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"value": "1 General information, judgements and estimatesRightmove plc (the Company) is a public limited Company registered in England (Company no. 6426485) domiciled in the United Kingdom (UK). The consolidated financial statements of the Company as at and for the year ended 31 December 2022 comprise the Company and its interest in its subsidiaries (together referred to as \u2018the Group\u2019). Its principal business is the operation of the Rightmove platforms, which have the largest audience of any UK property portal (as measured by time on site). The consolidated financial statements of the Group as at and for the year ended 31 December 2022 are available upon request from the Company Secretary from the Company\u2019s registered office at 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Caldecotte, Milton Keynes, MK7 8LE or are available on the corporate website at plc.rightmove.co.uk.Statement of complianceThe Group and Company financial statements have been prepared and approved by the Board of directors in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d). The consolidated financial statements were authorised for issue by the Board of directors on 2 March 2023.Basis of preparationThe accounts have been prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006. On publishing the Company financial statements here together with the Group financial statements, the Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual statement of comprehensive income and related notes that form a part of these approved financial statements. The financial statements have been prepared on an historical cost basis.Climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Sustainability section of the Strategic Report and the Group\u2019s stated target of net zero carbon emissions by 2040. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the conclusion that climate change is not expected to have a significant impact on the Group\u2019s short-term or medium-term cash flows including those considered in the going concern and viability assessments, impairment assessments of the carrying value of non-current assets and the estimates of future profitability used in our assessment of the recoverability of deferred tax assets.Basis of consolidationSubsidiaries are entities controlled by the Group. Control exists when the Group has existing rights that give it the ability to direct the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.Alternative performance measuresIn the analysis of the Group\u2019s financial performance, certain information disclosed in the financial statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures are reported in line with the way in which financial information is analysed by management and designed to increase comparability of the Group\u2019s year-on-year financial position, based on its operational activity. The key alternative performance measures presented by the Group are:\u2022 Underlying profit: which is defined as profit for the year before share-based payments charges (including the related National Insurance and appropriate tax adjustments);\u2022 Underlying earnings per share (EPS): which is defined as underlying profit divided by the weighted average number of ordinary shares outstanding during the period; \u2022 Underlying operating profit: which is defined as operating profit before share-based payments charges (including the related National Insurance);\u2022 Underlying costs: which is defined as administrative expenses before share-based payments charges (including the related National Insurance); and\u2022 Underlying operating margin: which is defined as the underlying operating profit as a percentage of revenue.The directors believe that these alternative performance measures provide a more appropriate measure of the Group\u2019s business performance, as share-based payments are a non-cash charge that is not entirely driven by the principal operational activity of the Group. The directors therefore consider underlying operating profit to be the most appropriate indicator of the performance of the business and year-on-year trends.A reconciliation of the underlying performance measures to the GAAP measures are shown below:Underlying profit A reconciliation of the profit for the year to the underlying profit is presented below:2022 2021 \u00a3000\u00a3000Profit for the year 195,681 183,094Share-based incentives charge 4,179 3,923NI on share-based incentives (110) 942Impact on tax charge (999) (1,144)Underlying profit 198,751 186,815Underlying profit is used instead of profit to calculate the underlying earnings per share: which is underlying profit divided by the weighted average number of ordinary shares in issue for the period, whereas earnings per share is profit for the year divided by weighted average number of ordinary shares in issue for the period (Note 10).Underlying operating profitA reconciliation of the operating profit to the underlying operating profit is presented below:2022 2021 \u00a3000\u00a3000Operating profit 241,343 226,100Share-based incentives charge 4,179 3,923NI on share-based incentives (110) 942Underlying operating profit 245,412 230,965Underlying operating profit is used to calculate the underlying operating margin: which is underlying operating profit as a proportion of revenue, whereas the operating margin calculated as operating profit as a proportion of revenue. Underlying costsA reconciliation of the administrative expenses to the underlying costs is presented below:2022 2021 \u00a3000\u00a3000Administration expenses 91,279 81,193Share-based incentives charge (4,179) (3,923)NI on share-based incentives 110 (942)Underlying costs 87,210 76,328Going concernThe directors have performed a detailed going concern review and tested the Group\u2019s liquidity in a range of scenarios, as set out below.Throughout the period, the Group was debt-free, remained strongly cash generative and had a cash balance of \u00a335.1m and money market deposits of \u00a35.0m at 31 December 2022 (31 December 2021: cash balance of \u00a343.0m and money market deposits of \u00a35.0m). The Group bought back shares to the value of \u00a3130.0m during the period (2021: \u00a3174.4m) and paid dividends totaling \u00a367.7m in May and October 2022 (2021: \u00a364.5m).In stress testing the future cash flows of the Group, the directors modelled a range of scenarios which considered the effect on the Group of reductions of varying severity in the number of housing transactions for the period to 30 June 2024 (\u201cthe going concern period\u201d) and modelled the likely timing of cashflows from our customers during the going concern period. These included severe, but plausible downside scenarios. The model considered the impact of changes in the key drivers of the Group\u2019s revenues, including customer numbers and average revenue per advertiser (ARPA). In all the scenarios tested, the Group remained cash positive and debt-free.The directors are confident that the Group will remain cash positive and will have sufficient funds to continue to meet its liabilities as they fall due for the period to 30 June 2024 and are therefore prepared the financial statements on a going concern basis.Judgements and estimatesThe preparation of the consolidated and Company financial statements in accordance with UK Adopted International accounting standards and the requirements of Companies Act 2006 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. \ue637\ue64b\ue648\ue662\ue648\ue656\ue657\ue64c\ue650\ue644\ue657\ue648\ue656\ue603\ue644\ue651\ue647\ue603\ue644\ue656\ue656\ue652\ue646\ue64c\ue644\ue657\ue648\ue647\ue603\ue644\ue656\ue656\ue658\ue650\ue653\ue657\ue64c\ue652\ue651\ue656\ue603\ue644\ue655\ue648\ue603\ue645\ue644\ue656\ue648\ue647\ue603\ue652\ue651\ue603\ue64b\ue64c\ue656\ue657\ue652\ue655\ue64c\ue646\ue644\ue64f\ue603\ue648\ue65b\ue653\ue648\ue655\ue64c\ue648\ue651\ue646\ue648\ue60f\ue603\ue644\ue651\ue647\ue603\ue659\ue644\ue655\ue64c\ue652\ue658\ue656\ue603\ue652\ue657\ue64b\ue648\ue655\ue603\ue649\ue644\ue646\ue657\ue652\ue655\ue656\ue603\ue657\ue64b\ue644\ue657\ue603\ue644\ue655\ue648\ue603\ue645\ue648\ue64f\ue64c\ue648\ue659\ue648\ue647\ue603\ue657\ue652\ue603\ue645\ue648\ue603reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods, if applicable.Management has determined that there are no significant areas of estimation uncertainty or critical judgements in applying accounting policies that have a significant effect on the amounts recognised in the consolidated and Company financial statements. 2 Significant accounting policies New and revised standards and interpretationsThere were no new standards adopted by the Group during the year. The IASB have issued some amendments to IFRS that become mandatory in a subsequent accounting period. The Group has evaluated these changes and assessed that there are no standards that are issued, but not yet effective, that would be expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions.Existing accounting policiesThe following accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the prior year ended 31 December 2021. RevenueRevenue principally represents the amounts receivable from customers in respect of property products, primarily membership of the Rightmove platforms, together with the provision of tenant referencing and rent guarantee insurance. Rightmove also provides non-property services, which includes Data Services and Third-Party advertising. Revenue is recognised based upon the transaction price specified in a contract with a customer. It is recognised at the point when the performance obligations are satisfied, through providing a customer with access to the Rightmove platforms and or products or other services. (i) Property products: membership of Rightmove platformsFor membership listing services, customers pay monthly subscriptions to list their properties on the Rightmove platforms. Contracts for these services are per branch location or branch equivalent for Agency, Commercial and Overseas customers and per development for New Homes and Built for Rent customers. They vary in length from one month to five years but are typically for periods of six to 12 months. Performance obligations are satisfied, and revenue recognised, from the point at which the customer has access to the platform to allow them to list their properties. Subscription revenue is spread over the life of the contract. Agency, Overseas and Commercial services are typically billed monthly in advance, from the point the customer gains access to the platform, and New Homes and Built for Rent developers are billed monthly in arrears.Customers have the option to enhance their property listings and presence on Rightmove through purchasing additional advertising products. For products that provide enhanced brand exposure over a period of time, revenue is recognised over the life of the product, from the point the customer gains access to the product. Invoices are sent on a monthly basis, in line with the core listing services. For products with a one-off usage basis, revenue is recognised at the end of the month during which the customer chose to apply and use the product. Discounts may be offered to customers as part of membership or package offers, on a pro-rata basis, and are taken into consideration in the transaction price for each product.(ii) Property products: provision of tenant referencing and insurance broking commissionReferencing revenue relates to the supply of tenant referencing services, primarily to lettings agency customers. Performance obligations are satisfied, and revenue is recognised, at the end of the month during which the tenant referencing service is completed and the final report is passed to the customer. Revenue related to insurance broking commission is generated on the sale of rent guarantee insurance to lettings agents and landlord customers, where Rightmove acts as an agent. Revenue is recognised at the start date of the insurance policy purchased and represents the commissions earned. (iii) Non-property productsData Services revenue relates to fees generated for a variety of different data and valuation products and tools. Where the contract gives a customer access to use Rightmove\u2019s property tools, revenue is recognised on a monthly basis, over the life of the product, from the point the customer gains access to the tools. Where the contract is to provide the customer with specific data, revenue is recognised at the point that the data is transferred to the customer. Discounts may be offered to customers on a pro-rata basis and are taken into consideration in the transaction price for each performance obligation.Third-Party advertising revenue represents amounts paid by customers to advertise non-property products on the Rightmove platforms. Performance obligations are met once a customer is actively advertising on the Rightmove platform. Revenue is recognised on a monthly basis over the life of the contract. A small number of arrangements with Third-Party customers mean that Rightmove is acting as an agent, in a principal-agency relationship. In any case where the Group is acting as an agent, revenue is recognised as a net amount, reflecting the margin earned. Contract assets and liabilitiesContract assets relate to the Group\u2019s rights to consideration for services that have been provided at the reporting date. Contract assets are transferred to receivables when the rights to consideration have become unconditional.Contract liabilities relate to the advance consideration received from Estate Agency, Overseas and Commercial customers, \ue649\ue652\ue655\ue662\ue65a\ue64b\ue64c\ue646\ue64b\ue603\ue655\ue648\ue659\ue648\ue651\ue658\ue648\ue603\ue64c\ue656\ue603\ue655\ue648\ue646\ue652\ue64a\ue651\ue64c\ue656\ue648\ue647\ue603\ue644\ue657\ue603\ue644\ue603\ue64f\ue644\ue657\ue648\ue655\ue603\ue647\ue644\ue657\ue648\ue60f\ue603\ue644\ue656\ue603\ue652\ue655\ue603\ue65a\ue64b\ue648\ue651\ue603\ue657\ue64b\ue648\ue603\ue656\ue648\ue655\ue659\ue64c\ue646\ue648\ue656\ue603\ue644\ue655\ue648\ue603\ue653\ue655\ue652\ue659\ue64c\ue647\ue648\ue647\ue611\ue603InvestmentsInvestment in subsidiaries are held in the parent Company financial statements at cost, plus any capital contribution to the subsidiaries, less any provision for impairment. Further information is included in Note 14.Intangible assets(i) GoodwillGoodwill arising on a business combination represents the difference between the fair value of the consideration paid and the fair value of the net identifiable assets acquired and is included in intangible assets. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is tested annually for impairment. (ii) Research and developmentThe Group undertakes research and development expenditure in view of developing new products and improving the existing property platforms. Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is recognised in the income statement as incurred.Development costs that are directly attributable to the design and testing of identifiable and unique software products, websites and systems controlled by the Group are capitalised and recognised as intangible assets when the following criteria are met: it is technically feasible to complete the software product or website so that it will be available for use; management intends to complete the software product or website and use or sell it; there is an ability to use or sell the software product or website; it can be demonstrated how the software product or website will generate probable future economic benefits; adequate technical, financial and other resources to complete the development and to use or sell the software product or website are available; and, the expenditure attributable to the software product or website during its development can be reliably measured. Directly attributable costs that are capitalised as part of the software product, website or system include employee and contractor costs. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and enhancements, are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding five years) at the point in which they come into use.(iii) Computer software and licencesComputer software and externally acquired software licences are capitalised and stated at cost less accumulated amortisation and impairment losses. Amortisation is charged from the date the asset is available for use. Amortisation is provided to write off the cost less the estimated residual value of the computer software or licence by equal annual instalments over its estimated useful economic life as follows:Computer software 20.0% \u2013 33.3% per annumSoftware licences 20.0% \u2013 33.3% per annum(iv) Customer relationshipsThe customer relationships identified on the acquisition of Rightmove Landlord & Tenant Services are valued using the income approach, calculating the multi-period excess earnings. Amortisation is expensed in the income statement on a straight-line basis over the estimated useful economic life as follows: Customer relationships 10.0% per annumProperty, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Capitalised costs are held as an asset in progress until such point that the asset is brought into use, at which point it is transferred to the appropriate property, plant and equipment category and depreciation is charged. Depreciation is provided to write off the cost less the estimated residual value of property, plant and equipment by equal annual instalments over their estimated useful economic lives as follows:Office equipment, fixtures and fittings 20.0% per annumComputer equipment 20.0% \u2013 33.3% per annumMotor vehicles 33.3% per annumLeasehold improvements remaining life of the leaseImpairmentThe carrying value of property, plant and equipment is reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation but are tested for impairment annually and whenever there is an indication that they might be impaired. An impairment loss is recognised for the amount by which the carrying value of the asset exceeds its recoverable amount.The carrying amounts of the Group\u2019s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash generating unit to which the asset belongs.For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u201ccash-generating unit\u201d). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units (or \u201cCGUs\u201d). Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. Where the original maturity exceeds three months, amounts are classified as money market deposits and presented separately within the Balance Sheet. ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation.Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost where material.LeasesWhen a contractual arrangement contains a lease, the Group recognises a lease liability and a corresponding right of use asset at the commencement of the lease. At the commencement date the lease liability is measured at the present value of the future lease payments, discounted using the Group\u2019s incremental borrowing rate where the interest rate in the lease is not readily determined. Subsequently, the lease liability is adjusted by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications.The lease term is determined from the commencement date of the lease and covers the non-cancellable term. If the Group has an extension option, which it considers it reasonably certain to exercise, then the lease term will be considered to extend beyond that non-cancellable period. If the Group has a termination option, which it considers it reasonably certain to exercise, then the lease term will be considered to be until the point the termination option will take effect. At the commencement date the right of use asset is measured at an amount equal to the lease liability plus any lease payments made before the commencement date and any initial direct costs, less any lease incentive payments. An estimate of costs to be incurred in restoring an asset, in accordance with the terms of the lease, is also included in the right of use asset at initial recognition. Subsequently, the right of use asset is depreciated over the life of the lease term.An adjustment is also made to the right of use to reflect any remeasurement of the corresponding lease liability. The right of use assets are also subject to impairment testing under IAS 36. Short-term leases and low value leases are not recognised as lease liabilities and right of use assets but are recognised as an expense straight line over the lease term.Employee benefits(i) PensionsThe Group provides access to stakeholder pension schemes (defined contribution pension plans). Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in the income statement when they are incurred.(ii) Employee share schemesThe Group provides share-based incentive plans allowing executive directors and other employees to acquire shares in the Company. An expense is recognised in the income statement, with a corresponding increase in equity, over the period during which the employees become unconditionally entitled to acquire equity settled share-based incentives.Fair value at the grant date is measured using either the Monte Carlo or Black Scholes pricing model as is most appropriate for each scheme. Measurement inputs include: share price on measurement date; exercise price of the instrument; expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information); weighted average expected life of the instruments (based on historical experience and general option behaviour); expected dividends; and, risk-free interest rates (based on government bonds). Service and non-market performance conditions attached to the awards are not taken into account in determining the fair value of the individual shares awarded.For share-based incentive awards with non-vesting conditions, the grant date fair value of the share-based incentives is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. When either the employee or the Company chooses not to meet the non-vesting condition, the failure to meet the non-vesting condition is treated as a cancellation and the cost that would have been recognised over the remainder of the vesting period is recognised immediately in the income statement. For awards with market-related performance criteria (such as TSR), an expense is recognised over the vesting period irrespective of whether the market condition is satisfied.Share awards to employees are made by the Company and treated as equity settled share-based payments: share-based payments awards which are shareholder approved schemes (DSP and PSP) are settled via Treasury shares for employees. EBT shares are used for the non-shareholder approved schemes (RSP) and also for the SAYE shares for those employed or previously employed by the subsidiary, Rightmove Group Limited, and its subsidiaries; the SIP shares are used to settle the SIP award of free shares to employees.(iii) Own shares held by The Rightmove Employee Share Trust (EBT)The Group put in place an employee benefit trust (EBT) a number of years ago. The EBT was sponsored and funded by the parent Company at the time, which was Rightmove Group Limited. Whilst the Group has since been restructured under a new topco \u2013 the Company Rightmove plc \u2013 the sponsorship of the trust was not changed and the EBT shares are held in the subsidiary Rightmove Group Limited. (iv) Own shares held by The Rightmove Share Incentive Plan Trust (SIP)The Company established the Rightmove Share Incentive Plan Trust (SIP) in November 2014. The SIP is treated as an agent of Rightmove plc, and as such SIP transactions are treated as being those of Rightmove plc and are therefore reflected in the Group\u2019s consolidated financial statements. In particular, at a consolidated level, the SIP\u2019s purchases of shares in the Company are charged directly to equity.