has a number of vacant and partly sublet leased properties. Where necessary a provision has been made for the residual commitments for rates and other payments, after taking into account existing and anticipated subtenant arrangements. The Group recognises provisions for the cost of reinstating certain Group properties at the end of their lease term, based on the conditions set out in the terms of the individual leases. The timing of the outflows will match the ends of the relevant leases, which range from two to 25 years. It is Group policy to self insure using policies with a high excess against claims arising in respect of damage to third party assets, or due to employers or public liability claims. Whilst the Group does not have a contractual right to defer payment, the nature of insurance claims means they may take some time to be settled. The insurance claims provision represents management\u2019s best estimate, based upon external advice of the value of outstanding claims against it where the final settlement date is uncertain, in line with IAS 37 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "16. Defer red tax The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon during the current and prior reporting periods. \u00a3m (Asset) / liability: At 1 Jan 2022 Recognised in income Recognised in equity Recognised in other comprehensive income At 31 Dec 2022 Trading losses (13.9) (1.1) - - (15.0) Deferred tax asset (13.9) (1.1) - - (15.0) Capital allowances 2.8 5.7 - - 8.5 Revaluation of property 11.2 - (7. 8) - 3.4 Share-based payments (5.9) - 2.4 - (3.5) Provisions 5.8 (1.0) - - 4.8 Property assets acquired in business combinations 10.4 (1.1) - - 9.3 Brand 27.2 (2.2) - - 25.0 Pension scheme asset (note 18) 68.8 1.4 - (36.3) 33.9 Deferred gains on property disposals 32.8 (1.7) - - 31.1 Leases (12.7) (4.9) - - (17.6) Cash flow hedge - - - 1.1 1.1 Deferred tax liability 140.4 (3.8) (5.4) (35.2) 96.0 Net deferred tax 126.5 (4.9) (5.4) (35.2) 81.0 Recognised in other Disposals and Recognised in Recognised in comprehensive At 31 Dec \u00a3m At 1 Jan 2021 Acquisitions demerger income equity income 2021 Trading losses - - - (13.9) - - (13.9) Deferred tax asset - - - (13.9) - - (13.9) Capital allowances (5.7) 1.5 1.2 5.8 - - 2.8 Trading losses (2.3) - 2.3 - - - Revaluation of property 8.5 - - 2.7 - 11.2 Share-based payments (8.3) - 1.3 (0.3) 1.4 - (5.9) Provisions 2.8 - 1.2 1.8 - - 5.8 Property assets acquired in business combinations 4.8 5.0 - 0.6 - - 10.4 Brand 52.5 2.3 (31.2) 3.6 - - 27. 2 Pension scheme asset 33.9 - - 0.6 - 34.3 68.8 Deferred gains on property disposals 28.0 - - 4.8 - - 32.8 Leases (37.0) - 27.5 (3.2) - - (12.7) Deferred tax liability 7 7.2 8.8 - 16.0 4.1 34.3 140.4 Net deferred tax 77. 2 8.8 - 2.1 4.1 34.3 126.5 In 2021 the Group recognised an additional deferred tax asset of \u00a39.6m in respect of the Toolstation Netherlands business, as the test in IAS 12 \u2013 Income Taxes for the recognition of a deferred tax asset was met. This was disclosed as an adjusting item (note 2). No deferred tax asset has been recognised on losses of \u00a353.3m in the Group\u2019s other European Toolstation businesses as there is currently insufficient evidence that these losses would be utilised. This position will be reviewed annually. The deferred tax asset with respect to the Netherlands trading losses has been presented as a separate asset on the balance sheet as deferred tax assets and liabilities can only be offset if they arise in the same jurisdiction. An increase in the UK corporation rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. This will increase the company\u2019s future current tax charge accordingly. The deferred tax liability at 31 December 2021 has been calculated based on these rates, reflecting the expected timing of reversal of the related temporary/timing differences (2021: 25%)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "17. Trade payables and other liabilities Accounting policy Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs and are measured at amortised cost. The Directors consider that the carrying amount of trade payables approximates to their fair value. The Group has financial risk management policies in place to ensure that all payables are paid within the credit time frame. \u00a3m 2022 2021 Trade payables 600.6 642.0 Other taxation and social security 63.7 65.0 Other payables 80.3 88.0 Accruals and deferred income 107.8 126.1 Trade and other payables 852.4 921.1 Included in trade payables at 31 December 2022 are amounts of \u00a387.2m (2021: \u00a3107.0m) which are due for settlement under supplier financing arrangements with third-party banks. Suppliers choose to enter into these arrangements which provide access to the option of early settlement of invoices at interest rates based on Travis Perkins\u2019 credit rating. If suppliers do not elect for early payment, invoices are settled on the date agreed in the existing payment terms. In some cases, Travis Perkins has agreed extensions to payment terms with suppliers who regularly access the scheme, with the longest payment terms in place of 93 days, an extension of 31 days. The total net amount outstanding where terms have been extended at 31 December 2022 was \u00a313.8m (2021: \u00a39.9m). These arrangements do not provide the Group with a significant benefit of additional financing and have been put in place for the benefit of the Group\u2019s suppliers, providing them with access to cost-efficient third-party funding. As such, outstanding balances are classified as trade payables and form part of the operating cash flows movement in the Consolidated cash flow statement. There are no significant judgements applied in the calculation of supplier finance balances.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "Accounting policy Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs and are measured at amortised cost. The Directors consider that the carrying amount of trade payables approximates to their fair value. The Group has financial risk management policies in place to ensure that all payables are paid within the credit time frame. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "19. Share capital and reserves Accounting policy Equity instruments represent the ordinary share capital of the Group and are recorded at the proceeds received, net of directly attributable incremental issue costs Consideration paid by the Group for its own shares is deducted from total shareholders\u2019 equity. Where such shares vest to colleagues under the terms of the Group\u2019s share incentive schemes or the Group\u2019s Sharesave schemes or are sold, any consideration received is included in shareholders\u2019 equity. a. Share capital Authorised, issued and fully paid Ordinary shares No. \u00a3m At 1 January 2021 252,143,923 25.2 Share consolidation (27,117,997) - At 1 January 2022 225,025,926 25.2 Cancellation of share capital (12,516,592) (1.4) 212,509,334 23.8 The Company has one class of Ordinary Share that carries no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company\u2019s residual assets. Share buyback The Group concluded its buyback programme in May 2022 as announced in 2021 following the disposal of the Plumbing and Heating business. A total of 12.3m shares were purchased in 2022 (2021: 4.6m), of which none were held as treasury shares (2021: 3.5m) and 3.3m were transferred to the Employee Share Ownership Trust (2021: 1.1m). The shares were acquired at an average price of \u00a313.70 per share (2021: \u00a315.19 per share), with prices ranging from \u00a311.72 to \u00a316.20 (2021: \u00a314.58 to \u00a315.76). The total cost of \u00a3172.1m, including \u00a32.2m of after-tax transaction costs (2021: \u00a370.5m including \u00a30.3m of after-tax transaction costs), was deducted from shareholder\u2019s equity . b. Own shares 2022 2021 No. Treasury shares ESOT shares Total Treasury shares ESOT shares Total At 1 January 3,533,419 507,37 1 4,040,790 - 2,879,021 2,879,021 Share consolidation - - - - (309,495) (309,495) Shares purchased in share buyback and held as own shares by ESOT - - - - 1,100,000 1,100,000 Shares purchased in share buyback and held as treasury shares (3,533,419) 3,533,419 - 3,533,419 3,533,419 Reissued - (1,444,106) (1,444,106) - (3,162,155) (3,162,155) At 31 December - 2,596,684 2,596,684 3,533,419 507,371 4,040,790 The own shares held by the Employee Share Ownership Trust are to satisfy options under the Group\u2019s share option schemes. None of the own shares have been allocated to grants of executive options and all rights attaching to the shares are suspended until the shares are reissued. Details of all movements in reserves for both the Group and Company are shown in their respective Statement of Changes in Equity. The cumulative total of goodwill written off directly to reserves for acquisitions from December 1989 to December 1998 is \u00a340.1m. The aggregate information for the accounting periods prior to this period is not available . c. Reserves A description of the nature and