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"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 201. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report on pages 1 to 86. These financial statements are presented in pounds sterling, the currency of the primary economic environment in which the Group operates, and presented rounded to the nearest \u00a3100,000 unless otherwise stated. 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 191 to 202. Basis of preparation The financial statements have been prepared on the historical 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 flow forecasts and revenue projections \u2022 The impact on trading performance of severe but plausible downside scenarios. Key assumptions include significant reductions in revenue, removal of property profits and limited reductions in fixed overheads, as well as mitigating actions such as delayed capital expenditure, reduced overhead investment and dividend suspension \u2022 The committed debt facilities available to the Group and the covenants thereon \u2022 The Group\u2019s debt maturity profile \u2022 The Group\u2019s robust policy towards liquidity and cash flow management \u2022 The Group\u2019s ability to successfully manage the principal risk and uncertainties outlined on pages 74 to 85 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 a material misstatement in the information calculated by these 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 172 17 Pension assumptions 186-187 28 Impairment review of Toolstation Benelux CGU 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 sheet 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. 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"value": "Basis of preparation The financial statements have been prepared on the historical 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": "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 flow forecasts and revenue projections \u2022 The impact on trading performance of severe but plausible downside scenarios. Key assumptions include significant reductions in revenue, removal of property profits and limited reductions in fixed overheads, as well as mitigating actions such as delayed capital expenditure, reduced overhead investment and dividend suspension \u2022 The committed debt facilities available to the Group and the covenants thereon \u2022 The Group\u2019s debt maturity profile \u2022 The Group\u2019s robust policy towards liquidity and cash flow management \u2022 The Group\u2019s ability to successfully manage the principal risk and uncertainties outlined on pages 74 to 85 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 ",
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"fact-296": {
"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 a material misstatement in the information calculated by these 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 172 17 Pension assumptions 186-187 28 Impairment review of Toolstation Benelux CGU ",
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"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 revenue 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 2023 2022 Sale of goods 4,693.0 4,836.0 Sale of services 168.9 158.8 4,861.9 4,994.8 b. Revenue reconciliation and like-for-like sales \u00a3m Merchanting Toolstation Total 2022 revenue 4,219.8 775.0 4,994.8 Network change (52.0) (2.7) (54.7) Trading days 20.2 2.3 22.5 2022 like-for-like revenue 4,188.0 774.6 4,962.6 Like-for-like change (185.5) 30.9 (154.6) 2023 like-for-like revenue 4,002.5 805.5 4,808.0 Network change 33.3 20.6 53.9 2023 revenue 4,035.8 826.1 4,861.9 Like-for-like revenue % (4.4%) 4.0% (3.1%) Total revenue growth % (4.4%) 6.6% (2.7%) 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-299": {
"value": "2. Profit a. Operating profit \u00a3m 2023 2022 Revenue 4,861.9 4,994.8 Cost of sales (3,556.8) (3,610.1) Gross profit 1,305.1 1,384.7 Selling and distribution (851.8) (816.4) Administrative expenses (367.6) (324.5) Profit on disposal of properties 15.1 25.3 Other operating income 9.1 15.7 Operating profit 109.9 284.8 Adjusted operating profit 180.4 295.3 Adjusted operating profit before property disposals 165.3 270.0 There are no gains or losses on the disposal of property, plant and equipment except for the profit on disposal of properties of \u00a315.1m (2022: \u00a325.3m). b. Adjusted profit \u00a3m 2023 2022 Profit before tax 70.0 245.0 Adjusting items (note 3) 60.0 \u2013 Amortisation of acquired intangible assets 10.5 10.5 Adjusted profit before tax 140.5 255.5 Total tax (31.9) (52.8) Tax on adjusting items (9.7) \u2013 Tax on amortisation of acquired intangible assets (2.6) (2.6) Adjusted profit after tax 96.3 200.1 Adjusted profit excludes adjusting items and amortisation of acquired intangible assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-300": {
"value": "3. Adjusting items Accounting policy Adjusting items are those items of income and expenditure that, individually or in aggregate, 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 one-year or multi-year restructuring programmes, onerous contracts, write-downs or impairments of 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, pension scheme curtailment gains and the effect of changes in corporation tax rates on deferred tax balance",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-301": {
"value": "4. Other operating income and auditor\u2019s remuneration a. Other operating income \u00a3m 2023 2022 Rental income 4.4 5.3 Transitional Service Agreement income 4.7 10.4 9.1 15.7 The Transition Service Agreement 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 decreased significantly in 2023 as components of the service agreements expired and will reduce further in 2024. Costs of \u00a314.8m were incurred in 2022 in respect of restructuring activity which did not meet the Group\u2019s accounting policy for disclosure as an adjusting item",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-302": {
"value": "c. Auditor\u2019s remuneration During the year the Group incurred the following costs for services provided by the Company\u2019s auditor: \u00a3000 2023 2022 Fees payable to the Company\u2019s auditor for audit services: Audit of the Company\u2019s annual accounts 294 270 Auditor for the audit of the Company\u2019s subsidiaries 1,700 1,561 Additional fees payable for the prior period audit 99 60 Fees paid to the Company\u2019s auditor for other services: Audit-related assurance services 90 85 2,183 1,976 A description of the work of the Audit Committee is set out in the Audit Committee report on pages 101 to 105 and includes an explanation of how auditor objectivity and independence is safeguarded when the auditor provides non-audit services.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-303": {
"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, the amortisation of acquired intangible assets 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 Toolstation segment sells building materials at a fixed price, with a fixed range in each store. The Merchanting segment sells building materials at prices specifically negotiated with customers, with variation in the products offered in each branch. a. Segment information \u00a3m 2023 Merchanting Toolstation Unallocated Consolidated Revenue 4,035.8 826.1 \u2013 4,861.9 Operating profit 198.9 (55.6) (33.4) 109.9 Amortisation of acquired intangible assets 7.6 2.9 \u2013 10.5 Adjusting items 20.9 38.3 0.8 60.0 Adjusted operating profit 227.4 (14.4) (32.6) 180.4 Less property profits (15.1) \u2013 \u2013 (15.1) Adjusted operating profit excluding property profits 212.3 (14.4) (32.6) 165.3 Adjusted operating margin 5.6% (1.7%) \u2013 3.7% Average capital employed 2,250.7 596.0 (215.0) 2,631.7 Segment assets 2,943.4 764.6 317. 5 4,025.5 Segment liabilities (1,070.6) (375.1) (539.5) (1,985.2) Consolidated net assets 1,872.8 389.5 (222.0) 2,040.3 Capital expenditure 123.4 19.1 \u2013 142.5 Capital expenditure excluding property 89.5 19.1 \u2013 108.6 Amortisation of acquired intangible assets 7.6 2.9 \u2013 10.5 Depreciation of fixed assets and software amortisation 67.8 17.1 \u2013 84.9 Depreciation of right-of-use assets 56.8 34.3 \u2013 91. 5. Business segments continued \u00a3m 2022 Merchanting Toolstation Unallocated Consolidated Revenue 4,219.8 775.0 \u2013 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 Adjusted operating profit 338.9 (8.9) (34.7) 295.3 Less property profits (25.3) \u2013 \u2013 (25.3) Adjusted operating profit excluding property profits 313.6 (8.9) (34.7) 270.0 Adjusted operating margin excluding property profits 7.4% (1.1%) \u2013 5.9% 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 \u2013 141.5 Capital expenditure excluding property 60.1 49.9 \u2013 110.0 Amortisation of acquired intangible assets 7.6 2.9 \u2013 10.5 Depreciation of fixed assets and software amortisation 65.6 14.6 \u2013 80.2 Depreciation of right-of-use assets 49.5 29.5 \u2013 79.0 b. Unallocated segment assets and liabilities Unallocated segment assets and liabilities comprise the following: \u00a3m 2023 2022 Assets Financial instruments 2.9 4.3 Property, plant and equipment 17. 5 25.5 Cash and cash equivalents 131.5 235.7 Retirement benefit surplus 118.7 135.9 Unallocated corporate assets 14.4 16.5 Tax asset 14.5 0.7 Deferred tax asset 18.0 15.0 317. 5 433.6 Liabilities Deferred tax liabilities (92.8) (96.0) Interest-bearing loans, borrowings and loan notes (445.1) (541.6) Unallocated corporate liabilities (1.6) (4.0) (539.5) (641.6) Non-current assets with a carrying value of \u00a3111.7m (2022: \u00a3148.0m) owned by the Toolstation Europe businesses are located in foreign countries",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-304": {