(v) Own shares held by TreasuryThe Company bought the Treasury shares in 2008 and these shares may be used to satisfy shareholder approved share-based incentive awards. (vi) National Insurance (NI) on share-based incentivesEmployer\u2019s NI is accrued, where applicable, at a rate of 13.8%, which management expects to be the prevailing rate when share-based incentives are exercised. In the case of share options, it is provided on the difference between the share price at the reporting date and the average exercise price of share options. In the case of nil cost performance shares and deferred shares, it is provided based on the share price at the reporting date. The NI on share-based payments in relation to the exercise of the shares is charged to the income statement over the vesting period of the award. Treasury shares and shares purchased for cancellationWhen share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Repurchased shares are either held in treasury or cancelled.Financial instrumentsUnder IFRS 9, on initial recognition, a financial asset is classified and measured at: amortised cost, fair value through profit or loss or fair value though other comprehensive income. A financial asset is measured at amortised cost if it meets both of the following conditions: it is held within a business model whose objective is to hold assets to collect contractual cash flows; and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under IFRS 9, trade receivables including contract assets, without a significant financing component, are classified and held at amortised cost, being initially measured at the transaction price and subsequently measured at amortised cost less any impairment loss. The Group has elected to measure loss allowances for trade receivables and contract assets at an amount equal to lifetime expected credit losses (\u2018ECLs\u2019). Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group assesses whether a financial asset is in default on a case-by-case basis when it becomes probable that the customer is unlikely to pay its credit obligations. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due. When required, ECLs are adjusted to take into account macro-economic factors. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Financial assets are derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset.On initial recognition financial liabilities are measured fair value, they are classified and subsequently measured at amortised cost. Financial liabilities measured at amortised cost include trade and other payables and lease liabilities.Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled or expires.Segmental reportingRightmove has one reportable segment, being the consolidated result. Whilst the Chief Operating Decision Maker separately monitors revenue for different business units they do not separately monitor business unit profit, operating costs, financial income, financial expenses and income taxes for these areas of the business, instead monitoring this on a consolidated level. The Group presents internal financial information that measures business performance to the Chief Executive Officer, who is the Group\u2019s Chief Operating Decision Maker. This information is used for the purpose of making decisions about resources to be allocated and of assessing performance. This financial information includes information on revenue performance and specific monitoring of trade receivable levels for each of the following business units:\u2022 Agency which provides resale and lettings property advertising services on Rightmove\u2019s platforms; \u2022 New Homes which provides property advertising services to new home developers and housing associations on Rightmove\u2019s platforms; and\u2022 Other which comprises Overseas and Commercial property advertising services; non-property advertising services which include our Third-Party advertising and Data Services; and the new mortgages business. All revenues in all periods are derived from third parties. The disaggregated revenue is included within Note 4. Financial income and expensesFinancial income comprises interest receivable on cash balances and money market deposits and dividend income. Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised on the date that the Company\u2019s right to receive payment is established. Financial expenses comprise banking fees and bank charges and the unwinding of the discount on provisions and lease liabilities.TaxationIncome tax on the results for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.Current tax is the expected tax payable on the taxable income for the period net of any charge or credit posted directly to equity, using tax rates enacted or substantially enacted at the reporting date and any adjustment to tax payable in respect of previous periods.Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and the differences relating to investments in subsidiaries to the extent that the parent Company is able to control the reversal and it is probable that the temporary difference will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the reporting date.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.In accordance with IAS 12, the Group policy in relation to the recognition of deferred tax on the exercise of share-based incentives is to include the income tax effect of the tax deduction in the income statement, up to the value of the income tax charge on the cumulative IFRS 2 charge. The remainder of the income tax effect of the tax deduction is recognised in equity.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis.DividendsDividends unpaid at the reporting date are only recognised as a liability (and deduction to equity) at that date to the extent that they are appropriately authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.Earnings per share (EPS)The Group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive shares. The Group\u2019s potential dilutive instruments are in respect of share-based incentives granted to employees, which will be settled by ordinary shares held by the EBT, the SIP and shares held in treasury. 3 Risk and capital managementOverviewThe Group has exposure to the following risks from its use of financial instruments:\u2022 credit risk\u2022 liquidity risk\u2022 market risk.This note presents information about the Group and Company\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements.Credit riskCredit risk is the risk of financial loss to the Group if a customer or banking institution fails to meet its contractual obligations.The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group provides credit to customers in the normal course of business. The Group provides its services to a wide range of customers in the UK and overseas and therefore believes it has no material concentration of credit risk.The majority of the Group\u2019s customers pay via monthly direct debit, minimising the risk of non-payment. The Group establishes an expected credit loss that represents its estimate of losses in respect of trade and other receivables, including contract assets. Further details of these are given in Note 24.The Group\u2019s treasury policy is to monitor cash and deposit balances on a daily basis and to manage counterparty risk by ensuring that no more than \u00a340,000,000 is held with any single institution.Liquidity riskLiquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash. The Group and Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.The Group\u2019s revenue model is largely subscription-based, which results in a regular level of cash conversion allowing it to service working capital requirements.The Group and Company ensure that they have sufficient cash on demand to meet expected operational expenses, excluding the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. Throughout the year, the Group typically had sufficient cash on demand to meet operational expenses, before financing activities, for a period of 179 days (2021: 252 days).Market riskMarket risk is the risk that changes in market prices such as foreign exchange and interest rates will affect the Group\u2019s income. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.(i) Currency riskAll of the Group\u2019s sales and more than 97% (2021: 98%) of the Group\u2019s purchases are sterling denominated, accordingly it has no significant currency risk.(ii) Interest rate riskGroup has interest bearing lease liabilities, although the interest on these is insignificant. The Group is exposed to interest rate risk on cash and money market deposit balances. The Company has no interest bearing financial liabilities, other than intercompany payables with its subsidiary Rightmove Group Limited.Capital managementThe Board\u2019s policy is to maintain an efficient statement of financial position so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board of directors considers that the future working capital and capital expenditure requirements of the Group will continue to be low and accordingly return on capital measures are not key performance targets. The Board of directors monitors the spread of the Company\u2019s shareholders as well as basic EPS. The Board\u2019s policy is to return surplus capital to shareholders through a combination of dividends and share buybacks.(i) Dividend policy The Board of directors has a progressive dividend policy and monitors the level of dividends to ordinary shareholders in relation to the growth in underlying profit. The Board has adopted this policy in order to align shareholder returns with the underlying growth achieved in the profitability of the Company. The capacity of the Company to make dividend payments is primarily determined by the level of available retained earnings in the Company, after deduction of own shares held, and the cash resources of the Group. The retained earnings of the Company, after deduction of own shares held, are \u00a3405,026,000 (2021: \u00a3409,696,000) as set out in the Company statement of changes in shareholders\u2019 equity. The Group has cash and money market deposits at 31 December 2022 of \u00a340,136,000 (2021: cash of \u00a347,988,000), the majority of which is held by the principal operating subsidiary, Rightmove Group Limited. The Company is well positioned to fund its future dividends given the strong cash generative nature of the business. In 2022, cash generated from operating activities was \u00a3244,166,000 (2021: \u00a3236,836,000) representing an operating cash conversion rate of 101% \ue60b\ue615\ue613\ue615\ue614\ue61d\ue662\ue614\ue613\ue618\ue608\ue60c\ue603\ue75e\ue603\ue65a\ue64b\ue648\ue655\ue648\ue603\ue652\ue653\ue648\ue655\ue644\ue657\ue64c\ue651\ue64a\ue603\ue646\ue644\ue656\ue64b\ue603\ue646\ue652\ue651\ue659\ue648\ue655\ue656\ue64c\ue652\ue651\ue603\ue64c\ue656\ue603\ue647\ue648\ue649\ue64c\ue651\ue648\ue647\ue603\ue644\ue656\ue603\ue657\ue64b\ue648\ue603\ue646\ue644\ue656\ue64b\ue649\ue64f\ue652\ue65a\ue603\ue649\ue655\ue652\ue650\ue603\ue652\ue653\ue648\ue655\ue644\ue657\ue64c\ue651\ue64a\ue603\ue644\ue646\ue657\ue64c\ue659\ue64c\ue657\ue64c\ue648\ue656\ue603\ue647\ue64c\ue659\ue64c\ue647\ue648\ue647\ue603\ue645\ue65c\ue603\ue657\ue64b\ue648\ue603\ue652\ue653\ue648\ue655\ue644\ue657\ue64c\ue651\ue64a\ue603profit for the year.(ii) Share buybacksThe Company purchases its own shares in the market; the timing of which depends on available free cash flow and market conditions. In 2022, 22,277,147 (2021: 26,709,384) shares were bought back at an average price of \u00a35.83 (2021: \u00a36.53) and were cancelled (Note 21).There were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.4 RevenueThe Group\u2019s operations and main revenue streams are those described in these annual financial statements. The Group\u2019s revenue is derived from contracts with customers.Disaggregation of revenueIn the following table, revenue is disaggregated by property and non-property advertising revenue. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s business units.Agency New Homes Other Total Year ended 31 December 2022\u00a3000\u00a3000\u00a3000\u00a3000Revenue streamProperty products 247,310 52,588 17,254 317,152Non-property products \u2013 \u2013 15,470 15,470247,310 52,588 32,724 332,622Agency New Homes Other Total Year ended 31 December 2021\u00a3000\u00a3000\u00a3000\u00a3000Revenue streamProperty products 224,490 50,026 14,211 288,727Non-property products \u2013 \u2013 16,159 16,159224,490 50,026 30,370 304,886Geographic informationIn presenting information on the basis of geography, revenue and assets reflect the geographical location of customers.2022 2021RevenueTrade receivablesRevenueTrade receivablesGroup\u00a3000\u00a3000\u00a3000\u00a3000UK 327,188 20,880 300,056 17,876Rest of the world 5,434 29 4,830 54332,622 20,909 304,886 17,930Contract balancesThe contract assets primarily relate to the Group\u2019s rights to consideration for services provided but not invoiced at the reporting date. The contract assets are transferred to trade receivables when invoiced and the rights have become unconditional. The contract liabilities primarily relate to the advance consideration received from Agency, Overseas and Commercial customers, for which revenue is recognised as or when the services are provided. The following table provides information about contract assets and contract liabilities from contracts with customers:Contract Contract assets liabilities \u00a3000\u00a3000Contract balances as at 31 December 2021 120 (2,633)Performance obligations satisfied in previous years (120) \u2013Performance obligations satisfied in the current year \u2013 2,623Accrued/(deferred) during the year 454 (2,315)Contract balances as at 31 December 2022 454 (2,325)5 Operating profit2022 2021 Note\u00a3000\u00a3000Operating profit is stated after charging:Employee benefits 6 45,474 37,974Depreciation of property, plant and equipment 12 3,504 3,448Amortisation of intangibles 13 1,082 991Trade receivables impairment charge 24 733 260Auditor\u2019s remuneration 2022 2021 \u00a3000\u00a3000Fees payable to the Company\u2019s auditor in respect of the auditAudit of the Company\u2019s financial statements 140 53Audit of the Company\u2019s subsidiaries pursuant to legislation 310 235Total audit remuneration 450 288Fees payable to the Company\u2019s auditor in respect of non-audit related servicesHalf-year review of the condensed financial statements 40 25All other services 10 2Total non-audit remuneration 50 27There were no other fees payable to EY LLP (2021: there were no other fees payable to KPMG LLP).6 Employee numbers and costsThe average number of persons employed (including executive directors) during the year, analysed by category, was as follows:2022 2021Number of employeesAdministration 606 526Management 41 46647 572The average number of employees in the parent Company were 10 (2021: 10), including six non-executive directors (2021: six) and \ue649\ue652\ue658\ue655\ue662\ue648\ue650\ue653\ue64f\ue652\ue65c\ue648\ue648\ue656\ue603\ue65a\ue64c\ue657\ue64b\ue64c\ue651\ue603\ue650\ue644\ue651\ue644\ue64a\ue648\ue650\ue648\ue651\ue657\ue603\ue655\ue652\ue64f\ue648\ue656\ue603\ue60b\ue615\ue613\ue615\ue614\ue61d\ue603\ue649\ue652\ue658\ue655\ue60c\ue611\ue603The aggregate payroll costs of these persons were as follows:Group Company2022 2021 2022 2021 \u00a3000\u00a3000\u00a3000\u00a3000Wages and salaries 38,396 32,353 1,593 1,655Social security costs 5,111 4,006 264 241Pension costs 1,967 1,615 48 4645,474 37,974 1,905 1,942Share-based payments cost (Note 23) 4,069 4,865 846 1,057Total 49,543 42,839 2,751 2,999Wages and salaries include \u00a315,927,000 (2021: \u00a311,807,000) relating to the product development and technology teams; these teams spend a proportion of their time on research and development activities, including innovation of our product proposition and enhancements to the Rightmove platforms, as well as on routine maintenance of the platforms. Social security costs only include the national insurance on wages and salaries; the national insurance credit of \u00a3110,000 (2021: charge of \u00a3942,000) relating to NI on share-based incentives is included within the share-based payments cost shown above.7 Financial income2022 2021 \u00a3000 \u00a3000Interest income on cash and cash equivalents 337 17Interest income on money market deposits 44 3381 208 Financial expenses2022 2021 \u00a3000 \u00a3000Other interest payable 219 198Interest unwind on lease liabilities 223 273442 4719 Income tax expense2022 2021 \u00a3000 \u00a3000Current tax expenseCurrent year 46,041 42,307Adjustment to current tax charge in respect of prior years 102 11346,143 42,420Deferred tax (Note 15)Origination and reversal of temporary differences (195) (113)Adjustment to deferred tax in respect of prior years (85) 175Increase in tax rate at which deferred tax is being recognised (262) 73(542) 135Total income tax expense 45,601 42,555Income tax credit recognised directly in equity2022 2021 \u00a3000 \u00a3000Current taxShare-based incentives (28) (609)Deferred tax Share-based incentives 1,180 (260)Increase in tax rate at which deferred tax is being recognised 68 (59)1,248 (319)Total income tax charge/(credit) recognised directly in equity 1,220 (928)Total income tax recognised directly in equity in respect of the Company was a charge of \u00a3123,000 (2021: a credit of \u00a3211,000).Reconciliation of effective tax rateThe Group\u2019s consolidated effective tax rate for the year ended 31 December 2022 is 18.9% (2021: 18.9%) which is lower than (2021: lower than) the standard rate of corporation tax in the UK due to the items shown below:2022 2021 \u00a3000 \u00a3000Profit before tax 241,282 225,649Current tax at 19.0% (2021: 19.0%) 45,844 42,873(Increase)/reduction in tax rate at which deferred tax is being provided (262) 73Net (non-taxable income) /non-deductible expenses 16 (654)Adjustment to deferred tax charge in respect of prior years (85) 175Adjustment to current tax charge in respect of prior years 102 113Difference between the current and deferred tax rates (14) (25)45,601 42,555Factors affecting future tax chargeThe increase in the UK corporation rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. This will increase the Company\u2019s future current tax charge accordingly. The deferred tax at 31 December 2022 has been calculated based on these rates, reflecting the expected timing of reversal of the related temporary differences (Note 15).10 Earnings per share (EPS)Pence per share\u00a3000 Basic DilutedYear ended 31 December 2022Profit for the year and EPS 195,681 23.4 23.4Underlying profit and underlying EPS 198,751 23.8 23.7Year ended 31 December 2021 Profit for the year and EPS 183,094 21.3 21.3Underlying profit and underlying EPS 186,815 21.8 21.7Weighted average number of ordinary shares (basic)2022 2021 Number of shares Number of sharesIssued ordinary shares at 1 January less ordinary shares held by the EBT and SIP Trust 857,732,814 884,234,565Less own shares held in treasury at the beginning of the year (12,480,472) (13,285,490)Weighted effect of own shares purchased for cancellation (9,977,584) (12,603,891)Weighted effect of share-based incentives exercised 144,448 436,477Weighted effect of shares purchased (99,344) (11,640)Issued ordinary shares at 31 December less ordinary shares held by treasury, SIP and the EBT 835,319,862 858,770,021Weighted average number of ordinary shares (diluted)In calculating diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive shares. The Group\u2019s potentially dilutive instruments are in respect of share-based incentives granted to employees.2022 2021 Number of shares Number of sharesWeighted average number of ordinary shares (basic) 835,319,862 858,770,021Dilutive impact of share-based incentives outstanding 2,185,506 1,511,725837,505,368 860,281,746The average market value of the Group\u2019s shares for the purposes of calculating the dilutive effect of share-based incentives was based on quoted market prices during the period which the share-based incentives were outstanding.11 DividendsDividends declared and paid by the Company were as follows:2022 2021Pence per share \u00a3000 Pence per share \u00a30002020 final dividend paid \u2013 \u2013 4.50 38,9002021 interim dividend paid \u2013 \u2013 3.00 25,5942021 final dividend paid 4.8 40,312 \u2013 \u20132022 interim dividend paid 3.3 27,393 \u2013 \u20138.1 67,705 7.5 64,494Unclaimed dividends returned \u2013 (26) \u2013 (47)Net dividends included in the statement of cash flows \u2013 67,679 \u2013 64,447After the reporting date, a final dividend of 5.2p (2021: 4.8p) per qualifying ordinary share, being \u00a342,911,000 (2021: \u00a340,403,000), was proposed by the Board of Directors. The final dividend will be paid, subject to shareholder approval, on 26 May 2023. The 2021 final dividend of \u00a340,312,000 (4.8p per qualifying share) was paid on 27 May 2022. It was \u00a391,000 lower than that reported in the 2021 annual accounts due to a decrease in the ordinary shares entitled to a dividend between 25 February 2022 and the interim dividend record date of 29 April 2022.The 2022 interim dividend paid on 28 October 2022 was \u00a327,393,000, being \u00a3407,000 lower than that reported in the 2022 Half-Year report of \u00a327,800,000. This was due to a decrease in the number of ordinary shares entitled to a dividend between \ue616\ue613\ue662\ue62d\ue658\ue651\ue648\ue603\ue615\ue613\ue615\ue615\ue603\ue644\ue651\ue647\ue603\ue657\ue64b\ue648\ue603\ue64c\ue651\ue657\ue648\ue655\ue64c\ue650\ue603\ue647\ue64c\ue659\ue64c\ue647\ue648\ue651\ue647\ue603\ue655\ue648\ue646\ue652\ue655\ue647\ue603\ue647\ue644\ue657\ue648\ue603\ue652\ue649\ue603\ue616\ue613\ue603\ue636\ue648\ue653\ue657\ue648\ue650\ue645\ue648\ue655\ue603\ue615\ue613\ue615\ue615\ue611The terms of the EBT provide that dividends payable on the ordinary shares held by the EBT are waived. No provision was made for the final dividend in either year and there are no income tax consequences.12 Property, plant and equipmentOffice equipment, Land & fixtures & Computer Leasehold Motor **buildingsfittings equipment improvements vehiclesTotal Group\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 January 2022 14,834 1,080 12,587 1,115 2,389 32,005Additions \u2013 488 347 \u2013 \u2013 835Leased asset additions 765 \u2013 \u2013 \u2013 343 1,108Disposal (555) (60) (518) 2 2 (1,129)At 31 December 2022 15,044 1,508 12,416 1,117 2,734 32,819DepreciationAt 1 January 2022 (6,106) (947) (10,721) (710) (1,531) (20,015)Charge for year (1,722) (134) (1,054) (75) (519) (3,504)Disposal 555 60 518 (2) (2) 1,129At 31 December 2022 (7,273) (1,021) (11,257) (787) (2,052) (22,390)Net book valueAt 31 December 2022 7,771 487 1,159 330 682 10,429At 31 December 2021 8,728 133 1,866 405 858 11,990Office equipment, Land & fixtures & Computer Leasehold Motor buildings* fittings equipment improvements vehicles* Total Group\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 January 2021 14,634 1,074 11,893 1,115 1,703 30,419Additions \u2013 6 694 \u2013 \u2013 700Leased asset additions \u2013 \u2013 \u2013 \u2013 686 686Modification of leased assets 200 \u2013 \u2013 \u2013 \u2013 200At 31 December 2021 14,834 1,080 12,587 1,115 2,389 32,005DepreciationAt 1 January 2021 (4,531) (802) (9,566) (588) (1,080) (16,567)Charge for year (1,575) (145) (1,155) (122) (451) (3,448)At 31 December 2021 (6,106) (947) (10,721) (710) (1,531) (20,015)Net book valueAt 31 December 2021 8,728 133 1,866 405 858 11,990At 31 December 2020 10,103 272 2,327 527 623 13,852* Land & Buildings and Motor Vehicles are Right of Use assets held under leasing arrangements accounted for in accordance with IFRS16. Further disclosure is in Note 19.The Company had no property, plant or equipment in either year.13 Intangible assetsComputer Customer Goodwill software relationships Total Group\u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 January 2022 16,516 7,386 4,521 28,423Additions \u2013 2,015 \u2013 2,015Disposal \u2013 (838) \u2013 (838)At 31 December 2022 16,516 8,563 4,521 29,600AmortisationAt 1 January 2022 \u2013 (6,264) (1,018) (7,282)Charge for year \u2013 (630) (452) (1,082)Disposed in the year \u2013 838 \u2013 838At 31 December 2022 \u2013 (6,056) (1,470) (7,526)Net book valueAt 31 December 2022 16,516 2,507 3,051 22,074 At 31 December 2021 16,516 1,122 3,503 21,141 Computer Customer Goodwill software relationships Total Group \u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 