purpose of each reserve is given below: \u2022 The share premium represents the amounts above the nominal value received for shares sold \u2022 The merger reserve represents the premium on equity instruments issued as consideration for the acquisition of BSS \u2022 The revaluation reserve represents the revaluation surplus that arose from property revaluations in 1999 and prior years \u2022 The cash \ufb02ow hedge reserve represents the cumulative gain or loss on the fair value of effective hedging instruments used in cash \ufb02ow hedges which have not yet been reclassi\ufb01ed to pro\ufb01t or loss \u2022 The own shares reserve represents the cost of shares purchased in the market and held by the Employee Share Ownership Trust to satisfy options under the Group\u2019s share option schemes \u2022 Foreign exchange reserve represents the exchange differences recognised on translation of the assets and liabilities of the foreign operations that have a functional currency different from the Group \u2022 Other reserves relates to a capital redemption reserve arising as a result of the share buybacks and the subsequent cancellation of shares \u2022 Retained earnings represents cumulative results for the Group",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "Accounting policy Equity instruments represent the ordinary share capital of the Group and are recorded at the proceeds received, net of directly attributable incremental issue costs .",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "Consideration paid by the Group for its own shares is deducted from total shareholders\u2019 equity. Where such shares vest to colleagues under the terms of the Group\u2019s share incentive schemes or the Group\u2019s Sharesave schemes or are sold, any consideration received is included in shareholders\u2019 equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "a. Share capital Authorised, issued and fully paid Ordinary shares No. \u00a3m At 1 January 2021 252,143,923 25.2 Share consolidation (27,117,997) - At 1 January 2022 225,025,926 25.2 Cancellation of share capital (12,516,592) (1.4) 212,509,334 23.8 The Company has one class of Ordinary Share that carries no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company\u2019s residual assets. Share buyback The Group concluded its buyback programme in May 2022 as announced in 2021 following the disposal of the Plumbing and Heating business. A total of 12.3m shares were purchased in 2022 (2021: 4.6m), of which none were held as treasury shares (2021: 3.5m) and 3.3m were transferred to the Employee Share Ownership Trust (2021: 1.1m). The shares were acquired at an average price of \u00a313.70 per share (2021: \u00a315.19 per share), with prices ranging from \u00a311.72 to \u00a316.20 (2021: \u00a314.58 to \u00a315.76). The total cost of \u00a3172.1m, including \u00a32.2m of after-tax transaction costs (2021: \u00a370.5m including \u00a30.3m of after-tax transaction costs), was deducted from shareholder\u2019s equity ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "b. Own shares 2022 2021 No. Treasury shares ESOT shares Total Treasury shares ESOT shares Total At 1 January 3,533,419 507,37 1 4,040,790 - 2,879,021 2,879,021 Share consolidation - - - - (309,495) (309,495) Shares purchased in share buyback and held as own shares by ESOT - - - - 1,100,000 1,100,000 Shares purchased in share buyback and held as treasury shares (3,533,419) 3,533,419 - 3,533,419 3,533,419 Reissued - (1,444,106) (1,444,106) - (3,162,155) (3,162,155) At 31 December - 2,596,684 2,596,684 3,533,419 507,371 4,040,790 The own shares held by the Employee Share Ownership Trust are to satisfy options under the Group\u2019s share option schemes. None of the own shares have been allocated to grants of executive options and all rights attaching to the shares are suspended until the shares are reissued. Details of all movements in reserves for both the Group and Company are shown in their respective Statement of Changes in Equity. The cumulative total of goodwill written off directly to reserves for acquisitions from December 1989 to December 1998 is \u00a340.1m. The aggregate information for the accounting periods prior to this period is not available ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "c. Reserves A description of the nature and purpose of each reserve is given below: \u2022 The share premium represents the amounts above the nominal value received for shares sold \u2022 The merger reserve represents the premium on equity instruments issued as consideration for the acquisition of BSS \u2022 The revaluation reserve represents the revaluation surplus that arose from property revaluations in 1999 and prior years \u2022 The cash \ufb02ow hedge reserve represents the cumulative gain or loss on the fair value of effective hedging instruments used in cash \ufb02ow hedges which have not yet been reclassi\ufb01ed to pro\ufb01t or loss \u2022 The own shares reserve represents the cost of shares purchased in the market and held by the Employee Share Ownership Trust to satisfy options under the Group\u2019s share option schemes \u2022 Foreign exchange reserve represents the exchange differences recognised on translation of the assets and liabilities of the foreign operations that have a functional currency different from the Group \u2022 Other reserves relates to a capital redemption reserve arising as a result of the share buybacks and the subsequent cancellation of shares \u2022 Retained earnings represents cumulative results for the Group",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "20. Earnings per share a. Basic and diluted earnings per share \u00a3m 2022 2021 Profit attributable to the owners of the parent -from continuing operations 192.2 240.8 -from discontinued operations - 38.1 Weighted average number of shares for the purposes of basic earnings per share 211,630,413 231,766,613 Dilutive effect of share options on potential ordinary shares 3,789,212 2 ,967,69 4 Weighted average number of ordinary shares for the purposes of diluted earnings per share 215,419,625 234,734,307 Earnings per share -from continuing operations 90.8p 103.9p -from discontinued operations - 16.4 -total 90.8p 120.3p Diluted earnings per share -from continuing operations 89.2p 102.6p -from discontinued operations - 16.2p \u2013total 89.2p 118.8p 528,262 share options (2021: 6,545 share options) had an exercise price in excess of the average market value of the shares during the year. As a result, these share options were excluded from the calculation of diluted earnings per share. Share options that would be anti-dilutive due to the Group generating a loss have also been excluded from the calculation. b. Adjusted earnings per share Adjusted earnings per share is calculated by excluding the effect of adjusting items and amortisation of acquired intangible assets from earnings. \u00a3m 2022 2021 Earnings for the purposes of earnings per share 192.2 240.8 Adjusting items - (6.8) Amortisation of acquired intangible assets 10.5 11.1 Tax on adjusting items - 1.6 Adjusting deferred tax - 4.7 Tax on amortisation of acquired intangible assets (2.6) (2.7) Earnings for adjusted earnings per share 200.1 248.7 Adjusted earnings per share 94.6p 107.3p Adjusted diluted earnings per share 92.9p 105.9p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "Adjusted earnings per share is calculated by excluding the effect of adjusting items and amortisation of acquired intangible assets from earnings",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "21. Dividends Accounting policy Dividends proposed by the Board of Directors and unpaid at the period end are not recognised in the financial statements until they have been approved by shareholders at the Annual General Meeting . Amounts were recognised in the financial statements as distributions to equity shareholders as follows: \u00a3m 2022 2021 Final dividend for the year ended 31 December 2021 of 26.0 pence (2020: nil pence) per ordinary share 55.5 \u2013 Interim dividend for the year ended 31 December 2022 of 12.5 pence (2021: 12.0 pence) per ordinary share 26.2 26.9 Special dividend of nil pence (2021: 35.0 pence) per ordinary share - 78.5 Total dividend recognised during the year 81.7 105.4 The Directors are recommending a final dividend of 26.5p in respect of the year ended 31 December 2022. The anticipated cash payment in respect of the proposed final dividend is \u00a356.3m (2021: \u00a358.5m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "Accounting policy Dividends proposed by the Board of Directors and unpaid at the period end are not recognised in the financial statements until they have been approved by shareholders at the Annual General Meeting ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "22. Borrowings Accounting policy Interest-bearing bank loans and overdrafts, loan notes and other loans are recognised in the balance sheet at amortised cost. Finance charges associated with arranging non-equity funding are recognised in the income statement over the life of the facility. All