"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, the amortisation of acquired intangible assets 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-305": {
"value": "6. Net finance costs a. Finance costs and finance income \u00a3m 2023 2022 Items in the nature of interest: Interest on bonds and other loans (20.6) (22.8) Interest on bank facilities and overdrafts (1.5) (0.8) Pension scheme SPV interest (1.7) (1.7) Other finance costs: Amortisation of issue costs of bank loans (1.5) (1.5) Unwinding of discounts \u2013 property provisions (0.1) (0.4) Remeasurement: Net loss on remeasurement of derivatives at fair value (0.2) (0.3) Loss on remeasurement of foreign exchange (0.2) \u2013 Finance costs before lease interest (25.8) (27.5) Interest on lease liabilities \u2013 property (25.3) (21.2) Interest on lease liabilities \u2013 equipment (0.9) (0.3) Finance costs (52.0) (49.0) Items in the nature of interest: Interest receivable 5.7 1.8 Remeasurement: Net gain on remeasurement of foreign exchange \u2013 2.1 Other finance income \u2013 pension scheme 6.4 5.3 Finance income 12.1 9.2 Net finance costs (39.9) (39.8) The Group\u2019s interest cover covenants are calculated using those items of finance income and finance cost that are in the nature of interest, including interest on lease liabilities. In 2023 these were in total \u00a344.3m (2022: \u00a345.0m)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-306": {
"value": "7. Tax 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 2023 2022 Current tax: Current year 33.0 56.2 Prior year (6.1) 1.4 Total current tax 26.9 57.6 Deferred tax: Current year (1.4) (2.5) Prior year 6.4 (2.3) Total deferred tax 5.0 (4.8) Total tax charge 31.9 52.8 The total tax charge in 2023 includes a credit of \u00a39.7m relating to costs recognised as adjusting items (2022: \u00a3nil) 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: 2023 2022 \u00a3m % \u00a3m % Profit before tax 70.0 245.0 Tax at the UK corporation tax rate 16.5 23.5 46.6 19.0 Tax effect of expenses/credits that are not deductible/taxable 1.3 (0.1) Depreciation of non-qualifying property 3.3 2.9 Share-based payments 2.0 1.3 Impairment of goodwill and intangibles 2.7 \u2013 Deferred tax rate change \u2013 (0.2) Losses 7.1 3.3 Property profits (1.2) 1.2 Current period deferred tax rate differential (0.1) (1.3) Prior period adjustment 0.3 (0.9) Tax expense and effective tax rate for the year 31.9 45.6 52.8 21.6 For accounting periods beginning after 31 December 2023 the Group will be required to comply with the OECD Pillar Two model rules which will require the Group to pay a minimum level of tax on income arising in the jurisdictions in which it operates. The Group\u2019s current analysis of these rules and their application in jurisdictions relevant to the Group indicate that no material additional tax liability will arise. The Group has applied the mandatory temporary exception to the accounting for deferred taxes arising from the implementation of the Pillar Two model rules. b. Tax charge in the statement of comprehensive income The following amounts relating to tax have been recognised in other comprehensive income: \u00a3m 2023 2022 Items that may be reclassified: Deferred tax charge on cash flow hedge 0.4 (1.1) Items that may not be reclassified: Deferred tax charge on actuarial movement 10.2 36.3 Income tax relating to other comprehensive income 10.6 35.2 c. Tax credited directly to equity The following amounts of tax have been recognised in equity: \u00a3m 2023 2022 Current tax: Excess tax deductions for share-based payments on exercised options \u2013 0.1 Deferred tax: Revaluation reserve 0.5 7.8 Share-based payments 0.1 (2.4) 0.6 5.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-307": {
"value": "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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-308": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-309": {
"value": "8. 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. 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. 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. a. Goodwill by reportable segment \u00a3m Merchanting Toolstation Total At 1 January 2022 682.5 170.5 853.0 Measurement period adjustments 2.3 \u2013 2.3 Effect on movement in exchange rates \u2013 3.7 3.7 At 1 January 2023 684.8 174. 2 859.0 Impairment \u2013 (9.6) (9.6) Effect on movement in exchange rates \u2013 (1.5) (1.5) At 31 December 2023 684.8 163.1 8 47.9 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. Amounts paid to third parties in respect of the development of software and other intangible assets not controlled by the Group are expensed over the period where the Group receives the service. The cost of configuring and customising software is treated as a prepayment and recognised over the period the Group benefits from the implemented software only if the configuration and customisation service is not distinct from the provision of the software itself. 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 5 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 \u00a3m Brand Computer software Customer relationships Assets under construction Total Cost or valuation 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 1 January 2023 150.4 110.7 151.6 0.7 413.4 Additions \u2013 1.1 \u2013 2.0 3.1 Impairment (1.9) \u2013 \u2013 \u2013 (1.9) Derecognition \u2013 \u2013 \u2013 (2.1) (2.1) At 31 December 2023 148.5 111.8 151.6 0.6 412.5 Amortisation At 1 January 2022 71.4 91.6 117.5 \u2013 280.5 Charged on acquired intangibles 2.3 _ 8.2 \u2013 10.5 Charged on internally generated intangibles \u2013 6.5 \u2013 \u2013 6.5 At 1 January 2023 73.7 98.1 125.7 \u2013 297.5 Charged on acquired intangibles 2.3 \u2013 8.2 \u2013 10.5 Charged on internally generated intangibles \u2013 4.6 \u2013 \u2013 4.6 At 31 December 2023 76.0 102.7 133.9 \u2013 312.6 Net book value At 31 December 2022 76.7 12.6 25.9 0.7 115.9 At 31 December 2023 72.5 9.1 17.7 0.6 99.9 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 10 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 28. 8. Goodwill and other intangible assets continued 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 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 2023 2022 CGU grouping Intangibles Goodwill Total Total Intangibles Goodwill Total Merchanting Travis Perkins \u2013 482.6 482.6 \u2013 482.6 482.6 Keyline \u2013 100.2 100.2 \u2013 100.2 100.2 CCF \u2013 43.6 43.6 \u2013 43.6 43.6 BSS Industrial 49.3 26.8 76.1 49.3 26.8 76.1 Staircraft \u2013 23.8 23.8 \u2013 23.8 23.8 TF Solutions \u2013 7. 8 7. 8 \u2013 7. 8 7.8 Toolstation Toolstation UK \u2013 103.4 103.4 \u2013 103.4 103.4 Toolstation Benelux \u2013 59.7 59.7 \u2013 61.1 61.1 Toolstation France \u2013 \u2013 \u2013 \u2013 9.7 9.7 49.3 847.9 897. 2 49.3 859.0 908.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-310": {
"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. 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. 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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-311": {
"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. Amounts paid to third parties in respect of the development of software and other intangible assets not controlled by the Group are expensed over the period where the Group receives the service. The cost of configuring and customising software is treated as a prepayment and recognised over the period the Group benefits from the implemented software only if the configuration and customisation service is not distinct from the provision of the software itself. 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 5 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-312": {
