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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 174. The nature of the Group\u2019s operations and its principal activities are set out in the Strategic Report on pages 6 to 25. 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 172 to 180. 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 reduction. \u2022 The committed debt facilities available to the Group and the covenants thereon. \u2022 The Group\u2019s debt maturity profile and the successful issuance of \u00a3125m of new debt in March 2025. \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 59 to 69 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. During the year the Group implemented Oracle as its new finance system in three of its Merchanting businesses. This will reduce the level of estimation previously necessitated by these businesses\u2019 use of finance systems first implemented by the Group over 30 years ago. The anticipated challenges of implementing a new finance system means that there is a greater amount of estimation in the preparation of the 2025 financial statements than is anticipated to be the case in future reporting periods, particularly in respect of accrued revenue and related liabilities. None of these areas are considered to have a significant risk of a material adjustment to the carrying value of assets and liabilities within the next financial year. Key judgements and 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 144 8 Classification of Toolstation France as a discontinued operation 154 18 Pension liability assumptions 166 29 Impairment reviews 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. Risks: Discusses the Group\u2019s impairment testing and the exposure to various financial risks, explains how these affect the Group\u2019s financial position and performance and what the Group does to manage these risks. Group structure: Explains aspects of the Group structure and how changes have affected the financial position and performance of the Group. People: Provides information about the number of people employed by the Group and associated costs. Other: Provides information on items which require disclosure, but are not considered critical in understanding the financial performance or position of the Group",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-426": {
"value": "Travis Perkins plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-427": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-428": {
"value": "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 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-429": {
"value": "pounds sterling",
"dimensions": {
"concept": "ifrs-full:DescriptionOfPresentationCurrency",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-430": {
"value": "The Group financial statements have been prepared in accordance with UK-adopted international
accounting standards.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-431": {
"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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-432": {
"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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-433": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfFinancialStatements",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-434": {
"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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-435": {
"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 reduction. \u2022 The committed debt facilities available to the Group and the covenants thereon. \u2022 The Group\u2019s debt maturity profile and the successful issuance of \u00a3125m of new debt in March 2025. \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 59 to 69 during periods of uncertain economic outlook and challenging macroeconomic conditions. The downside scenarios tested, outlining the impact of severe but plausible adverse scenarios based on a severe recession and housing market weakness, show that there is sufficient headroom for liquidity and covenant compliance purposes for at least the next 12 months from the date of approval of these financial statements. The going concern assessment is not sensitive to estimates on inflation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-436": {
"value": "Significant accounting policies The principal accounting policies adopted in preparing the financial statements are provided throughout the notes to the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-437": {
"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. During the year the Group implemented Oracle as its new finance system in three of its Merchanting businesses. This will reduce the level of estimation previously necessitated by these businesses\u2019 use of finance systems first implemented by the Group over 30 years ago. The anticipated challenges of implementing a new finance system means that there is a greater amount of estimation in the preparation of the 2025 financial statements than is anticipated to be the case in future reporting periods, particularly in respect of accrued revenue and related liabilities. None of these areas are considered to have a significant risk of a material adjustment to the carrying value of assets and liabilities within the next financial year. Key judgements and 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 144 8 Classification of Toolstation France as a discontinued operation 154 18 Pension liability assumptions 166 29 Impairment reviews ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-438": {
"value": "Revenue Accounting policy Revenue recognition Revenue is recognised when the Group has satisfied its performance obligations to the customer and the customer has obtained control of the goods or services being transferred. Performance obligations to the customer in respect of sales of goods are satisfied on delivery or collection by customer. Payments are typically due from credit customers not later than the last day of the month following the month of delivery. Revenue is measured at the transaction price received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts and value added tax. For the Group sale of services 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 2024 2023 (re-presented) Sale of goods 4,439.9 4,668.3 Sale of services 167. 5 168.8 4,607.4 4,837.1 All revenue arose in the UK except for \u00a3109.1m (2023: \u00a3107.3m) arising in Europe Revenue continued b. Revenue reconciliation and like-for-like sales \u00a3m Merchanting Toolstation Total 2023 revenue (re-presented) 4,035.8 801.3 4,837.1 Network change (62.5) (12.7) (75.2) Trading days 49.5 2.4 51.9 2023 like-for-like revenue (re-presented) 4,022.8 791.0 4,813.8 Like-for-like change (271.9) 15.3 (256.6) 2024 like-for-like revenue 3,750.9 806.3 4,557. 2 Network change 35.4 14.8 50.2 2024 revenue 3,786.3 821.1 4,607.4 Like-for-like revenue growth (6.8%) 1.9% (5.3%) Total revenue growth (6.2%) 2.5% (4.7%) 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-439": {
"value": "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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-440": {
"value": "2. Profit a. Operating profit \u00a3m 2024 2023 (re-presented) Revenue 4,607.4 4,837.1 Cost of sales (3,403.7) (3,538.3) Gross profit 1,203.7 1,298.8 Charge for impairment losses for trade receivables (16.7) (16.8) Selling and distribution (779.2) (823.2) Administrative expenses \u2013 other (271.3) (284.9) Profit on disposal of properties 11.3 15.1 Other operating income 4.0 9.1 Adjusted operating profit 151.8 198.1 Administrative expenses \u2013 adjusting items (139.1) (26.9) Administrative expenses \u2013 amortisation of acquired intangible assets (10.4) (10.5) Operating profit 2.3 160.7 Adjusted operating profit before property disposals 140.5 183.0 During the year the Group recognised a gain on the disposal of plant and equipment of \u00a30.8m (2023: nil). b. Adjusted profit \u00a3m 2024 2023 (re-presented) (Loss)/profit before tax (38.4) 121.4 Adjusting items (note 3) 139.1 26.9 Amortisation of acquired intangible assets 10.4 10.5 Adjusted profit before tax 111.1 158.8 Total tax (2.2) (31.9) Tax on adjusting items (29.0) (9.7) Tax on amortisation of acquired intangible assets (2.6) (2.6) Adjusted profit after tax 7 7. 3 114.6 Adjusted profit excludes adjusting items and amortisation of acquired intangible assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-441": {
"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 balances. \u00a3m 2024 2023 (re-presented) Restructuring 37.0 16.8 Staircraft impairment (note 29) 32.7 \u2013 Branch impairments (note 29) 62.7 \u2013 Benchmarx branch closures 6.7 10.1 139.1 26.9 Restructuring In the second half of 2023, in response to the continued weakness in the construction market, the Group commenced a restructuring of its support functions and its supply chain. This programme concluded in 2024. The 2024 costs associated with this programme are: \u2022 \u00a326.2m of costs from the consolidation of the Group\u2019s supply chain, including \u00a39.3m of dilapidations costs and other property-related items, \u00a312.9m of stock impairments and \u00a34.0m of other associated costs. Of these items, \u00a34.7m of stock impairments, \u00a31.4m property costs and \u00a31.3m of other associated costs relate to the Toolstation UK business. \u2022 Redundancy and other associated costs of \u00a310.8m in respect of central and regional restructuring. Costs of \u00a316.8m were incurred in 2023 in respect of this restructuring activity. Impairment A full branch-level impairment review was conducted and identified 209 Merchanting branches where the carrying value of the branch assets was above the value of the discounted future cash flows generated from these assets. The total impairment recognised in respect of Travis Perkins General Merchant and CCF branches is \u00a357.0m and reflects the under-utilisation of these assets within the review period as a result of cyclically depressed market volumes. A charge of \u00a35.7m has been recognised in respect of other branch assets. Additionally, an impairment of \u00a332.7m has been recognised in respect of the annual impairment review of the Staircraft business. Refer to note 29 for more details on the Group\u2019s impairment reviews. Benchmarx branch closures In 2023 a charge of \u00a310.1m was recognised in respect of the impairment of tangible fixed assets and right- of-use assets and the recognition of property-related provisions for 39 standalone Benchmarx branches. These branches were closed in 2024 and an additional charge of \u00a36.7m recognised in respect of closure costs",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-442": {