January 2021 16,516 7,367 4,521 28,404Additions \u2013 19 \u2013 19At 31 December 2021 16,516 7,386 4,521 28,423AmortisationAt 1 January 2021 \u2013 (5,726) (565) (6,291)Charge for year \u2013 (538) (453) (991)At 31 December 2021 \u2013 (6,264) (1,018) (7,282)Net book valueAt 31 December 2021 16,516 1,122 3,503 21,141At 31 December 2020 16,516 1,641 3,956 22,113The Company had no intangible assets in either year.Impairment testing for cash-generating units containing goodwillThe goodwill comprises \u00a314.1m recognised on the acquisition of Rightmove Landlord & Tenant Services Limited in 2019; a further \u00a31.7m arising on the acquisition of The Outside View Analytics Limited in May 2016; and \u00a30.7m of purchased goodwill arising pre-transition to IFRS. Management performed the annual impairment test. For the purposes of impairment testing, goodwill is allocated to the Group\u2019s lowest cash generating unit which is the Agency only business unit. The calculations used in the cash flow projections are based on the latest three-year business plan which includes revenue per business unit, which has been updated to reflect the most recent developments as at the reporting date. An allocation of costs is then estimated for impairment testing purposes in accordance with IAS 36. The impairment test looked at cash flows over the coming five years. The key assumptions used were the long-term growth rate for years outside of the three-year business plan of 5% (2021: 3%), and the pre-tax discount rate used of 10% \ue60b\ue615\ue613\ue615\ue614\ue61d\ue662\ue614\ue613\ue608\ue60c\ue611\ue603\ue637\ue64b\ue648\ue603\ue655\ue648\ue656\ue658\ue64f\ue657\ue603\ue652\ue649\ue603\ue657\ue64b\ue648\ue603\ue64c\ue650\ue653\ue644\ue64c\ue655\ue650\ue648\ue651\ue657\ue603\ue657\ue648\ue656\ue657\ue64c\ue651\ue64a\ue603\ue64c\ue656\ue603\ue657\ue64b\ue644\ue657\ue603\ue657\ue64b\ue648\ue603\ue655\ue648\ue646\ue652\ue659\ue648\ue655\ue644\ue645\ue64f\ue648\ue603\ue644\ue650\ue652\ue658\ue651\ue657\ue603\ue65a\ue644\ue656\ue603\ue656\ue64c\ue64a\ue651\ue64c\ue649\ue64c\ue646\ue644\ue651\ue657\ue64f\ue65c\ue603\ue64b\ue64c\ue64a\ue64b\ue648\ue655\ue603\ue657\ue64b\ue644\ue651\ue603\ue657\ue64b\ue648\ue603\ue646\ue644\ue655\ue655\ue65c\ue64c\ue651\ue64a\ue603 amount and there is no impairment. This result is not sensitive to any reasonable possible changes in the key assumptions used.14 InvestmentsThe subsidiaries of the Group as at 31 December 2022 were as follows:Country of Class of Trading Company Nature of businessincorporation HoldingsharesstatusRightmove Group Limited Online property advertising England and Wales 100% Ordinary TradingRightmove Financial Services Limited Online rental services England and Wales 100% Ordinary TradingRightmove Landlord and Tenant Rental referencing and England and Wales 100% Ordinary TradingServices Limitedinsurance servicesDuring the year, on 11 October 2022, Rightmove Property Services Limited \u2013 a dormant Company incorporated in England and Wales \u2013 was struck off the Companies House register and dissolved. All the above subsidiaries are included in the Group consolidated financial statements. The registered office for all subsidiaries of the Group is 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Caldecotte, Milton Keynes, MK7 8LE. 2022 2021 Company\u00a3000 \u00a3000Investment in subsidiary undertakingsAt 1 January 560,740 557,622Additions \u2013 subsidiary share-based payments charge 3,156 3,118At 31 December 563,896 560,740In 2008, the Company became the holding Company of Rightmove Group Limited (formerly Rightmove plc, Company no. 03997679) and its subsidiaries pursuant to a Scheme of Arrangement under s425 of the Companies Act 2006, by way of a share-for-share exchange. Following the Scheme of Arrangement, the Company underwent a court-approved capital reduction. The consolidated assets and liabilities of the Group immediately after the Scheme were substantially the same as the consolidated assets and liabilities of the Group immediately prior to the Scheme.Following the capital reconstruction in 2008, all employees\u2019 share-based incentives were transferred to the new holding Company, Rightmove plc. In addition, certain directors\u2019 contracts of employment were transferred from Rightmove Group Limited to Rightmove plc, whilst all other employees remained employed by Rightmove Group Limited. Accordingly, the share-based payments charge has been split between the Company and Rightmove Group Limited with \u00a33,156,000 (2021: \u00a33,118,000) being recognised in the Company accounts as a capital contribution to its subsidiary.The Company\u2019s investment in its subsidiary undertaking, Rightmove Group Limited, has been assessed for impairment. Management compared the carrying amount of the investment to the market capitalisation of the Group, as Rightmove Group Limited contains 99% of the Group\u2019s trading operations. There was no impairment as at 31 December 2022 \u2013 the market capitalisation of the Group was more than seven times greater than the Company\u2019s investment in Rightmove Group Limited. 15 Deferred tax asset and deferred tax liabilityNet deferred tax position Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis.Group Group Company Company2022 2021 2022 2021 \u00a3000 \u00a3000\u00a3000 \u00a3000Deferred tax asset 2,354 3,135 478 481Deferred tax liability (894) (966) \u2013 \u2013At 31 December 1,460 2,169 478 481The deferred tax asset and deferred tax liability are attributable to the following:Deferred tax assetGroup CompanyProperty, Share-based plant and Share-based incentives equipment Provisions Total incentives \u00a3000\u00a3000\u00a3000 \u00a3000\u00a3000At 1 January 2022 2,576 419 140 3,135 481Adjustment in respect of prior year \u2013 \u2013 77 77 \u2013Recognised in income 654 (184) (80) 390 139Recognised directly in equity (1,248) \u2013 \u2013 (1,248) (142)At 31 December 2022 1,982 235 137 2,354 478At 1 January 2021 2,066 381 396 2,843 549Adjustment in respect of prior year \u2013 10 (175) (165) \u2013Recognised in income 191 28 (81) 138 (24)Recognised directly in equity 319 \u2013 \u2013 319 (44)At 31 December 2021 2,576 419 140 3,135 481The decrease in the deferred tax asset at 31 December 2022 is mostly driven by the decrease in the deferred tax in relation to the share-based incentives, which reflected a decrease in the share price during the year to \u00a35.11 from \u00a37.95 in 2021 (more than offsetting the increase in the rate at which deferred tax was recognized). Deferred tax liabilityIntangibles 2022Intangibles 2021Group\u00a3000\u00a3000At 1 January (966) (859)Prior year adjustment 7 (10)Recognised in income 65 (97)At 31 December (894) (966)The decrease in the deferred tax liability as at 31 December 2022 is due to amortization.The deferred tax as at 31 December 2022 has been calculated at the average rate of 24% (2021:21%) which represents the average rate at which the assets and liabilities are expected to reverse in the future, based on substantively enacted UK tax rates.16 Trade and other receivables2022 2021 Group Note\u00a3000 \u00a3000Trade receivables 21,754 18,645Less provision for impairment of trade receivables 24 (845) (715)Net trade receivables 20,909 17,930Prepayments 5,243 5,028Interest receivable 48 1Other debtors 414 15326,614 23,112Exposure to credit and currency risks and expected credit losses relating to trade and other receivables are disclosed in Note 24.The Company had no trade and other receivables in either year.17 Cash and deposits2022 2021 Group\u00a3000 \u00a3000Cash and cash equivalents 35,089 42,985Money market deposits 5,047 5,003 40,136 47,988Cash balances with an original maturity of less than three months were held in current accounts during the year and attracted interest at a weighted average rate of 0.9% (2021: 0.0%). The cash and cash equivalents balance included \u00a3237,000 (2021: \u00a389,000) which is restricted to use in accordance with the deeds of the EBT.Money market deposits with an original maturity of more than three months and less than a year, attracted interest at a weighted average rate of 0.9% (2021: 0.1%).The company had cash and cash equivalents of \u00a3408 during the year (2021: \u00a3468).18 Trade and other payablesGroup Company2022 2021 2022 2021 \u00a3000 \u00a3000\u00a3000 \u00a3000Trade payables 1,155 3,056 \u2013 \u2013Trade accruals 6,147 7,748 935 1,139Other creditors 1,284 979 \u2013 \u2013Other taxation and social security 12,288 10,974 \u2013 \u2013Inter-group payables \u2013 \u2013 26,713 21,84220,874 22,757 27,648 22,98119 Leases The Group leases assets, including land and buildings and motor vehicles, that are held within property, plant and equipment (Note 12). Information about leases for which the Group is a lessee is presented below.2022 2021 Analysis of property, plant and equipment between owned and leased assets\u00a3000 \u00a3000Net book value of property, plant and equipment owned 1,976 2,404Net book value of leased right of use assets 8,453 9,58610,429 11,990Property Vehicles Total Net book value of right of use assets\u00a3000\u00a3000 \u00a3000At 1 January 2022 8,728 858 9,586Additions 765 343 1,108Depreciation charge (1,722) (519) (2,241)At 31 December 2022 7,771 682 8,453At 1 January 2021 10,103 623 10,726Additions \u2013 686 686Lease modification 200 \u2013 200Depreciation charge (1,575) (451) (2,026)At 31 December 2021 8,728 858 9,5862022 2021 Lease liabilities maturity analysis \u2013 contractual undiscounted cash flows\u00a3000 \u00a3000Less than one year 2,558 2,398One to five years 7,522 8,828More than five years \u2013 43210,080 11,6582022 2021 Lease liabilities included in the statement of financial position\u00a3000 \u00a3000Current 2,327 2,177Non-current 7,242 8,8329,569 11,0092022 2021 Amounts recognised in income statement\u00a3000 \u00a3000Interest on lease liabilities 223 273Expenses relating to short-term leases 281 204Expenses relating to low-value asset leases (excluding short-term leases of low-value assets) 28 22532 4992022 2021 Amount recognised in the statement of cash flows \u00a3000 \u00a3000Total cash outflow for all leases 2,940 2,464Reconciliation of movement of lease liabilities to cashflows2022 2021 \u00a3000 \u00a3000At 1 January 11,009 12,310Payment of lease liabilities \u2013 capital (2,391) (2,464)Payment of lease liabilities \u2013 interest (232) \u2013Total changes arising from cash flows (2,623) (2,464)New leases net of provisions 962 886Interest 223 273Other movements (2) 4Total liability relating to other changes 1,183 1,163Balance as at 31 December 9,569 11,00920 ProvisionsThe dilapidations provision is in respect of any of the Group\u2019s leased properties where the Group has obligations to make good dilapidations. The non-current liabilities are estimated to be payable over periods from one to five years.Dilapidations Employee Contingent provision provisions consideration Total \u00a3000\u00a3000\u00a3000\u00a3000At 1 January 2022 646 \u2013 \u2013 646Utilised during the year (60) \u2013 \u2013 (60)Released during the year (5) \u2013 \u2013 (5)Charged in the year 248 \u2013 \u2013 248At 31 December 2022 829 \u2013 \u2013 829Current \u2013 \u2013 \u2013 \u2013Non-current 829 \u2013 \u2013 829\u2013 \u2013Dilapidations Employee Contingent provision provisions consideration Total \u00a3000\u00a3000\u00a3000\u00a3000At 1 January 2021 562 666 2,407 3,635Utilised during the year \u2013 (666) \u2013 (666)Released during the year \u2013 \u2013 (2,407) (2,407)Charged in the year 84 350 \u2013 434Reclassified in the year \u2013 (350) \u2013 (350)At 31 December 2021 646 \u2013 \u2013 646Current 61 \u2013 \u2013 61Non-current 585 \u2013 \u2013 585646 \u2013 \u2013 646During the prior year 2021, the Group reclassified the accrual in relation to employee-related holiday pay, from provisions to be shown as an accrual within Note 16 Trade and Other Payables. The provision for contingent consideration that arose of the acquisition of Rightmove Landlord and Tenant Services Limited was released during the prior year on 30 June 2021 due to the possibility of meeting the threshold performance criteria within the remaining timescales, to the end of 2021, being remote. The Company had no provisions in either year.21 Share capital2022 2021Amount Number Amount Number \u00a3000 of shares\u00a3000 of sharesIn issue ordinary sharesAt 1 January 860 859,678,232 887 886,387,616Purchase and cancellation (22) (22,277,147) (27) (26,709,384)of sharesAt 31 December 838 837,401,085 860 859,678,232All issued shares are fully paid. The nominal value of a share is 0.1p. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share at general meetings of the Company. Included within \ue656\ue64b\ue644\ue655\ue648\ue656\ue603\ue64c\ue651\ue603\ue64c\ue656\ue656\ue658\ue648\ue603\ue644\ue657\ue603\ue616\ue614\ue662\ue627\ue648\ue646\ue648\ue650\ue645\ue648\ue655\ue603\ue615\ue613\ue615\ue615\ue603\ue644\ue655\ue648\ue603\ue614\ue60f\ue616\ue61a\ue618\ue60f\ue61c\ue619\ue616\ue603\ue60b\ue615\ue613\ue615\ue614\ue61d\ue603\ue614\ue60f\ue614\ue618\ue61b\ue60f\ue617\ue614\ue61b\ue60c\ue603\ue656\ue64b\ue644\ue655\ue648\ue656\ue603\ue64b\ue648\ue64f\ue647\ue603\ue645\ue65c\ue603\ue657\ue64b\ue648\ue603\ue628\ue625\ue637\ue60f\ue603\ue61c\ue616\ue613\ue60f\ue618\ue61c\ue615\ue603\ue60b\ue615\ue613\ue615\ue614\ue61d\ue662\ue61a\ue61b\ue61a\ue60f\ue613\ue613\ue613\ue60c\ue603\ue656\ue64b\ue644\ue655\ue648\ue656\ue603held by the SIP and 12,185,222 (2021: 12,480,472) shares held in Treasury.In June 2007, the Company commenced a share buyback program to purchase its own ordinary shares. The total number of shares bought back in 2022 was 22,277,147 (2021: 26,709,384) shares representing 2.7% (2021: 3.1%) of the ordinary shares in issue (excluding shares held in treasury). All of the shares bought back in both years were cancelled. The shares were acquired on the open market at a total consideration (excluding costs) of \u00a3129,981,000 (2021: \u00a3174,369,000). The maximum and minimum prices paid were \u00a36.89 (2021: \u00a37.83) and \u00a34.39 (2021: \u00a35.52) per share respectively. The average price paid was \u00a35.83 (2021: \u00a36.53). Costs incurred on purchase of own shares in relation to stamp duty charges and broker expenses were \u00a3910,000 (2021: \u00a31,224,000).22 Reconciliation of movement in capital and reservesGroupOwn shares held \u2013 \u00a3000EBT shares SIP shares Treasury reserve reserve shares Total \u00a3000\u00a3000\u00a3000\u00a3000Own shares held as at 1 January 2021 (1,825) (3,415) (6,312) (11,552)Shares purchased for share incentive plans (1,127) (157) \u2013 (1,284)Shares transferred to SIP 1,127 (1,127) \u2013 \u2013Share-based incentives exercised in the year 273 560 383 1,216SIP releases in the year \u2013 32 \u2013 32Own shares held as at 31 December 2021 (1,552) (4,107) (5,929) (11,588)Own shares held as at 1 January 2022 (1,552) (4,107) (5,929) (11,588)Shares purchased for share incentive plans (2,216) (682) \u2013 (2,898)Shares transferred to SIP 555 (555) \u2013 \u2013Share-based incentives exercised in the year 56 289 140 485SIP releases in the year \u2013 103 \u2013 103Own shares held as at 31 December 2022 (3,157) (4,952) (5,789) (13,898)Own shares held \u2013 number of sharesNumber of sharesEBT shares SIP shares Treasury reserve reserve shares TotalOwn shares held as at 1 January 2021 1,395,476 757,575 13,285,490 15,438,541Shares purchased for share incentive plans 148,147 20,278 \u2013 168,425Shares transferred to SIP (148,147) 148,147 \u2013 \u2013Share-based incentives exercised in the year (237,058) (133,200) (805,018) (1,175,276)SIP releases in the year \u2013 (5,800) \u2013 (5,800)Own shares held as at 31 December 2021 1,158,418 787,000 12,480,472 14,425,890Own shares held as at 1 January 2022 1,158,418 787,000 12,480,472 14,425,890Shares purchased for share incentive plans 432,254 128,774 \u2013 561,028Shares transferred to SIP (99,476) 99,476 \u2013 \u2013Share-based incentives exercised in the year (115,233) (63,893) (295,250) (474,376)SIP releases in the year \u2013 (20,765) \u2013 (20,765)Own shares held as at 31 December 2022 1,375,963 930,592 12,185,222 14,491,777(a) EBT shares reserve (Group)This reserve represents the cost of own shares acquired by the EBT less any exercises of share-based incentives. At 31 December 2022, the EBT held 1,375,963 (2021: 1,158,418) ordinary shares in the Company, representing 0.2% (2021: 0.1%) of the ordinary shares in issue (excluding shares held in treasury). The market value of the shares held in the EBT at 31 December 2022 was \u00a37,031,000 (2021: \u00a39,209,000).(b) SIP shares reserve (Group and Company)In November 2014, the Company established the Rightmove Share Incentive Plan Trust (SIP). This reserve represents the cost of acquiring shares less any exercises or releases of SIP awards. Employees of Rightmove Group Limited and Rightmove plc were offered 500 free shares with effect from 21 December 2022 (2021: 400), subject to a three-year service period. During the year 63,893 shares were exercised (2021: 133,200) and 20,765 shares (2021: 5,800) were released by the SIP in relation to good leavers and retirees. 99,476 shares were transferred to the SIP reserve from the EBT (2021: 148,147).At 31 December 2022, the SIP held 930,592 (2021: 787,000) ordinary shares in the Company, representing 0.1% (2021: 0.1%) of the ordinary shares in issue (excluding shares held in treasury). The market value of the shares held in the SIP at 31 December 2022 was \u00a34,755,000 (2021: \u00a36,257,000). (c) Treasury shares (Group and Company)This represents the cost of acquiring shares held in treasury less any exercises of share-based incentives. These shares were bought in 2008 at an average price of 47.60 pence and may be used to satisfy certain share-based incentive awards. The market value of the shares held in treasury at 31 December 2022 was \u00a362,266,000 (2021: \u00a399,220,000).Other reservesThis represents the Capital Redemption Reserve in respect of own shares bought back and cancelled. The movement of \u00a322,000 (2021: \u00a327,000) is the nominal value of ordinary shares bought back and cancelled during the year.Details of share buybacks and cancellation of shares are included in Note 21.Retained earningsThe loss on the exercise of share-based incentives of \u00a3106,000 (2021: \u00a3482,000) is the difference between the value that the own shares, held by the EBT, SIP and treasury, were originally acquired at and the exercise price at which share-based incentives were exercised or released during the year. CompanyReverse acquisition reserveThis reserve resulted from the acquisition of Rightmove Group Limited by the Company and represents the difference between the value of the shares acquired at 28 January 2008 and the nominal value of the shares issued.Other reservesAwards relating to share-based incentives made to Rightmove Group Limited employees have been treated as a deemed capital contribution (Note 14). The principal movement in other reserves for the year comprises \u00a33,156,000 (2021: \u00a33,118,000) in respect of the share-based incentives charge for employees of Rightmove Group Limited. In addition, other reserves include \u00a3456,000 (2021: \u00a3434,000) of Capital Redemption Reserve. A movement of \u00a322,000 (2021: \u00a327,000) has been recorded in relation to the nominal value of ordinary shares cancelled during the year.23 Share-based paymentsThe Group and Company operate a number of share-based incentive schemes for executive directors and employees. All share-based incentives are subject to a service condition. Such conditions are not taken into account in the fair value of the service received. The fair value of services received in return for share-based incentives is measured by reference to the fair value of share-based incentives granted. The estimate of the fair value of the share-based incentives is measured using either the Monte Carlo or Black Scholes pricing model as is most appropriate for each scheme.NI is being accrued, where applicable, at a rate of 13.8%, which management expects to be the prevailing rate when the awards are exercised, based on the share price at the reporting date. The total NI credit for the year relating to all awards was \u00a3110,000 (2021: a charge of \u00a3942,000). The share price at 31 December 2022 was \u00a35.11 (2021: \u00a37.95).The Group recognised a total share-based payments charge for the year of \u00a34,179,000 (2021: \u00a33,923,000) with a Company charge for the year of \u00a3879,000 (2021: \u00a3762,000), as set out below:Group Company2022 2021 2022 2021 \u00a3000 \u00a3000\u00a3000 \u00a3000Sharesave Plan 336 336 7 5Performance Share Plan (PSP) 464 424 464 424Deferred Share Bonus Plan (DSP) 2,356 2,015 401 330Share Incentive Plan (SIP) 830 826 7 3Restricted Share Plan (RSP) 193 322 \u2013 \u2013Total share-based payments charge 4,179 3,923 879 762NI on applicable share-based incentives at 13.8% (110) 942 (33) 295Sharesave PlanThe Group operates an HMRC Approved Sharesave Plan under which employees of Rightmove plc and Rightmove Group Limited are granted an option to purchase ordinary shares in the Company, at up to 20% less than the market price at invitation, in three years\u2019 time, dependent on their entering into a contract to make monthly contributions into a savings account over the relevant period. These savings are used to fund the option exercise. No performance criteria are applied to the exercise of Sharesave options. The assumptions used in the measurement of the fair value at grant date of the Sharesave Plan are as follows: Share price at Exercise Risk free Dividend Fair value grant date price Option life rate yield per option Grant date (pence) (pence) (years) (%) (%) (pence)30 September 2020 626.8 513.0 3.0 0.0 0.5 167.11 October 2021 682.6 574.0 3.0 0.8 1.1 184.030 September 2022 482.2 482.0 3.0 5.2 1.8 130.0The requirement that an employee must save in order to purchase shares under the Sharesave Plan is a non-vesting condition. This feature has been incorporated into the fair value at grant date by applying a discount to the valuation obtained from the Black Scholes pricing model. The discount has been determined by estimating the probability that the employee will stop saving based on expected future trends in the share price and past employee behaviour.2022 2021 Weighted average Weighted average exercise price exercise price Group Number (pence) Number (pence)Outstanding at 1 January 663,568 497.9 752,023 442.9Granted 329,630 482.0 217,790 574.0Lapsed (41,739) 544.4 (62,222) 380.5Forfeited (59,391) 514.3 (42,012) 563.9Exercised (112,242) 418.2 (202,011) 376.9Outstanding at 31 December 779,826 300.9 663,568 497.9Exercisable at 31 December 126,169 428.7 38,274 389.0The weighted average market value per ordinary share for Sharesave options exercised in 2022 was 538.3 pence (2021: 668.1 pence). The Sharesave options outstanding at 31 December 2022 have an exercise price in the range of 389.0 pence to 574.0 pence (2021: 389.0 pence to 574.0 pence) and a weighted average contractual life of 2.1 years (2021: 1.7 years).Performance Share Plan (PSP)The PSP permits awards of nil cost options or contingent shares which will only vest in the event of prior satisfaction of a performance condition. 