"value": "9. 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 4 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 Cost or deemed cost At 1 January 2022 (previously presented)* 483.9 32.0 154.8 508.4 1,179.1 At 1 January 2022 (restated) 500.4 29.6 217.6 655.2 1,402.8 Additions 38.6 \u2013 31.9 71.0 141.5 Disposals (15.3) \u2013 (13.4) (8.4) (37.1) Reclassification between categories 7.6 \u2013 (21.1) 13.5 \u2013 Effect of movements in exchange rates \u2013 \u2013 \u2013 1.6 1.6 At 1 January 2023 (restated) 531.3 29.6 215.0 732.9 1,508.8 Additions 4.7 22.1 35.0 80.7 142.5 Disposals (46.6) (0.5) (6.0) (74.0) (127.1) Impairments \u2013 \u2013 (12.5) (10.5) (23.0) Reclassification between categories (2.4) \u2013 (10.0) 12.4 \u2013 Effect of movements in exchange rates \u2013 \u2013 \u2013 (0.6) (0.6) At 31 December 2023 487.0 51.2 221.5 740.9 1,500.6 Accumulated depreciation At 1 January 2022 (previously presented)* 48.8 14.2 6.4 309.6 379.0 At 1 January 2022 (restated) 65.3 11.8 69.2 456.4 602.7 Charged in the year 2.0 0.8 11.2 59.6 73.6 Disposals (3.2) \u2013 (1.3) (10.8) (15.3) Reclassification between categories (3.1) \u2013 3.1 \u2013 \u2013 Effect of movements in exchange rates \u2013 \u2013 \u2013 0.5 0.5 At 1 January 2023 (restated) 61.0 12.6 82.2 505.7 661.5 Charged in the year 7.0 0.8 14.6 57.9 80.3 Disposals (6.4) \u2013 (6.6) (63.2) (76.2) Impairments \u2013 \u2013 (5.2) (8.0) (13.2) Reclassification between categories 0.3 \u2013 (0.3) \u2013 \u2013 Effect of movements in exchange rates \u2013 \u2013 \u2013 (0.2) (0.2) At 31 December 2023 61.9 13.4 84.7 492.2 652.2 Net book value At 31 December 2022 470.3 17.0 132.8 227.2 847.3 At 31 December 2023 425.1 37.8 136.8 248.7 848.4 * The cost and accumulated depreciation of tangible fixed assets has been restated as at 1 January 2022 to reinstate certain assets with nil NBV value which had been derecognised in the accounting for the sale of the Group\u2019s Plumbing & Heating business and the demerger of the Wickes business in 2021. The assets remain within the business. The assets have been reinstated as at 1 January 2022. Included within freehold property is land with a value of \u00a3215.6m (2022: \u00a3230.7m) which is not depreciated. No assets are pledged as security for the Group\u2019s liabilities, other than 16 freehold properties disclosed in note 17. Included within leasehold improvements is \u00a321.4m (2022: \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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-313": {
"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 4 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-314": {
"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 4 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-315": {
"value": "Accounting policy Identifying a lease At the inception of a contract, the Group assesses whether a contract contains a lease. At inception the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices except for fleet leases for which the Group does not separate non-lease components and accounts for the lease and non-lease components as a single lease component. Recognition exceptions The Group takes the lease recognition exemption for leases with a lease term of 12 months or less and containing no purchase options and leases where the underlying asset has a low value when new. 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. Lease terms 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 that includes renewal options and break clauses. 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 most relevant is normally the profitability of the leased branch or warehouse and future plans for the business. If there are significant penalties to terminate or not extend, the Group is typically reasonably certain to not terminate or extend. Lessee accounting 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 and any initial direct costs incurred, 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 and otherwise at the incremental borrowing rate. Variable lease payments that are not included in the measurement of the lease liability are recognised in the period in which the event or condition that triggers payment occurs. Subsequent measurement After lease commencement, the Group measures right-of-use assets at cost less accumulated depreciation and accumulated impairment. The lease liability is subsequently remeasured to reflect changes in the lease term, the assessment of a purchase option and future lease payments resulting from a change in an index or a rate used to determine those payments. 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 to the earlier of the end of the useful life of the right-of-use asset or the end of lease term. Estimated useful lives 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. Sale and leaseback transactions If an asset transfer satisfies the requirements of IFRS 15 \u2013 Revenue from Contracts with Customers to be accounted for as a sale, the Group measures the right-of-use asset at the proportion of the previous carrying amount that relates to the right-of-use retained. Accordingly, the Group only recognises the amount of gain or loss that relates to the rights transferred to the buyer ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-316": {
"value": "Accounting policy Identifying a lease At the inception of a contract, the Group assesses whether a contract contains a lease. At inception the Group allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices except for fleet leases for which the Group does not separate non-lease components and accounts for the lease and non-lease components as a single lease component. Recognition exceptions The Group takes the lease recognition exemption for leases with a lease term of 12 months or less and containing no purchase options and leases where the underlying asset has a low value when new. 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. Lease terms 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 that includes renewal options and break clauses. 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 most relevant is normally the profitability of the leased branch or warehouse and future plans for the business. If there are significant penalties to terminate or not extend, the Group is typically reasonably certain to not terminate or extend. Lessee accounting 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 and any initial direct costs incurred, 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 and otherwise at the incremental borrowing rate. Variable lease payments that are not included in the measurement of the lease liability are recognised in the period in which the event or condition that triggers payment occurs. Subsequent measurement After lease commencement, the Group measures right-of-use assets at cost less accumulated depreciation and accumulated impairment. The lease liability is subsequently remeasured to reflect changes in the lease term, the assessment of a purchase option and future lease payments resulting from a change in an index or a rate used to determine those payments. 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 to the earlier of the end of the useful life of the right-of-use asset or the end of lease term. Estimated useful lives 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. Sale and leaseback transactions If an asset transfer satisfies the requirements of IFRS 15 \u2013 Revenue from Contracts with Customers to be accounted for as a sale, the Group measures the right-of-use asset at the proportion of the previous carrying amount that relates to the right-of-use retained. Accordingly, the Group only recognises the amount of gain or loss that relates to the rights transferred to the buyer a. Amounts recognised in the balance sheet All right-of-use assets relate to land and buildings except for \u00a329.6m in respect of plant and equipment (2022: \u00a316.4m). Lease liability maturity analysis \u2013 contractual undiscounted cash flows: \u00a3m 2023 2022 Less than one year 106.9 88.5 One to five years 337.8 282.3 More than five years 316.5 262.1 Total undiscounted lease liabilities at 31 December 761.2 632.9 Additions to right-of-use assets in 2023 were \u00a3182.4m (2022: \u00a3111.3m). b. Amounts recognised in the statement of profit and loss The statement of profit and loss shows the following amounts relating to leases: \u00a3m 2023 2022 Expense relating to short-term leases 4.9 4.7 Expense relating to leases of low-value assets 3.2 3.0 (Reversal of impairment) / impairment of right-of-use assets (1.7) 3.3 Gains on lease terminations (2.5) (3.1) All impairments of right-of-use assets relate to land and buildings. Total depreciation of right-of-use assets of \u00a391.1m (2022: \u00a379.0m) represents \u00a379.8m in respect of land and buildings (2022: \u00a370.3m) and \u00a311.3m in respect of plant and equipment (2022: \u00a38.7m). The total cash outflow for leases in 2023 was \u00a3118.8m (2022: \u00a3108.0m). c. The Group\u2019s leasing activities The Group leases various properties, motor vehicles and equipment. Rental contracts are typically made for fixed periods but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Extension and termination options are included in a number of property and equipment leases across the Group and are used to maximise operational flexibility. 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 \u00a34.4m (2022: \u00a35.3m). At the balance sheet date, the Group had contracts with lessees for the following undiscounted future minimum lease payments: \u00a3m 2023 2022 Within one year 4.6 4.0 One to five years 22.8 21.4 After five years 5.0 7.4 32.4 32.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-317": {
"value": "11. 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 2023 2022 Inventories 727.6 727.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-318": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-319": {
"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, i.e. 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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-320": {