"value": "4. Other operating income and auditor\u2019s remuneration a. Other operating income \u00a3m 2024 2023 (re-presented) Rental income 3.8 4.4 Transitional Service Agreement income 0.2 4.7 4.0 9.1 The Transition Service Agreement income represented amounts received in respect of specific services provided to businesses the Group had sold or demerged in order to maintain business continuity in those businesses",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-443": {
"value": "b. Auditor\u2019s remuneration During the year the Group incurred the following costs for services provided by the Company\u2019s auditor: \u00a3m 2024 2023 Fees payable to the Company\u2019s auditor for audit services: Audit of the Company\u2019s annual accounts 0.5 0.3 Auditor for the audit of the Company\u2019s subsidiaries 2.2 1.7 Additional fees payable for the prior period audit 0.4 0.1 Fees paid to the Company\u2019s auditor for other services: Audit-related assurance services 0.1 0.1 3.2 2.2 A description of the work of the Audit Committee is set out in the Audit Committee report on pages 84 to 89 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-444": {
"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 2024 Merchanting Toolstation Unallocated Consolidated Revenue 3,786.3 821.1 \u2013 4,607.4 Operating profit 19.5 12.0 (29.2) 2.3 Amortisation of acquired intangible assets 7.6 2.8 \u2013 10.4 Adjusting items 132.6 6.5 \u2013 139.1 Less property profits (11.3) \u2013 \u2013 (11.3) Segmental adjusted operating profit 148.4 21.3 (29.2) 140.5 Adjusted operating margin 3.9% 2.6% \u2013 3.0% Average capital employed 2,232.5 564.3 12.4 2,809.2 Segment assets 2,888.0 726.6 416.6 4,031.2 Segment liabilities (1,165.3) (380.9) (510.9) (2 ,05 7.1) Consolidated net assets 1,722.7 345.7 (94.3) 1,974.1 Capital expenditure excluding property 51.4 12.6 \u2013 64.0 Depreciation of fixed assets and software amortisation 75.3 18.5 \u2013 93.8 Depreciation of right-of-use assets 67.4 29.4 \u2013 96.8 023 (re-presented) Merchanting Toolstation Unallocated Consolidated Revenue 4,035.8 801.3 \u2013 4,837.1 Operating profit 198.9 (4.8) (33.4) 160.7 Amortisation of acquired intangible assets 7.6 2.9 \u2013 10.5 Adjusting items 20.9 5.2 0.8 26.9 Less property profits (15.1) \u2013 \u2013 (15.1) Adjusted operating profit excluding property profits 212.3 3.3 (32.6) 183.0 Adjusted operating margin 5.3% 0.4% \u2013 3.8% Average capital employed 2,250.7 596.0 6.1 2,852.8 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 excluding property 89.5 17.8 \u2013 107. 3 Depreciation of fixed assets and software amortisation 67.8 15.9 \u2013 83.7 Depreciation of right-of-use assets 56.8 32.1 \u2013 88.9 b. Unallocated segment assets and liabilities Unallocated segment assets and liabilities comprise the following: \u00a3m 2024 2023 Assets Financial instruments 3.3 2.9 Property, plant and equipment 16.5 17. 5 Cash and cash equivalents 244.4 131.5 Retirement benefit surplus 116.9 118.7 Unallocated corporate assets 18.0 14.4 Tax asset \u2013 14.5 Deferred tax asset 17.5 18.0 416.6 317.5 Liabilities Deferred tax liabilities (68.3) (92.8) Interest-bearing loans, borrowings and loan notes (435.0) (445.1) Unallocated corporate liabilities (7.6) (1.6) (510.9) (539.5) Non-current assets with a carrying value of \u00a3101.8m (2023: \u00a3111.7m) owned by the Toolstation Europe businesses are located in foreign countries",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-445": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-446": {
"value": "6. Net finance costs \u00a3m 2024 2023 (re-presented) Items in the nature of interest: Interest on bonds and other loans (17.1) (20.6) Interest on bank facilities and overdrafts (2.0) (1.5) Pension scheme SPV interest (1.8) (1.7) Other finance costs: Amortisation of issue costs of bank loans (1.3) (1.5) Unwinding of discounts \u2013 property provisions \u2013 (0.1) Remeasurement: Net loss on remeasurement of derivatives at fair value \u2013 (0.2) Loss on remeasurement of foreign exchange \u2013 (0.2) Lease interest: Interest on lease liabilities \u2013 property (26.5) (24.7) Interest on lease liabilities \u2013 equipment (3.1) (0.9) Finance costs (51.8) (51.4) Items in the nature of interest: Interest receivable 6.0 5.7 Remeasurement: Net gain on remeasurement of derivatives at fair value 0.8 \u2013 Other finance income \u2013 pension scheme 4.3 6.4 Finance income 11.1 12.1 Net finance costs (40.7) (39.3) 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 2024 these were in total \u00a344.5m (2023: \u00a343.7m). Net finance costs relating to discontinued operations are \u00a30.4m (2023: \u00a30.6m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-447": {
"value": "7. Ta x Accounting policy The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income and expense that are taxable or deductible in other years and it further excludes items which are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantially enacted by the balance sheet date . Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. This is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction (other than in a business combination) that affects neither the taxable profit nor the accounting profit. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised based on tax laws and rates that have been enacted or substantially enacted at the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity . a. Tax charge in the income statement \u00a3m 2024 2023 (re-presented) Current tax: Current year 34.9 33.0 Prior year 0.6 (6.1) Total current tax 35.5 26.9 Deferred tax: Current year (32.8) (1.4) Prior year (0.5) 6.4 Total deferred tax (33.3) 5.0 Total tax charge 2.2 31.9 The total tax charge in 2024 includes a credit of \u00a329.0m relating to costs recognised as adjusting items (2023: \u00a39.7m) 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: 2024 2023 (re-presented) \u00a3m % \u00a3m % (Loss)/profit before tax (38.4) 121.4 Tax at the UK corporation tax rate (9.6) 25.0 28.6 23.5 Tax effect of expenses/credits that are not deductible/taxable 1.2 (2.1) Depreciation of non-qualifying property 3.4 3.3 Share-based payments 2.7 2.0 Losses 1.8 1.1 Property profits (3.0) (1.2) Current period deferred tax rate differential \u2013 (0.1) Impairment 5.6 \u2013 Prior period adjustment 0.1 0.3 Tax expense and effective tax rate for the year 2.2 (5.7) 31.9 26.3 For accounting periods beginning after 31 December 2024 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 2024 2023 Items that may be reclassified: Deferred tax (credit)/charge on cash flow hedge (0.1) 0.4 Items that may not be reclassified: Deferred tax (credit)/charge on actuarial movement (9.5) 10.2 Income tax relating to other comprehensive income (9.6) 10.6 c. Tax credited directly to equity The following amounts of tax have been recognised in equity: \u00a3m 2024 2023 Deferred tax: Revaluation reserve 0.2 0.5 Share-based payments 0.1 0.1 0.3 0.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-448": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-449": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-450": {
"value": "9. Goodwill and other intangible assets Accounting policy Goodwill arising on acquisition represents the excess of the cost of acquisition over the share of the aggregate fair value of identifiable net assets (including intangible assets) of a business or a subsidiary at the date of acquisition. All material intangible fixed assets obtained on acquisition have been recognised separately in the financial statements. Goodwill is initially recognised as an asset and allocated to cash- generating units or groups of cash-generating units that are expected to benefit from the synergies of the combination and is then reviewed at least annually for impairment. Any impairment is recognised immediately in the income statement and is not reversed. Goodwill is accordingly stated in the balance sheet at cost less any provisions for impairment in value. 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 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 1 January 2024 684.8 163.1 847.9 Impairment (23.8) \u2013 (23.8) Effect on movement in exchange rates \u2013 (2.8) (2.8) At 31 December 2024 661.0 160.3 821.3 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 2023 150.4 110.7 151.6 0.7 413.4 Additions \u2013 1.1 \u2013 2.0 3.1 Impairments (1.9) \u2013 \u2013 \u2013 (1.9) Derecognition \u2013 \u2013 \u2013 (2.1) (2.1) At 1 January 2024 148.5 111.8 151.6 0.6 412.5 Additions \u2013 3.9 \u2013 0.2 4.1 Transfers from property, plant & equipment \u2013 0.6 \u2013 \u2013 0.6 Reclassification \u2013 0.5 \u2013 (0.5) \u2013 Disposals \u2013 (0.5) \u2013 \u2013 (0.5) At 31 December 2024 148.5 116.3 151.6 0.3 416.7 Amortisation 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 1 January 2024 76.0 102.7 133.9 \u2013 312.6 Charged on acquired intangibles 2.3 \u2013 8.1 \u2013 10.4 Charged on internally generated intangibles \u2013 3.6 \u2013 \u2013 3.6 Impairment \u2013 \u2013 3.4 \u2013 3.4 Disposals \u2013 (0.2) \u2013 \u2013 (0.2) At 31 December 2024 78.3 106.1 145.4 \u2013 329.8 Net book value At 31 December 2023 72.5 9.1 17.7 0.6 99.9 At 31 December 2024 70.2 10.2 6.2 0.3 86.9 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 BSS brand, which is a leading brand in its sector with significant history and significant growth prospects, has an indefinite useful life. It is reviewed annually for impairment; details of impairment tests are shown in note 29. c. Cash-generating units The Directors consider that each branch or distribution network in the Group is an individual cash-generating unit (\u201cCGU\u201d). Goodwill and intangible fixed assets with indefinite useful lives have been allocated 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 CGU grouping 2024 2023 Intangibles Goodwill 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 \u2013 \u2013 \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 56.9 56.9 \u2013 59.7 59.7 49.3 821.3 870.6 49.3 847.9 897.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-451": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-452": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-453": {