other borrowing costs are recognised in the income statement in accordance with the effective interest rate method. A summary of the Group\u2019s objectives, policies, procedures and strategies with regard to \ufb01nancial instruments and capital management can be found in the Strategic Report on page 78. At 31 December 2022, all borrowings were denominated in sterling (2021: sterling). a. Summary \u00a3m 2022 2021 Liability to pension scheme 26.7 28.5 Sterling bonds 430.0 550.0 Finance charges netted off borrowings (2.6) (3.3) Loan note 75.0 \u2013 Overdraft 12.5 \u2013 541.6 575.2 Current liabilities 192.5 \u2013 Non-current liabilities 349.1 575.2 541.6 575.2 b. Analysis of other borrowings \u00a3m 2022 2021 Borrowings repayable: On demand or within one year 192.5 \u2013 More than one year, but not more than \ufb01ve years 325.0 550.0 More than \ufb01ve years 26.7 28.5 Gross borrowings 544.2 578.5 Unamortised fees (2.6) (3.3) 541.6 575.2 c. Facilities At 31 December 2022, the following facilities were available: \u00a3m 2022 2021 Drawn facilities: \u00a3250m sterling bond 250.0 250.0 \u00a3180m sterling bond (2021: \u00a3300m sterling bond) 180.0 300.0 Term loan 75.0 \u2013 505.0 550.0 Un-drawn facilities: Five year committed revolving credit facility 400.0 400.0 Bank overdrafts 15.0 15.0 415.0 415.0 In April 2022, the Group completed a tender offer on the 2023 guaranteed notes, repurchasing \u00a3120m principal amount of notes which were subsequently cancelled. In August 2022 the Group obtained a \ufb01ve year term loan of \u00a375m repayable in August 2027, and entered into an interest rate swap to hedge the risk relating to the variable element of the interest rate on the loan. Further details of the swap transaction are disclosed in note 27. The Group\u2019s \u00a3400m banking facility with a syndicate of banks was extended in 2020, with \u00a354m maturing in January 2024 and the remaining \u00a3346m maturing in April 2025. The disclosures in note 22(c) do not include leases or the effect of \ufb01nance charges netted off bank debt. 22. Borrowings continued d. Interest The weighted average interest rates received on assets and paid on liabilities were as follows: \u00a3m 2022 2021 Assets: Short-term deposits 1.0 0.1 Liabilities: \u00a3250m sterling bond 3.8 3.8 \u00a3180m sterling bond (2021: \u00a3300m) 4.5 4.5 \u00a375m term loan 4.6 n/a Bank loans and overdrafts 2.1 1.9 In respect of income earning \ufb01nancial assets and interest-bearing \ufb01nancial liabilities, the following table indicates their effective interest rates at the balance sheet date: 2022 2021 \u00a3m Effective interest rate \u00a3m Effective interest rate \u00a3m Assets: Short-term deposits 3.3% 194.0 0.2% 435.0 Liabilities: \u00a3250m sterling bond) (2026) 3.8% 250.0 3.8% 250.0 \u00a3180m sterling bond (2021: \u00a3300m) (2023) 4.5% 180.0 4.5% 300.0 Term loan 4.6% 75.0 \u2013 \u2013 505.0 550.0 e. Fair values The book values of \ufb01nancial assets and liabilities have been determined based on amortised cost. For the majority of these, the fair values are not materially different from their carrying amounts. Signi\ufb01cant differences were identi\ufb01ed for the Group\u2019s \u00a3430m of bonds as at 31 December 2022, where the assessed fair value based on quoted mid-market prices was \u00a3399.6m. Details of the fair values of derivatives are given in notes 27 and 28. f. Guarantees and security There are cross guarantees on the overdrafts between Group companies. Travis Perkins Trading Company Limited, Travis Perkins (Properties) Limited, TP Property Company Limited, Keyline Civils Specialist Limited, Toolstation Limited, CCF Limited and The BSS Group Limited are guarantors of the following facilities advanced to Travis Perkins plc: \u2022 \u00a3250m sterling bond \u2022 \u00a3180m sterling bond (2021: \u00a3300m) \u2022 \u00a375m term loan \u2022 \u00a3400m revolving credit facility \u2022 Interest rate swap\u00b9 \u2022 Currency derivatives (note 28)\u00b2 The Group companies have entered into other guarantee and counter-indemnity arrangements in respect of guarantees issued in favour of Group companies by several banks amounting to approximately \u00a332m (2021: \u00a332m). Other guarantors \u00b9 Interest rate swap is guaranteed by Travis Perkins Trading Company Limited, Travis Perkins (Properties) Limited, CCF Limited and Keyline Civils Specialist Limited. \u00b2 Currently derivatives are guaranteed by CCF Limited in addition to the above listed guarantors",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "Accounting policy Interest-bearing bank loans and overdrafts, loan notes and other loans are recognised in the balance sheet at amortised cost. Finance charges associated with arranging non-equity funding are recognised in the income statement over the life of the facility. All other borrowing costs are recognised in the income statement in accordance with the effective interest rate method. A summary of the Group\u2019s objectives, policies, procedures and strategies with regard to \ufb01nancial instruments and capital management can be found in the Strategic Report on page 78. At 31 December 2022, all borrowings were denominated in sterling (2021: sterling)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-386": {
"value": "27. Financial risk management The overall aim of the Group\u2019s \ufb01nancial risk management policies is to minimise potential adverse effects on \ufb01nancial performance and net assets. The Group manages the principal \ufb01nancial and treasury risks within a framework of policies and operating parameters reviewed and approved annually by the Board of Directors. The Group does not enter into speculative transactions. The Group\u2019s risk management policy is further discussed on pages 73-74. a. Derivatives During 2022 the Group obtained a \ufb01ve year term loan facility for \u00a375m (note 22) and at the same time entered into an equal interest rate swap arrangement to hedge the interest rate. For 2022 through to 2025, the Board of Directors has decided to maintain a ratio of \ufb01xed and \ufb02oating rate net debt at 1:1. The risk management objective is to hedge against the fair value of the variable interest rate element of the loan facility. The interest rate swap is a derivative measured at fair value and is designated in the hedging relationship in its entirety, therefore the hedging instrument is eligible for hedge accounting. The Group\u2019s accounting policy for its cash \ufb02ow hedges is set out in note 28. The Group has the following derivative \ufb01nancial instruments in the following line items in the balance sheet: \u00a3m 2022 2021 Non-current assets - Interest rate swap \u2013 cash \ufb02ow hedge 4.3 - Total non-current derivative \ufb01nancial instrument assets 4.3 - 27. Financial risk management continued The Group\u2019s hedging reserve relates to the following hedge instrument: \u00a3m Interest rate swaps Total cash \ufb02ow hedge reserve At 1 January 2021 and 1 January 2022 - - Change in fair value of hedging instrument recognised in OCI 4.3 4.3 Deferred tax (1.1) (1.1) At 31 December 2022 3.2 3.2 The following amounts were recognised in the Group\u2019s pro\ufb01t and loss: \u00a3m 2022 2021 Net loss on foreign currency forwards not qualifying as hedges included in other gains/(losses) (0.3) (0.5) Hedge effectiveness was determined at the inception of the swap arrangement and through prospective effectiveness assessments, to ensure that an economic relationship exists between the loan facility and the interest rate swap. As both the loan and interest rate swap have the same critical terms, with the value, term and payment timings aligned, there is no portion of the hedge which is considered to be ineffective. Swaps currently in place cover approximately 100% of the variable term loan principal outstanding. The \ufb01xed interest rate of the swap is 2.673%. The interest rate of the term loan consists of a variable element based on the Sterling Overnight Index Average (\u201cSONIA\u201d) and a margin between 1.8% \u2013 2.4%. The swap contracts require settlement of the net interest receivable or payable every six months and coincides with the dates on which payment is due on the underlying term loan. The effects of the interest rate swaps of the Group\u2019s \ufb01nancial position and performance are as follows: \u00a3m 2022 2021 Carrying amount (non-current assets) 4.3 - Notional amount 75.0 - Maturity date 15 August 2027 - Hedge ratio 1:1 - Change in fair value of hedging instruments for the year 4.3 - Weighted average hedged rate for the year 2.43% -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "28. Financial instruments
Accounting policy
Investments and other financial assets classification
The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories:
\u2022 Those to be measured subsequently at fair value (either through Other Comprehensive Income \u2018\u2018FVOCI\u2019\u2019, or through pro\ufb01t or loss \u201cFVTPL\u201d)
\u2022 Those to be measured at amortised cost.