"value": "13. 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 2023 2022 Current: Trade receivables 547.1 581.4 Allowance for doubtful debts (21.5) (17.7) 525.6 563.7 Other receivables 129.2 124.0 Prepayments and accrued income 34.8 38.2 Total current trade and other receivables 689.6 725.9 Non-current: Other receivables \u2013 12.3 Prepayments and accrued income 14.2 4.9 Trade non-current trade and other receivables 14.2 17. 2 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 (2022: 56 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% (2022: 4%) p.a. 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 technology upgrade programmes. Movement in the allowance for doubtful debts \u00a3m 2023 2022 At 1 January 17.7 13.7 Amounts written off during the year (13.0) (7.0) Charge for impairment losses for trade receivables 16.8 11.0 At 31 December 21.5 17.7 3. Trade and other receivables continued Expected credit loss assessment Loss rates are based on actual credit loss experience over the past seven years and existing market conditions, as well as forward-looking estimates 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 2023. \u00a3m Gross carrying amount Weighted average loss rate Net loss allowance Credit impaired Current (not past due) 506.8 0.8% (3.5) No Days overdue: 1\u201330 10.6 6.8% (0.6) No 31\u201360 3.5 15.0% (0.4) No 61\u201390 1.5 25.0% (0.3) No 91\u2013120 0.7 48.3% (0.3) No More than 120 24.0 85.7% (16.4) Yes 547.1 (21.5) 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 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% \u2013 No More than 120 21.2 72.8% (12.9) 581.4 (1 7.7)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-321": {
"value": "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 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-322": {
"value": "4. 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 significant 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, 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 . \u00a3m Property Insurance Restructuring Total At 1 January 2022 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 Charge to income statement 8.3 7.7 4.9 20.9 Utilisation of provision (3.6) (5.6) \u2013 (9.2) At 31 December 2023 17.1 21.1 4.9 43.1 Included in current liabilities 13.3 21.1 4.9 39.3 Included in non-current liabilities 3.8 \u2013 \u2013 3.8 17.1 21.1 4.9 43.1 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. \u00a3m 0\u20131 year 1\u20132 years 2\u20135 years 5+ years Total 2023: Property 13.3 1.4 1.2 1.2 17.1 Insurance 21.1 \u2013 \u2013 \u2013 21.1 Restructuring 4.9 \u2013 \u2013 \u2013 4.9 39.3 1.4 1.2 1.2 43.1 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-323": {
"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 significant 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, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-324": {
"value": "15. Deferred 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 2023 Recognised in income Recognised in equity Recognised in other comprehensive income At 31 Dec 2023 Trading losses (15.0) (3.0) \u2013 \u2013 (18.0) Deferred tax asset (15.0) (3.0) \u2013 \u2013 (18.0) Capital allowances 8.5 12.6 \u2013 \u2013 21.1 Revaluation of property 3.4 \u2013 (0.5) \u2013 2.9 Share-based payments (3.5) 0.7 (0.1) \u2013 (2.9) Provisions 4.8 (0.4) \u2013 \u2013 4.4 Property assets acquired in business combinations 9.3 (0.5) \u2013 \u2013 8.8 Brand 25.0 (3.2) \u2013 \u2013 21.8 Pension scheme asset 33.9 1.4 \u2013 (10.2) 25.1 Deferred gains on property disposals 31.1 (1.8) \u2013 \u2013 29.3 IFRS 16 lease liability (130.5) (20.5) \u2013 \u2013 (151.0) IFRS 16 right-of-use asset 112.9 19.7 \u2013 \u2013 132.6 Cash flow hedge 1.1 \u2013 \u2013 (0.4) 0.7 Deferred tax liability 96.0 8.0 (0.6) (10.6) 92.8 Net deferred tax 81.0 5.0 (0.6) (10.6) 74.8 \u00a3m (Asset)/liability: At 1 Jan 2022 Recognised in income Recognised in equity Recognised in other comprehensive income At 31 Dec 2023 Trading losses (13.9) (1.1) \u2013 \u2013 (15.0) Deferred tax asset (13.9) (1.1) \u2013 \u2013 (15.0) Capital allowances 2.8 5.7 \u2013 \u2013 8.5 Revaluation of property 11.2 \u2013 (7.8) \u2013 3.4 Share-based payments (5.9) \u2013 2.4 \u2013 (3.5) Provisions 5.8 (1.0) \u2013 \u2013 4.8 Property assets acquired in business combinations 10.4 (1.1) \u2013 \u2013 9.3 Brand 27.2 (2.2) \u2013 \u2013 25.0 Pension scheme asset 68.8 1.4 \u2013 (36.3) 33.9 Deferred gains on property disposals 32.8 (1.7) \u2013 \u2013 31.1 IFRS 16 lease liability (122.7) (7.8) \u2013 \u2013 (130.5) IFRS 16 right-of-use asset 110.0 2.9 \u2013 \u2013 112.9 Cash flow hedge - \u2013 \u2013 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 The deferred tax asset in respect of trading losses relates to the Toolstation Netherlands business. No deferred tax asset has been recognised on losses of \u00a376.5m (2022: \u00a353.3m) in the Group\u2019s other European Toolstation businesses as there is currently insufficient evidence that these losses would be utilised The Group considers it is appropriate to recognise a deferred tax asset on unused trading losses in Toolstation Netherlands as forecasts, based on the existing Netherlands store network and the store maturity profile of Toolstation stores in the UK and the Netherlands, indicate that the business will be able to fully utilise these losses against future profits within a measurable time frame.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-325": {
"value": "16. 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 2023 2022 Trade payables 576.3 600.6 Other taxation and social security 48.6 63.7 Other payables 76.9 80.3 Accruals and deferred income 93.6 107.8 Trade and other payables 795.4 852.4 Included in trade payables at 31 December 2023 are amounts of \u00a391.3m (2022: \u00a387.2m) 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 107 days (2022: 93 days), an extension of 45 days (2022: 31 days). The total net amount outstanding where terms have been extended at 31 December 2023 was \u00a310.1m (2022: \u00a313.8m). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-326": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-327": {
"value": "8. 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 Ordinary shares Authorised, issued and fully paid No. \u00a3m At 1 January 2022 225,025,926 25.2 Cancellation of share capital (12,516,592) (1.4) At 1 January and 31 December 2023 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 8. Share capital and reserves continued 2022 share buyback The Group concluded a share buyback programme in May 2022 with a total of 12.3m shares purchased, of which none were held as treasury shares and 3.5m were transferred to the Employee Share Ownership Trust (\u2018ESOT\u2019). The shares were acquired at an average price of \u00a313.70 per share, with prices ranging from \u00a311.72 to \u00a316.20. The total cost of \u00a3172.1m, including \u00a32.2m of after-tax transaction costs, was deducted from shareholder\u2019s equity. b. Own shares No. 2023 2022 ESOT shares Total Treasury shares ESOT shares Total At 1 January 2,596,684 2,596,684 3,533,419 507,371 4,040,790 Shares purchased in share buyback and held as treasury shares \u2013 \u2013 (3,533,419) 3,533,419 _ Reissued (928,002) (928,002) \u2013 (1,444,106) (1,444,106) At 31 December 1,668,682 1,668,682 \u2013 2,596,684 2,596,684 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. 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 cash flow hedge reserve represents the cumulative gain or loss on the fair value of effective hedging instruments used in cash flow hedges which have not yet been reclassified to profit or loss \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 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 The foreign exchange reserve represents the exchange differences recognised on translation of the assets and liabilities of the 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 less cumulative dividends paid",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-328": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-329": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-330": {
"value": "a. Share capital Ordinary shares Authorised, issued and fully paid No. \u00a3m At 1 January 2022 225,025,926 25.2 Cancellation of share capital (12,516,592) (1.4) At 1 January and 31 December 2023 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 2022 share buyback The Group concluded a share buyback programme in May 2022 with a total of 12.3m shares purchased, of which none were held as treasury shares and 3.5m were transferred to the Employee Share Ownership Trust (\u2018ESOT\u2019). The shares were acquired at an average price of \u00a313.70 per share, with prices ranging from \u00a311.72 to \u00a316.20. The total cost of \u00a3172.1m, including \u00a32.2m of after-tax transaction costs, was deducted from shareholder\u2019s equity",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-331": {
"value": "b. Own shares No. 2023 2022 ESOT shares Total Treasury shares ESOT shares Total At 1 January 2,596,684 2,596,684 3,533,419 507,371 4,040,790 Shares purchased in share buyback and held as treasury shares \u2013 \u2013 (3,533,419) 3,533,419 _ Reissued (928,002) (928,002) \u2013 (1,444,106) (1,444,106) At 31 December 1,668,682 1,668,682 \u2013 2,596,684 2,596,684 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-332": {