"value": "10. Property, plant and equipment Accounting policy Property, plant and equipment is stated at cost or deemed cost less accumulated depreciation and any impairment in value. Assets are depreciated to their estimated residual value on a straight-line basis over their estimated useful lives as follows: \u2022 Buildings \u2013 50 years or, if lower, the estimated useful life of the building or the life of the lease \u2022 Leasehold improvements \u2013 the life of the lease \u2022 Plant and equipment \u2013 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 2023 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) Reclassifications (2.4) \u2013 (10.0) 12.4 \u2013 Effect of movements in exchange rates \u2013 \u2013 \u2013 (0.6) (0.6) At 1 January 2024 4 87.0 51.2 221.5 740.9 1,500.6 Additions 9.6 \u2013 32.5 28.4 70.5 Disposals (15.8) (4.7) (11.4) (45.4) (7 7.3) Reclassifications 30.5 2.2 (45.1) 18.4 6.0 Effect of movements in exchange rates \u2013 \u2013 \u2013 (0.7) (0.7) At 31 December 2024 511.3 48.7 197.5 741.6 1,499.1 Freehold Long leasehold Leasehold improvements Plant and equipment Total Accumulated depreciation At 1 January 2023 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) Reclassifications 0.3 \u2013 (0.3) \u2013 \u2013 Effect of movements in exchange rates \u2013 \u2013 \u2013 (0.2) (0.2) At 1 January 2024 61.9 13.4 84.7 492.2 652.2 Charged in the year 6.7 1.0 12.6 59.5 79.8 Disposals (5.1) (1.4) (1.9) (42.1) (50.5) Impairments \u2013 \u2013 11.9 27.7 39.6 Reclassifications 14.8 0.3 5.5 (14.6) 6.0 Write offs \u2013 \u2013 1.5 \u2013 1.5 Effect of movements in exchange rates \u2013 \u2013 \u2013 (0.6) (0.6) At 31 December 2024 78.3 13.3 114.3 522.1 728.0 Net book value At 31 December 2023 425.1 37.8 136.8 248.7 848.4 At 31 December 2024 433.0 35.4 83.2 219.5 771.1 Included within freehold property is land with a value of \u00a3227.5m (2023: \u00a3215.6m) which is not depreciated. No assets are pledged as security for the Group\u2019s liabilities. Included within leasehold improvements is \u00a317.5m (2023: \u00a321.4m) in respect of assets under construction which are not depreciated",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-454": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-455": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-456": {
"value": "11. Leases 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. 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 \u00a358.4m in respect of plant and equipment (2023: \u00a329.6m). Additions to right-of-use assets in 2024 were \u00a3152.1m (2023: \u00a3182.4m). Lease liability maturity analysis \u2013 contractual undiscounted cash flows: \u00a3m 2024 2023 Less than one year 119.9 106.9 One to five years 369.3 337.8 More than five years 336.2 316.5 Total undiscounted lease liabilities at 31 December 825.4 761.2 b. Amounts recognised in the statement of profit and loss The statement of profit and loss shows the following amounts relating to leases: \u00a3m 2024 2023 (re-presented) Expense relating to short-term leases 4.4 4.9 Expense relating to leases of low-value assets 3.5 3.1 Impairment/(reversal of impairment) of right-of-use assets 31.2 (1.7) Gains on lease terminations \u2013 (2.5) An impairment right-of-use assets has been recognised with respect to land and buildings of \u00a317.9m and plant and equipment of \u00a313.3m. Total depreciation of right-of-use assets of \u00a396.8m (2023: \u00a391.1m) represents \u00a383.6m in respect of land and buildings (2023: \u00a379.8m) and \u00a313.2m in respect of plant and equipment (2023: \u00a311.3m). The total cash outflow for leases in 2024 was \u00a3131.3m (2023: \u00a3116.2m). 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 provide operational flexibility. The Group routinely enters into sale and leaseback transactions as part of its property management and investment strategy. The requirement of IFRS 16 \u2013 Leases to, in transfers that are accounted for as a sale, only recognise the amount of any gain or loss that relates to the rights transferred to the buyer-lessor, results in differences between the recognition of cash proceeds from the disposal of property, plant and equipment and the recognition of profit from these disposals. 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 \u00a33.8m (2023: \u00a34.4m). At the balance sheet date, the Group had contracts with lessees for the following undiscounted future minimum lease payments: \u00a3m 2024 2023 Within one year 4.7 4.6 One to five years 21.4 22.8 After five years 5.0 5.0 31.1 32.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-457": {
"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.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-458": {
"value": "12. Inventories Accounting policy Inventories, which consist of goods for resale, are stated at the lower of average weighted cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Net realisable value is the estimated selling price less the estimated costs of disposal . \u00a3m 2024 2023 Inventories 648.6 727.6 The cost of inventories recognised as an expense in 2024 was \u00a33,328.9m (2023: \u00a33,381.4m). A charge of \u00a35.2m (2023: \u00a32.0m) was recognised as a result of the movement of provisions against inventory. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-459": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-460": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-461": {
"value": "14. Trade and other receivables Accounting policy Trade and other receivables The Group\u2019s trade and other receivables at the balance sheet date comprise principally 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 2024 2023 Current: Trade receivables 598.1 547.1 Allowance for doubtful debts (29.8) (21.5) 568.3 525.6 Other receivables 111.8 129.2 Prepayments and accrued income 80.4 34.8 Total current trade and other receivables 760.5 689.6 Non-current: Prepayments 15.3 14.2 Total non-current trade and other receivables 15.3 14.2 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 59 days (2023: 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% p.a. (2023: 4%) 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 2024 2023 At 1 January 21.5 17.7 Amounts written off and adjusted for during the year (8.4) (13.0) Charge for impairment losses for trade receivables 16.7 16.8 At 31 December 29.8 21.5 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 2024. \u00a3m Gross carrying amount Weighted average loss rate Net loss allowance Credit impaired Current (not past due) 530.7 0.8% (3.7) No Days overdue: 1\u201330 24.2 7. 2 % (1.5) No 31\u201360 8.5 19.7% (1.4) No 61\u201390 3.9 28.0% (0.9) No 91\u2013120 1.4 53.3% (0.6) No More than 120 29.4 88.6% (21.7) Yes 598.1 (29.8 14. Trade and other receivables continued 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)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-462": {
"value": "Accounting policy Trade and other receivables The Group\u2019s trade and other receivables at the balance sheet date comprise principally 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-463": {
"value": "15. Provisions Accounting policy A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation because of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet dates, and are discounted to present value. Should a provision ultimately prove to be unnecessary then it is credited back into the income statement. Where the provision was originally established as an adjusting item, any 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 2023 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 Charge to income statement 17. 5 3.1 17. 2 37. 8 Utilisation of provision (6.4) (4.3) (9.2) (19.9) At 31 December 2024 28.2 19.9 12.9 61.0 Included in current liabilities 6.6 19.9 12.9 39.4 Included in non-current liabilities 21.6 \u2013 \u2013 21.6 28.2 19.9 12.9 61.0 The restructuring provision relates to the support functions and supply chain restructuring activities treated as adjusting items and discussed note 3. It excludes property-related provisions and inventory amounts which are separately classified. The following table details the Group\u2019s liquidity analysis of its provisions, based on the undiscounted net cash outflows. The impact of discounting is not material for the Group\u2019s provisions. \u00a3m 0\u20131 year 1\u20132 years 2\u20135 years 5+ years Total 2024: Property 6.6 7.5 5.9 8.2 28.2 Insurance 19.9 \u2013 \u2013 \u2013 19.9 Restructuring 12.9 \u2013 \u2013 \u2013 12.9 39.4 7. 5 5.9 8.2 61.0 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-464": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-465": {