241,089 PSP awards were made on 3 March 2022 (the grant date) subject to Earnings Per Share (EPS) and Total Shareholders Return (TSR) performance. Performance will be measured over three financial years (1 January 2022 \u2013 31 December 2024). The vesting on 3 March 2025 (vesting date) of 50% of the 2022 PSP award will be dependent on a relative TSR performance condition measured over the three-year performance period and the vesting of the 50% of the 2022 PSP award will be dependent on the satisfaction of an EPS growth target measured over the three-year performance period.The PSP awards have been valued using the Monte Carlo model for the TSR element and the Black Scholes model for the EPS element. The resulting share-based payments charge is being spread evenly over the three-year period between grant date and vesting date. PSP award holders are entitled to receive dividends accruing between the grant date and the vesting date and this value will be delivered in shares. The assumptions used in the measurement of the fair value at grant date of the PSP awards are as follows: Share price at Exercise Expected Risk free Dividend Fair value grant date price volatility Option life rate yield per option Grant date (pence) (pence) (%) (years) (%) (%) (pence)(1)3 March 2021 (TSR dependent)584.0 0.0 28.1 3.0 0.4 0.0 176.0(1)3 March 2021 (EPS dependent)584.0 0.0 0.0 3.0 0.0 0.0 492.0(1)2 March 2022 (TSR dependent)684.6 0.0 30.3 3.0 1.7 0.0 247.4(1)2 March 2022 (EPS dependent)684.6 0.0 0.0 3.0 0.0 0.0 582.2(1) For details of TSR and EPS performance conditions refer to the Directors\u2019 Remuneration Report.Expected volatility, which only impacts the fair value of the TSR element of the award, is estimated by considering historic average share price volatility at the grant date. The risk-free rate is only used as an input to calculate the fair value of the TSR element of the award. The PSP awards accrue dividends so there is no dividend yield used as an input to calculate the fair value. A discount rate of 15% (2021:15.8%) was applied to the fair value at grant date to reflect the two-year holding period that applies post the vesting period and the lack of liquidity during that period.2022 2021 GroupNumber NumberOutstanding at 1 January 768,076 1,017,279Granted 241,089 269,968Dividends awarded 1,649 2,379Forfeited (310,746) (248,185)Exercised (16,738) (273,365)Outstanding at 31 December 683,330 768,076Exercisable at 31 December 52,436 \u2013The weighted average market value per ordinary share for options exercised in 2022 was 655.4 pence (2021: 623.6 pence). \ue637\ue64b\ue648\ue662\ue65a\ue648\ue64c\ue64a\ue64b\ue657\ue648\ue647\ue603\ue644\ue659\ue648\ue655\ue644\ue64a\ue648\ue603\ue648\ue65b\ue648\ue655\ue646\ue64c\ue656\ue648\ue603\ue653\ue655\ue64c\ue646\ue648\ue603\ue65a\ue644\ue656\ue603\ue651\ue64c\ue64f\ue603\ue64c\ue651\ue603\ue645\ue652\ue657\ue64b\ue603\ue65c\ue648\ue644\ue655\ue656\ue611\ue603\ue637\ue64b\ue648\ue603\ue633\ue636\ue633\ue603\ue644\ue65a\ue644\ue655\ue647\ue656\ue603\ue652\ue658\ue657\ue656\ue657\ue644\ue651\ue647\ue64c\ue651\ue64a\ue603\ue644\ue657\ue603\ue616\ue614\ue603\ue627\ue648\ue646\ue648\ue650\ue645\ue648\ue655\ue603\ue615\ue613\ue615\ue615\ue603\ue64b\ue644\ue659\ue648\ue603\ue644\ue603\ue65a\ue648\ue64c\ue64a\ue64b\ue657\ue648\ue647\ue603average contractual life of 1.3 years (2021: 1.3 years).Deferred Share Bonus Plan (DSP)In March 2009 a DSP was established which allows executive directors and other selected senior management the opportunity to earn a bonus determined as a percentage of base salary settled in nil cost deferred shares. The award of shares under the plan is contingent on the satisfaction of pre-set internal targets relating to underlying drivers of long-term revenue growth (the performance period). The right to the shares is deferred for two years from the date of the award (the vesting period) and potentially forfeitable during that period should the employee leave employment. The deferred share awards have been valued using the Black Scholes model and the resulting share-based payments charge is being spread evenly over the combined performance period and vesting period of the shares, being three years.The inputs used in the measurement of the fair value of the deferred share awards \u2013 which are initially calculated at the date on which the potential DSP bonus is communicated to directors and senior management (the grant date) and are then updated at the date of the actual award \u2013 are as follows: Share price at Exercise Expected Dividend Fair value award date price term yield per option Grant date Award date (pence) (pence) (years) (%) (pence)4 March 2020 3 March 2021 584.0 0.0 3.0 1.4 568.0(1)3 March 2021 2 March 2022684.6 0.0 3.0 1.2 668.0(2)(3)2 March 2022 10 March 2023684.6 0.0 3.0 1.3 659.0(1) Following the achievement of 84% of the 2021 internal performance targets, 505,024 nil cost shares were awarded to executives and senior management on \ue615\ue662\ue630\ue644\ue655\ue646\ue64b\ue603\ue615\ue613\ue615\ue615\ue603\ue60b\ue657\ue64b\ue648\ue603\ue644\ue65a\ue644\ue655\ue647\ue603\ue647\ue644\ue657\ue648\ue60c\ue603\ue65a\ue64c\ue657\ue64b\ue603\ue657\ue64b\ue648\ue603\ue655\ue64c\ue64a\ue64b\ue657\ue603\ue657\ue652\ue603\ue655\ue648\ue64f\ue648\ue644\ue656\ue648\ue603\ue657\ue64b\ue648\ue603\ue656\ue64b\ue644\ue655\ue648\ue656\ue603\ue647\ue648\ue649\ue648\ue655\ue655\ue648\ue647\ue603\ue658\ue651\ue657\ue64c\ue64f\ue603\ue630\ue644\ue655\ue646\ue64b\ue603\ue615\ue613\ue615\ue617(2) The share price and fair value are disclosed at grant date until the point that the award is made on 10 March 2023, at which point the valuation will be updated.(3) Based on the 2022 internal performance targets, the Remuneration Committee determined that 71% of the maximum award in respect of the year will be made in March 2023. The number of shares to be awarded will be determined based on the share price at the award date in March 2023. 20222021 GroupNumberNumberOutstanding at 1 January 697,179 881,577Awarded 505,524 329,380Forfeited (40,675) (2,206)Exercised (291,362) (511,572)Outstanding at 31 December 870,666 697,179Exercisable at 31 December 78,643 \u2013The weighted average market value per ordinary share for deferred shares exercised in 2022 was 581.7 pence (2021: 660.6 pence). The weighted average exercise price was nil in both years. The DSP awards outstanding at 31 December 2022 have a weighted average contractual life of 0.8 years (2021: 1.4 years).Share Incentive PlanIn 2014, the Group established the Rightmove Share Incentive Plan Trust (SIP). Employees in Rightmove plc and Rightmove Group Limited were offered 500 shares on 21 December 2022 (2021: 400 shares) subject to a three-year service period (the vesting period). The SIP awards have been valued using the Black Scholes model and the resulting share-based payments charge spread evenly over the vesting period of three years. The SIP shareholders are entitled to dividends paid in cash over the vesting period. No performance criteria are applied to the exercise of SIP options. The assumptions used in the measurement of the fair value at grant date of the SIP awards are as follows: Share price at Exercise Dividend Fair value grant date price Option life yield per option Grant date (pence) (pence) (years) (%) (pence)20 December 2020 651.6 0.0 3.0 0.0 651.620 December 2021 769.2 0.0 3.0 0.0 769.221 December 2022 526.8 0.0 3.0 0.0 526.8The SIP awards accrue dividends, so there is no dividend yield input into the fair valuation calculation. 2022 2021 GroupNumber NumberOutstanding at 1 January 759,050 748,050Granted 334,000 236,000Forfeited (93,250) (86,275)Exercised (86,360) (138,725)Outstanding at 31 December 913,440 759,050Exercisable at 31 December 213,000 148,500The weighted average market value per ordinary share for SIP awards released and exercised in 2022 was 554.1 pence \ue60b\ue615\ue613\ue615\ue614\ue61d\ue662\ue618\ue61b\ue619\ue611\ue614\ue603\ue653\ue648\ue651\ue646\ue648\ue60c\ue611\ue603\ue637\ue64b\ue648\ue603\ue65a\ue648\ue64c\ue64a\ue64b\ue657\ue648\ue647\ue603\ue644\ue659\ue648\ue655\ue644\ue64a\ue648\ue603\ue648\ue65b\ue648\ue655\ue646\ue64c\ue656\ue648\ue603\ue653\ue655\ue64c\ue646\ue648\ue603\ue64c\ue651\ue603\ue645\ue652\ue657\ue64b\ue603\ue65c\ue648\ue644\ue655\ue656\ue603\ue65a\ue644\ue656\ue603\ue651\ue64c\ue64f\ue611\ue603\ue637\ue64b\ue648\ue603\ue636\ue62c\ue633\ue603\ue652\ue653\ue657\ue64c\ue652\ue651\ue656\ue603\ue652\ue658\ue657\ue656\ue657\ue644\ue651\ue647\ue64c\ue651\ue64a\ue603\ue644\ue657\ue603\ue616\ue614\ue603\ue627\ue648\ue646\ue648\ue650\ue645\ue648\ue655\ue6032022 have a weighted average contractual life of 2.3 years (2021: 0.9 years).Restricted Share Plan (RSP)The September 2022 award was for 332,778 nil cost shares, with one-third of the shares have a vesting period of three years and two-thirds are subject to four years\u2019 service period.Participants are not entitled to receive dividends on these awards. RSP awards have been valued using the Black Scholes model and the resulting share-based payments charge is being spread evenly over the vesting period of the shares.The assumptions used in the measurement of the fair value at grant date of the RSP awards are as follows: Share price at Exercise Dividend Fair value grant date price Option life yield per option Grant date (pence) (pence) (years) (%) (pence)6 March 2019 495.1 0.0 3.0 1.3 476.020 September 2022 586.0 0.0 3.0 1.4 562.020 September 2022 586.0 0.0 4.0 1.5 553.02022 2021 GroupNumberNumber Outstanding at 1 January 211,323 244,937Awarded 332,778 \u2013Forfeited \u2013 \u2013Exercised \u2013 (33,614)Outstanding at 31 December 544,101 211,323Exercisable at 31 December 211,323 \u2013No RSP options were exercised during the year. The weighted average market value per ordinary share for RSP awards exercised in 2021 was 730.2 pence. The RSP options outstanding at 31 December 2022 have a weighted average contractual life of 3.4 years (2021: 0.2 years).24 Financial instrumentsCredit riskThe carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:2022 2021 Group Note\u00a3000\u00a3000Net trade receivables 16 20,909 17,930Accrued interest receivable 16 48 1Contract assets 4 454 120Other debtors 16 414 153Cash and cash equivalents 17 35,089 42,985Money market deposits 17 5,047 5,00361,961 66,192The Company had no exposure to credit risk in either year. The trade receivables balance is spread across a large number of different customers with no single debtor representing more than 4% of the total balance due (2021: 3%).The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:2022 2021 Group Note\u00a3000\u00a3000UK 20,880 17,876Rest of the world 29 5416 20,909 17,930The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was: 2022 2021 Group Note\u00a3000\u00a3000Property products 18,678 16,201Other 2,231 1,72916 20,909 17,930The Group\u2019s most significant customer accounts for \u00a3745,606 (2021: \u00a31,029,000) of net trade receivables as at 31 December 2022.Expected credit loss assessment For the Group\u2019s smaller Agency and Overseas customers, expected credit losses are measured using a provisioning matrix based on the reason the trade receivable is past due or, for current debtors at risk of recovery. The provision matrix rates are based on actual credit loss experience over the past three years and adjusted, when required, to take into account current macro-economic factors. For all other customers the Group applies experienced credit judgement to assess the expected credit loss, whilst considering account external ratings, financial statements and other available information. Overall, the impact on credit risk is minimal due to the majority of customers paying in advance on a subscription basis. The following table provides information about the exposure to credit risk and expected credit losses for trade receivables, including contract assets, from individual customers as at 31 December 2022. The reduction in the weighted-average loss rate in 2022 reflects the return to normal levels of recovery risk, following the heighted risk during 2021 due to the pandemic.Gross carrying Weighted-amount Loss allowance 2022average loss rate\u00a3000\u00a3000 Credit-impairedCurrent 0.4% 14,367 (57) NoPast due 1 \u2013 30 days 1.3% 4,430 (57) NoPast due 31 \u2013 60 days 6.0% 1,378 (82) NoPast due 61 \u2013 90 days 9.7% 511 (50) NoMore than 91 days past due 39.3% 1,523 (599) No22,209 (845)Gross carrying Loss Weighted-average amount allowance 2021loss rate\u00a3000 \u00a3000 Credit-impairedCurrent 0.7% 16,050 (110) NoPast due 1 \u2013 30 days 5.6% 1,203 (67) NoPast due 31 \u2013 60 days 9.0% 495 (45) NoPast due 61 \u2013 90 days 24.6% 305 (75) NoMore than 91 days past due 70.6% 592 (418) No18,645 (715)The movement in the allowance for impairment in respect of trade receivables during the year was as follows:2022 2021 Group Note\u00a3000\u00a3000At 1 January 715 880Charged during the year 733 260Utilised during the year (603) (425)At 31 December 16 845 715The allowance accounts in respect of trade receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible; at that point the amounts considered irrecoverable are written off against the financial asset directly.Liquidity riskThe contractual maturities of undiscounted financial liabilities, including undiscounted estimated interest payments, were:Carrying Contractual 6 months amount cash flows or less Group\u00a3000\u00a3000\u00a3000At 31 December 2022 Trade payables being non-derivative financial liabilities 1,155 (1,155) (1,155)At 31 December 2021 Trade payables being non-derivative financial liabilities 3,056 (3,056) (3,056)Undiscounted lease liabilities are presented in Note 19. The Company had no derivative financial liabilities in either year.It is not expected that the cash flows included in the maturity analysis could occur earlier or at significantly different amounts and all payables are due within six months of the balance sheet date.Currency riskDuring 2022 all the Group\u2019s sales and more than 97.1% (2021: 98.2%) of the Group\u2019s purchases were sterling denominated and accordingly it has no significant currency risk.Interest rate riskThe Group has exposure to interest rate risk on its cash and cash equivalent balances and money market deposit balances. As at 31 December 2022 the Group had total cash of \u00a335,089,000 (2021: \u00a342,985,000) and money market deposits of \u00a35,047,000 (2021: \u00a35,003,000).Fair valuesThe fair values of all financial instruments in both years are equal to the carrying values.25 Related party disclosuresInter-group transactions with subsidiariesUnder the inter-group loan agreement dated 30 January 2008, Rightmove Group Limited settles all expenses on behalf of the Company, including dividends paid to shareholders and share buybacks and related costs. During the year, the Company was charged interest of \u00a3226,000 (2021: \u00a3238,000) under this agreement and at 31 December 2022 the unsecured inter-group loan balance was \u00a326,713,000 (2021: \u00a321,842,000).The dividends declared and paid by Rightmove Group Limited to the Company was \u00a3197,982,000 (2021: \u00a3267,211,000). Rightmove Group Limited declared a dividend in specie of \u00a3555,000 (2021: \u00a31,127,000), representing the cost of the SIP shares transferred from the EBT to the SIP during the year. The Company grants share options to employees of Rightmove Group Limited. This transaction is recognised as an increase in the carrying value of the investment of Rightmove Group Limited (refer to Note 14).Directors\u2019 transactionsThere were no transactions with directors in either year other than those disclosed in the Directors\u2019 Remuneration Report. Information on the emoluments of the directors who served during the year, together with information regarding the beneficial interest of the directors in the ordinary shares of the Company is included in the Directors\u2019 Remuneration Report.During the year, the directors in office in total had gains of \u00a3223,000 (2021: \u00a32,140,000) arising on the exercise of share-based incentive awards. The total share-based payments charge in relation to the directors in office was \u00a3879,000 (2021: \u00a3754,000). Key management personnelThe actual remuneration of the Directors, who are the key management personnel of the Group, is disclosed in the Directors\u2019 Remuneration report. The contractual employee benefits are set out below in aggregate for each of the categories specified in \ue62c\ue624\ue636\ue662\ue615\ue617\ue603\ue760\ue635\ue648\ue64f\ue644\ue657\ue648\ue647\ue603\ue633\ue644\ue655\ue657\ue65c\ue603\ue627\ue64c\ue656\ue646\ue64f\ue652\ue656\ue658\ue655\ue648\ue656\ue761\ue6112022 2021 \u00a3000\u00a3000Short-term employee benefits 1,940 1,964Post-employment benefits 28 26Share-based payments 879 76226 Contingent liabilitiesThe Group and the Company had no contingent liabilities in either year.27 Subsequent eventsOn 1 January 2023, the Company set up an Employee Benefit trust (EBT). Assets, by the way of 1,375,963 shares and \u00a3237,000 cash, were transferred into the Company\u2019s trust from the existing Employee Benefit Trust linked to the subsidiary Rightmove Group Limited. The trust linked to Rightmove Group Limited was then closed. This had no impact on the consolidated Group position.There were no other subsequent events, between 31 December 2022 and the reporting date, in either the Company or Group.",
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"s7_notes__6__18": {
"value": "Rightmove plc (the Company) is a public limited Company registered in England (Company no. 6426485) domiciled in the United Kingdom (UK). The consolidated financial statements of the Company as at and for the year ended 31 December 2022 comprise the Company and its interest in its subsidiaries (together referred to as \u2018the Group\u2019). Its principal business is the operation of the Rightmove platforms, which have the largest audience of any UK property portal (as measured by time on site). The consolidated financial statements of the Group as at and for the year ended 31 December 2022 are available upon request from the Company Secretary from the Company\u2019s registered office at 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Caldecotte, Milton Keynes, MK7 8LE or are available on the corporate website at plc.rightmove.co.uk.Statement of complianceThe Group and Company financial statements have been prepared and approved by the Board of directors in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d). The consolidated financial statements were authorised for issue by the Board of directors on 2 March 2023.Basis of preparationThe accounts have been prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006. On publishing the Company financial statements here together with the Group financial statements, the Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual statement of comprehensive income and related notes that form a part of these approved financial statements. The financial statements have been prepared on an historical cost basis.Climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the climate change risks identified in the Sustainability section of the Strategic Report and the Group\u2019s stated target of net zero carbon emissions by 2040. These considerations did not have a material impact on the financial reporting judgements and estimates in the current year. This reflects the conclusion that climate change is not expected to have a significant impact on the Group\u2019s short-term or medium-term cash flows including those considered in the going concern and viability assessments, impairment assessments of the carrying value of non-current assets and the estimates of future profitability used in our assessment of the recoverability of deferred tax assets.Basis of consolidationSubsidiaries are entities controlled by the Group. Control exists when the Group has existing rights that give it the ability to direct the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.Alternative performance measuresIn the analysis of the Group\u2019s financial performance, certain information disclosed in the financial statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures are reported in line with the way in which financial information is analysed by management and designed to increase comparability of the Group\u2019s year-on-year financial position, based on its operational activity. The key alternative performance measures presented by the Group are:\u2022 Underlying profit: which is defined as profit for the year before share-based payments charges (including the related National Insurance and appropriate tax adjustments);\u2022 Underlying earnings per share (EPS): which is defined as underlying profit divided by the weighted average number of ordinary shares outstanding during the period; \u2022 Underlying operating profit: which is defined as operating profit before share-based payments charges (including the related National Insurance);\u2022 Underlying costs: which is defined as administrative expenses before share-based payments charges (including the related National Insurance); and\u2022 Underlying operating margin: which is defined as the underlying operating profit as a percentage of revenue.The directors believe that these alternative performance measures provide a more appropriate measure of the Group\u2019s business performance, as share-based payments are a non-cash charge that is not entirely driven by the principal operational activity of the Group. The directors therefore consider underlying operating profit to be the most appropriate indicator of the performance of the business and year-on-year trends.A reconciliation of the underlying performance measures to the GAAP measures are shown below:Underlying profit A reconciliation of the profit for the year to the underlying profit is presented below:2022 2021 \u00a3000\u00a3000Profit for the year 195,681 183,094Share-based incentives charge 4,179 3,923NI on share-based incentives (110) 942Impact on tax charge (999) (1,144)Underlying profit 198,751 186,815Underlying profit is used instead of profit to calculate the underlying earnings per share: which is underlying profit divided by the weighted average number of ordinary shares in issue for the period, whereas earnings per share is profit for the year divided by weighted average number of ordinary shares in issue for the period (Note 10).Underlying operating profitA reconciliation of the operating profit to the underlying operating profit is presented below:2022 2021 \u00a3000\u00a3000Operating profit 241,343 226,100Share-based incentives charge 4,179 3,923NI on share-based incentives (110) 942Underlying operating profit 245,412 230,965Underlying operating profit is used to calculate the underlying operating margin: which is underlying operating profit as a proportion of revenue, whereas the operating margin calculated as operating profit as a proportion of revenue. Underlying costsA reconciliation of the administrative expenses to the underlying costs is presented below:2022 2021 \u00a3000\u00a3000Administration expenses 91,279 81,193Share-based incentives charge (4,179) (3,923)NI on share-based incentives 110 (942)Underlying costs 87,210 76,328Going concernThe directors have performed a detailed going concern review and tested the Group\u2019s liquidity in a range of scenarios, as set out below.Throughout the period, the Group was debt-free, remained strongly cash generative and had a cash balance of \u00a335.1m and money market deposits of \u00a35.0m at 31 December 2022 (31 December 2021: cash balance of \u00a343.0m and money market deposits of \u00a35.0m). The Group bought back shares to the value of \u00a3130.0m during the period (2021: \u00a3174.4m) and paid dividends totaling \u00a367.7m in May and October 2022 (2021: \u00a364.5m).In stress testing the future cash flows of the Group, the directors modelled a range of scenarios which considered the effect on the Group of reductions of varying severity in the number of housing transactions for the period to 30 June 2024 (\u201cthe going concern period\u201d) and modelled the likely timing of cashflows from our customers during the going concern period. These included severe, but plausible downside scenarios. The model considered the impact of changes in the key drivers of the Group\u2019s revenues, including customer numbers and average revenue per advertiser (ARPA). In all the scenarios tested, the Group remained cash positive and debt-free.The directors are confident that the Group will remain cash positive and will have sufficient funds to continue to meet its liabilities as they fall due for the period to 30 June 2024 and are therefore prepared the financial statements on a going concern basis.Judgements and estimatesThe preparation of the consolidated and Company financial statements in accordance with UK Adopted International accounting standards and the requirements of Companies Act 2006 requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. \ue637\ue64b\ue648\ue662\ue648\ue656\ue657\ue64c\ue650\ue644\ue657\ue648\ue656\ue603\ue644\ue651\ue647\ue603\ue644\ue656\ue656\ue652\ue646\ue64c\ue644\ue657\ue648\ue647\ue603\ue644\ue656\ue656\ue658\ue650\ue653\ue657\ue64c\ue652\ue651\ue656\ue603\ue644\ue655\ue648\ue603\ue645\ue644\ue656\ue648\ue647\ue603\ue652\ue651\ue603\ue64b\ue64c\ue656\ue657\ue652\ue655\ue64c\ue646\ue644\ue64f\ue603\ue648\ue65b\ue653\ue648\ue655\ue64c\ue648\ue651\ue646\ue648\ue60f\ue603\ue644\ue651\ue647\ue603\ue659\ue644\ue655\ue64c\ue652\ue658\ue656\ue603\ue652\ue657\ue64b\ue648\ue655\ue603\ue649\ue644\ue646\ue657\ue652\ue655\ue656\ue603\ue657\ue64b\ue644\ue657\ue603\ue644\ue655\ue648\ue603\ue645\ue648\ue64f\ue64c\ue648\ue659\ue648\ue647\ue603\ue657\ue652\ue603\ue645\ue648\ue603reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods, if applicable.Management has determined that there are no significant areas of estimation uncertainty or critical judgements in applying accounting policies that have a significant effect on the amounts recognised in the consolidated and Company financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s7_notes__6__6": {