"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 cash flow hedge reserve represents the cumulative gain or loss on the fair value of effective hedging instruments used in cash flow hedges which have not yet been reclassified to profit or loss \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 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 The foreign exchange reserve represents the exchange differences recognised on translation of the assets and liabilities of the 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 less cumulative dividends paid",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-333": {
"value": "19. Earnings per share a. Basic and diluted earnings per share \u00a3m 2023 2022 Profit attributable to the owners of the parent 38.1 192.2 Weighted average number of shares for the purposes of basic earnings per share 210,530,726 211,630,413 Dilutive effect of share options on potential ordinary shares 3,616,786 3,789,212 Weighted average number of ordinary shares for the purposes of diluted earnings per share 214,147,512 215,419,625 Earnings per share 18.1p 90.8p Diluted earnings per share 17.8p 89.2p A total of 620,310 share options (2022: 528,262 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.b. Adjusted earnings per share Adjusted earnings per share is calculated by excluding the effect of adjusting items and the amortisation of acquired intangible assets from earnings. \u00a3m 2023 2022 Earnings for the purposes of earnings per share 38.1 192.2 Adjusting items 60.0 \u2013 Amortisation of acquired intangible assets 10.5 10.5 Tax on adjusting items (9.7) \u2013 Tax on amortisation of acquired intangible assets (2.6) (2.6) Earnings for adjusted earnings per share 96.3 200.1 Adjusted earnings per share 45.7p 94.6p Adjusted diluted earnings per share 45.0p 92.9p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-335": {
"value": "Adjusted earnings per share is calculated by excluding the effect of adjusting items and the amortisation of acquired intangible assets from earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-336": {
"value": "20. 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 2023 2022 Final dividend for the year ended 31 December 2022 of 26.5 pence (2021: 26.0 pence) per ordinary share 55.8 55.5 Interim dividend for the year ended 31 December 2023 of 12.5 pence (2022: 12.5 pence) per ordinary share 26.3 26.2 Total dividend recognised during the year 82.1 81.7 The Directors are recommending a final dividend of 5.5 pence in respect of the year ended 31 December 2023. The anticipated cash payment in respect of the proposed final dividend is \u00a311.7m (2022: \u00a355.8m",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-337": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-338": {
"value": "21. 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 financial instruments and capital management can be found in the Strategic Report on page 72. At 31 December 2023, all borrowings were denominated in sterling (2022: sterling) . a. Summary \u00a3m 2023 2022 Liability to pension scheme 24.6 26.7 Bonds 250.0 430.0 Finance charges netted off borrowings (4.5) (2.6) Term loan 75.0 75.0 Senior unsecured notes 100.0 \u2013 Overdraft \u2013 12.5 445.1 541.6 Current liabilities \u2013 192.5 Non-current liabilities 445.1 349.1 445.1 541.6 The Group\u2019s term loan, senior unsecured notes and committed revolving credit facility are subject to two financial covenants: \u2022 Leverage: Net Debt / Adjusted EBITDA < 4.0x \u2022 Interest cover: Adjusted operating profit / Net interest payable > 2.0x b. Analysis of other borrowings \u00a3m 2023 2022 Borrowings repayable: On demand or within one year \u2013 192.5 More than one year, but not more than five years 325.0 325.0 More than five years 124.6 26.7 Gross borrowings 449.6 544.2 Unamortised fees (4.5) (2.6) 445.1 541.6 c. Facilities At 31 December 2023, the following facilities were available: \u00a3m 2023 2022 Drawn facilities: \u00a3250m bond 250.0 250.0 \u00a3180m bond (repaid September 2023) \u2013 180.0 \u00a375m term loan 75.0 75.0 \u00a3100m senior unsecured notes 100.0 \u2013 425.0 505.0 Undrawn facilities: Five-year committed revolving credit facility 375.0 400.0 Bank overdrafts 15.0 15.0 390.0 415.0 21. Borrowings continued 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, CCF Limited, Keyline Civils Specialist Limited, Toolstation Limited and The BSS Group Limited are guarantors of the following facilities advanced to Travis Perkins plc: \u2022 \u00a3250m bond \u2022 \u00a375m term loan \u2022 \u00a3100m senior unsecured notes \u2022 \u00a3375m revolving credit facility (2022: \u00a3400m) \u2022 Interest rate swap \u00b9 \u2022 Currency derivatives (note 27) 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 \u00a331.8m (2022: \u00a332.0m). Other guarantors \u00b9 The interest rate swap is guaranteed by Travis Perkins Trading Company Limited, Travis Perkins (Properties) Limited, CCF Limited and Keyline Civils Specialist Limited The outstanding \u00a3180m principal amount of the 2023 guaranteed notes was repaid in September 2023, with \u00a3120m having previously been repurchased and cancelled in April 2022. In August 2023 the Group issued \u00a3100m of senior unsecured notes to a syndicate of investors. These notes are split into three equal tranches maturing in 2029, 2030 and 2031. In November 2023 the Group completed its renegotiation of its revolving credit facility with a syndicate of banks. The terms of this agreement reduced the facility to \u00a3375m (2022: \u00a3400m) with a maturity date of 2029. The terms of the agreement state that at the discretion of the lender the banking facility may be extended to a maximum maturity date of 2031. The disclosures in note 21(c) do not include leases or the effect of finance charges netted off bank debt. d. Interest The weighted average interest rates received on assets and paid on liabilities were as follows: % 2023 2022 Assets: Short-term deposits 4.7 1.0 Liabilities: 2026 \u00a3250m bond 3.8 3.8 2023 \u00a3300m bond 4.5 4.5 \u00a375m term loan 4.6 4.6 \u00a3100m senior unsecured notes 6.2 \u2013 Bank loans and overdrafts 8.7 2.1 In respect of income earning financial assets and interest-bearing financial liabilities, the following table indicates their effective interest rates at the balance sheet date: \u00a3m 2023 2022 Effective interest rate \u00a3m Effective interest rate \u00a3m Assets: Short-term deposits 5.2% 101.5 3.3% 194.0 Liabilities: 2026 \u00a3250m bond 3.8% 250.0 3.8% 250.0 2023 \u00a3300m bond 4.5% \u2013 4.5% 180.0 Term loan 4.6% 75.0 4.6% 75.0 Senior unsecured notes 6.2% 100.0 \u2013 \u2013 425.0 505.0 e. Fair values The book values of financial 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. Significant differences were identified for the Group\u2019s \u00a3250m of bonds as at 31 December 2023, where the assessed fair value based on quoted mid-market prices was \u00a3236.9m (2022: \u00a3430m of bonds with an assessed fair value of \u00a3399.6m). Details of the fair values of derivatives are given in notes 26 and 27.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-339": {
"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 financial instruments and capital management can be found in the Strategic Report on page 72. At 31 December 2023, all borrowings were denominated in sterling (2022: sterling) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-340": {
"value": "26. Financial risk management The overall aim of the Group\u2019s financial risk management policies is to minimise potential adverse effects on financial performance and net assets. The Group manages the principal financial 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 to 75. The Group\u2019s accounting policy for its cash flow hedges is set out in note 27. a. Derivatives During 2022 the Group obtained a 5-year term loan facility for \u00a375m and at the same time entered into an equal interest rate swap arrangement to hedge the full variable component of the interest rate for the life of the instrument. 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 has the following derivative financial instruments in the balance sheet: \u00a3m 2023 2022 Non-current assets Interest rate swap \u2013 cash flow hedge 2.9 4.3 Total non-current derivative financial instrument assets 2.9 4.3 The Group\u2019s hedging reserve relates to the following hedge instrument: \u00a3m 2023 2022 At 1 January 3.2 \u2013 Change in fair value of hedging instrument recognised in OCI (1.4) 4.3 Deferred tax 0.4 (1.1) At 31 December 2.2 3.2 A net loss of \u00a30.2m (2022: \u00a30.3m) on foreign currency forwards not qualifying as hedges was recognised in the Group\u2019s profit and loss and included in other losses. 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 100% of the variable term loan principal outstanding. The fixed 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 (\u2018SONIA\u2019) and a margin between 1.8% \u2013 2.4%. The swap contracts require settlement of the net interest receivable or payable every 6 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 financial position and performance are as follows: \u00a3m 2023 2022 Carrying amount (non-current assets) 2.9 4.3 Notional amount 75.0 75.0 Maturity date 15 August 2027 15 August 2027 Hedge ratio 1:1 1:1 Change in fair value of hedging instruments for the year (1.4) 4.3 Weighted average hedged rate for the year 4.6% 2.4%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-341": {