"value": "16. 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 January 2024 Recognised in income Recognised in equity Recognised in other comprehensive income At 31 December 2024 Trading losses (18.0) 0.5 \u2013 \u2013 (17.5) Deferred tax asset (18.0) 0.5 \u2013 \u2013 (17.5) Capital allowances 21.1 (9.7) \u2013 \u2013 11.4 Revaluation of property 2.9 \u2013 (0.2) \u2013 2.7 Share-based payments (2.9) 0.8 (0.1) \u2013 (2.2) Provisions 4.4 0.3 \u2013 \u2013 4.7 Property assets acquired in business combinations 8.8 (0.8) \u2013 \u2013 8.0 Brand 21.8 (6.5) \u2013 \u2013 15.3 Pension scheme asset 25.1 (5.4) \u2013 9.5 29.2 Deferred gains on property disposals 29.3 (0.7) \u2013 \u2013 28.6 IFRS 16 lease liability (151.0) (12.7) \u2013 \u2013 (163.7) IFRS 16 right-of-use asset 132.6 0.9 \u2013 \u2013 133.5 Cash flow hedge 0.7 \u2013 \u2013 0.1 0.8 Deferred tax liability 92.8 (33.8) (0.3) 9.6 68.3 Net deferred tax 74.8 (33.3) (0.3) 9.6 50.8 6. Deferred tax continued \u00a3m (Asset)/liability: At 1 January 2023 Recognised in income Recognised in equity Recognised in other comprehensive income At 31 December 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 \u2013 Lease Liability (130.5) (20.5) \u2013 \u2013 (151.0) IFRS 16 \u2013 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 The deferred tax asset in respect of trading losses primarily relates to the Toolstation Netherlands business. An element of the deferred tax asset is recognised in respect of losses of \u00a33.0m (2023: \u00a37.0m) in the Group\u2019s other European Toolstation businesses to offset a deferred tax liability of the same value arising in these businesses. No deferred tax asset has been recognised on the remaining losses of \u00a321.7m (2023: \u00a376.5m) in the Group\u2019s other European Toolstation businesses as there is currently insufficient evidence that these losses would be utilised. The value of unrecognised losses has decreased from the position as at 31 December 2023 following the cessation of the operations of the Group\u2019s Toolstation France business. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-466": {
"value": "17. Trade and other payables 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 2024 2023 Trade payables 532.9 576.3 Other taxation and social security 79.0 48.6 Other payables 92.8 76.9 Accruals and deferred income 133.5 93.6 Trade and other payables 838.2 795.4 Included in trade payables at 31 December 2024 are amounts of \u00a388.4m (2023: \u00a391.3m) which are due for settlement under supplier financing arrangements with third-party banks, of which suppliers had received payments for \u00a357.5m (2023: \u00a355.3m). 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 (2023: 107 days), an extension of 45 days (2023: 45 days). The total net amount outstanding where terms have been extended at 31 December 2024 was \u00a39.7m (2023: \u00a310.1m). Liabilities that are part of the arrangement had a range of payment dates of 52 \u2013 107 days with trade payables that are not part of an arrangement having a range of 45 \u2013 75 days (2023: 52 \u2013 107 days compared to 45 \u2013 75 days). 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 were no non-cash transfers from trade payables to finance payables in 2024 (2023: none). There are no significant judgements applied in the calculation of supplier finance balances",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-467": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-468": {
"value": "18. Pension arrangements The Group has a number of historical defined benefit pension schemes, all of which are closed to new members and future accruals. The Group operates four final salary schemes being The Travis Perkins Pensions and Dependants\u2019 Benefit Scheme (\u201cthe TP DB scheme\u201d), the BSS Defined Benefit Scheme (\u201cthe BSS DB Scheme\u201d), the immaterial Platinum pension scheme and the immaterial BSS Ireland Defined Benefit Scheme. The reconciliations and disclosures are presented as an aggregation of all schemes as each scheme is subject to similar risk characteristics. Accounting policy The cost of providing benefits under defined benefit pension schemes is determined using the projected unit credit method with actuarial valuations being carried out at the end of each reporting period. Remeasurement comprising actuarial gains and losses, the effects of asset ceilings and minimum funding payments and the return on scheme assets (excluding interest) are recognised immediately in the balance sheet with a charge or credit to the statement of comprehensive income. Remeasurement recorded in the statement of comprehensive income is not recycled. Net interest is calculated by applying a discount rate to the net defined benefit liability or asset. Net interest expense or income is recognised within finance costs. a. Expected future cash flows The Directors have agreed with the BSS DB Scheme\u2019s Trustees and the TP DB Scheme\u2019s Trustees that, following the elimination of the deficits in these schemes, no further contributions from the Group are currently required. Both schemes fund their management and administrative expenses b. Balance sheet position and movements during the year The amount included in the balance sheet arising from the Group\u2019s obligations in respect of all of its defined benefit schemes and the movements during the year: \u00a3m 2024 2023 Gross assets Gross obligations Net Gross assets Gross obligations Net Gross pension asset as at 1 January 1,096.9 (996.3) 100.6 1,097.4 (961.5) 135.9 Amounts recognised in income: Current service costs and administration expenses (3.0) (0.1) (3.1) (2.3) \u2013 (2.3) Interest income/(interest cost) 48.7 (44.2) 4.5 51.5 (45.1) 6.4 Other movements: Contributions from sponsoring companies 0.4 \u2013 0.4 1.4 \u2013 1.4 Foreign exchange (0.5) 0.4 (0.1) 0.2 (0.1) 0.1 Withdrawal of assets (23.2) \u2013 (23.2) \u2013 \u2013 \u2013 Benefits paid (49.8) 49.8 \u2013 (44.1) 44.1 \u2013 Balance sheet reclassifications \u2013 2.7 2.7 \u2013 \u2013 \u2013 Amounts recognised in other comprehensive income: Return on plan assets (excluding amounts in net interest) (98.4) \u2013 (98.4) (7. 2) \u2013 (7.2) Actuarial loss from changes in demographic assumptions \u2013 (4.7) (4.7) \u2013 8.6 8.6 Actuarial gain from changes in financial assumptions \u2013 100.4 100.4 \u2013 (20.4) (20.4) Actuarial gain from experience adjustments \u2013 37.8 37.8 \u2013 (21.9) (21.9) Gross pension asset as at 31 December 971.1 (854.2) 116.9 1,096.9 (996.3) 100.6 The asset valuation of \u00a3971.1m (2023: \u00a31,096.9m) at 31 December 2024 consists of the TP DB Scheme \u00a3738.2m (2023: \u00a3843.1m) and the BSS DB Scheme \u00a3232.9m (2023: \u00a3253.8m). The obligation valuation of \u00a3854.2m (2023: \u00a3996.3m) consists of the TP DB Scheme \u00a3645.1m (2023: \u00a3755.8m) and the BSS DB 18. Pension arrangements continued b. Balance sheet position and movements during the year continued The actual loss on scheme assets of \u00a349.7m (2023: gain of \u00a344.3m) is represented by the interest income and \u2018return on plan assets (excluding amounts net interest)\u2019 figures above. The withdrawal of assets represents the unwind of a Group-controlled special purpose vehicle (\u201cSPV\u201d) used to fund the historical deficit in the TP DB Scheme. See note 18(d)(i) for more information. The deferred tax liability of \u00a329.2m (2023: \u00a325.1m) has been recognised at the standard rate of corporation tax, as this rate best reflects the rate at which the liability will unwind. The pension surplus, net of deferred tax, as at 31 December 2024 is \u00a387.7m (2024: \u00a375.5m). There are no restrictions on the current realisability of the pension surplus. The Group has an explicit right to a surplus in respect of the TP DB Scheme and, based on the operation of trust law in a winding up of the BSS DB Scheme following a gradual settlement, has an unconditional right to receive any surplus in the BSS DB Scheme. c. Defined benefit scheme obligations i. Valuation of scheme obligations Full actuarial valuations of the TP DB scheme and the BSS DB scheme have been carried out as at 30 September 2023. The IAS 19 valuations have been based upon the results of the 30 September 2023 valuations, updated to 31 December 2024 by a qualified actuary. The defined benefit pension schemes expose the Group to actuarial risks such as investment risk, interest rate risk and longevity risk. A summary of the risks and the management of those risks is given below and continued overleaf. Investment risk The present value of the defined benefit liabilities of the schemes is calculated using a discount rate predetermined by reference to high-quality corporate bond yields. If the return on scheme assets is below this rate it may create a plan deficit. Interest risk A decrease in corporate bond yields will increase the schemes\u2019 liabilities, but the effect will be partially offset by an increase in the return on the schemes\u2019 bond and gilt assets. Longevity risk The present value of the liabilities of the schemes is calculated by reference to the best estimate of mortality of pension scheme members both during and after their employment. An increase in the life expectancy of the schemes\u2019 members will increase the schemes\u2019 liabilities ii. Major actuarial assumptions At 31 December 2024 At 31 December 2023 Rate of increase of pensions in payment (post 2006 entitlement) 2.95% 2.85% Discount rate 5.50% 4.55% Inflation assumption \u2013 RPI 3.05% 2.95% Inflation assumption \u2013 CPI 2.55% 2.45% The yield curve used in setting the discount rate, which includes bonds with an average AA rating and excludes bonds which are sub-sovereign or issued by universities to reflect the credit risk of the defined benefit schemes. In respect of longevity, the valuation adopts the S3PA year of birth tables with improvements in life expectancy to continue in the medium term, with base year appropriate to the member\u2019s date of birth. The weighted average life expectancy of 65-year-old members for the mortality tables used to determine pension liabilities at 31 December 2024 was 21.6 years for men and 23.8 years for women (2023: 21.1 years for men and 