"value": "Rightmove plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__7": {
"value": "public limited Company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__8": {
"value": "England",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s7_notes__6__10": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__9": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__11": {
"value": "operation of the Rightmove platforms, which have the largest audience of any UK property portal",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__12": {
"value": "2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Caldecotte, Milton Keynes, MK7 8LE",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__13": {
"value": "The Group and Company financial statements have been prepared and approved by the Board of directors in accordance with UK-adopted international accounting standards (\u201cIFRS\u201d). The consolidated financial statements were authorised for issue by the Board of directors on 2 March 2023.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__14": {
"value": "The accounts have been prepared in accordance with UK-adopted international accounting standards and the requirements of the Companies Act 2006. On publishing the Company financial statements here together with the Group financial statements, the Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual statement of comprehensive income and related notes that form a part of these approved financial statements. The financial statements have been prepared on an historical cost basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__15": {
"value": "Subsidiaries are entities controlled by the Group. Control exists when the Group has existing rights that give it the ability to direct the relevant activities of an entity and has the ability to affect the returns the Group will receive as a result of its involvement with the entity. In assessing control, potential voting rights that are currently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__16": {
"value": "Alternative performance measuresIn the analysis of the Group\u2019s financial performance, certain information disclosed in the financial statements may be prepared on a non-GAAP basis or has been derived from amounts calculated in accordance with IFRS but are not themselves an expressly permitted GAAP measure. These measures are reported in line with the way in which financial information is analysed by management and designed to increase comparability of the Group\u2019s year-on-year financial position, based on its operational activity. The key alternative performance measures presented by the Group are:\u2022 Underlying profit: which is defined as profit for the year before share-based payments charges (including the related National Insurance and appropriate tax adjustments);\u2022 Underlying earnings per share (EPS): which is defined as underlying profit divided by the weighted average number of ordinary shares outstanding during the period; \u2022 Underlying operating profit: which is defined as operating profit before share-based payments charges (including the related National Insurance);\u2022 Underlying costs: which is defined as administrative expenses before share-based payments charges (including the related National Insurance); and\u2022 Underlying operating margin: which is defined as the underlying operating profit as a percentage of revenue.The directors believe that these alternative performance measures provide a more appropriate measure of the Group\u2019s business performance, as share-based payments are a non-cash charge that is not entirely driven by the principal operational activity of the Group. The directors therefore consider underlying operating profit to be the most appropriate indicator of the performance of the business and year-on-year trends.A reconciliation of the underlying performance measures to the GAAP measures are shown below:Underlying profit A reconciliation of the profit for the year to the underlying profit is presented below:2022 2021 \u00a3000\u00a3000Profit for the year 195,681 183,094Share-based incentives charge 4,179 3,923NI on share-based incentives (110) 942Impact on tax charge (999) (1,144)Underlying profit 198,751 186,815Underlying profit is used instead of profit to calculate the underlying earnings per share: which is underlying profit divided by the weighted average number of ordinary shares in issue for the period, whereas earnings per share is profit for the year divided by weighted average number of ordinary shares in issue for the period (Note 10).Underlying operating profitA reconciliation of the operating profit to the underlying operating profit is presented below:2022 2021 \u00a3000\u00a3000Operating profit 241,343 226,100Share-based incentives charge 4,179 3,923NI on share-based incentives (110) 942Underlying operating profit 245,412 230,965Underlying operating profit is used to calculate the underlying operating margin: which is underlying operating profit as a proportion of revenue, whereas the operating margin calculated as operating profit as a proportion of revenue. Underlying costsA reconciliation of the administrative expenses to the underlying costs is presented below:2022 2021 \u00a3000\u00a3000Administration expenses 91,279 81,193Share-based incentives charge (4,179) (3,923)NI on share-based incentives 110 (942)Underlying costs 87,210 76,328",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "Going concernThe directors have performed a detailed going concern review and tested the Group\u2019s liquidity in a range of scenarios, as set out below.Throughout the period, the Group was debt-free, remained strongly cash generative and had a cash balance of \u00a335.1m and money market deposits of \u00a35.0m at 31 December 2022 (31 December 2021: cash balance of \u00a343.0m and money market deposits of \u00a35.0m). The Group bought back shares to the value of \u00a3130.0m during the period (2021: \u00a3174.4m) and paid dividends totaling \u00a367.7m in May and October 2022 (2021: \u00a364.5m).In stress testing the future cash flows of the Group, the directors modelled a range of scenarios which considered the effect on the Group of reductions of varying severity in the number of housing transactions for the period to 30 June 2024 (\u201cthe going concern period\u201d) and modelled the likely timing of cashflows from our customers during the going concern period. These included severe, but plausible downside scenarios. The model considered the impact of changes in the key drivers of the Group\u2019s revenues, including customer numbers and average revenue per advertiser (ARPA). In all the scenarios tested, the Group remained cash positive and debt-free.The directors are confident that the Group will remain cash positive and will have sufficient funds to continue to meet its liabilities as they fall due for the period to 30 June 2024 and are therefore prepared the financial statements on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__19": {
"value": "2 Significant accounting policies New and revised standards and interpretationsThere were no new standards adopted by the Group during the year. The IASB have issued some amendments to IFRS that become mandatory in a subsequent accounting period. The Group has evaluated these changes and assessed that there are no standards that are issued, but not yet effective, that would be expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions.Existing accounting policiesThe following accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as at and for the prior year ended 31 December 2021. RevenueRevenue principally represents the amounts receivable from customers in respect of property products, primarily membership of the Rightmove platforms, together with the provision of tenant referencing and rent guarantee insurance. Rightmove also provides non-property services, which includes Data Services and Third-Party advertising. Revenue is recognised based upon the transaction price specified in a contract with a customer. It is recognised at the point when the performance obligations are satisfied, through providing a customer with access to the Rightmove platforms and or products or other services. (i) Property products: membership of Rightmove platformsFor membership listing services, customers pay monthly subscriptions to list their properties on the Rightmove platforms. Contracts for these services are per branch location or branch equivalent for Agency, Commercial and Overseas customers and per development for New Homes and Built for Rent customers. They vary in length from one month to five years but are typically for periods of six to 12 months. Performance obligations are satisfied, and revenue recognised, from the point at which the customer has access to the platform to allow them to list their properties. Subscription revenue is spread over the life of the contract. Agency, Overseas and Commercial services are typically billed monthly in advance, from the point the customer gains access to the platform, and New Homes and Built for Rent developers are billed monthly in arrears.Customers have the option to enhance their property listings and presence on Rightmove through purchasing additional advertising products. For products that provide enhanced brand exposure over a period of time, revenue is recognised over the life of the product, from the point the customer gains access to the product. Invoices are sent on a monthly basis, in line with the core listing services. For products with a one-off usage basis, revenue is recognised at the end of the month during which the customer chose to apply and use the product. Discounts may be offered to customers as part of membership or package offers, on a pro-rata basis, and are taken into consideration in the transaction price for each product.(ii) Property products: provision of tenant referencing and insurance broking commissionReferencing revenue relates to the supply of tenant referencing services, primarily to lettings agency customers. Performance obligations are satisfied, and revenue is recognised, at the end of the month during which the tenant referencing service is completed and the final report is passed to the customer. Revenue related to insurance broking commission is generated on the sale of rent guarantee insurance to lettings agents and landlord customers, where Rightmove acts as an agent. Revenue is recognised at the start date of the insurance policy purchased and represents the commissions earned. (iii) Non-property productsData Services revenue relates to fees generated for a variety of different data and valuation products and tools. Where the contract gives a customer access to use Rightmove\u2019s property tools, revenue is recognised on a monthly basis, over the life of the product, from the point the customer gains access to the tools. Where the contract is to provide the customer with specific data, revenue is recognised at the point that the data is transferred to the customer. Discounts may be offered to customers on a pro-rata basis and are taken into consideration in the transaction price for each performance obligation.Third-Party advertising revenue represents amounts paid by customers to advertise non-property products on the Rightmove platforms. Performance obligations are met once a customer is actively advertising on the Rightmove platform. Revenue is recognised on a monthly basis over the life of the contract. A small number of arrangements with Third-Party customers mean that Rightmove is acting as an agent, in a principal-agency relationship. In any case where the Group is acting as an agent, revenue is recognised as a net amount, reflecting the margin earned. Contract assets and liabilitiesContract assets relate to the Group\u2019s rights to consideration for services that have been provided at the reporting date. Contract assets are transferred to receivables when the rights to consideration have become unconditional.Contract liabilities relate to the advance consideration received from Estate Agency, Overseas and Commercial customers, \ue649\ue652\ue655\ue662\ue65a\ue64b\ue64c\ue646\ue64b\ue603\ue655\ue648\ue659\ue648\ue651\ue658\ue648\ue603\ue64c\ue656\ue603\ue655\ue648\ue646\ue652\ue64a\ue651\ue64c\ue656\ue648\ue647\ue603\ue644\ue657\ue603\ue644\ue603\ue64f\ue644\ue657\ue648\ue655\ue603\ue647\ue644\ue657\ue648\ue60f\ue603\ue644\ue656\ue603\ue652\ue655\ue603\ue65a\ue64b\ue648\ue651\ue603\ue657\ue64b\ue648\ue603\ue656\ue648\ue655\ue659\ue64c\ue646\ue648\ue656\ue603\ue644\ue655\ue648\ue603\ue653\ue655\ue652\ue659\ue64c\ue647\ue648\ue647\ue611\ue603InvestmentsInvestment in subsidiaries are held in the parent Company financial statements at cost, plus any capital contribution to the subsidiaries, less any provision for impairment. Further information is included in Note 14.Intangible assets(i) GoodwillGoodwill arising on a business combination represents the difference between the fair value of the consideration paid and the fair value of the net identifiable assets acquired and is included in intangible assets. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is tested annually for impairment. (ii) Research and developmentThe Group undertakes research and development expenditure in view of developing new products and improving the existing property platforms. Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is recognised in the income statement as incurred.Development costs that are directly attributable to the design and testing of identifiable and unique software products, websites and systems controlled by the Group are capitalised and recognised as intangible assets when the following criteria are met: it is technically feasible to complete the software product or website so that it will be available for use; management intends to complete the software product or website and use or sell it; there is an ability to use or sell the software product or website; it can be demonstrated how the software product or website will generate probable future economic benefits; adequate technical, financial and other resources to complete the development and to use or sell the software product or website are available; and, the expenditure attributable to the software product or website during its development can be reliably measured. Directly attributable costs that are capitalised as part of the software product, website or system include employee and contractor costs. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and enhancements, are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding five years) at the point in which they come into use.(iii) Computer software and licencesComputer software and externally acquired software licences are capitalised and stated at cost less accumulated amortisation and impairment losses. Amortisation is charged from the date the asset is available for use. Amortisation is provided to write off the cost less the estimated residual value of the computer software or licence by equal annual instalments over its estimated useful economic life as follows:Computer software 20.0% \u2013 33.3% per annumSoftware licences 20.0% \u2013 33.3% per annum(iv) Customer relationshipsThe customer relationships identified on the acquisition of Rightmove Landlord & Tenant Services are valued using the income approach, calculating the multi-period excess earnings. Amortisation is expensed in the income statement on a straight-line basis over the estimated useful economic life as follows: Customer relationships 10.0% per annumProperty, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Capitalised costs are held as an asset in progress until such point that the asset is brought into use, at which point it is transferred to the appropriate property, plant and equipment category and depreciation is charged. Depreciation is provided to write off the cost less the estimated residual value of property, plant and equipment by equal annual instalments over their estimated useful economic lives as follows:Office equipment, fixtures and fittings 20.0% per annumComputer equipment 20.0% \u2013 33.3% per annumMotor vehicles 33.3% per annumLeasehold improvements remaining life of the leaseImpairmentThe carrying value of property, plant and equipment is reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation but are tested for impairment annually and whenever there is an indication that they might be impaired. An impairment loss is recognised for the amount by which the carrying value of the asset exceeds its recoverable amount.The carrying amounts of the Group\u2019s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash generating unit to which the asset belongs.For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u201ccash-generating unit\u201d). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units (or \u201cCGUs\u201d). Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. Where the original maturity exceeds three months, amounts are classified as money market deposits and presented separately within the Balance Sheet. ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation.Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost where material.LeasesWhen a contractual arrangement contains a lease, the Group recognises a lease liability and a corresponding right of use asset at the commencement of the lease. At the commencement date the lease liability is measured at the present value of the future lease payments, discounted using the Group\u2019s incremental borrowing rate where the interest rate in the lease is not readily determined. Subsequently, the lease liability is adjusted by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications.The lease term is determined from the commencement date of the lease and covers the non-cancellable term. If the Group has an extension option, which it considers it reasonably certain to exercise, then the lease term will be considered to extend beyond that non-cancellable period. If the Group has a termination option, which it considers it reasonably certain to exercise, then the lease term will be considered to be until the point the termination option will take effect. At the commencement date the right of use asset is measured at an amount equal to the lease liability plus any lease payments made before the commencement date and any initial direct costs, less any lease incentive payments. An estimate of costs to be incurred in restoring an asset, in accordance with the terms of the lease, is also included in the right of use asset at initial recognition. Subsequently, the right of use asset is depreciated over the life of the lease term.An adjustment is also made to the right of use to reflect any remeasurement of the corresponding lease liability. The right of use assets are also subject to impairment testing under IAS 36. Short-term leases and low value leases are not recognised as lease liabilities and right of use assets but are recognised as an expense straight line over the lease term.Employee benefits(i) PensionsThe Group provides access to stakeholder pension schemes (defined contribution pension plans). Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in the income statement when they are incurred.(ii) Employee share schemesThe Group provides share-based incentive plans allowing executive directors and other employees to acquire shares in the Company. An expense is recognised in the income statement, with a corresponding increase in equity, over the period during which the employees become unconditionally entitled to acquire equity settled share-based incentives.Fair value at the grant date is measured using either the Monte Carlo or Black Scholes pricing model as is most appropriate for each scheme. Measurement inputs include: share price on measurement date; exercise price of the instrument; expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information); weighted average expected life of the instruments (based on historical experience and general option behaviour); expected dividends; and, risk-free interest rates (based on government bonds). Service and non-market performance conditions attached to the awards are not taken into account in determining the fair value of the individual shares awarded.For share-based incentive awards with non-vesting conditions, the grant date fair value of the share-based incentives is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. When either the employee or the Company chooses not to meet the non-vesting condition, the failure to meet the non-vesting condition is treated as a cancellation and the cost that would have been recognised over the remainder of the vesting period is recognised immediately in the income statement. For awards with market-related performance criteria (such as TSR), an expense is recognised over the vesting period irrespective of whether the market condition is satisfied.Share awards to employees are made by the Company and treated as equity settled share-based payments: share-based payments awards which are shareholder approved schemes (DSP and PSP) are settled via Treasury shares for employees. EBT shares are used for the non-shareholder approved schemes (RSP) and also for the SAYE shares for those employed or previously employed by the subsidiary, Rightmove Group Limited, and its subsidiaries; the SIP shares are used to settle the SIP award of free shares to employees.(iii) Own shares held by The Rightmove Employee Share Trust (EBT)The Group put in place an employee benefit trust (EBT) a number of years ago. The EBT was sponsored and funded by the parent Company at the time, which was Rightmove Group Limited. Whilst the Group has since been restructured under a new topco \u2013 the Company Rightmove plc \u2013 the sponsorship of the trust was not changed and the EBT shares are held in the subsidiary Rightmove Group Limited. (iv) Own shares held by The Rightmove Share Incentive Plan Trust (SIP)The Company established the Rightmove Share Incentive Plan Trust (SIP) in November 2014. The SIP is treated as an agent of Rightmove plc, and as such SIP transactions are treated as being those of Rightmove plc and are therefore reflected in the Group\u2019s consolidated financial statements. In particular, at a consolidated level, the SIP\u2019s purchases of shares in the Company are charged directly to equity.