"value": "27. Financial instruments Accounting policy Investments and other financial assets classification The Group classifies its financial 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 profit or loss \u201cFVTPL\u201d) \u2022 Those to be measured at amortised cost The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit 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 reclassifies debt investments when and only when its business model for managing those assets changes. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss 27. Financial instruments continued Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. There are two measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in finance income or finance 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 profit or loss and presented net within other gains and 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 reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss when the Group\u2019s right to receive payments is established. Changes in the fair value of financial assets at FVTPL are recognised in finance income or finance 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 significant increase in credit risk. For trade receivables, the Group applies the simplified 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 financial instruments to hedge its exposure to interest rate and foreign exchange risks arising from financing activities. The Group does not enter into speculative financial instruments. In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for derivative trading purposes. Derivative financial instruments are stated at fair value. The fair value of derivative financial 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 financial instruments are classified as cash flow hedges when they hedge the Company\u2019s exposure to variability in cash flows 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 classification of the effective portion when recognised in the Statement of Comprehensive Income is the same as the classification 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 qualifies 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. a. The carrying value of categories of financial instruments \u00a3m 2023 2022 Financial assets: Loans and receivables (including cash and cash equivalents) at amortised cost 786.3 923.4 Designated instrument-by-instrument as either FVTPL or FVOCI 2.9 4.3 789.2 927.7 Financial liabilities: Mandatorily at FVTPL 0.4 0.2 Borrowings (note 21a) 445.1 541.6 Trade and other payables (including overdrafts) at amortised cost 653.2 681.0 1,098.7 1,222.8 Loans and receivables exclude prepayments of \u00a334.8m (2022: \u00a338.2m). Trade and other payables exclude taxation and social security and accruals and deferred income totalling \u00a3142.2m (2022: \u00a3171.5m). The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the Group\u2019s maximum exposure to credit risk. The Group has considered the impact of credit risk on its financial 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 financial liabilities designated as FVTPL comprise foreign currency forward contracts and are measured using quoted forward exchange rates. The following table provides an analysis of financial 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 2023 2022 Included in assets: Level 2: Interest rate swap 2.9 4.3 Included in liabilities: Level 2: Foreign currency forward contracts at fair value through profit and loss (0.4) (0.2) 27. Financial instruments continued c. Interest risk management The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by the Group by maintaining an appropriate mix between fixed and floating 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 defined risk appetite, ensuring optimal hedging strategies are applied, by either positioning the balance sheet or protecting interest expense through different interest rate cycles. In 2022 the Group entered into an interest rate swap arrangement to hedge the variable interest rate risk on a \u00a375m 5-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. 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 EUR6.0m and US$21.5m (2022: EUR10.0m and US$30.0m). The fair value of these derivatives was \u00a30.4m liability (2022: \u00a30.2m liability). These contracts are not designated cash flow hedges and accordingly the fair value movement has been reflected 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 financial instruments at the balance sheet date. For floating 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 2023 the Group had no floating rate liabilities. There was \u00a3101.5m on short-term deposit at 31 December 2023 (2022: \u00a3194.0m). A 1.0% increase or decrease in interest rates, with all other variables held constant, would have the following impact on: \u2022 Profit before taxation for the year ended 31 December 2023 would have increased or decreased by \u00a31.0m (2022: increased or decreased by \u00a31.9m) due to the short-term deposits \u2022 Net equity would have increased or decreased by \u00a30.8m (2022: increased or decreased by \u00a31.6m) f. Liquidity analysis The following table details the Group\u2019s liquidity analysis for its derivative financial instruments and other financial liabilities. The table has been drawn up based on the undiscounted net cash flows on the derivative instruments that settle on a net basis and the undiscounted gross cash flows on those derivatives that require gross settlement. When the amount payable or receivable is not fixed, 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. \u00a3m 2023 0\u20131 year 1\u20132 years 2\u20135 years 5+ years Total Total gross settled: foreign exchange forward contracts (22.9) \u2013 \u2013 \u2013 (22.9) Total net settled: Interest rate swap \u2013 cash flow hedge 1.9 1.9 3.1 \u2013 6.9 Total derivative financial instruments (21.0) 1.9 3.1 \u2013 (16.0) Net settled: Borrowings (24.9) (24.9) (366.2) (143.9) (559.9) Trade and other payables at amortised cost (653.2) \u2013 \u2013 \u2013 (653.2) Leases (108.9) (101.1) (237. 8) (316.6) (764.3) Total financial instruments (787.0) (126.0) (604.0) (460.5) (1,977.5) \u00a3m 2022 (restated*) 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 flow hedge 0.5 1.5 2.8 \u2013 4.8 Total derivative financial instruments (33.4) 1.5 2.8 \u2013 (29.1) Net settled: Borrowings (203.6) (18.6) (361.8) (38.1) (622.1) Trade and other payables at amortised cost (681.0) \u2013 \u2013 \u2013 (681.0) Leases (88.5) (81.5) (200.8) (262.1) (632.9) Total financial instruments (973.1) (100.1) (562.6) (300.2) (1,936.0) * The 2022 liquidity analysis has been restated to include \u00a380.5m of projected interest payments on the Group\u2019s borrowings. The previously reported undiscounted cash outflow on borrowings disclosed was \u00a3541.6m which had not included projected interest payments.",
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"value": "Accounting policy Investments and other financial assets classification The Group classifies its financial 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 profit or loss \u201cFVTPL\u201d) \u2022 Those to be measured at amortised cost The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit 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 reclassifies debt investments when and only when its business model for managing those assets changes. Measurement At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVTPL are expensed in profit or loss . Debt instruments Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. There are two measurement categories into which the Group classifies its debt instruments: \u2022 Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in finance income or finance 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 profit or loss and presented net within other gains and 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 reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss when the Group\u2019s right to receive payments is established. Changes in the fair value of financial assets at FVTPL are recognised in finance income or finance 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 significant increase in credit risk. For trade receivables, the Group applies the simplified 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 financial instruments to hedge its exposure to interest rate and foreign exchange risks arising from financing activities. The Group does not enter into speculative financial instruments. In accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for derivative trading purposes. Derivative financial instruments are stated at fair value. The fair value of derivative financial 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 financial instruments are classified as cash flow hedges when they hedge the Company\u2019s exposure to variability in cash flows 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 classification of the effective portion when recognised in the Statement of Comprehensive Income is the same as the classification 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 qualifies 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. ",