The classi\ufb01cation depends on the business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows.
For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or OCI. For investments in equity instruments that
are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account
for the equity investment at FVTPL or at FVOCI.
The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets changes.
Measurement
At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at FVTPL, transaction costs that
are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at FVTPL are expensed in pro\ufb01t or loss.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash
\ufb02ow characteristics of the asset. There are two measurement categories into which the Group classi\ufb01es its debt instruments:
\u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and
interest are measured at amortised cost. Interest income from these \ufb01nancial assets is included in \ufb01nance income using the effective interest
rate method. Any gain or loss arising on derecognition is recognised directly in pro\ufb01t or loss and presented in \ufb01nance income or \ufb01nance
costs, together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the income statement.
\u2022 FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt instrument that is
subsequently measured at FVTPL is recognised in pro\ufb01t or loss and presented net within other gains / (losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to present fair value
gains and losses on equity investments in OCI, there is no subsequent reclassi\ufb01cation of fair value gains and losses to pro\ufb01t or loss following
the derecognition of the investment. Dividends from such investments continue to be recognised in pro\ufb01t or loss when the Group\u2019s right to
receive payments is established.
Changes in the fair value of \ufb01nancial assets at FVTPL are recognised in \ufb01nance income or \ufb01nance costs in the income statement as applicable.
Impairment losses (and the reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other
changes in fair value.
Impairment
From 1 January 2018, the Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried
at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a signi\ufb01cant increase in credit risk.
For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9 \u2013 Financial Instruments, which requires expected lifetime
losses to be recognised from initial recognition of the receivables.
Derivative financial instruments
The Group uses derivative \ufb01nancial instruments to hedge its exposure to interest rate and foreign exchange risks arising from \ufb01nancing activities.
The Group does not enter into speculative \ufb01nancial instruments. In accordance with its treasury policy, the Group does not hold or issue derivative
\ufb01nancial instruments for derivative trading purposes.
Derivative \ufb01nancial instruments are stated at fair value. The fair value of derivative \ufb01nancial instruments is the estimated amount the Group
would receive or pay to transfer to a market participant the derivative at the balance sheet date, taking into account current interest and exchange
rates and the current creditworthiness of the counterparties. Where derivatives do not qualify for hedge accounting, any gains or losses on
re-measurement are immediately recognised in the Statement of Comprehensive Income. Where derivatives qualify for hedge accounting,
recognition of any resultant gain or loss depends on the nature of the hedge relationship and the items being hedged.
In order to qualify for hedge accounting, the Company is required to document, from inception, the relationship between the item being hedged and
the hedging instrument. The Company is also required to document and demonstrate an assessment of the relationship between the hedged item
and the hedging instrument, which shows that the hedge will be highly effective on an on-going basis. This effectiveness testing is performed at
each reporting date to ensure that the hedge remains highly effective.
Derivative \ufb01nancial instruments are classi\ufb01ed as cash \ufb02ow hedges when they hedge the Company\u2019s exposure to variability in cash \ufb02ows that are
either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecasted transaction. The effective
element of any gain or loss from re-measuring the derivative instrument is recognised directly in equity.
The associated cumulative gain or loss is removed from equity and recognised in the Statement of Comprehensive Income in the same period
during which the hedged transaction affects the Statement of Comprehensive Income.
The classi\ufb01cation of the effective portion when recognised in the Statement of Comprehensive Income is the same as the classi\ufb01cation of the
hedged transaction. Any element of the re-measurement criteria of the derivative instrument which does not meet the criteria for an effective
hedge is recognised immediately in the Statement of Comprehensive Income.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer quali\ufb01es for hedge
accounting or is de-designated. At that point in time, any cumulative gain or loss on the hedging instrument recognised in equity is retained
in equity until the forecasted transaction occurs or the original hedged item affects the Statement of Comprehensive Income. If a forecasted
hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the Statement of
Comprehensive Income
Foreign currency forward contracts are marked-to-market at the balance sheet date, with any gains or losses being taken through the
income statement.
Derivatives embedded in commercial contracts are treated as separate derivatives when their risks and characteristics are not closely
related to those of the underlying contracts, with unrealised gains or losses being reported in the income statement.
28. Financial instruments continued
a. The carrying value of categories of financial instruments
\u00a3m 2022 2021
Financial assets:
Mandatorily at FVTPL \u2013 0.2
Loans and receivables (including cash and cash equivalents) at amortised cost 923.4 1,131.9
Designated instrument-by-instrument as either FVTPL or FVOCI 4.3 \u2013
927.7 1,132.1
Financial liabilities:
Mandatorily at FVTPL 0.2 \u2013
Borrowings (note 22a) 541.6 575.2
Trade and other payables (including overdrafts) at amortised cost (note 17) 681.0 730.0
1,222.8 1,305.2
Loans and receivables exclude prepayments of \u00a338.2m (2021: \u00a334.6m). Trade and other payables exclude taxation and social security and
accruals and deferred income totalling \u00a3171.5m (2021: \u00a3191.1m). The carrying amount of \ufb01nancial assets recorded in the \ufb01nancial statements,
which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group has considered the impact of credit risk
on its \ufb01nancial instruments and because the counterparties are banks with strong credit ratings considers its impact to be immaterial. The issuer
credit ratings of the banks where the Group\u2019s deposits are held ranges from A to A+ (S&P), A2 to Aa3 (Moody\u2019s), and A- to A+ (Fitch).
b. Fair value of financial instruments
Financial assets and \ufb01nancial liabilities designated as FVTPL comprise foreign currency forward contracts and are measured using quoted forward
exchange rates.
The following table provides an analysis of \ufb01nancial instruments that are measured subsequent to initial recognition at fair value, grouped into
levels 1 to 3 based on the degree to which the fair value is observable:
\u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable
for the asset or liability either directly (ie as prices) or indirectly (ie derived from prices)
\u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not
based on observable market data (unobservable inputs)
There were no transfers between levels during the year.
\u00a3m 2022 2021
Included in assets:
Level 1
Interest rate swap 4.3 \u2013
Foreign currency forward contracts at fair value through pro\ufb01t and loss \u2013 0.2
4.3 0.2
Included in liabilities:
Level 2
Foreign currency forward contracts at fair value through pro\ufb01t and loss (0.2) \u2013
(0.2) \u2013
c. Interest risk management
The Group is exposed to interest rate risk as entities in the Group borrow funds at both \ufb01xed and \ufb02oating interest rates. The risk is managed
by the Group by maintaining an appropriate mix between \ufb01xed and \ufb02oating rate borrowings and by the use of interest rate swap contracts
and forward interest rate contracts when appropriate. Hedging activities are evaluated regularly to align with interest rate views and de\ufb01ned
risk appetite, ensuring optimal hedging strategies are applied, by either positioning the balance sheet or protecting interest expense through
different interest rate cycles. At 31 December 2022, the Group had entered into an interest rate swap arrangement to hedge the variable interest
rate risk on a \u00a375m \ufb01ve-year loan facility. The risk management objective is to hedge against the fair value of the variable interest rate element
of the loan facility. The interest rate swap is a derivative measured at fair value and is designated in the hedging relationship in its entirety.
(2021: no interest rate risks were hedged).
d. Currency forward contracts
The Group acquires goods for sale from overseas, which when not denominated in sterling are paid for principally in US dollars and euros.