(v) Own shares held by TreasuryThe Company bought the Treasury shares in 2008 and these shares may be used to satisfy shareholder approved share-based incentive awards. (vi) National Insurance (NI) on share-based incentivesEmployer\u2019s NI is accrued, where applicable, at a rate of 13.8%, which management expects to be the prevailing rate when share-based incentives are exercised. In the case of share options, it is provided on the difference between the share price at the reporting date and the average exercise price of share options. In the case of nil cost performance shares and deferred shares, it is provided based on the share price at the reporting date. The NI on share-based payments in relation to the exercise of the shares is charged to the income statement over the vesting period of the award. Treasury shares and shares purchased for cancellationWhen share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Repurchased shares are either held in treasury or cancelled.Financial instrumentsUnder IFRS 9, on initial recognition, a financial asset is classified and measured at: amortised cost, fair value through profit or loss or fair value though other comprehensive income. A financial asset is measured at amortised cost if it meets both of the following conditions: it is held within a business model whose objective is to hold assets to collect contractual cash flows; and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under IFRS 9, trade receivables including contract assets, without a significant financing component, are classified and held at amortised cost, being initially measured at the transaction price and subsequently measured at amortised cost less any impairment loss. The Group has elected to measure loss allowances for trade receivables and contract assets at an amount equal to lifetime expected credit losses (\u2018ECLs\u2019). Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group assesses whether a financial asset is in default on a case-by-case basis when it becomes probable that the customer is unlikely to pay its credit obligations. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due. When required, ECLs are adjusted to take into account macro-economic factors. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Financial assets are derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset.On initial recognition financial liabilities are measured fair value, they are classified and subsequently measured at amortised cost. Financial liabilities measured at amortised cost include trade and other payables and lease liabilities.Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled or expires.Segmental reportingRightmove has one reportable segment, being the consolidated result. Whilst the Chief Operating Decision Maker separately monitors revenue for different business units they do not separately monitor business unit profit, operating costs, financial income, financial expenses and income taxes for these areas of the business, instead monitoring this on a consolidated level. The Group presents internal financial information that measures business performance to the Chief Executive Officer, who is the Group\u2019s Chief Operating Decision Maker. This information is used for the purpose of making decisions about resources to be allocated and of assessing performance. This financial information includes information on revenue performance and specific monitoring of trade receivable levels for each of the following business units:\u2022 Agency which provides resale and lettings property advertising services on Rightmove\u2019s platforms; \u2022 New Homes which provides property advertising services to new home developers and housing associations on Rightmove\u2019s platforms; and\u2022 Other which comprises Overseas and Commercial property advertising services; non-property advertising services which include our Third-Party advertising and Data Services; and the new mortgages business. All revenues in all periods are derived from third parties. The disaggregated revenue is included within Note 4. Financial income and expensesFinancial income comprises interest receivable on cash balances and money market deposits and dividend income. Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised on the date that the Company\u2019s right to receive payment is established. Financial expenses comprise banking fees and bank charges and the unwinding of the discount on provisions and lease liabilities.TaxationIncome tax on the results for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.Current tax is the expected tax payable on the taxable income for the period net of any charge or credit posted directly to equity, using tax rates enacted or substantially enacted at the reporting date and any adjustment to tax payable in respect of previous periods.Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and the differences relating to investments in subsidiaries to the extent that the parent Company is able to control the reversal and it is probable that the temporary difference will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the reporting date.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.In accordance with IAS 12, the Group policy in relation to the recognition of deferred tax on the exercise of share-based incentives is to include the income tax effect of the tax deduction in the income statement, up to the value of the income tax charge on the cumulative IFRS 2 charge. The remainder of the income tax effect of the tax deduction is recognised in equity.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis.DividendsDividends unpaid at the reporting date are only recognised as a liability (and deduction to equity) at that date to the extent that they are appropriately authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.Earnings per share (EPS)The Group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive shares. The Group\u2019s potential dilutive instruments are in respect of share-based incentives granted to employees, which will be settled by ordinary shares held by the EBT, the SIP and shares held in treasury.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__20": {
"value": "RevenueRevenue principally represents the amounts receivable from customers in respect of property products, primarily membership of the Rightmove platforms, together with the provision of tenant referencing and rent guarantee insurance. Rightmove also provides non-property services, which includes Data Services and Third-Party advertising. Revenue is recognised based upon the transaction price specified in a contract with a customer. It is recognised at the point when the performance obligations are satisfied, through providing a customer with access to the Rightmove platforms and or products or other services. (i) Property products: membership of Rightmove platformsFor membership listing services, customers pay monthly subscriptions to list their properties on the Rightmove platforms. Contracts for these services are per branch location or branch equivalent for Agency, Commercial and Overseas customers and per development for New Homes and Built for Rent customers. They vary in length from one month to five years but are typically for periods of six to 12 months. Performance obligations are satisfied, and revenue recognised, from the point at which the customer has access to the platform to allow them to list their properties. Subscription revenue is spread over the life of the contract. Agency, Overseas and Commercial services are typically billed monthly in advance, from the point the customer gains access to the platform, and New Homes and Built for Rent developers are billed monthly in arrears.Customers have the option to enhance their property listings and presence on Rightmove through purchasing additional advertising products. For products that provide enhanced brand exposure over a period of time, revenue is recognised over the life of the product, from the point the customer gains access to the product. Invoices are sent on a monthly basis, in line with the core listing services. For products with a one-off usage basis, revenue is recognised at the end of the month during which the customer chose to apply and use the product. Discounts may be offered to customers as part of membership or package offers, on a pro-rata basis, and are taken into consideration in the transaction price for each product.(ii) Property products: provision of tenant referencing and insurance broking commissionReferencing revenue relates to the supply of tenant referencing services, primarily to lettings agency customers. Performance obligations are satisfied, and revenue is recognised, at the end of the month during which the tenant referencing service is completed and the final report is passed to the customer. Revenue related to insurance broking commission is generated on the sale of rent guarantee insurance to lettings agents and landlord customers, where Rightmove acts as an agent. Revenue is recognised at the start date of the insurance policy purchased and represents the commissions earned. (iii) Non-property productsData Services revenue relates to fees generated for a variety of different data and valuation products and tools. Where the contract gives a customer access to use Rightmove\u2019s property tools, revenue is recognised on a monthly basis, over the life of the product, from the point the customer gains access to the tools. Where the contract is to provide the customer with specific data, revenue is recognised at the point that the data is transferred to the customer. Discounts may be offered to customers on a pro-rata basis and are taken into consideration in the transaction price for each performance obligation.Third-Party advertising revenue represents amounts paid by customers to advertise non-property products on the Rightmove platforms. Performance obligations are met once a customer is actively advertising on the Rightmove platform. Revenue is recognised on a monthly basis over the life of the contract. A small number of arrangements with Third-Party customers mean that Rightmove is acting as an agent, in a principal-agency relationship. In any case where the Group is acting as an agent, revenue is recognised as a net amount, reflecting the margin earned.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__21": {
"value": "InvestmentsInvestment in subsidiaries are held in the parent Company financial statements at cost, plus any capital contribution to the subsidiaries, less any provision for impairment. Further information is included in Note 14.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__22": {
"value": "Intangible assets(i) GoodwillGoodwill arising on a business combination represents the difference between the fair value of the consideration paid and the fair value of the net identifiable assets acquired and is included in intangible assets. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is tested annually for impairment. (ii) Research and developmentThe Group undertakes research and development expenditure in view of developing new products and improving the existing property platforms. Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is recognised in the income statement as incurred.Development costs that are directly attributable to the design and testing of identifiable and unique software products, websites and systems controlled by the Group are capitalised and recognised as intangible assets when the following criteria are met: it is technically feasible to complete the software product or website so that it will be available for use; management intends to complete the software product or website and use or sell it; there is an ability to use or sell the software product or website; it can be demonstrated how the software product or website will generate probable future economic benefits; adequate technical, financial and other resources to complete the development and to use or sell the software product or website are available; and, the expenditure attributable to the software product or website during its development can be reliably measured. Directly attributable costs that are capitalised as part of the software product, website or system include employee and contractor costs. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and enhancements, are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding five years) at the point in which they come into use.(iii) Computer software and licencesComputer software and externally acquired software licences are capitalised and stated at cost less accumulated amortisation and impairment losses. Amortisation is charged from the date the asset is available for use. Amortisation is provided to write off the cost less the estimated residual value of the computer software or licence by equal annual instalments over its estimated useful economic life as follows:Computer software 20.0% \u2013 33.3% per annumSoftware licences 20.0% \u2013 33.3% per annum(iv) Customer relationshipsThe customer relationships identified on the acquisition of Rightmove Landlord & Tenant Services are valued using the income approach, calculating the multi-period excess earnings. Amortisation is expensed in the income statement on a straight-line basis over the estimated useful economic life as follows: Customer relationships 10.0% per annum",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "(i) GoodwillGoodwill arising on a business combination represents the difference between the fair value of the consideration paid and the fair value of the net identifiable assets acquired and is included in intangible assets. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is tested annually for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__24": {
"value": "(ii) Research and developmentThe Group undertakes research and development expenditure in view of developing new products and improving the existing property platforms. Expenditure on research activities, undertaken with the prospect of gaining new technical knowledge and understanding, is recognised in the income statement as incurred.Development costs that are directly attributable to the design and testing of identifiable and unique software products, websites and systems controlled by the Group are capitalised and recognised as intangible assets when the following criteria are met: it is technically feasible to complete the software product or website so that it will be available for use; management intends to complete the software product or website and use or sell it; there is an ability to use or sell the software product or website; it can be demonstrated how the software product or website will generate probable future economic benefits; adequate technical, financial and other resources to complete the development and to use or sell the software product or website are available; and, the expenditure attributable to the software product or website during its development can be reliably measured. Directly attributable costs that are capitalised as part of the software product, website or system include employee and contractor costs. Other development expenditures that do not meet these criteria, as well as ongoing maintenance and costs associated with routine upgrades and enhancements, are recognised as an expense as incurred. Development costs for software, websites and systems are carried at cost less accumulated amortisation and are amortised over their useful lives (not exceeding five years) at the point in which they come into use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__25": {
"value": "(iii) Computer software and licencesComputer software and externally acquired software licences are capitalised and stated at cost less accumulated amortisation and impairment losses. Amortisation is charged from the date the asset is available for use. Amortisation is provided to write off the cost less the estimated residual value of the computer software or licence by equal annual instalments over its estimated useful economic life as follows:Computer software 20.0% \u2013 33.3% per annumSoftware licences 20.0% \u2013 33.3% per annum(iv) Customer relationshipsThe customer relationships identified on the acquisition of Rightmove Landlord & Tenant Services are valued using the income approach, calculating the multi-period excess earnings. Amortisation is expensed in the income statement on a straight-line basis over the estimated useful economic life as follows: Customer relationships 10.0% per annum",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__26": {
"value": "Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and impairment losses. Capitalised costs are held as an asset in progress until such point that the asset is brought into use, at which point it is transferred to the appropriate property, plant and equipment category and depreciation is charged. Depreciation is provided to write off the cost less the estimated residual value of property, plant and equipment by equal annual instalments over their estimated useful economic lives as follows:Office equipment, fixtures and fittings 20.0% per annumComputer equipment 20.0% \u2013 33.3% per annumMotor vehicles 33.3% per annumLeasehold improvements remaining life of the lease",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__27": {
"value": "ImpairmentThe carrying value of property, plant and equipment is reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable amount is estimated. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation but are tested for impairment annually and whenever there is an indication that they might be impaired. An impairment loss is recognised for the amount by which the carrying value of the asset exceeds its recoverable amount.The carrying amounts of the Group\u2019s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash flows, the recoverable amount is determined for the cash generating unit to which the asset belongs.For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generate cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the \u201ccash-generating unit\u201d). The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to cash-generating units (or \u201cCGUs\u201d). Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the income statement. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro rata basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__28": {
"value": "Cash and cash equivalentsCash and cash equivalents comprise cash balances and call deposits with original maturities of three months or less. Where the original maturity exceeds three months, amounts are classified as money market deposits and presented separately within the Balance Sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__29": {
"value": "ProvisionsA provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation.Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as a finance cost where material.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__30": {
"value": "LeasesWhen a contractual arrangement contains a lease, the Group recognises a lease liability and a corresponding right of use asset at the commencement of the lease. At the commencement date the lease liability is measured at the present value of the future lease payments, discounted using the Group\u2019s incremental borrowing rate where the interest rate in the lease is not readily determined. Subsequently, the lease liability is adjusted by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications.The lease term is determined from the commencement date of the lease and covers the non-cancellable term. If the Group has an extension option, which it considers it reasonably certain to exercise, then the lease term will be considered to extend beyond that non-cancellable period. If the Group has a termination option, which it considers it reasonably certain to exercise, then the lease term will be considered to be until the point the termination option will take effect. At the commencement date the right of use asset is measured at an amount equal to the lease liability plus any lease payments made before the commencement date and any initial direct costs, less any lease incentive payments. An estimate of costs to be incurred in restoring an asset, in accordance with the terms of the lease, is also included in the right of use asset at initial recognition. Subsequently, the right of use asset is depreciated over the life of the lease term.An adjustment is also made to the right of use to reflect any remeasurement of the corresponding lease liability. The right of use assets are also subject to impairment testing under IAS 36. Short-term leases and low value leases are not recognised as lease liabilities and right of use assets but are recognised as an expense straight line over the lease term.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__31": {
"value": "Employee benefits(i) PensionsThe Group provides access to stakeholder pension schemes (defined contribution pension plans). Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in the income statement when they are incurred.(ii) Employee share schemesThe Group provides share-based incentive plans allowing executive directors and other employees to acquire shares in the Company. An expense is recognised in the income statement, with a corresponding increase in equity, over the period during which the employees become unconditionally entitled to acquire equity settled share-based incentives.Fair value at the grant date is measured using either the Monte Carlo or Black Scholes pricing model as is most appropriate for each scheme. Measurement inputs include: share price on measurement date; exercise price of the instrument; expected volatility (based on weighted average historic volatility adjusted for changes expected due to publicly available information); weighted average expected life of the instruments (based on historical experience and general option behaviour); expected dividends; and, risk-free interest rates (based on government bonds). Service and non-market performance conditions attached to the awards are not taken into account in determining the fair value of the individual shares awarded.For share-based incentive awards with non-vesting conditions, the grant date fair value of the share-based incentives is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. When either the employee or the Company chooses not to meet the non-vesting condition, the failure to meet the non-vesting condition is treated as a cancellation and the cost that would have been recognised over the remainder of the vesting period is recognised immediately in the income statement. For awards with market-related performance criteria (such as TSR), an expense is recognised over the vesting period irrespective of whether the market condition is satisfied.Share awards to employees are made by the Company and treated as equity settled share-based payments: share-based payments awards which are shareholder approved schemes (DSP and PSP) are settled via Treasury shares for employees. EBT shares are used for the non-shareholder approved schemes (RSP) and also for the SAYE shares for those employed or previously employed by the subsidiary, Rightmove Group Limited, and its subsidiaries; the SIP shares are used to settle the SIP award of free shares to employees.(iii) Own shares held by The Rightmove Employee Share Trust (EBT)The Group put in place an employee benefit trust (EBT) a number of years ago. The EBT was sponsored and funded by the parent Company at the time, which was Rightmove Group Limited. Whilst the Group has since been restructured under a new topco \u2013 the Company Rightmove plc \u2013 the sponsorship of the trust was not changed and the EBT shares are held in the subsidiary Rightmove Group Limited. (iv) Own shares held by The Rightmove Share Incentive Plan Trust (SIP)The Company established the Rightmove Share Incentive Plan Trust (SIP) in November 2014. The SIP is treated as an agent of Rightmove plc, and as such SIP transactions are treated as being those of Rightmove plc and are therefore reflected in the Group\u2019s consolidated financial statements. In particular, at a consolidated level, the SIP\u2019s purchases of shares in the Company are charged directly to equity.(v) Own shares held by TreasuryThe Company bought the Treasury shares in 2008 and these shares may be used to satisfy shareholder approved share-based incentive awards. (vi) National Insurance (NI) on share-based incentivesEmployer\u2019s NI is accrued, where applicable, at a rate of 13.8%, which management expects to be the prevailing rate when share-based incentives are exercised. In the case of share options, it is provided on the difference between the share price at the reporting date and the average exercise price of share options. In the case of nil cost performance shares and deferred shares, it is provided based on the share price at the reporting date. The NI on share-based payments in relation to the exercise of the shares is charged to the income statement over the vesting period of the award.