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"value": "28. Impairment Accounting policy Impairment of tangible and intangible assets The carrying amounts of the Group\u2019s tangible and intangible assets with a definite 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 flows 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 flows that the asset is expected to generate). In determining value in use the present value of future cash flows is discounted using a pre-tax discount rate that reflects current market assessments of the time value-of- money in relation to the period of the investment and the risks specific 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 indefinite useful life the recoverable amount is estimated on an annual basis Measuring recoverable amounts The Group tests goodwill and other non-monetary assets with indefinite 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 indefinite 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. The valuation is considered to be level 3 in the fair value hierarchy due to unobservable inputs used in the valuation. The key assumptions for the value-in-use are those regarding the discount rates, growth rates and like-for-like market volume changes which impact sales and therefore cash flow projections and maintenance capital expenditure. The FVLCOD calculations are those regarding the discount rate, growth rates, sales volume and operating margin Management estimates pre-tax discount rates that reflect current market assessments of the time-value of money and the risks specific to the CGU groupings that are not reflected in the cash flow projection. In developing these assumptions, management has considered the possible impacts of climate risks. 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 financial year the recoverable amount of goodwill and intangible assets with indefinite useful lives in all segments was in excess of their book value for all CGUs except for Toolstation France and certain Benchmarx branches discussed in note 3. The Benchmarx branches form part of the Travis Perkins General Merchant group of CGUs. The value-in-use and FVLCOD calculations require the use of assumptions. 28. Impairment continued Key assumptions The key financial assumptions used in the estimation of the recoverable amount for the UK CGUs are set out below. The key financial assumptions for the Toolstation France and Toolstation Benelux CGUs are discussed separately. 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. 2023 2022 Pre-tax discount rate 12.1%-13.3% 12.8%-14.1% Long-term growth rate 2.0% 1.7% The pre-tax discount rate used in the estimation of the recoverable amount for the Travis Perkins General Merchant CGU was 12.9%. Management determined the values assigned to these financial 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 reflect specific 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 flow 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 flows beyond the budget period. This represents the forecast GDP growth for the final year considered in the Office for Budget Responsibility\u2019s most recent Economic and Fiscal Outlook report. Cash flow forecasts are derived from the most recent Board-approved strategic plans. The key operating assumptions used in the estimation of future cash flows for the UK CGUs 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. For the less-mature Toolstation Europe businesses, the key operating assumption is future average sales growth. This assumption is set in the context of the store opening profile and historical data from the Toolstation UK and Toolstation Europe businesses on the store maturity profile. Cash flows beyond the corporate plan period (2027 and beyond for the UK CGUs, 2034 and beyond for non-UK CGUs) have been determined using the long-term growth rate. The longer period used in the FVLCOD models for the Toolstation France and Toolstation Benelux CGUs are consistent with market practice for valuing high-growth loss-making businesses. Result The recoverable amount of goodwill and intangible assets with indefinite useful lives was in excess of their book value in all CGUs and therefore no impairments have been recognised, except in respect of the Toolstation France CGU discussed below and in respect of certain Benchmarx branches as disclosed in note 3. No impairments were recognised in 2022. There are no reasonably possible changes in the key assumptions used in the impairment reviews that would cause the recoverable amounts of \u00a31,833.1m to be materially lower than the carrying amounts, except in respect of the Toolstation Benelux CGU for which sensitivity disclosures are provided. The Benchmarx branches form part of the Travis Perkins General Merchant CGU for which no impairment was recognised and for which there are no reasonably possible changes in the key assumptions used that would cause the recoverable amount to be materially lower than the carrying amount of \u00a31,215.0m. Toolstation France Following the annual impairment review of goodwill and intangible assets, an impairment of \u00a333.1m has been recognised in respect of the Toolstation France CGU. Trading conditions in the French market have been challenging and as a consequence expectations of future sales growth were reduced in the FVLCOD calculations. This impairment charge relates to \u00a314.4m of right-of-use assets, \u00a37.2m of tangible fixed assets, \u00a39.6m of goodwill and \u00a31.9m of other acquisition-related intangible fixed assets. The carrying value of these fixed assets relating to the Toolstation France business is now nil. There are no reasonably possible changes in the key operating assumptions used in this impairment review that would result in a materially different impairment charge. The pre-tax discount rate used in this calculation was 11.8% and the long-term growth rate was 2.0%. Toolstation Benelux The recoverable amount calculated in the impairment review of the Toolstation Benelux CGU exceeded the carrying amount of \u00a3134.9m by \u00a3210.4m. Whilst the Directors believe the assumptions are realistic, there are reasonably possible changes in key assumptions that would cause the recoverable amount of the Toolstation Benelux CGU to be lower than the carrying amount. The key variables applied to the fair value less cost of disposal calculations and the value at which the recoverable amount would be equal to the carrying amount were: Assumption Sensitivity Pre-tax discount rate 9.5% 17.1% Average annual sales growth (2023\u20132033) 17.6% 15.4% Peak operating profit in 2033 11.7% 4.0% The Toolstation Benelux impairment review is not sensitive to reasonably possible changes to the long-term growth rate. All other variables have been held equal. Key estimates over assumptions used in value-in-use calculations In testing for impairment, the recoverable amount of goodwill and intangible assets is determined by reference to the value-in-use or fair value less cost of disposal of the CGU grouping to which they are attributed. In addition the Directors have made certain estimates concerning discount rates, future cash flows and the future development of the business that are consistent with its corporate plan. Whilst the Directors consider their assumptions to be realistic, should actual results, including those for future sales growth, be different from expectations, for instance due to a worsening of the Dutch or Belgian economy, then it is possible that the value of goodwill and other intangible assets included in the balance sheet could become materially impaired. The range of reasonably possible outcomes includes an impairment charge in respect of the \u00a3134.9m carrying value of assets of up to \u00a317.4m, arising in a scenario where the pre-tax discount rate is 1ppt higher and sales are cumulatively 27.6% lower over the period of the modelled cash flows",
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"value": "Accounting policy Impairment of tangible and intangible assets The carrying amounts of the Group\u2019s tangible and intangible assets with a definite 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 flows 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 flows that the asset is expected to generate). In determining value in use the present value of future cash flows is discounted using a pre-tax discount rate that reflects current market assessments of the time value-of- money in relation to the period of the investment and the risks specific 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 indefinite useful life the recoverable amount is estimated on an annual basis ",
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"value": "29. Capital commitments \u00a3m 2023 2022 Contracted for but not provided in the accounts 9.9 8.3",
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"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 identifiable 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 benefit arrangements are recognised and measured in accordance with IAS 12 \u2013 Income Taxes and IAS 19 \u2013 Employee Benefits 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 Liabilities for contingent consideration are classified as fair value through profit and loss. 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 identifiable 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 identifiable 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.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-347": {