The Group has entered into forward foreign exchange contracts (all of which are less than one year in duration) to buy US dollars and euros to
hedge the exchange rate risk arising from these anticipated future purchases. At the balance sheet date the total notional value of contracts to
which the Group was committed was EUR10.0m and US$30.0m (2021: EUR11.0m and US$20.5m). The fair value of these derivatives was
\u00a30.2m liability (2021: \u00a30.2m asset). These contracts are not designated cash \ufb02ow hedges and accordingly the fair value movement has been
re\ufb02ected in the income statement.
e. Interest rate sensitivity analysis
A sensitivity analysis has been determined based on the exposure to interest rates for both derivatives and non-derivative \ufb01nancial instruments at the
balance sheet date. For \ufb02oating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the balance sheet date was
outstanding for the whole year. A 1.0% increase or decrease is used when reporting interest rate risk internally to key management personnel.
At 31 December 2022 the Group had no \ufb02oating rate liabilities. There was \u00a3194.0m on short-term deposit at 31 December 2022 (2021: \u00a3435m). A
1.0% increase/decrease in interest rates, with all other variables held constant, would have the following impact on:
\u2022 Pro\ufb01t before taxation for the year ended 31 December 2022 would have increased/decreased by \u00a31.9m (2021: increased/decreased by \u00a34.4m)
due to the short-term deposits
\u2022 Net equity would have increased/decreased by \u00a31.6m (2021: increased/decreased by \u00a33.5m)
f. Liquidity analysis
The following table details the Group\u2019s liquidity analysis for its derivative \ufb01nancial instruments and other \ufb01nancial liabilities. The table has been
drawn up based on the undiscounted net cash \ufb02ows on the derivative instruments that settle on a net basis and the undiscounted gross cash \ufb02ows
on those derivatives that require gross settlement. When the amount payable or receivable is not \ufb01xed, the amount disclosed has been determined
by reference to the projected interest and foreign currency rates as illustrated by the yield curves existing at the reporting date.
2022
\u00a3m 0\u20131 year 1\u20132 years 2\u20135 years 5+ years Total
Total gross settled: foreign exchange forward contracts (33.9) \u2013 \u2013 \u2013 (33.9)
Total net settled: Interest rate swap \u2013 cash \ufb02ow hedge 0.5 1.5 2.8 \u2013 4.8
Total derivative \ufb01nancial instruments (33.4) 1.5 2.8 \u2013 (29.1)
Net settled:
Borrowings (192.5) \u2013 (349.1) \u2013 (541.6)
Trade and other payables at amortised cost (note 28a) (681.0) \u2013 \u2013 \u2013 (681.0)
Leases (note 11a) (88.5) (81.5 (200.8) (262.1) (632.9)
Total \ufb01nancial instruments (962.0) (81.5) (549.9) (262.1) (1,855.5)
2021
\u00a3m 0\u20131 year 1\u20132 years 2\u20135 years 5+ years Total
Total gross settled: foreign exchange forward contracts (25.2) \u2013 \u2013 \u2013 (25.2)
Total derivative \ufb01nancial instruments (25.2) \u2013 \u2013 \u2013 (25.2)
Net settled:
Borrowings \u2013 \u2013 (550.0) (28.5) (578.5)
Trade and other payables at amortised cost (note 28a) (730.0) \u2013 \u2013 \u2013 (730.0)
Leases (note 11a) (93.5) (151.5) (119.4) (247.0) (611.4)
Total \ufb01nancial instruments (848.7) (151.5) (669.4) (275.5) (1,945.1)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "Accounting policy Investments and other financial assets classification The Group classi\ufb01es its \ufb01nancial assets in the following measurement categories: \u2022 Those to be measured subsequently at fair value (either through Other Comprehensive Income \u2018\u2018FVOCI\u2019\u2019, or through pro\ufb01t or loss \u201cFVTPL\u201d) \u2022 Those to be measured at amortised cost. The classi\ufb01cation depends on the business model for managing the \ufb01nancial assets and the contractual terms of the cash \ufb02ows. For assets measured at fair value, gains and losses will either be recorded in pro\ufb01t or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVTPL or at FVOCI. The Group reclassi\ufb01es debt investments when and only when its business model for managing those assets changes. Measurement At initial recognition, the Group measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the \ufb01nancial asset. Transaction costs of \ufb01nancial assets carried at FVTPL are expensed in pro\ufb01t or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash \ufb02ow characteristics of the asset. There are two measurement categories into which the Group classi\ufb01es its debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash \ufb02ows where those cash \ufb02ows represent solely payments of principal and interest are measured at amortised cost. Interest income from these \ufb01nancial assets is included in \ufb01nance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in pro\ufb01t or loss and presented in \ufb01nance income or \ufb01nance costs, together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the income statement. \u2022 FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a debt instrument that is subsequently measured at FVTPL is recognised in pro\ufb01t or loss and presented net within other gains / (losses) in the period in which it arises. Equity instruments The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassi\ufb01cation of fair value gains and losses to pro\ufb01t or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in pro\ufb01t or loss when the Group\u2019s right to receive payments is established. Changes in the fair value of \ufb01nancial assets at FVTPL are recognised in \ufb01nance income or \ufb01nance costs in the income statement as applicable. Impairment losses (and the reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value. Impairment From 1 January 2018, the Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost and FVOCI. The impairment methodology applied depends on whether there has been a signi\ufb01cant increase in credit risk. For trade receivables, the Group applies the simpli\ufb01ed approach permitted by IFRS 9 \u2013 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Derivative financial instruments The Group uses derivative \ufb01nancial instruments to hedge its exposure to interest rate and foreign exchange risks arising from \ufb01nancing activities. The Group does not enter into speculative \ufb01nancial instruments. In accordance with its treasury policy, the Group does not hold or issue derivative \ufb01nancial instruments for derivative trading purposes. Derivative \ufb01nancial instruments are stated at fair value. The fair value of derivative \ufb01nancial instruments is the estimated amount the Group would receive or pay to transfer to a market participant the derivative at the balance sheet date, taking into account current interest and exchange rates and the current creditworthiness of the counterparties. Where derivatives do not qualify for hedge accounting, any gains or losses on re-measurement are immediately recognised in the Statement of Comprehensive Income. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the items being hedged. In order to qualify for hedge accounting, the Company is required to document, from inception, the relationship between the item being hedged and the hedging instrument. The Company is also required to document and demonstrate an assessment of the relationship between the hedged item and the hedging instrument, which shows that the hedge will be highly effective on an on-going basis. This effectiveness testing is performed at each reporting date to ensure that the hedge remains highly effective. Derivative \ufb01nancial instruments are classi\ufb01ed as cash \ufb02ow hedges when they hedge the Company\u2019s exposure to variability in cash \ufb02ows that are either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecasted transaction. The effective element of any gain or loss from re-measuring the derivative instrument is recognised directly in equity. The associated cumulative gain or loss is removed from equity and recognised in the Statement of Comprehensive Income in the same period during which the hedged transaction affects the Statement of Comprehensive Income. The classi\ufb01cation of the effective portion when recognised in the Statement of Comprehensive Income is the same as the classi\ufb01cation of the hedged transaction. Any element of the re-measurement criteria of the derivative instrument which does not meet the criteria for an effective hedge is recognised immediately in the Statement of Comprehensive Income. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised, or no longer quali\ufb01es for hedge accounting or is de-designated. At that point in time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs or the original hedged item affects the Statement of Comprehensive Income. If a forecasted hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to the Statement of Comprehensive Income Foreign currency forward contracts are marked-to-market at the balance sheet date, with any gains or losses being taken through the income statement. Derivatives embedded in commercial contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the underlying contracts, with unrealised gains or losses being reported in the income statement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "29. Impairment Accounting policy Impairment of tangible and intangible assets The carrying amounts of the Group\u2019s tangible and intangible assets with a de\ufb01nite useful life are reviewed at each balance sheet date to determine whether there is any indication of impairment to their value. If such an indication exists, the asset\u2019s recoverable amount is estimated and compared to its carrying value. Where the asset does not generate cash \ufb02ows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount of an asset is the greater of its fair value less disposal cost and its value-in-use (the present value of the future cash \ufb02ows that the asset is expected to generate). In determining value in use the present value of future cash \ufb02ows is discounted using a pre-tax discount rate that re\ufb02ects current market assessments of the time value-of-money in relation to the period of the investment and the risks speci\ufb01c to the asset concerned. Where the carrying value exceeds the recoverable amount a provision for the impairment loss is established with a charge being made to the income statement. When the reasons for a write down no longer exist the write down is reversed in the income statement up to the net book value that the relevant asset would have had if it had not been written down and if it had been depreciated. For intangible assets that have an inde\ufb01nite useful life the recoverable amount is estimated on an annual basis. Measuring recoverable amounts The Group tests goodwill and other non-monetary assets with inde\ufb01nite useful lives for impairment annually or more frequently if there are indications that an impairment may have occurred. The recoverable amounts of the goodwill and other non-monetary assets with inde\ufb01nite useful lives are determined from value-in-use calculations, except for the Toolstation Benelux and Toolstation France CGUs where fair value less cost of disposal (\u201cFVLCOD\u201d) calculations have been used to better re\ufb02ect the long-term nature of these investments and their early stage of maturity. The valuation is considered to be level 3 in the fair value due to unobserveable inputs used in the valuation. The key assumptions for the value-in-use and the FVLCOD calculations are those regarding the discount rates, growth rates and like-for-like market volume changes which impact sales and therefore cash \ufb02ow projections and maintenance capital expenditure. Management estimates pre-tax discount rates that re\ufb02ect current market assessments of the time-value of money and the risks speci\ufb01c to the CGU groupings that are not re\ufb02ected in the cash \ufb02ow projections. In developing these assumptions, management has considered the possible impacts of climate risks, as set out in the Statement of Principal Risks and Uncertainties and the Group\u2019s planned responses to climate change, per the TCFD Disclosure on pages 50 to 61. This has included consideration of the impact of climate risks on the Group\u2019s required capital expenditure, on energy costs directly in the business and the supply chain and the impact of the changes on the Group\u2019s markets and customers. At the end of the \ufb01nancial year the recoverable amount of goodwill and intangible assets with inde\ufb01nite useful lives in all segments was in excess of their book value. In the absence of a binding agreement to sell the assets and active reference market on which fair value can be determined, the recoverable amount of the goodwill and intangible assets with inde\ufb01nite useful lives was determined according to value-in-use. The value-in-use calculations require the use of assumptions. Key assumptions The key \ufb01nancial assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key assumptions represent management\u2019s assessment of current market conditions and future trends and have been based on historical data from both external and internal sources. 2022 2021 Pre-tax discount rate 11.2%-14.7% 8.9%\u201310.2% Long-term growth rate 1.7% 1.7% Management determined the values assigned to these \ufb01nancial assumptions as follows: \u2022 Pre-tax discount rates: these are calculated by reference to the weighted average cost of capital (\u201cWACC\u201d) of the Group and re\ufb02ect speci\ufb01c risks relating to the Group\u2019s industries and the countries in which the Group operates. The pre-tax discount rate is adjusted for risks not adjusted for in the cash \ufb02ow forecasts, including risks related to the size and industry of each CGU. \u2022 Long-term growth rate: This is the weighted average growth rate used to extrapolate cash \ufb02ows beyond the budget period. This represents the forecast GDP growth for the \ufb01nal year considered in the Office for Budget Responsibility\u2019s most recent Economic and Fiscal Outlook report. Cash \ufb02ow forecasts are derived from the most recent Board-approved strategic plans. The key operating assumptions used in the estimation of future cash \ufb02ows are: \u2022 Sales market volume growth on which the approved corporate plans are based are derived from a variety of sources including construction and consumer outlook reports, current and forecast housing-market transaction numbers and mortgage-approval levels. The Directors consider this to be the principal operating assumption as it determines management\u2019s approach to the interlinked factors underlying the operating margin percentage \u2022 Operating margin percentage is forecast in the context of the sales market volume growth assumptions and is based on historical experience of operating margins, adjusted for the impact of changes to product costs and cost-saving initiatives. Cash \ufb02ows beyond the corporate plan period (2026 and beyond for the UK CGUs) have been determined using the long-term growth rate. Impairment charge The recoverable amount of goodwill and intangible assets with inde\ufb01nite useful lives was in excess of their book value in all CGUs and therefore no impairments have been recognised (2021: no impairments recognised). There are no reasonably possible changes in the key assumptions used in the impairment reviews that would cause the recoverable amounts to be materially lower than the carrying amounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "Accounting policy Impairment of tangible and intangible assets The carrying amounts of the Group\u2019s tangible and intangible assets with a de\ufb01nite useful life are reviewed at each balance sheet date to determine whether there is any indication of impairment to their value. If such an indication exists, the asset\u2019s recoverable amount is estimated and compared to its carrying value. Where the asset does not generate cash \ufb02ows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount of an asset is the greater of its fair value less disposal cost and its value-in-use (the present value of the future cash \ufb02ows that the asset is expected to generate). In determining value in use the present value of future cash \ufb02ows is discounted using a pre-tax discount rate that re\ufb02ects current market assessments of the time value-of-money in relation to the period of the investment and the risks speci\ufb01c to the asset concerned. Where the carrying value exceeds the recoverable amount a provision for the impairment loss is established with a charge being made to the income statement. When the reasons for a write down no longer exist the write down is reversed in the income statement up to the net book value that the relevant asset would have had if it had not been written down and if it had been depreciated. For intangible assets that have an inde\ufb01nite useful life the recoverable amount is estimated on an annual basis",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "30. Capital commitments \u00a3m 2022 2021 Contracted for but not provided in the accounts 8.3 51.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "31. Business combinations and disposals
Accounting policy
All business combinations are accounted for using the acquisition method. The consideration transferred for the acquisition of a subsidiary
comprises the:
\u2022 Fair values of the assets transferred
\u2022 Liabilities incurred to the former owners of the acquired business
\u2022 Equity interests issued by the Group
\u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement
\u2022 Fair value of any pre-existing equity interest in the subsidiary
The acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u2013 Business Combinations
are recognised at their fair value at the acquisition date except that:
\u2022 Deferred tax assets or liabilities and liabilities or assets related to employee bene\ufb01t arrangements are recognised and measured in accordance
with IAS 12 \u2013 Income Taxes and IAS 19 \u2013 Employee Bene\ufb01ts respectively
\u2022 Liabilities or equity instruments related to the replacement by the Group of an acquiree\u2019s share-based payment awards are measured in
accordance with IFRS 2 \u2013 Share-based Payments
The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any
previous equity interest in the acquired entity over the fair value of the net identi\ufb01able assets acquired is recorded as goodwill.
The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the
non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identi\ufb01able assets. Acquisition-related costs are expensed as incurred.
Where a business combination is achieved in stages, the Group\u2019s previously-held interest in the acquired entity is remeasured to fair value at the
acquisition date and the resulting gain or loss, if any, is recognised in the income statement.
Liabilities for contingent consideration are classi\ufb01ed as fair value through pro\ufb01t and loss.
a. Demerger of Wickes
On 27 April 2021 Wickes business was demerged, as described in note 8. As a result of this transaction, \u00a3455.2m of goodwill and \u00a3162.5m of
intangible \ufb01xed assets were derecognised by the Group.
b. Disposal of Plumbing & Heating
On 30 September 2021 the Group sold the Plumbing & Heating distribution business to an affiliate of H.I.G. Capital, as described in note 8. As a
result of this transaction, \u00a367.5m of goodwill was derecognised by the Group.
c. Acquisition of Staircraft business
On 26 October 2021 the Group acquired an additional 85% of the Ordinary Share capital of P. H. Properties Limited (\u201cStaircraft\u201d) for consideration
of \u00a348.0m, giving the Group a 100% equity share of the business. Staircraft is a market-leading business that provides integrated stair, \ufb02oor and
door solutions. This acquisition expands the Group\u2019s customer proposition by adding digital component design, timber engineering and production
capability. Goodwill of \u00a321.5m was recognised as a result of this acquisition.