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "Treasury shares and shares purchased for cancellationWhen share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs, is recognised as a deduction from equity. Repurchased shares are either held in treasury or cancelled.Financial instrumentsUnder IFRS 9, on initial recognition, a financial asset is classified and measured at: amortised cost, fair value through profit or loss or fair value though other comprehensive income. A financial asset is measured at amortised cost if it meets both of the following conditions: it is held within a business model whose objective is to hold assets to collect contractual cash flows; and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Under IFRS 9, trade receivables including contract assets, without a significant financing component, are classified and held at amortised cost, being initially measured at the transaction price and subsequently measured at amortised cost less any impairment loss. The Group has elected to measure loss allowances for trade receivables and contract assets at an amount equal to lifetime expected credit losses (\u2018ECLs\u2019). Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the Group expects to receive). The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 30 days past due. The Group assesses whether a financial asset is in default on a case-by-case basis when it becomes probable that the customer is unlikely to pay its credit obligations. The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. For all customers, the Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due. When required, ECLs are adjusted to take into account macro-economic factors. At each reporting date, the Group assesses whether financial assets carried at amortised cost are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.Financial assets are derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset.On initial recognition financial liabilities are measured fair value, they are classified and subsequently measured at amortised cost. Financial liabilities measured at amortised cost include trade and other payables and lease liabilities.Financial liabilities are derecognised when the obligation under the liability is discharged, cancelled or expires.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "Segmental reportingRightmove has one reportable segment, being the consolidated result. Whilst the Chief Operating Decision Maker separately monitors revenue for different business units they do not separately monitor business unit profit, operating costs, financial income, financial expenses and income taxes for these areas of the business, instead monitoring this on a consolidated level. The Group presents internal financial information that measures business performance to the Chief Executive Officer, who is the Group\u2019s Chief Operating Decision Maker. This information is used for the purpose of making decisions about resources to be allocated and of assessing performance. This financial information includes information on revenue performance and specific monitoring of trade receivable levels for each of the following business units:\u2022 Agency which provides resale and lettings property advertising services on Rightmove\u2019s platforms; \u2022 New Homes which provides property advertising services to new home developers and housing associations on Rightmove\u2019s platforms; and\u2022 Other which comprises Overseas and Commercial property advertising services; non-property advertising services which include our Third-Party advertising and Data Services; and the new mortgages business. All revenues in all periods are derived from third parties. The disaggregated revenue is included within Note 4.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__34": {
"value": "Financial income and expensesFinancial income comprises interest receivable on cash balances and money market deposits and dividend income. Interest income is recognised as it accrues, using the effective interest method. Dividend income is recognised on the date that the Company\u2019s right to receive payment is established. Financial expenses comprise banking fees and bank charges and the unwinding of the discount on provisions and lease liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__35": {
"value": "TaxationIncome tax on the results for the year comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.Current tax is the expected tax payable on the taxable income for the period net of any charge or credit posted directly to equity, using tax rates enacted or substantially enacted at the reporting date and any adjustment to tax payable in respect of previous periods.Deferred tax is provided in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: the initial recognition of goodwill; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit other than in a business combination; and the differences relating to investments in subsidiaries to the extent that the parent Company is able to control the reversal and it is probable that the temporary difference will not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantially enacted at the reporting date.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised.In accordance with IAS 12, the Group policy in relation to the recognition of deferred tax on the exercise of share-based incentives is to include the income tax effect of the tax deduction in the income statement, up to the value of the income tax charge on the cumulative IFRS 2 charge. The remainder of the income tax effect of the tax deduction is recognised in equity.Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and it is the intention to settle these on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "DividendsDividends unpaid at the reporting date are only recognised as a liability (and deduction to equity) at that date to the extent that they are appropriately authorised and are no longer at the discretion of the Company. Unpaid dividends that do not meet these criteria are disclosed in the notes to the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "Earnings per share (EPS)The Group presents basic and diluted EPS data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for own shares held. For diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive shares. The Group\u2019s potential dilutive instruments are in respect of share-based incentives granted to employees, which will be settled by ordinary shares held by the EBT, the SIP and shares held in treasury.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__38-1": {
"value": "3 Risk and capital managementOverviewThe Group has exposure to the following risks from its use of financial instruments:\u2022 credit risk\u2022 liquidity risk\u2022 market risk.This note presents information about the Group and Company\u2019s exposure to each of the above risks, the Group\u2019s objectives, policies and processes for measuring and managing risk and the Group\u2019s management of capital. Further quantitative disclosures are included throughout these consolidated financial statements.Credit riskCredit risk is the risk of financial loss to the Group if a customer or banking institution fails to meet its contractual obligations.The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group provides credit to customers in the normal course of business. The Group provides its services to a wide range of customers in the UK and overseas and therefore believes it has no material concentration of credit risk.The majority of the Group\u2019s customers pay via monthly direct debit, minimising the risk of non-payment. The Group establishes an expected credit loss that represents its estimate of losses in respect of trade and other receivables, including contract assets. Further details of these are given in Note 24.The Group\u2019s treasury policy is to monitor cash and deposit balances on a daily basis and to manage counterparty risk by ensuring that no more than \u00a340,000,000 is held with any single institution.Liquidity riskLiquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash. The Group and Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.The Group\u2019s revenue model is largely subscription-based, which results in a regular level of cash conversion allowing it to service working capital requirements.The Group and Company ensure that they have sufficient cash on demand to meet expected operational expenses, excluding the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. Throughout the year, the Group typically had sufficient cash on demand to meet operational expenses, before financing activities, for a period of 179 days (2021: 252 days).Market riskMarket risk is the risk that changes in market prices such as foreign exchange and interest rates will affect the Group\u2019s income. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.(i) Currency riskAll of the Group\u2019s sales and more than 97% (2021: 98%) of the Group\u2019s purchases are sterling denominated, accordingly it has no significant currency risk.(ii) Interest rate riskGroup has interest bearing lease liabilities, although the interest on these is insignificant. The Group is exposed to interest rate risk on cash and money market deposit balances. The Company has no interest bearing financial liabilities, other than intercompany payables with its subsidiary Rightmove Group Limited.Capital managementThe Board\u2019s policy is to maintain an efficient statement of financial position so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board of directors considers that the future working capital and capital expenditure requirements of the Group will continue to be low and accordingly return on capital measures are not key performance targets. The Board of directors monitors the spread of the Company\u2019s shareholders as well as basic EPS. The Board\u2019s policy is to return surplus capital to shareholders through a combination of dividends and share buybacks.(i) Dividend policy The Board of directors has a progressive dividend policy and monitors the level of dividends to ordinary shareholders in relation to the growth in underlying profit. The Board has adopted this policy in order to align shareholder returns with the underlying growth achieved in the profitability of the Company. The capacity of the Company to make dividend payments is primarily determined by the level of available retained earnings in the Company, after deduction of own shares held, and the cash resources of the Group. The retained earnings of the Company, after deduction of own shares held, are \u00a3405,026,000 (2021: \u00a3409,696,000) as set out in the Company statement of changes in shareholders\u2019 equity. The Group has cash and money market deposits at 31 December 2022 of \u00a340,136,000 (2021: cash of \u00a347,988,000), the majority of which is held by the principal operating subsidiary, Rightmove Group Limited. The Company is well positioned to fund its future dividends given the strong cash generative nature of the business. In 2022, cash generated from operating activities was \u00a3244,166,000 (2021: \u00a3236,836,000) representing an operating cash conversion rate of 101% \ue60b\ue615\ue613\ue615\ue614\ue61d\ue662\ue614\ue613\ue618\ue608\ue60c\ue603\ue75e\ue603\ue65a\ue64b\ue648\ue655\ue648\ue603\ue652\ue653\ue648\ue655\ue644\ue657\ue64c\ue651\ue64a\ue603\ue646\ue644\ue656\ue64b\ue603\ue646\ue652\ue651\ue659\ue648\ue655\ue656\ue64c\ue652\ue651\ue603\ue64c\ue656\ue603\ue647\ue648\ue649\ue64c\ue651\ue648\ue647\ue603\ue644\ue656\ue603\ue657\ue64b\ue648\ue603\ue646\ue644\ue656\ue64b\ue649\ue64f\ue652\ue65a\ue603\ue649\ue655\ue652\ue650\ue603\ue652\ue653\ue648\ue655\ue644\ue657\ue64c\ue651\ue64a\ue603\ue644\ue646\ue657\ue64c\ue659\ue64c\ue657\ue64c\ue648\ue656\ue603\ue647\ue64c\ue659\ue64c\ue647\ue648\ue647\ue603\ue645\ue65c\ue603\ue657\ue64b\ue648\ue603\ue652\ue653\ue648\ue655\ue644\ue657\ue64c\ue651\ue64a\ue603profit for the year.(ii) Share buybacksThe Company purchases its own shares in the market; the timing of which depends on available free cash flow and market conditions. In 2022, 22,277,147 (2021: 26,709,384) shares were bought back at an average price of \u00a35.83 (2021: \u00a36.53) and were cancelled (Note 21).There were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.Currency riskDuring 2022 all the Group\u2019s sales and more than 97.1% (2021: 98.2%) of the Group\u2019s purchases were sterling denominated and accordingly it has no significant currency risk.Interest rate riskThe Group has exposure to interest rate risk on its cash and cash equivalent balances and money market deposit balances. As at 31 December 2022 the Group had total cash of \u00a335,089,000 (2021: \u00a342,985,000) and money market deposits of \u00a35,047,000 (2021: \u00a35,003,000).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__39-1": {
"value": "Credit riskCredit risk is the risk of financial loss to the Group if a customer or banking institution fails to meet its contractual obligations.The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The Group provides credit to customers in the normal course of business. The Group provides its services to a wide range of customers in the UK and overseas and therefore believes it has no material concentration of credit risk.The majority of the Group\u2019s customers pay via monthly direct debit, minimising the risk of non-payment. The Group establishes an expected credit loss that represents its estimate of losses in respect of trade and other receivables, including contract assets. Further details of these are given in Note 24.The Group\u2019s treasury policy is to monitor cash and deposit balances on a daily basis and to manage counterparty risk by ensuring that no more than \u00a340,000,000 is held with any single institution.Credit riskThe carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:2022 2021 Group Note\u00a3000\u00a3000Net trade receivables 16 20,909 17,930Accrued interest receivable 16 48 1Contract assets 4 454 120Other debtors 16 414 153Cash and cash equivalents 17 35,089 42,985Money market deposits 17 5,047 5,00361,961 66,192The Company had no exposure to credit risk in either year. The trade receivables balance is spread across a large number of different customers with no single debtor representing more than 4% of the total balance due (2021: 3%).The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:2022 2021 Group Note\u00a3000\u00a3000UK 20,880 17,876Rest of the world 29 5416 20,909 17,930The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was: 2022 2021 Group Note\u00a3000\u00a3000Property products 18,678 16,201Other 2,231 1,72916 20,909 17,930The Group\u2019s most significant customer accounts for \u00a3745,606 (2021: \u00a31,029,000) of net trade receivables as at 31 December 2022.Expected credit loss assessment For the Group\u2019s smaller Agency and Overseas customers, expected credit losses are measured using a provisioning matrix based on the reason the trade receivable is past due or, for current debtors at risk of recovery. The provision matrix rates are based on actual credit loss experience over the past three years and adjusted, when required, to take into account current macro-economic factors. For all other customers the Group applies experienced credit judgement to assess the expected credit loss, whilst considering account external ratings, financial statements and other available information. Overall, the impact on credit risk is minimal due to the majority of customers paying in advance on a subscription basis. The following table provides information about the exposure to credit risk and expected credit losses for trade receivables, including contract assets, from individual customers as at 31 December 2022. The reduction in the weighted-average loss rate in 2022 reflects the return to normal levels of recovery risk, following the heighted risk during 2021 due to the pandemic.Gross carrying Weighted-amount Loss allowance 2022average loss rate\u00a3000\u00a3000 Credit-impairedCurrent 0.4% 14,367 (57) NoPast due 1 \u2013 30 days 1.3% 4,430 (57) NoPast due 31 \u2013 60 days 6.0% 1,378 (82) NoPast due 61 \u2013 90 days 9.7% 511 (50) NoMore than 91 days past due 39.3% 1,523 (599) No22,209 (845)Gross carrying Loss Weighted-average amount allowance 2021loss rate\u00a3000 \u00a3000 Credit-impairedCurrent 0.7% 16,050 (110) NoPast due 1 \u2013 30 days 5.6% 1,203 (67) NoPast due 31 \u2013 60 days 9.0% 495 (45) NoPast due 61 \u2013 90 days 24.6% 305 (75) NoMore than 91 days past due 70.6% 592 (418) No18,645 (715)The movement in the allowance for impairment in respect of trade receivables during the year was as follows:2022 2021 Group Note\u00a3000\u00a3000At 1 January 715 880Charged during the year 733 260Utilised during the year (603) (425)At 31 December 16 845 715The allowance accounts in respect of trade receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible; at that point the amounts considered irrecoverable are written off against the financial asset directly.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__40-1": {
"value": "Liquidity riskLiquidity risk is the risk that the Group will encounter difficulties in meeting the obligations associated with its financial liabilities that are settled by delivering cash. The Group and Company\u2019s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation.The Group\u2019s revenue model is largely subscription-based, which results in a regular level of cash conversion allowing it to service working capital requirements.The Group and Company ensure that they have sufficient cash on demand to meet expected operational expenses, excluding the potential impact of extreme circumstances that cannot reasonably be predicted, such as natural disasters. Throughout the year, the Group typically had sufficient cash on demand to meet operational expenses, before financing activities, for a period of 179 days (2021: 252 days).Liquidity riskThe contractual maturities of undiscounted financial liabilities, including undiscounted estimated interest payments, were:Carrying Contractual 6 months amount cash flows or less Group\u00a3000\u00a3000\u00a3000At 31 December 2022 Trade payables being non-derivative financial liabilities 1,155 (1,155) (1,155)At 31 December 2021 Trade payables being non-derivative financial liabilities 3,056 (3,056) (3,056)Undiscounted lease liabilities are presented in Note 19. The Company had no derivative financial liabilities in either year.It is not expected that the cash flows included in the maturity analysis could occur earlier or at significantly different amounts and all payables are due within six months of the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "Market riskMarket risk is the risk that changes in market prices such as foreign exchange and interest rates will affect the Group\u2019s income. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk.(i) Currency riskAll of the Group\u2019s sales and more than 97% (2021: 98%) of the Group\u2019s purchases are sterling denominated, accordingly it has no significant currency risk.(ii) Interest rate riskGroup has interest bearing lease liabilities, although the interest on these is insignificant. The Group is exposed to interest rate risk on cash and money market deposit balances. The Company has no interest bearing financial liabilities, other than intercompany payables with its subsidiary Rightmove Group Limited.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "Capital managementThe Board\u2019s policy is to maintain an efficient statement of financial position so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board of directors considers that the future working capital and capital expenditure requirements of the Group will continue to be low and accordingly return on capital measures are not key performance targets. The Board of directors monitors the spread of the Company\u2019s shareholders as well as basic EPS. The Board\u2019s policy is to return surplus capital to shareholders through a combination of dividends and share buybacks.(i) Dividend policy The Board of directors has a progressive dividend policy and monitors the level of dividends to ordinary shareholders in relation to the growth in underlying profit. The Board has adopted this policy in order to align shareholder returns with the underlying growth achieved in the profitability of the Company. The capacity of the Company to make dividend payments is primarily determined by the level of available retained earnings in the Company, after deduction of own shares held, and the cash resources of the Group. The retained earnings of the Company, after deduction of own shares held, are \u00a3405,026,000 (2021: \u00a3409,696,000) as set out in the Company statement of changes in shareholders\u2019 equity. The Group has cash and money market deposits at 31 December 2022 of \u00a340,136,000 (2021: cash of \u00a347,988,000), the majority of which is held by the principal operating subsidiary, Rightmove Group Limited. The Company is well positioned to fund its future dividends given the strong cash generative nature of the business. In 2022, cash generated from operating activities was \u00a3244,166,000 (2021: \u00a3236,836,000) representing an operating cash conversion rate of 101% \ue60b\ue615\ue613\ue615\ue614\ue61d\ue662\ue614\ue613\ue618\ue608\ue60c\ue603\ue75e\ue603\ue65a\ue64b\ue648\ue655\ue648\ue603\ue652\ue653\ue648\ue655\ue644\ue657\ue64c\ue651\ue64a\ue603\ue646\ue644\ue656\ue64b\ue603\ue646\ue652\ue651\ue659\ue648\ue655\ue656\ue64c\ue652\ue651\ue603\ue64c\ue656\ue603\ue647\ue648\ue649\ue64c\ue651\ue648\ue647\ue603\ue644\ue656\ue603\ue657\ue64b\ue648\ue603\ue646\ue644\ue656\ue64b\ue649\ue64f\ue652\ue65a\ue603\ue649\ue655\ue652\ue650\ue603\ue652\ue653\ue648\ue655\ue644\ue657\ue64c\ue651\ue64a\ue603\ue644\ue646\ue657\ue64c\ue659\ue64c\ue657\ue64c\ue648\ue656\ue603\ue647\ue64c\ue659\ue64c\ue647\ue648\ue647\ue603\ue645\ue65c\ue603\ue657\ue64b\ue648\ue603\ue652\ue653\ue648\ue655\ue644\ue657\ue64c\ue651\ue64a\ue603profit for the year.(ii) Share buybacksThe Company purchases its own shares in the market; the timing of which depends on available free cash flow and market conditions. In 2022, 22,277,147 (2021: 26,709,384) shares were bought back at an average price of \u00a35.83 (2021: \u00a36.53) and were cancelled (Note 21).There were no changes in the Group\u2019s approach to capital management during the year. Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "4 RevenueThe Group\u2019s operations and main revenue streams are those described in these annual financial statements. The Group\u2019s revenue is derived from contracts with customers.Disaggregation of revenueIn the following table, revenue is disaggregated by property and non-property advertising revenue. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s business units.Agency New Homes Other Total Year ended 31 December 2022\u00a3000\u00a3000\u00a3000\u00a3000Revenue streamProperty products 247,310 52,588 17,254 317,152Non-property products \u2013 \u2013 15,470 15,470247,310 52,588 32,724 332,622Agency New Homes Other Total Year ended 31 December 2021\u00a3000\u00a3000\u00a3000\u00a3000Revenue streamProperty products 224,490 50,026 14,211 288,727Non-property products \u2013 \u2013 16,159 16,159224,490 50,026 30,370 304,886Geographic informationIn presenting information on the basis of geography, revenue and assets reflect the geographical location of customers.2022 2021RevenueTrade receivablesRevenueTrade receivablesGroup\u00a3000\u00a3000\u00a3000\u00a3000UK 327,188 20,880 300,056 17,876Rest of the world 5,434 29 4,830 54332,622 20,909 304,886 17,930Contract balancesThe contract assets primarily relate to the Group\u2019s rights to consideration for services provided but not invoiced at the reporting date. The contract assets are transferred to trade receivables when invoiced and the rights have become unconditional. The contract liabilities primarily relate to the advance consideration received from Agency, Overseas and Commercial customers, for which revenue is recognised as or when the services are provided. The following table provides information about contract assets and contract liabilities from contracts with customers:Contract Contract assets liabilities \u00a3000\u00a3000Contract balances as at 31 December 2021 120 (2,633)Performance obligations satisfied in previous years (120) \u2013Performance obligations satisfied in the current year \u2013 2,623Accrued/(deferred) during the year 454 (2,315)Contract balances as at 31 December 2022 454 (2,325)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "5 Operating profit2022 2021 Note\u00a3000\u00a3000Operating profit is stated after charging:Employee benefits 6 45,474 37,974Depreciation of property, plant and equipment 12 3,504 3,448Amortisation of intangibles 13 1,082 991Trade receivables impairment charge 24 733 260Auditor\u2019s remuneration 2022 2021 \u00a3000\u00a3000Fees payable to the Company\u2019s auditor in respect of the auditAudit of the Company\u2019s financial statements 140 53Audit of the Company\u2019s subsidiaries pursuant to legislation 310 235Total audit remuneration 450 288Fees payable to the Company\u2019s auditor in respect of non-audit related servicesHalf-year review of the condensed financial statements 40 25All other services 10 2Total non-audit remuneration 50 27There were no other fees payable to EY LLP (2021: there were no other fees payable to KPMG LLP).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "Auditor\u2019s remuneration 2022 2021 \u00a3000\u00a3000Fees payable to the Company\u2019s auditor in respect of the auditAudit of the Company\u2019s financial statements 140 53Audit of the Company\u2019s subsidiaries pursuant to legislation 310 235Total audit remuneration 450 288Fees payable to the Company\u2019s auditor in respect of non-audit related servicesHalf-year review of the condensed financial statements 40 25All other services 10 2Total non-audit remuneration 50 27There were no other fees payable to EY LLP (2021: there were no other fees payable to KPMG LLP).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__47": {