23.2 years for women). iii. Maturity profile of obligations The weighted average duration of the obligations of the defined benefit pension schemes is 12.5 years, with approximately 90% of the obligations expected to mature by 2060 and the benefits to be paid on a broadly straight-line basis over the period to 2060. iv. Sensitivities Key estimate over pension assumptions The Group has chosen to adopt assumptions that the Directors believe are generally in line with comparable companies. If the difference between actual inflation is greater than assumed, or if long-term interest rates are lower than assumed, or if the average life expectancy of pensioners increases, then the pension surplus could be materially greater/lower than currently stated in the balance sheet. The estimated effects of changing the key assumptions (discount rate, inflation and life expectancy) on the IAS 19 \u2013 Employee Benefits balance sheet position as at 31 December 2024 is given below. \u00a3m Assumption TP & BSS Schemes Consolidated Discount rate Increase of 0.25% (24.7) Decrease of 0.25% 25.6 Inflation Increase of 0.25% 14.8 Decrease of 0.25% (15.0) Longevity Increase of 1 year 27.0 Decrease of 1 year (27.7) d. Scheme assets i. Scheme assets and investment strategy The assets of the TP DB Scheme and the BSS DB Scheme are held separately from those of the Group in funds under the control of the schemes\u2019 Trustees. In June 2010, an agreement was reached with the Trustees of the TP DB scheme to fund \u00a334.7m of the funding deficit using a Group-controlled special purpose vehicle (\u201cSPV\u201d). The pension scheme is no longer in a funding deficit so in December 2024 the Trustees agreed to remove the SPV structure. The asset previously recognised as part of the TP DB scheme\u2019s assets and the Group\u2019s liability have both been derecognised as a result of this. The pension scheme continues to hold charges over certain of the properties previously held in the SPV structure. The investment strategy for the UK schemes are controlled by the Trustee in consultation with the Company. The scheme assets do not include any of the Group\u2019s own financial instruments. In accordance with the schemes\u2019 derisked investment strategy, a high proportion of the largest two pension schemes\u2019 assets are invested in gilts and corporate bonds (\u201cliability-driven investments\u201d). All fair values are provided by the fund managers. Where available, the fair values are quoted prices (e.g. listed equity, sovereign debt and corporate bonds). Unlisted investments are included at values provided by the fund manager in accordance with relevant guidance. Other significant assets are valued based on observable inputs such as yield curves. The liability-driven investments, which comprise fixed-interest and index-linked gilts, futures, interest and inflation rate swaps, repurchase agreements and liquidity funds, are all daily priced and traded. In June 2023, the High Court handed down a decision in the case of Virgin Media Limited v NTL Pension Trustees II Limited and others relating to the validity of certain historical pension changes due to the lack of actuarial confirmation required by law. In July 2024, the Court of Appeal dismissed the appeal brought by Virgin Media Ltd against aspects of the June 2023 decision. The conclusions reached by the court in this case may have implications for other UK defined benefit plans. The Company and pension trustees are currently considering the implications of the case for the TP DB Scheme and the BSS DB scheme. The defined benefit obligation has been calculated on the basis of the pension benefits currently being administered, and at this stage the directors do not consider it necessary to make any adjustments as a result of the Virgin Media case. ii. Fair value of scheme assets The major categories and fair values of scheme assets at the end of the reporting period for each category are as follows: \u00a3m At 31 December 2024 At 31 December 2023 Level 1: Cash 71.8 36.3 Level 2: Equities 0.9 0.8 Secured finance 34.1 37.9 Corporate bonds 522.6 510.5 Diversified growth fund 1.4 1.5 Liability driven investments 876.6 870.4 Repurchase agreements (633.8) (500.7) Level 3: SPV asset \u2013 23.2 Secured finance income fund 97. 5 117.0 971.1 1,096.9 e. Defined contribution schemes The Group operates two defined contribution schemes for all qualifying colleagues. The pension cost, which represents contributions payable by the Group, amounted to \u00a319.0m in the year (2023: \u00a319.9m). f. Pension scheme contributions for the year The total charge to the income statement disclosed in note 32 of \u00a322.1m (2023: \u00a321.9m) comprises defined benefit scheme current service costs of \u00a33.1m (2023: \u00a32.3m) and \u00a319.0m (2023: \u00a319.9m) of contributions payable to the defined contribution schemes",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-469": {
"value": "19. Share capital and reserves Accounting policy Equity instruments represent the ordinary share capital of the Group and are recorded at the proceeds received, net of directly attributable incremental issue costs. Consideration paid by the Group for its own shares is deducted from total shareholders\u2019 equity. Where such shares vest to colleagues under the terms of the Group\u2019s share incentive schemes or the Group\u2019s Sharesave schemes or are sold, any consideration received is included in shareholders\u2019 equity. a. Share capital Ordinary shares Authorised, issued and fully paid No. \u00a3m At 1 January and 31 December 2024 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. b . Own shares No. 2024 2023 At 1 January 1,668,682 2,596,684 Reissued (476,499) (928,002) At 31 December 1,192,183 1,668,682 The own shares are held by the Employee Share Ownership Trust 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-470": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-471": {
"value": "a. Share capital Ordinary shares Authorised, issued and fully paid No. \u00a3m At 1 January and 31 December 2024 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. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-472": {
"value": ". Own shares No. 2024 2023 At 1 January 1,668,682 2,596,684 Reissued (476,499) (928,002) At 31 December 1,192,183 1,668,682 The own shares are held by the Employee Share Ownership Trust 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-473": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-474": {
"value": "20. Earnings per share a. Basic and diluted earnings per share \u00a3m 2024 2023 (re-presented) Profit/(loss) attributable to the owners of the parent \u2013 from continuing operations (40.6) 89.5 \u2013 from discontinued operations (36.8) (51.4) Weighted average number of shares for the purposes of basic earnings per share 211,106,493 210,530,726 Dilutive effect of share options on potential ordinary shares 3,794,915 3,616,786 Weighted average number of ordinary shares for the purposes of diluted earnings per share 214,901,408 214,147,512 Earnings/(loss) per share \u2013 from continuing operations (19.2)p 42.5p \u2013 from discontinued operations (17.4)p (24.4)p \u2013 total (36.6)p 18.1p Diluted earnings/(loss) per share \u2013 from continuing operations (19.2)p 41.8p \u2013 from discontinued operations (17.4)p (24.0)p \u2013 total (36.6)p 17. 8p A total of 159,768 share options (2023: 620,310 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, the amortisation of acquired intangible assets from earnings and the loss from discontinued operations . \u00a3m 2024 2023 (re-presented) (Loss)/earnings for the purposes of earnings per share (77.4) 38.1 Adjusting items 139.1 26.9 Amortisation of acquired intangible assets 10.4 10.5 Tax on adjusting items (29.0) (9.7) Tax on amortisation of acquired intangible assets (2.6) (2.6) Loss from discontinued operations 36.8 51.4 Earnings for adjusted earnings per share 7 7.3 114.6 Adjusted earnings per share 36.6p 54.4p",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-475": {
"value": "Adjusted earnings per share is calculated by excluding the effect of adjusting items, the amortisation of acquired intangible assets from earnings and the loss from discontinued operations ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-476": {
"value": "21. Dividends Accounting policy Dividends proposed by the Board of Directors and unpaid at the period end are not recognised in the financial statements until they have been approved by shareholders at the Annual General Meeting. Amounts were recognised in the financial statements as distributions to equity shareholders as follows: \u00a3m 2024 2023 Final dividend for the year ended 31 December 2023 of 5.5 pence (2022: 26.5 pence) per ordinary share 11.6 55.8 Interim dividend for the year ended 31 December 2024 of 5.5 pence (2023: 12.5 pence) per ordinary share 11.6 26.3 Total dividend recognised during the year 23.2 82.1 The Directors are recommending a final dividend of 9.0 pence in respect of the year ended 31 December 2024. The anticipated cash payment in respect of the proposed final dividend is \u00a319.1m (2023: \u00a311.7m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-477": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-478": {