"value": "31. Staff costs a. Average number of persons employed The average monthly number of persons employed (including Executive Directors): No. 2023 2022 Sales and distribution 17,703 18,453 Administration 1,469 1,503 19,172 19,956",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-348": {
"value": "b. Aggregate remuneration \u00a3m 2023 2022 Staff costs \u2013 wages and salaries 586.1 594.7 Staff costs \u2013 social security costs 57.0 54.2 Staff costs \u2013 other pension costs (note 17) 22.2 21.3 Share-based payments (note 32) 14.6 17.0 679.9 687. 2 Director\u2019s remuneration, including pension contributions and Long-Term Incentive plan awards, is set out in the Single Total Figure of Remuneration table in the Directors\u2019 Remuneration report on page 123. The total amounts received or receivable by Directors under long-term incentive schemes in respect of qualifying service in the year is \u00a381,000 (2022: \u00a3127,000). The aggregate of gains made by the Directors in the year on the exercise of share options equated to \u00a3nil (2022: \u00a3nil). Details with respect to share options exercised in the year are set out on page 128.",
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"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-349": {
"value": "32. 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: \u00a3m 2023 2022 SAYE Nil-price options SAYE Nil-price options Share price at grant date (pence) 828.6 828.6 889.4 1,245.0 Option exercise price (pence) 690.0 \u2013 710.0 \u2013 Volatility (%) 35.6% 40.4% 44.5% 44.0% Option life (years) 3.4 3.0 3.3 2.9 Risk-free interest rate (%) 4.4% 3.4% 4.4% 1.4% Expected dividends as a dividend yield (%) 4.4% 4.0% 2.5% 1.8% 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 five years and expire three and a half or five 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 108. The estimated fair values of the shares under option granted under the Group\u2019s share schemes in 2023 are as follows: Share scheme Grant date Fair value for the Group \u00a3m Restricted Share Plan (nil-price options) 20 March 2023 5.1 Deferred Share Bonus Plan (nil-price options) 20 March 2023 \u2013 Restricted Share Plan (nil-price options) 4 April 2023 0.4 Restricted Shares Plan (nil-price options) 8 September 2023 0.1 Save As You Earn 27 September 2023 8.1 The Group charged \u00a314.6m (2022: \u00a317.0m) 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: In thousands of options The Group 2023 2022 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 823 5,276 2,568 1,054 4,185 2,997 Forfeited during the year 652 (2,649) (279) 1,107 (1,863) (225) Exercised during the year 747 (4) (925) 909 (544) (902) Granted during the year 690 2,509 865 710 3,498 698 Outstanding at the end of the year 527 5,132 2,229 823 5,276 2,568 Exercisable at the end of the year 352 201 417 1,314 38 152 Details of the options outstanding at 31 December are as follows: The Group 2023 2022 (restated*) Executive options SAYE Nil price options Executive options SAYE Nil price options Range of exercise prices (pence) 898-1,958 690-1,411 \u2013 1,061-1,958 710-1,411 \u2013 Weighted average exercise price (pence) 1,328 749 \u2013 1,200 814 \u2013 Number of shares (thousands) 3 5,132 2,229 120 5,156 2,568 Weighted average expected remaining life (years) \u2013 2.7 1.8 0.2 2.6 1.2 Weighted average contractual remaining life (years) \u2013 3.2 8.6 7.7 3.1 8. 32. Share-based payments continued d. Impact of vesting and exercise If all SAYE shares are acquired on the first possible day, 1.5m of shares will be issued for a consideration of \u00a313.6m in the years below: 2024 2025 2026 2027 2028 No. m \u00a3m No. m \u00a3m No. m \u00a3m No. m \u00a3m No. m \u00a3m Options 0.3 \u2013 0.5 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 \u2013 SAYE 0.2 3.3 1.1 8.4 \u2013 0.6 0.2 1.2 \u2013 0.1 The table above shows theoretical amounts. For the Group 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 Group, or leave on good terms If none of the requirements are met then the Group will receive no consideration",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-350": {
"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": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-351": {
"value": "33. Key management personnel The remuneration of the key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24 \u2013 Related Party Disclosures. \u00a3m 2023 2022 Short-term employee benefits 9.9 10.9 Post-employment benefits 0.5 0.4 Share-based payments 5.2 7. 8 15.6 19.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-352": {
"value": "34. Related party transactions The Group has a related party relationship with its subsidiaries, its Directors and with its pension schemes (note 17). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-353": {
"value": "35. 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 IFRS 17 \u2013 Insurance contracts \u2022 Classification 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 Definition of accounting estimates (amendments to IAS 8) \u2022 Deferred tax related to assets and liabilities arising from a single transaction (amendments to IAS 12) \u2022 International tax reform \u2013 Pillar Two Model Rules (amendments to IAS 12) 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 financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue, but not yet effective: \u2022 Lease liability in a sale-and-leaseback (amendments to IFRS 16 \u2013 Leases) \u2022 Classification of liabilities as current or non-current, and non-current Liabilities with covenants (amendments to IAS 1 \u2013 presentation of Financial Statements) \u2022 Supplier finance arrangements (amendment to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments: Disclosures) Based on their initial assessment, the Directors anticipate that adoption of these standards and interpretations in future periods will not have a material impact on the financial statements of the Group",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-354": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"fact-355": {
"value": "Travis Perkins plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-356": {
"value": "activities are set out in the Strategic Report on pages 2 to 86. The Company is incorporated and is domiciled in the United Kingdom as a public ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-357": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"fact-358": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-359": {
"value": "Investments in subsidiaries Accounting policy Investments in subsidiaries are carried at cost less impairment",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"fact-360": {
"value": " 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 Group Holdings Limited Travis Perkins (Properties) Limited Travis Perkins Finance Company 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) Benchmarx Kitchens and Joinery Limited British Steam Specialties (International) Limited (The) BSS (UK) Limited BSS GPS Trustee Limited Builders Mate Limited Built For Trade Limited *3 Cobtree Nominees Limited E. East & Son Limited IJM Enterprises Limited *3 JS Towell Limited *3 MD-DOR3 Limited *3 MD-DOR4 Limited Monteith Building Services Limited *4 P. H. Properties Limited 1. P.T.S. Plumbing Trade Supplies Limited Terant Supplies Limited Tile It All (UK) Limited *3 The BSS EBT Company Limited Tile Giant Holdings Limited TP Directors Ltd TP General Partner (Scotland) Limited 1 TPG Management Services Limited Travis Group Limited Travis & Arnold Limited Travis Perkins Capital Partner Limited Travis Perkins Financing Company No.3 Limited Travis Perkins Merchant Holdings Limited Travis Perkins (PSL2015) Limited *3 Tricom Group Limited * companies in voluntary liquidation Other subsidiary companies BSS (Ireland) Limited 5 Gestion Tolstation inc. 6 Toolexpert Benelux BV 7 Toolstation BV 7 Toolstation NV/SA 8 Toolstation Europe BV 7 Toolstation Europe Limited Toolstation Netherlands BV 7 Toolstation SAS 10 Travis Perkins Hong Kong Limited 11 Travis Perkins Sourcing (Shanghai) Ltd Investments Company Name Registered % ownership Status Hermitage Park Management Company Limited 13 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, 1st Floor Two Chamberlain Square, Birmingham, B3 3AX, United Kingdom 4 C/O Mazars LLP, Restructuring Services Apex 2, 97 Haymarket Terrace, Edinburgh, EH12 5HD, United Kingdom 5 White Heather Industrial Estate, South Circular Road, Dublin, 8, Ireland 6 5303 boul. Saint-Laurent, Montr\u00e9al Qu\u00e9bec H2T1S5, Canada 7 Brandpuntlaan Zuid 12, 2665NZ, Bleiswijk, Netherlands 8 Boomsesteenweg 58, 2630 Aarlselaar, Belgium 9 Regus Building, Kranhaus 1, Business Centre GmbH Co KG, Im Zollhafen 18, 50678 Koln, Germany 10 61 Route de Grenoble, 69800 Saint Priest, Lyon, France 11 Suite 2401, 24/F, China Insurance Group Building, 141 Des Voeux Road, Central, Hong Kong 12 Building No.17, No. 800 Changde Road, JingAn District, Shanghai 200040 13 C/O Bruton Knowles Llp 2 Paris Parklands, Railton Road, Guildford, Surrey, United Kingdom, GU2 9JX",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"value": "Lodge Way House Lodge Way Harleston Road Northampton NN5 7UG",
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"entity": "scheme:2138001I27OUBAF22K83",
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}