In 2021, the acquired business contributed revenue of \u00a310.2m and a net loss of \u00a30.3m to the Group results. If the acquisition had occurred on
1 January 2021, the Group\u2019s revenue for the year ended 31 December 2021 would have been \u00a349.4m higher and the Group\u2019s pro\ufb01t for the year
would have been \u00a33.9m higher.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "Accounting policy All business combinations are accounted for using the acquisition method. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred \u2022 Liabilities incurred to the former owners of the acquired business \u2022 Equity interests issued by the Group \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement \u2022 Fair value of any pre-existing equity interest in the subsidiary The acquiree\u2019s identi\ufb01able assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u2013 Business Combinations are recognised at their fair value at the acquisition date except that: \u2022 Deferred tax assets or liabilities and liabilities or assets related to employee bene\ufb01t arrangements are recognised and measured in accordance with IAS 12 \u2013 Income Taxes and IAS 19 \u2013 Employee Bene\ufb01ts respectively \u2022 Liabilities or equity instruments related to the replacement by the Group of an acquiree\u2019s share-based payment awards are measured in accordance with IFRS 2 \u2013 Share-based Payments The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identi\ufb01able assets acquired is recorded as goodwill. The Group recognises any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identi\ufb01able assets. Acquisition-related costs are expensed as incurred. Where a business combination is achieved in stages, the Group\u2019s previously-held interest in the acquired entity is remeasured to fair value at the acquisition date and the resulting gain or loss, if any, is recognised in the income statement. Liabilities for contingent consideration are classi\ufb01ed as fair value through pro\ufb01t and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "a. Average number of persons employed The average monthly number of persons employed (including Executive Directors): No. 2022 2021 Sales and distribution 18,453 17,415 Administration 1,503 1,418 19,956 18,833 The average monthly number of persons employed (including Executive Directors) in 2021 including the discontinued operations was 24,136",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "b. Aggregate remuneration \u00a3m 2022 2021 Staff costs \u2013 wages and salaries 594.7 544.5 Staff costs \u2013 social security costs 54.2 48.6 Staff costs \u2013 other pension costs (note 18) 21.3 18.7 Share-based payments (note 33) 17.0 19.1 687. 2 630.9 Director\u2019s remuneration, including pension contributions and Long-Term Incentive (LTI) plan awards, is set out in the Single Total Figure of Remuneration table in the Directors\u2019 Remuneration report on page 105. The total amounts received or receivable by Directors under long term incentive schemes in respect of qualifying service in the year is \u00a3127,000 (2021: \u00a3278,000). The aggregate of gains made by the Directors in the year on the exercise of share options equated to \u00a3nil (2021: \u00a3nil). Details with respect to share options exercised in the year are set out on page 111.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "33. Share-based payments Accounting policy The Group issues equity-settled share-based payments to colleagues: long-term incentives, executive share options and Save As You Earn (\u201cSAYE\u201d). These payments are measured at fair value at the date of grant using the Black-Scholes option-pricing model taking into account the terms and conditions upon which the options were granted. The cost of equity-settled awards is recognised on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest. a. Fair value of options The Black-Scholes option-pricing model is used to calculate the fair value of the options and the amount to be expensed. The probability of the performance conditions being achieved was included in the fair-value calculations. The inputs into the model for options granted in the year expressed as weighted averages are as follows: 2022 2021 \u00a3m SAYE Nil-price options SAYE Nil-price options Share price at grant date (pence) 889.4 1245.0 1,518.5 1,610.6 Option exercise price (pence) 710.0 - 1,411.0 - Volatility (%) 44.5% 44.0% 44.3% 45.7% Option life (years) 3.3 2.9 3.1 2.1 Risk-free interest rate (%) 4.4% 1.4% 0.5% 0.1% Expected dividends as a dividend yield (%) 2.5% 1.8% 1.3% 1.3% Volatility is based on historic share prices over a period equal to the vesting period. Option life used in the model has been based on options being exercised in accordance with historical patterns. For executive share options the vesting period is three years. If options remain unexercised after a period of ten years from the date of grant, these options expire. Options are forfeited if the colleague leaves the Group before options vest. SAYE options vest after three or \ufb01ve years and expire three and a half or \ufb01ve and a half years after the date of grant. The risk-free interest rate of return is the yield on zero-coupon UK Government bonds on a term consistent with the vesting period. Dividends used are based on actual dividends where data is known and future dividends estimated using a dividend cover of three times (within the Board\u2019s target range) The expected life of options used in the model has been adjusted, based upon management\u2019s best estimate, for the effect of non-transferability, exercise restrictions and behavioural considerations. b. Income statement charge and shares granted A description of the share schemes operated by the Group is contained in the Remuneration report on page 99. The estimated fair values of the shares under option granted under the Group\u2019s share schemes in 2022 are as follows: Share scheme Grant date Fair value for the Group \u00a3m Restricted Share Plan (nil-price options) 1 April 2022 7.3 Restricted Recruitment Award (nil-price options) 9 Sep 2022 - Restricted Retention Award (nil-price options) 9 Sep 2022 - Save As You Earn 11 October 2022 10.6 The Group charged \u00a317.0m (2021: \u00a323.2m, of which \u00a319.1m related to continuing operations) to the income statement in respect of equity-settled share-based payment transactions. c. Share options for the Group The number and weighted average exercise price of share options is as follows: The Group 2022 2021 In thousands of options Weighted average exercise price (pence) Number of options Number of nil price options Weighted average exercise price (pence) Number of options Number of nil price options Outstanding at the beginning of the year 1,054 4,185 2,997 947 6,233 4,265 Forfeited during the year 1,107 (1,863) (225) 969 (1,303) (541) Exercised during the year 909 (544) (902) 955 (1,808) (1,255) Granted during the year 710 3,498 698 1,411 1,064 529 Outstanding at the end of the year 823 5,276 2,568 1,054 4,185 2,997 Exercisable at the end of the year 1,314 38 152 1,579 326 51 Details of the options outstanding at 31 December are as follows: The Group 2022 2021 Executive options SAYE Nil price options Executive options SAYE Nil price options Range of exercise prices (pence) 1,061-1,958 710-1,411 - 743-1,958 898-1,616 - Weighted average exercise price (pence) 1,200 814 - 1,183 1,042 - Number of shares (thousands) 120 5,156 2,568 221 3,953 3,127 Weighted average expected remaining life (years) 0.2 2.6 1.2 0.8 2.6 1.0 Weighted average contractual remaining life (years) 7.7 3.1 8.1 8.3 2.7 8.4 33. Share-based payments d. Impact of vesting and exercise If all 2.0m outstanding executive options vest and then are exercised on the date of vesting, or in the case of SAYE all 5.1m shares are acquired on the \ufb01rst possible day, 7.1m of shares will be issued for a consideration of \u00a342.9m in the years below: 2023 2024 2025 2026 2027 No. m \u00a3m No. m \u00a3m No. m \u00a3m No. m \u00a3m No. m \u00a3m Options 1.4 1.1 0.4 - 0.6 - 0.1 - 0.1 - SAYE 1.1 10.3 0.3 4.7 3.0 21.7 0.1 0.8 0.6 4.3 The table above shows theoretical amounts. For the Company to receive the cash indicated in the periods shown, the following must occur: \u2022 All performance conditions on executive share options must be fully met \u2022 Options must be exercised on the day they vest (option holders generally have a seven year period post vesting to exercise the option) \u2022 The share price at the exercise date for SAYE options must exceed the exercise price and every holder must exercise \u2022 All option/SAYE holders must remain with the Company, or leave on good terms If none of the requirements are met then the Company will receive no consideration",