"value": "22. Borrowings Accounting policy Interest-bearing bank loans and overdrafts, loan notes and other loans are recognised in the balance sheet at amortised cost. Finance charges associated with arranging non-equity funding are recognised in the income statement over the life of the facility. All other borrowing costs are recognised in the income statement in accordance with the effective interest rate method. A summary of the Group\u2019s objectives, policies, procedures and strategies with regard to financial instruments and capital management can be found in the Strategic Report on page 24. At 31 December 2024, all borrowings were denominated in sterling (2023: sterling). a. Summary \u00a3m 2024 2023 Liability to pension scheme \u2013 24.6 Bonds 250.0 250.0 Term loan 75.0 75.0 Senior unsecured notes 100.0 100.0 Overdraft 13.2 \u2013 Finance charges netted off borrowings (3.2) (4.5) 435.0 445.1 Current liabilities 13.2 \u2013 Non-current liabilities 421.8 445.1 435.0 445.1 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 2024 2023 Borrowings repayable: On demand or within one year 13.2 \u2013 More than one year, but not more than five years 325.0 325.0 More than five years 100.0 124.6 Gross borrowings 438.2 449.6 Unamortised fees (3.2) (4.5) 435.0 445.1 c. Facilities At 31 December 2024, the following facilities were available: \u00a3m 2024 2023 Drawn facilities: \u00a3250m bond 250.0 250.0 \u00a375m term loan 75.0 75.0 \u00a3100m senior unsecured notes 100.0 100.0 425.0 425.0 Undrawn facilities: Five-year committed revolving credit facility 375.0 375.0 Bank overdrafts 15.0 15.0 390.0 390.0 The disclosures in note 22(c) do not include leases or the effect of finance charges netted off bank debt. The overdraft balance of \u00a313.2m on 31 December 2024 formed part of the Group\u2019s notional cash pool and its aggregate cash position of \u00a3231.2m. The Group\u2019s \u00a315.0m overdraft facility and the Group\u2019s \u00a3375.0m revolving credit facility were undrawn as at 31 December 2024 d. Interest The weighted average interest rates received on assets and paid on liabilities were as follows: % 2024 2023 Assets: Short-term deposits 5.0 4.7 Liabilities: 2026 \u00a3250m bond 3.8 3.8 \u00a375m term loan 4.6 4.6 \u00a3100m senior unsecured notes 6.2 6.2 Bank loans and overdrafts 6.0 8.7 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: 2024 2023 Effective interest rate \u00a3m Effective interest rate \u00a3m Assets: Short-term deposits 4.4% 200.0 5.2% 101.5 Liabilities: 2026 \u00a3250m bond 3.8% 250.0 3.8% 250.0 Term loan 4.6% 75.0 4.6% 75.0 Senior unsecured notes 6.2% 100.0 6.2% 100.0 425.0 425.0 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 2024, where the assessed fair value based on quoted mid-market prices was \u00a3244.8m (2023: \u00a3250m of bonds with an assessed fair value of \u00a3236.9m). Details of the fair values of derivatives are given in notes 27 and 28. f. Guarantees and security There are cross guarantees on the overdrafts between Group companies. Travis Perkins Trading Company Limited, Travis Perkins (Properties) Limited, TP Property Company Limited, 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 (2023: \u00a3375m). \u2022 Currency derivatives (note 28). 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 (2023: \u00a331.8m). The interest rate swap is guaranteed by Travis Perkins Trading Company Limited, Travis Perkins (Properties) Limited, CCF Limited and Keyline Civils Specialist Limited.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-479": {
"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 24. At 31 December
2024, all borrowings were denominated in sterling (2023: sterling).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-480": {
"value": "27. 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 page 24. The Group\u2019s accounting policy for its cash flow hedges is set out in note 28. 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 2024 2023 Non-current assets Interest rate swap \u2013 cash flow hedge 3.3 2.9 Total non-current derivative financial instrument assets 3.3 2.9 a. Derivatives continued The Group\u2019s hedging reserve relates to the following hedge instrument: \u00a3m Interest rate swaps At 1 January 2023. 3.2 Change in fair value of hedging instrument recognised in OCI (1.4) Deferred tax 0.4 At 1 January 2024 2.2 Change in fair value of hedging instrument recognised in OCI 0.4 Deferred tax (0.1) At 31 December 2024 2.5 A net gain of \u00a30.8m (2023: loss \u00a30.2m) 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 2024 2023 Carrying amount (non-current assets) 3.3 2.9 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 0.4 (1.4) Weighted average hedged rate for the year 5.1% 4.6%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-481": {
"value": "28. 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. 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 2024 2023 Financial assets: Mandatorily at FVTPL 0.5 \u2013 Loans and receivables (including cash and cash equivalents) at amortised cost 911.3 786.3 Designated instrument-by-instrument as either FVTPL or FVOCI 3.3 2.9 915.1 789.2 Financial liabilities: Mandatorily at FVTPL \u2013 0.4 Borrowings at amortised cost 435.0 445.1 Trade and other payables (including overdrafts) at amortised cost 625.7 653.2 1,060.7 1,098.7 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 \u20acnil and US$24.0m (2023: \u20ac6.0m and US$21.5m). The fair value of these derivatives was \u00a30.5m asset (2023: \u00a30.4m 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 2024 the Group had no floating rate liabilities except for its \u00a375m 5-year term loan facility for which the Group entered into an interest rate swap arrangement to hedge the full variable component of the interest rate for the life of the instrument. There was \u00a3200m on short-term deposit at 31 December 2024 (2023: \u00a3101.5m). 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 2024 would have increased or decreased by \u00a32.0m (2023: increased or decreased by \u00a31.0m) due to the short-term deposits. \u2022 Net equity would have increased or decreased by \u00a31.5m (2023: increased or decreased by \u00a30.8m). a. The carrying value of categories of financial instruments continued Loans and receivables exclude prepayments of \u00a380.4m (2023: \u00a334.8m). Trade and other payables exclude taxation and social security and accruals and deferred income totalling \u00a3212.5m (2023: \u00a3142.2m). 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 AA- (S&P), A1 to Aa2 (Moody\u2019s), and A to AA- (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 (i.e. as prices) or indirectly (i.e. 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 2024 2023 Included in assets: Level 2: Foreign currency forward contracts at fair value through profit and loss 0.5 \u2013 Level 2: Interest rate swap 3.3 2.9 Included in liabilities: Level 2: Foreign currency forward contracts at fair value through profit and loss \u2013 (0.4) . 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 2024 0\u20131 year 1\u20132 years 2\u20135 years 5+ years Total Total gross settled: Foreign exchange forward contracts (18.7) \u2013 \u2013 \u2013 (18.7) Total net settled: Interest rate swap \u2013 cash flow hedge 1.1 0.9 0.7 \u2013 2.7 Total derivative financial instruments (17.6) 0.9 0.7 \u2013 (16.0) Net settled: Borrowings (30.6) (270.6) (132.7) (72.2) (506.1) Trade and other payables at amortised cost (625.7) \u2013 \u2013 \u2013 (625.7) Leases (119.9) (208.0) (161.3) (336.2) (825.4) Total financial instruments (776.2) (478.6) (294.0) (408.4) (1 ,957. 2) \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) (764.4) Total financial instruments (787.0) (126.0) (604.0) (460.5) (1,97 7. 5)",
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"fact-482": {
"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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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"fact-483": {
"value": "29. 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 Group\u2019s CGUs are the branches of its Merchanting and Toolstation businesses and the Staircraft business. 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 an impairment no longer exist the impairment is reversed in the income statement up to the net book value that the relevant asset would have had if it had not been impaired and if it had been depreciated, except in respect of goodwill for which impairments are not reversed. For intangible assets that have an indefinite useful life the recoverable amount is estimated on an annual basis. a. Measuring recoverable amounts The recoverable amounts of the goodwill and other non-monetary assets with indefinite useful lives are determined for all CGUs and CGU groupings from value-in-use calculations, except for the Toolstation Benelux CGU grouping and the Staircraft CGU, where fair value less cost of disposal (\u201cFVLCD\u201d) calculations have been used. The Toolstation Benelux FVLCD model is a discounted cash flow model and the Staircraft FVLCD model is an EBITDA multiple model. The different FVLCD methods for Toolstation Benelux and Staircraft reflect Toolstation Benelux being a high-growth loss-making business and Staircraft being a relatively mature business. The valuations are considered to be level 3 in the fair value hierarchy due to unobservable inputs used in the valuation. The key financial assumptions for the value-in-use models and the Toolstation Benelux discounted cash flow model are those regarding the discount rate and the terminal growth rate. The key operating assumptions for these models are sales growth and operating margin percentage. The key assumption for the Staircraft CGU calculation is that a market participant would use an EBITDA multiple of 8x. 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 projections \u2022 Operating margin percentages are forecast in the context of the sales growth assumptions and are 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 Benelux CGU grouping, the key operating assumption is future sales growth. This assumption is set in the context of the store opening profile and historical data from the Toolstation UK and Toolstation Benelux businesses on the store maturity profile. Cash flows beyond the strategic plan periods (2029 and beyond for the UK CGUs and 2030 and beyond for the Toolstation Benelux CGU) have been determined using the terminal growth rate. The longer period used in the FVLCD model for the Toolstation Benelux CGU is consistent with market practice for valuing high-growth loss-making businesses. Corporate costs are allocated to CGUs on a pro-rata basis per each CGU\u2019s sales. Results The recoverable amount of goodwill and intangible assets with indefinite useful lives was in excess of their book value in all CGUs and CGU groupings and therefore no impairments have been recognised in respect of these CGUs and CGU groupings, except for the Staircraft CGU in respect of which a \u00a332.7m impairment charge has been recognised. Indications of impairment were identified for some Merchanting branches, each of which is a CGU, and as a result of the impairment reviews performed for these branches an impairment charge of \u00a362.7m has been recognised, principally in respect of certain Travis Perkins General Merchant and CCF branches. All these impairments relate to the Merchanting segment. The annual impairment reviews for branches in the Group\u2019s other businesses did not result in any impairments. In 2023 an impairment charge of \u00a333.1m was recognised in respect of the Toolstation France CGU grouping and of \u00a37.6m in respect of certain Benchmarx branches. There are no reasonably possible changes in the key assumptions used in the impairment reviews that would cause the recoverable amounts to be lower than the carrying amounts except in respect of the Toolstation Benelux, Travis Perkins General Merchant and CCF CGU groupings. Sensitivity disclosures are provided for these CGU groupings. Staircraft impairment Following the annual impairment review of goodwill and intangible assets, an impairment of \u00a332.7m has been recognised in respect of the Staircraft CGU. Trading conditions in its market have been challenging and as a consequence a lower EBITDA figure has been used in the FVLCD calculation. This impairment charge relates to \u00a31.9m of right-of-use assets, \u00a33.6m of tangible fixed assets, \u00a323.8m of goodwill and \u00a33.4m of other acquisition-related intangible fixed assets. The recoverable amount of these fixed assets relating to the Staircraft business is now \u00a322.0m. There are no reasonably possible changes in the assumptions used in this impairment review that would result in a materially different impairment charge. 29. Impairment continued 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. Key financial assumptions The key financial assumptions used in the estimation of the recoverable amount are set out below. The values assigned to the key financial 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. 2024 2023 Pre-tax discount rate 11.7% \u2013 12.9% 12.1% \u2013 13.3% Terminal growth rate 1.6% \u2013 2.0% 2.0% The pre-tax discount rate used in the estimation of the recoverable amount for the Travis Perkins General Merchant and CCF CGU groupings was 12.9% and for the Toolstation Benelux CGU grouping was 11.7%. 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 industry of each CGU. \u2022 Terminal growth rate: This is the weighted average growth rate used to extrapolate cash flows beyond the budget period. For the UK CGUs, this represents the forecast inflation growth for the final year considered in the Bank of England\u2019s long-term inflation target. For Toolstation Benelux, this represents the GDP growth forecast for the Netherlands in the final available forecast year in the IMF\u2019s World Economic Outlook Database. Key operating assumptions Cash flow forecasts are derived from the most recent Board-approved strategic plans, updated for changes in current trading conditions and adjusted for risks relevant to the cash flows. The key operating assumptions used in the estimation of future cash flows for the UK CGUs and CGU groupings are: \u2022 Sales growth rates on which the approved corporate plans are based and which are derived from a variety of sources that provide market volume forecasts, 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 Branch impairments The impairment reviews for branches in the Merchanting businesses have resulted in an impairment charge of \u00a362.7m being recognised. This charge consists of \u00a349.5m in respect of Travis Perkins General Merchant branches, \u00a37.5m in respect of CCF branches and \u00a35.7m in respect of other Merchanting CGUs. It reflects the challenging trading conditions and extended period of low market volumes in the UK construction sector. The impairment charge relates to \u00a326.7m of right-of-use assets and \u00a336.0m of tangible fixed assets. The remaining carrying value of assets related to the branches subject to an impairment charge is \u00a3308.7m. Sensitivity disclosures The recoverable amounts calculated in the impairment reviews of the Travis Perkins General Merchant, CCF and Toolstation Benelux CGU groupings exceeded the carrying amounts as below. Carrying amount Headroom Travis Perkins General Merchant 1,188.4 182.5 CCF 113.1 46.8 Toolstation Benelux 126.1 25.4 Whilst the Directors believe the assumptions are realistic, there are reasonably possible changes in the key assumptions that would cause the recoverable amounts of these CGUs to be lower than the carrying amounts. The key variables applied to the value-in-use calculations for Travis Perkins General Merchant and CCF and the fair value less cost of disposal calculation for Toolstation Benelux, and the value at which the recoverable amount would be equal to the carrying amount for each CGU, were: Travis Perkins General Merchant CCF Toolstation Benelux Assumption Sensitivity Assumption Sensitivity Assumption Sensitivity Pre-tax discount rate 12.9% 14.5% 12.9% 16.7% 11.7% 13.2% Average sales growth 3.5% 3.3% 7.4% 7. 2% 13.8% 12.4% Operating margin 6.0% 4.9% 3.3% 2.3% n/a n/a The average sales growth assumptions, which are compound annual growth rates, reflect an expectation that the significant reduction in construction market volumes in the UK and in the Netherlands since 2021 will be partially reversed over the forecast period. The operating margin figure disclosed is for the terminal year of the relevant model. The models are not sensitive to reasonably possible changes to the operating margin in years other than the terminal year. These impairment reviews are not sensitive to reasonably possible changes to the terminal growth rate. All other variables have been held equal. There are no reasonably possible changes in the assumptions used in the impairment reviews of Staircraft and the Merchanting branches that would result in a materially different impairment charge. Key estimates over assumptions used in value-in-use calculations In testing for impairment, the recoverable amount of the Toolstation Benelux CGU has been determined by reference to the FVLCD of the CGU grouping. The recoverable amounts of the Travis Perkins General Merchant and CCF CGU groupings have been determined by reference to their value-in-use. In producing these estimates, the Directors have made certain estimates concerning discount rates, future cash flows and the future development of the businesses that are consistent with the 2024 strategic plans and the businesses\u2019 2025 budgets. Whilst the Directors consider the 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 British economy (or the Dutch or Belgian economy in the case of the Toolstation Benelux CGU), then it is possible that the value of goodwill and other intangible and tangible assets included in the balance sheet could become impaired or the impairment charge could be different. The range of reasonably possible outcomes includes the impairment charges detailed in the scenarios in the table below. CGU or CGU grouping Carrying value of assets (\u00a3m) Reasonably possible scenario Impairment charge in the scenario (\u00a3m) Toolstation Benelux 126.1 Pre-tax discount rate is 100bps higher and sales are cumulatively 10% lower over the period of the modelled cash flows 18.2 Travis Perkins General Merchant 1,188.4 Post-tax discount rate is 100bps higher, sales are up to 5% lower during the period of the modelled cash flows and the operating margin in the terminal year is 50bps lower 99.3 CCF 113.1 1.0",
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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 Group\u2019s CGUs are the branches of its Merchanting and Toolstation businesses and the Staircraft business. 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 an impairment no longer exist the impairment is reversed in the income statement up to the net book value that the relevant asset would have had if it had not been impaired and if it had been depreciated, except in respect of goodwill for which impairments are not reversed. For intangible assets that have an indefinite useful life the recoverable amount is estimated on an annual basis",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-485": {
"value": "30. Capital commitments \u00a3m 2024 2023 Contracted for but not provided in the accounts 26.4 9.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-486": {
"value": "32. Staff costs a. Average number of persons employed The average monthly number of persons employed (including Executive Directors): No. 2024 2023 Sales and distribution 16,243 17,703 Administration 1,351 1,469 17,594 19,172 The average monthly number of persons employed (including Executive Directors) in 2023 excluding the discontinued operations was 18,831",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-487": {
"value": "b. Aggregate remuneration
\u00a3m 2024
2023
(re-presented)
Wages and salaries 565.1 576.5
Social security costs 52.5 55.5
Pension costs (note 18) 22.1 21.9
Share-based payments (note 33) 11.7 14.6
651.4 668.5
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 pages 101 to 102.
The total amounts received or receivable by Directors under long-term incentive schemes in respect of
qualifying service in the year is \u00a31,000 (2023: \u00a381,000). The aggregate of gains made by the Directors in
the year on the exercise of share options equated to \u00a3nil (2023: \u00a3nil). Details with respect to share options
exercised in the year are set out on page 109.