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"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "Accounting policy The Group issues equity-settled share-based payments to colleagues: long-term incentives, executive share options and Save As You Earn (\u201cSAYE\u201d). These payments are measured at fair value at the date of grant using the Black-Scholes option-pricing model taking into account the terms and conditions upon which the options were granted. The cost of equity-settled awards is recognised on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "34. Key management personnel The remuneration of the key management personnel of the Group is set out below in aggregate for each of the categories speci\ufb01ed in IAS 24 \u2013 Related Party Disclosures. \u00a3m 2022 2021 restated* Short-term employee bene\ufb01ts 10.9 17.4* Post-employment bene\ufb01ts 0.4 0.4 Share-based payments 7.8 11.5 19.1 29.3* *The 2021 remuneration of key management personnel has been restated as short term employee bene\ufb01ts was previously understated. This only impacts the disclosure note and there is no impact on the Income Statement for the year ended 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "35. Related party transactions The Group has a related party relationship with its subsidiaries, its Directors and with its pension schemes (note 18). Transactions between Group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "36. Impact of new standards and interpretations A number of new or amended standards became applicable for the current reporting period and as a result the Group has applied the following standards: \u2022 Reference to the Conceptual Framework (amendments to IFRS 3) \u2022 Property, plant and equipment \u2013 proceeds before intended use (amendments to IAS 16) \u2022 Onerous contracts \u2013 cost of ful\ufb01lling a contract (amendments to IAS 37) \u2022 Annual improvements to IFRS Standards 2018-2020 The above requirements did not have a material impact on the Group and have been adopted without restating comparatives. At the date of the approval of these \ufb01nancial statements, the following standards and interpretations, which have not been applied in these \ufb01nancial statements, were in issue, but not yet effective: \u2022 IFRS 17 \u2013 Insurance contracts \u2022 Classi\ufb01cation of liabilities as current or non-current (amendments to IAS1) \u2022 Disclosure of accounting policies (amendments to IAS 1 and IFRS Practice Statement 2) \u2022 De\ufb01nition of accounting estimates (amendments to IAS 8) \u2022 Deferred tax related to assets and liabilities arising from a single transaction (amendments to IAS 12) Based on the initial assessment, the Directors anticipate that adoption of these standards and interpretations in future periods will not have a material impact on the \ufb01nancial statements of the Group",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "Travis Perkins plc is the ultimate parent of the Travis Perkins plc Group (\u201cthe Group\u201d). The nature of the Group\u2019s operations and its principal ",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "Travis Perkins plc ",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "Accounting policy Investments in subsidiaries are carried at cost less impairment",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "11. Related undertakings The registered office of all subsidiary undertakings is Lodge Way House, Lodge Way, Harlestone Road, Northampton NN5 7UG except for companies with a superscript where the registered office is given after the list of subsidiary companies and investments. Active subsidiary companies (100% ownership and UK registered) CCF Limited Independent Construction Technologies Limited 1 Keyline Civils Specialist Limited 2 Staircraft Group Limited 1 The BSS Group Limited The Cobtree Scottish Limited Partnership 1 Tools & Fasteners Solutions Limited Toolstation Holdings Limited Toolstation Limited TP Property Company Limited Travis Perkins (Properties) Limited Travis Perkins Finance Company Limited Travis Perkins Group Holdings Limited Travis Perkins Leasing Company Limited Travis Perkins P&H Group Holdings Limited Travis Perkins Trading Company Limited Wickes Properties Limited Dormant & non-trading subsidiary companies (100% ownership and UK registered) B. & G. (Heating & Plumbing) Limited* Benchmarx Kitchens and Joinery Limited BMSS Limited British Steam Specialties (International) Limited (The) Bss (UK) Limited BSS GPS Trustee Limited Builders Mate Limited Building Integrated Solutions Limited 1 Built For Trade Limited Burt Boulton (Timber) Limited* Cobtree Nominees Limited Curran Sawmills Limited \u2013 The 17 Downpatrick Timber Slate and Coal Company Limited 17 E. East & Son Limited Fry & Pollard Limited* Harrison Trenery Limited* HT (1995) Limited Hunter Estates Limited* IJM Enterprises Limited IJM Holdings Limited* Independent Construction Technologies Limited J S Towell Limited* MD-DOR3 Limited MD-DOR4 Limited Monteith Building Services Limited 1 * P. H. Properties Limited 1 P.T.S. Plumbing Trade Supplies Limited Property Newco Two Limited Rudridge Limited* Staircraft Integrated Solutions Limited 1 Staircraft Limited 1 Terant Supplies Limited TFS Holdings Limited* Tile It All (UK) Limited * The BSS EBT Company Limited Tile Giant Holdings Limited TP Directors Ltd TP General Partner (Scotland) Limited 1 TP Newco 2 Limited * TPG Management Services Limited Travis & Arnold Limited Travis Perkins Acquisitions Company Limited* Travis Perkins Capital Partner Limited Travis Perkins Financing Company No.2 Limited* Travis Perkins Financing Company No.3 Limited Travis Perkins Installation Services Limited* Travis Perkins Merchant Holdings Limited Travis Perkins P&H Partner Limited* Travis Perkins Plumbing & Heating LLP* Travis Perkins (PSL2015) Limited Tricom Group Limited Tricom Supplies Limited* Trubuildingsystems Limited 1 Wickes Developments Limited* * companies in voluntary liquidation Other subsidiary companies Company Name Registered % Ownership Status BSS (Ireland) Limited 9 Ireland 100 Active City Investments Limited 10 Jersey 100 Dormant Gestion Toolstation inc. 6 Jersey 100 Dormant Toolexpert Benelux BV 11 Netherlands 97 Active Toolstation BV 11 Netherlands 97 Active Toolstation NV/SA 12 Belgium 97 Active Toolstation Europe BV 11 Netherlands 97 Active Toolstation Europe Limited United Kingdom 97 Active Toolstation GmbH 13 Germany 97 Dormant Toolstation Netherlands BV 11 Netherlands 97 Active Toolstation SAS 14 France 97 Active Travis Perkins Hong Kong Limited 15 Hong Kong 100 Active Travis Perkins Sourcing (Shanghai)Ltd 16 China 100 Active Other subsidiary companies Company Name Registered % Ownership Status Hermitage Park Management Company Limited 18 United Kingdom 25 Active Registered offices (not Lodge Way House) 1 Ryehill House, Ryehill Close, Lodge Farm Industrial Estate, Northampton, England, NN5 7UA, United Kingdom 2 50 Mauchline Street, Glasgow, G5 8HQ, United Kingdom 3 C/O Mazars Llp, Restructuring Services Apex 2, 97 Haymarket Terrace, Edinburgh, EH12 5HD, United Kingdom 4 C/O MAZARS LLP, 1st Floor Two Chamberlain Square, Birmingham, B3 3AX, United Kingdom 6 5303 boul. Saint-Laurent, Montr\u00e9al Qu\u00e9bec H2T1S5, Canada 9 White Heather Industrial Estate, South Circular Road, Dublin, 8, Ireland 10 Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey 11 Brandpuntlaan Zuid 12, 2665NZ, Bleiswijk, Netherlands 12 Boomsesteenweg 58, 2630 Aarlselaar, Belgium 13 Regus Building, Kranhaus 1, Business Centre GmbH Co KG, Im Zollhafen 18, 50678 Koln, Germany 14 61 Route de Grenoble, 69800 Saint Priest, Lyon, France 15 Suite 2401, 24/F, China Insurance Group Building, 141 Des Voeux Road, Central, Hong Kong 16 Building No.17, No. 800 Changde Road, JingAn District, Shanghai 200040 17 Clarendon Road, Belfast, BT1 3BG 18 C/O Bruton Knowles Llp 2 Paris Parklands, Railton Road, Guildford, Surrey, United Kingdom, GU2 9JX",
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"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Travis Perkins plc Ryehill House Ryehill Close Northampton NN5 7UA",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
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}
}