",
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"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-488": {
"value": "31. Business combinations and disposals Accounting policy All business combinations are accounted for using the acquisition method. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 Fair values of the assets transferred \u2022 Liabilities incurred to the former owners of the acquired business \u2022 Equity interests issued by the Group \u2022 Fair value of any asset or liability resulting from a contingent consideration arrangement \u2022 Fair value of any pre-existing equity interest in the subsidiary The acquiree\u2019s 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",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-489": {
"value": "33. Share-based payments Accounting policy The Group issues equity-settled share-based payments to colleagues: long-term incentives, executive share options and Save As You Earn (\u201cSAYE\u201d). These payments are measured at fair value at the date of grant using the Black-Scholes option-pricing model taking into account the terms and conditions upon which the options were granted. The cost of equity-settled awards is recognised on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest. a. Fair value of options The Black-Scholes option-pricing model is used to calculate the fair value of the options and the amount to be expensed. The probability of the performance conditions being achieved was included in the fair-value calculations. The inputs into the model for options granted in the year expressed as weighted averages are as follows: 2024 2023 SAYE Nil-price options SAYE Nil-price options Share price at grant date (pence) 729.0 729.0 828.6 828.6 Option exercise price (pence) 724.0 \u2013 690.0 \u2013 Volatility (%) 32.4% 37.7 % 35.6% 40.4% Option life (years) 3.3 2.6 3.4 3.0 Risk-free interest rate (%) 4.0% 4.4% 4.4% 3.4% Expected dividends as a dividend yield (%) 2.1% 3.3% 4.4% 4.0% 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. There are no cash-settled share schemes. All share schemes are equity-settled. 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 90. The estimated fair values of the shares under option granted under the Group\u2019s share schemes in 2024 are as follows: Share scheme Grant date Fair value for the Group \u00a3m Restricted Share Plan (nil-price options) 16 April 2024 5.5 Buyout Award 25 April 2024 1.0 Restricted Share Plan (nil-price options) 16 September 2024 1.4 Save As You Earn 26 September 2024 3.6 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 2024 2023 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 527 5,132 2,229 823 5,276 2,568 Forfeited during the year 542 (1,644) (481) 652 (2,649) (279) Exercised during the year 706 (19) (458) 747 (4) (925) Granted during the year 724 1,040 1,066 690 2,509 865 Outstanding at the end of the year 474 4,509 2,356 527 5,132 2,229 Exercisable at the end of the year 547 39 75 352 201 417 The weighted-average share price on the date of exercise of options exercised in the period was 896 pence (2023: 921 pence) 33. Share-based payment continued Details of the options outstanding at 31 December are as follows: 2024 2023 Executive options SAYE Nil price options Executive options SAYE Nil price options Range of exercise prices (pence) 898 \u2013 1,958.0 690 \u2013 1,411.0 \u2013 898 \u2013 1,958 690 \u2013 1,411 \u2013 Weighted average exercise price (pence) 1,304 717 \u2013 1,328 749 \u2013 Number of shares (thousands) 14 4,530 2,349 3 5,132 2,226 Weighted average expected remaining life (years) \u2013 2.1 1.6 \u2013 2.7 1.8 Weighted average contractual remaining life (years) \u2013 2.6 11.6 \u2013 3.2 8.6 d. Impact of vesting and exercise If all SAYE shares are acquired on the first possible day, 4.5m of shares will be issued for a consideration of \u00a332.1m in the years below: 2025 2026 2027 2028 2029 No. m \u00a3m No. m \u00a3m No. m \u00a3m No. m \u00a3m No. m \u00a3m Options 0.5 0.0 0.6 0.0 0.8 0.0 0.1 0.0 0.0 0.0 SAYE 1.5 10.5 1.4 9.9 1.1 8.2 0.4 2.6 0.1 0.9 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",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-490": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-491": {
"value": "34. Key management personnel The remuneration of the key management personnel of the Group is set out below in aggregate for each of the categories specified in IAS 24 \u2013 Related Party Disclosures. \u00a3m 2024 2023 Short-term employee benefits 10.9 9.9 Post-employment benefits 0.5 0.5 Share-based payments 3.8 5.2 15.2 15.6",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-492": {
"value": "35. Related party transactions The Group has a related party relationship with its subsidiaries, its Directors and with its pension schemes (note 18). Transactions between Group companies, which are related parties, have been eliminated on consolidation and are not disclosed in this note.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-493": {
"value": "36. Impact of new standards and interpretations A number of new or amended standards became applicable for the current reporting period and as a result the Group has applied the following standards: \u2022 Classification of liabilities as current or non-current, and non-current Liabilities with covenants (amendments to IAS 1 \u2013 presentation of Financial Statements). \u2022 Lease liability in a sale-and-leaseback (amendments to IFRS 16 \u2013 Leases). \u2022 Supplier finance arrangements (amendment to IAS 7 \u2013 Statement of Cash Flows and IFRS 7 \u2013 Financial Instruments: Disclosures). 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 IFRS 18 \u2013 Presentation and disclosure in financial statements. \u2022 IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures. \u2022 Amendments to IAS 21 \u2013 Lack of exchangeability. \u2022 Annual improvements to IFRS \u2013 Volume 11 \u2022 Amendments to IFRS 9 and IFRS 7 \u2013 Classification and measurement of financial instruments and contracts referencing nature-dependent electricity 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": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-494": {
"value": "Travis Perkins plc is the ultimate parent of the Travis Perkins plc Group (\u201cthe Group\u201d).",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-495": {
"value": "Travis Perkins plc",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-496": {
"value": " United Kingdom",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-497": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-498": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-499": {
"value": "Lodge Way House, Lodge Way, Harlestone Road, Northampton NN5 7UG",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-500": {
"value": "Accounting policy Investments in subsidiaries are carried at cost less impairment",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"fact-501": {
"value": "11. Related undertakings The registered office of all subsidiary undertakings is Lodge Way House, Lodge Way, Harlestone Road, Northampton NN5 7UG except for companies with a superscript where the registered office is given after the list of subsidiary companies and investments. Active subsidiary companies (100% ownership and UK registered) CCF Limited TP Property Company Limited Independent Construction Technologies Limited *3 Travis Perkins Group Holdings Limited Keyline Civils Specialist Limited 2 Travis Perkins (Properties) Limited Staircraft Group Limited 1 Travis Perkins Finance Company Limited *3 The BSS Group Limited Travis Perkins Leasing Company Limited *3 The Cobtree Scottish Limited Partnership 1 Travis Perkins P&H Group Holdings Limited Tools & Fasteners Solutions Limited Travis Perkins Trading Company Limited Toolstation Holdings Limited Wickes Properties Limited *3 Toolstation Limited Dormant & non-trading subsidiary companies (100% ownership and UK registered) Benchmarx Kitchens and Joinery Limited Terant Supplies Limited British Steam Specialties (International) Limited (The) Tile It All (UK) Limited *3 BSS (UK) Limited The BSS EBT Company Limited *3 BSS GPS Trustee Limited Tile Giant Holdings Limited Builders Mate Limited TP Directors Ltd Cobtree Nominees Limited TP General Partner (Scotland) Limited 1 E. East & Son Limited TPG Management Services Limited JS Towell Limited *3 Travis Group Limited MD-DOR3 Limited *3 Travis & Arnold Limited MD-DOR4 Limited Travis Perkins Capital Partner Limited Monteith Building Services Limited *4 Travis Perkins Financing Company No.3 Limited P. H. Properties Limited *3 Travis Perkins Merchant Holdings Limited P.T.S. Plumbing Trade Supplies Limited *3 Tricom Group Limited *3 * companies in voluntary liquidation. Other subsidiary companies (100% ownership and non-UK registered) Company Name Registered % Ownership Status BSS (Ireland) Limited 5 Ireland 100 Active Toolexpert Benelux BV 6 Netherlands 97 Active Toolstation BV 6 Netherlands 97 Active Toolstation NV/SA 7 Belgium 97 Active Toolstation Europe BV 6 Netherlands 97 Active Toolstation Europe Limited United Kingdom 97 Active Toolstation Netherlands BV 8 Germany 97 Dormant Toolstation SAS 9 Netherlands 97 Active Travis Perkins Hong Kong Limited 10 France 97 Active Travis Perkins Sourcing (Shanghai) Ltd 11 Hong Kong 100 Active nvestments Company Name Registered % ownership Status Hermitage Park Management Company Limited 12 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 Forvis Mazars LLP, 1st Floor Two Chamberlain Square, Birmingham, B3 3AX, United Kingdom 4 C/O Forvis 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 Brandpuntlaan Zuid 12, 2665NZ, Bleiswijk, Netherlands 7 Boomsesteenweg 58, 2630 Aarlselaar, Belgium 8 Regus Building, Kranhaus 1, Business Centre GmbH Co KG, Im Zollhafen 18, 50678 Koln, Germany 9 61 Route de Grenoble, 69800 Saint Priest, Lyon, France 10 Suite 2401, 24/F, China Insurance Group Building, 141 Des Voeux Road, Central, Hong Kong 11 Building No.17, No. 800 Changde Road, JingAn District, Shanghai 200040, China 12 C/O Bruton Knowles LLP, 2 Paris Parklands, Railton Road, Guildford, Surrey, GU2 9JX, United Kingdom",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138001I27OUBAF22K83",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}