"value": "6 Employee numbers and costsThe average number of persons employed (including executive directors) during the year, analysed by category, was as follows:2022 2021Number of employeesAdministration 606 526Management 41 46647 572The average number of employees in the parent Company were 10 (2021: 10), including six non-executive directors (2021: six) and \ue649\ue652\ue658\ue655\ue662\ue648\ue650\ue653\ue64f\ue652\ue65c\ue648\ue648\ue656\ue603\ue65a\ue64c\ue657\ue64b\ue64c\ue651\ue603\ue650\ue644\ue651\ue644\ue64a\ue648\ue650\ue648\ue651\ue657\ue603\ue655\ue652\ue64f\ue648\ue656\ue603\ue60b\ue615\ue613\ue615\ue614\ue61d\ue603\ue649\ue652\ue658\ue655\ue60c\ue611\ue603The aggregate payroll costs of these persons were as follows:Group Company2022 2021 2022 2021 \u00a3000\u00a3000\u00a3000\u00a3000Wages and salaries 38,396 32,353 1,593 1,655Social security costs 5,111 4,006 264 241Pension costs 1,967 1,615 48 4645,474 37,974 1,905 1,942Share-based payments cost (Note 23) 4,069 4,865 846 1,057Total 49,543 42,839 2,751 2,999Wages and salaries include \u00a315,927,000 (2021: \u00a311,807,000) relating to the product development and technology teams; these teams spend a proportion of their time on research and development activities, including innovation of our product proposition and enhancements to the Rightmove platforms, as well as on routine maintenance of the platforms. Social security costs only include the national insurance on wages and salaries; the national insurance credit of \u00a3110,000 (2021: charge of \u00a3942,000) relating to NI on share-based incentives is included within the share-based payments cost shown above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "7 Financial income2022 2021 \u00a3000 \u00a3000Interest income on cash and cash equivalents 337 17Interest income on money market deposits 44 3381 20",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "8 Financial expenses2022 2021 \u00a3000 \u00a3000Other interest payable 219 198Interest unwind on lease liabilities 223 273442 471",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__50": {
"value": "9 Income tax expense2022 2021 \u00a3000 \u00a3000Current tax expenseCurrent year 46,041 42,307Adjustment to current tax charge in respect of prior years 102 11346,143 42,420Deferred tax (Note 15)Origination and reversal of temporary differences (195) (113)Adjustment to deferred tax in respect of prior years (85) 175Increase in tax rate at which deferred tax is being recognised (262) 73(542) 135Total income tax expense 45,601 42,555Income tax credit recognised directly in equity2022 2021 \u00a3000 \u00a3000Current taxShare-based incentives (28) (609)Deferred tax Share-based incentives 1,180 (260)Increase in tax rate at which deferred tax is being recognised 68 (59)1,248 (319)Total income tax charge/(credit) recognised directly in equity 1,220 (928)Total income tax recognised directly in equity in respect of the Company was a charge of \u00a3123,000 (2021: a credit of \u00a3211,000).Reconciliation of effective tax rateThe Group\u2019s consolidated effective tax rate for the year ended 31 December 2022 is 18.9% (2021: 18.9%) which is lower than (2021: lower than) the standard rate of corporation tax in the UK due to the items shown below:2022 2021 \u00a3000 \u00a3000Profit before tax 241,282 225,649Current tax at 19.0% (2021: 19.0%) 45,844 42,873(Increase)/reduction in tax rate at which deferred tax is being provided (262) 73Net (non-taxable income) /non-deductible expenses 16 (654)Adjustment to deferred tax charge in respect of prior years (85) 175Adjustment to current tax charge in respect of prior years 102 113Difference between the current and deferred tax rates (14) (25)45,601 42,555Factors affecting future tax chargeThe increase in the UK corporation rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. This will increase the Company\u2019s future current tax charge accordingly. The deferred tax at 31 December 2022 has been calculated based on these rates, reflecting the expected timing of reversal of the related temporary differences (Note 15).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__51": {
"value": "10 Earnings per share (EPS)Pence per share\u00a3000 Basic DilutedYear ended 31 December 2022Profit for the year and EPS 195,681 23.4 23.4Underlying profit and underlying EPS 198,751 23.8 23.7Year ended 31 December 2021 Profit for the year and EPS 183,094 21.3 21.3Underlying profit and underlying EPS 186,815 21.8 21.7Weighted average number of ordinary shares (basic)2022 2021 Number of shares Number of sharesIssued ordinary shares at 1 January less ordinary shares held by the EBT and SIP Trust 857,732,814 884,234,565Less own shares held in treasury at the beginning of the year (12,480,472) (13,285,490)Weighted effect of own shares purchased for cancellation (9,977,584) (12,603,891)Weighted effect of share-based incentives exercised 144,448 436,477Weighted effect of shares purchased (99,344) (11,640)Issued ordinary shares at 31 December less ordinary shares held by treasury, SIP and the EBT 835,319,862 858,770,021Weighted average number of ordinary shares (diluted)In calculating diluted EPS, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all potentially dilutive shares. The Group\u2019s potentially dilutive instruments are in respect of share-based incentives granted to employees.2022 2021 Number of shares Number of sharesWeighted average number of ordinary shares (basic) 835,319,862 858,770,021Dilutive impact of share-based incentives outstanding 2,185,506 1,511,725837,505,368 860,281,746The average market value of the Group\u2019s shares for the purposes of calculating the dilutive effect of share-based incentives was based on quoted market prices during the period which the share-based incentives were outstanding.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "11 DividendsDividends declared and paid by the Company were as follows:2022 2021Pence per share \u00a3000 Pence per share \u00a30002020 final dividend paid \u2013 \u2013 4.50 38,9002021 interim dividend paid \u2013 \u2013 3.00 25,5942021 final dividend paid 4.8 40,312 \u2013 \u20132022 interim dividend paid 3.3 27,393 \u2013 \u20138.1 67,705 7.5 64,494Unclaimed dividends returned \u2013 (26) \u2013 (47)Net dividends included in the statement of cash flows \u2013 67,679 \u2013 64,447After the reporting date, a final dividend of 5.2p (2021: 4.8p) per qualifying ordinary share, being \u00a342,911,000 (2021: \u00a340,403,000), was proposed by the Board of Directors. The final dividend will be paid, subject to shareholder approval, on 26 May 2023. The 2021 final dividend of \u00a340,312,000 (4.8p per qualifying share) was paid on 27 May 2022. It was \u00a391,000 lower than that reported in the 2021 annual accounts due to a decrease in the ordinary shares entitled to a dividend between 25 February 2022 and the interim dividend record date of 29 April 2022.The 2022 interim dividend paid on 28 October 2022 was \u00a327,393,000, being \u00a3407,000 lower than that reported in the 2022 Half-Year report of \u00a327,800,000. This was due to a decrease in the number of ordinary shares entitled to a dividend between \ue616\ue613\ue662\ue62d\ue658\ue651\ue648\ue603\ue615\ue613\ue615\ue615\ue603\ue644\ue651\ue647\ue603\ue657\ue64b\ue648\ue603\ue64c\ue651\ue657\ue648\ue655\ue64c\ue650\ue603\ue647\ue64c\ue659\ue64c\ue647\ue648\ue651\ue647\ue603\ue655\ue648\ue646\ue652\ue655\ue647\ue603\ue647\ue644\ue657\ue648\ue603\ue652\ue649\ue603\ue616\ue613\ue603\ue636\ue648\ue653\ue657\ue648\ue650\ue645\ue648\ue655\ue603\ue615\ue613\ue615\ue615\ue611The terms of the EBT provide that dividends payable on the ordinary shares held by the EBT are waived. No provision was made for the final dividend in either year and there are no income tax consequences.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__53": {
"value": "12 Property, plant and equipmentOffice equipment, Land & fixtures & Computer Leasehold Motor **buildingsfittings equipment improvements vehiclesTotal Group\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 January 2022 14,834 1,080 12,587 1,115 2,389 32,005Additions \u2013 488 347 \u2013 \u2013 835Leased asset additions 765 \u2013 \u2013 \u2013 343 1,108Disposal (555) (60) (518) 2 2 (1,129)At 31 December 2022 15,044 1,508 12,416 1,117 2,734 32,819DepreciationAt 1 January 2022 (6,106) (947) (10,721) (710) (1,531) (20,015)Charge for year (1,722) (134) (1,054) (75) (519) (3,504)Disposal 555 60 518 (2) (2) 1,129At 31 December 2022 (7,273) (1,021) (11,257) (787) (2,052) (22,390)Net book valueAt 31 December 2022 7,771 487 1,159 330 682 10,429At 31 December 2021 8,728 133 1,866 405 858 11,990Office equipment, Land & fixtures & Computer Leasehold Motor buildings* fittings equipment improvements vehicles* Total Group\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 January 2021 14,634 1,074 11,893 1,115 1,703 30,419Additions \u2013 6 694 \u2013 \u2013 700Leased asset additions \u2013 \u2013 \u2013 \u2013 686 686Modification of leased assets 200 \u2013 \u2013 \u2013 \u2013 200At 31 December 2021 14,834 1,080 12,587 1,115 2,389 32,005DepreciationAt 1 January 2021 (4,531) (802) (9,566) (588) (1,080) (16,567)Charge for year (1,575) (145) (1,155) (122) (451) (3,448)At 31 December 2021 (6,106) (947) (10,721) (710) (1,531) (20,015)Net book valueAt 31 December 2021 8,728 133 1,866 405 858 11,990At 31 December 2020 10,103 272 2,327 527 623 13,852* Land & Buildings and Motor Vehicles are Right of Use assets held under leasing arrangements accounted for in accordance with IFRS16. Further disclosure is in Note 19.The Company had no property, plant or equipment in either year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__54": {
"value": "13 Intangible assetsComputer Customer Goodwill software relationships Total Group\u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 January 2022 16,516 7,386 4,521 28,423Additions \u2013 2,015 \u2013 2,015Disposal \u2013 (838) \u2013 (838)At 31 December 2022 16,516 8,563 4,521 29,600AmortisationAt 1 January 2022 \u2013 (6,264) (1,018) (7,282)Charge for year \u2013 (630) (452) (1,082)Disposed in the year \u2013 838 \u2013 838At 31 December 2022 \u2013 (6,056) (1,470) (7,526)Net book valueAt 31 December 2022 16,516 2,507 3,051 22,074 At 31 December 2021 16,516 1,122 3,503 21,141 Computer Customer Goodwill software relationships Total Group \u00a3000\u00a3000\u00a3000\u00a3000CostAt 1 January 2021 16,516 7,367 4,521 28,404Additions \u2013 19 \u2013 19At 31 December 2021 16,516 7,386 4,521 28,423AmortisationAt 1 January 2021 \u2013 (5,726) (565) (6,291)Charge for year \u2013 (538) (453) (991)At 31 December 2021 \u2013 (6,264) (1,018) (7,282)Net book valueAt 31 December 2021 16,516 1,122 3,503 21,141At 31 December 2020 16,516 1,641 3,956 22,113The Company had no intangible assets in either year.Impairment testing for cash-generating units containing goodwillThe goodwill comprises \u00a314.1m recognised on the acquisition of Rightmove Landlord & Tenant Services Limited in 2019; a further \u00a31.7m arising on the acquisition of The Outside View Analytics Limited in May 2016; and \u00a30.7m of purchased goodwill arising pre-transition to IFRS. Management performed the annual impairment test. For the purposes of impairment testing, goodwill is allocated to the Group\u2019s lowest cash generating unit which is the Agency only business unit. The calculations used in the cash flow projections are based on the latest three-year business plan which includes revenue per business unit, which has been updated to reflect the most recent developments as at the reporting date. An allocation of costs is then estimated for impairment testing purposes in accordance with IAS 36. The impairment test looked at cash flows over the coming five years. The key assumptions used were the long-term growth rate for years outside of the three-year business plan of 5% (2021: 3%), and the pre-tax discount rate used of 10% \ue60b\ue615\ue613\ue615\ue614\ue61d\ue662\ue614\ue613\ue608\ue60c\ue611\ue603\ue637\ue64b\ue648\ue603\ue655\ue648\ue656\ue658\ue64f\ue657\ue603\ue652\ue649\ue603\ue657\ue64b\ue648\ue603\ue64c\ue650\ue653\ue644\ue64c\ue655\ue650\ue648\ue651\ue657\ue603\ue657\ue648\ue656\ue657\ue64c\ue651\ue64a\ue603\ue64c\ue656\ue603\ue657\ue64b\ue644\ue657\ue603\ue657\ue64b\ue648\ue603\ue655\ue648\ue646\ue652\ue659\ue648\ue655\ue644\ue645\ue64f\ue648\ue603\ue644\ue650\ue652\ue658\ue651\ue657\ue603\ue65a\ue644\ue656\ue603\ue656\ue64c\ue64a\ue651\ue64c\ue649\ue64c\ue646\ue644\ue651\ue657\ue64f\ue65c\ue603\ue64b\ue64c\ue64a\ue64b\ue648\ue655\ue603\ue657\ue64b\ue644\ue651\ue603\ue657\ue64b\ue648\ue603\ue646\ue644\ue655\ue655\ue65c\ue64c\ue651\ue64a\ue603 amount and there is no impairment. This result is not sensitive to any reasonable possible changes in the key assumptions used.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "14 InvestmentsThe subsidiaries of the Group as at 31 December 2022 were as follows:Country of Class of Trading Company Nature of businessincorporation HoldingsharesstatusRightmove Group Limited Online property advertising England and Wales 100% Ordinary TradingRightmove Financial Services Limited Online rental services England and Wales 100% Ordinary TradingRightmove Landlord and Tenant Rental referencing and England and Wales 100% Ordinary TradingServices Limitedinsurance servicesDuring the year, on 11 October 2022, Rightmove Property Services Limited \u2013 a dormant Company incorporated in England and Wales \u2013 was struck off the Companies House register and dissolved. All the above subsidiaries are included in the Group consolidated financial statements. The registered office for all subsidiaries of the Group is 2 Caldecotte Lake Business Park, Caldecotte Lake Drive, Caldecotte, Milton Keynes, MK7 8LE. 2022 2021 Company\u00a3000 \u00a3000Investment in subsidiary undertakingsAt 1 January 560,740 557,622Additions \u2013 subsidiary share-based payments charge 3,156 3,118At 31 December 563,896 560,740In 2008, the Company became the holding Company of Rightmove Group Limited (formerly Rightmove plc, Company no. 03997679) and its subsidiaries pursuant to a Scheme of Arrangement under s425 of the Companies Act 2006, by way of a share-for-share exchange. Following the Scheme of Arrangement, the Company underwent a court-approved capital reduction. The consolidated assets and liabilities of the Group immediately after the Scheme were substantially the same as the consolidated assets and liabilities of the Group immediately prior to the Scheme.Following the capital reconstruction in 2008, all employees\u2019 share-based incentives were transferred to the new holding Company, Rightmove plc. In addition, certain directors\u2019 contracts of employment were transferred from Rightmove Group Limited to Rightmove plc, whilst all other employees remained employed by Rightmove Group Limited. Accordingly, the share-based payments charge has been split between the Company and Rightmove Group Limited with \u00a33,156,000 (2021: \u00a33,118,000) being recognised in the Company accounts as a capital contribution to its subsidiary.The Company\u2019s investment in its subsidiary undertaking, Rightmove Group Limited, has been assessed for impairment. Management compared the carrying amount of the investment to the market capitalisation of the Group, as Rightmove Group Limited contains 99% of the Group\u2019s trading operations. There was no impairment as at 31 December 2022 \u2013 the market capitalisation of the Group was more than seven times greater than the Company\u2019s investment in Rightmove Group Limited.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__56": {
"value": "15 Deferred tax asset and deferred tax liabilityNet deferred tax position Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis.Group Group Company Company2022 2021 2022 2021 \u00a3000 \u00a3000\u00a3000 \u00a3000Deferred tax asset 2,354 3,135 478 481Deferred tax liability (894) (966) \u2013 \u2013At 31 December 1,460 2,169 478 481The deferred tax asset and deferred tax liability are attributable to the following:Deferred tax assetGroup CompanyProperty, Share-based plant and Share-based incentives equipment Provisions Total incentives \u00a3000\u00a3000\u00a3000 \u00a3000\u00a3000At 1 January 2022 2,576 419 140 3,135 481Adjustment in respect of prior year \u2013 \u2013 77 77 \u2013Recognised in income 654 (184) (80) 390 139Recognised directly in equity (1,248) \u2013 \u2013 (1,248) (142)At 31 December 2022 1,982 235 137 2,354 478At 1 January 2021 2,066 381 396 2,843 549Adjustment in respect of prior year \u2013 10 (175) (165) \u2013Recognised in income 191 28 (81) 138 (24)Recognised directly in equity 319 \u2013 \u2013 319 (44)At 31 December 2021 2,576 419 140 3,135 481The decrease in the deferred tax asset at 31 December 2022 is mostly driven by the decrease in the deferred tax in relation to the share-based incentives, which reflected a decrease in the share price during the year to \u00a35.11 from \u00a37.95 in 2021 (more than offsetting the increase in the rate at which deferred tax was recognized). Deferred tax liabilityIntangibles 2022Intangibles 2021Group\u00a3000\u00a3000At 1 January (966) (859)Prior year adjustment 7 (10)Recognised in income 65 (97)At 31 December (894) (966)The decrease in the deferred tax liability as at 31 December 2022 is due to amortization.The deferred tax as at 31 December 2022 has been calculated at the average rate of 24% (2021:21%) which represents the average rate at which the assets and liabilities are expected to reverse in the future, based on substantively enacted UK tax rates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "16 Trade and other receivables2022 2021 Group Note\u00a3000 \u00a3000Trade receivables 21,754 18,645Less provision for impairment of trade receivables 24 (845) (715)Net trade receivables 20,909 17,930Prepayments 5,243 5,028Interest receivable 48 1Other debtors 414 15326,614 23,112Exposure to credit and currency risks and expected credit losses relating to trade and other receivables are disclosed in Note 24.The Company had no trade and other receivables in either year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__58": {
"value": "17 Cash and deposits2022 2021 Group\u00a3000 \u00a3000Cash and cash equivalents 35,089 42,985Money market deposits 5,047 5,003 40,136 47,988Cash balances with an original maturity of less than three months were held in current accounts during the year and attracted interest at a weighted average rate of 0.9% (2021: 0.0%). The cash and cash equivalents balance included \u00a3237,000 (2021: \u00a389,000) which is restricted to use in accordance with the deeds of the EBT.Money market deposits with an original maturity of more than three months and less than a year, attracted interest at a weighted average rate of 0.9% (2021: 0.1%).The company had cash and cash equivalents of \u00a3408 during the year (2021: \u00a3468).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__59": {
"value": "18 Trade and other payablesGroup Company2022 2021 2022 2021 \u00a3000 \u00a3000\u00a3000 \u00a3000Trade payables 1,155 3,056 \u2013 \u2013Trade accruals 6,147 7,748 935 1,139Other creditors 1,284 979 \u2013 \u2013Other taxation and social security 12,288 10,974 \u2013 \u2013Inter-group payables \u2013 \u2013 26,713 21,84220,874 22,757 27,648 22,981",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__60": {
"value": "19 Leases The Group leases assets, including land and buildings and motor vehicles, that are held within property, plant and equipment (Note 12). Information about leases for which the Group is a lessee is presented below.2022 2021 Analysis of property, plant and equipment between owned and leased assets\u00a3000 \u00a3000Net book value of property, plant and equipment owned 1,976 2,404Net book value of leased right of use assets 8,453 9,58610,429 11,990Property Vehicles Total Net book value of right of use assets\u00a3000\u00a3000 \u00a3000At 1 January 2022 8,728 858 9,586Additions 765 343 1,108Depreciation charge (1,722) (519) (2,241)At 31 December 2022 7,771 682 8,453At 1 January 2021 10,103 623 10,726Additions \u2013 686 686Lease modification 200 \u2013 200Depreciation charge (1,575) (451) (2,026)At 31 December 2021 8,728 858 9,5862022 2021 Lease liabilities maturity analysis \u2013 contractual undiscounted cash flows\u00a3000 \u00a3000Less than one year 2,558 2,398One to five years 7,522 8,828More than five years \u2013 43210,080 11,6582022 2021 Lease liabilities included in the statement of financial position\u00a3000 \u00a3000Current 2,327 2,177Non-current 7,242 8,8329,569 11,0092022 2021 Amounts recognised in income statement\u00a3000 \u00a3000Interest on lease liabilities 223 273Expenses relating to short-term leases 281 204Expenses relating to low-value asset leases (excluding short-term leases of low-value assets) 28 22532 4992022 2021 Amount recognised in the statement of cash flows \u00a3000 \u00a3000Total cash outflow for all leases 2,940 2,464Reconciliation of movement of lease liabilities to cashflows2022 2021 \u00a3000 \u00a3000At 1 January 11,009 12,310Payment of lease liabilities \u2013 capital (2,391) (2,464)Payment of lease liabilities \u2013 interest (232) \u2013Total changes arising from cash flows (2,623) (2,464)New leases net of provisions 962 886Interest 223 273Other movements (2) 4Total liability relating to other changes 1,183 1,163Balance as at 31 December 9,569 11,009",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__61": {
"value": "20 ProvisionsThe dilapidations provision is in respect of any of the Group\u2019s leased properties where the Group has obligations to make good dilapidations. The non-current liabilities are estimated to be payable over periods from one to five years.Dilapidations Employee Contingent provision provisions consideration Total \u00a3000\u00a3000\u00a3000\u00a3000At 1 January 2022 646 \u2013 \u2013 646Utilised during the year (60) \u2013 \u2013 (60)Released during the year (5) \u2013 \u2013 (5)Charged in the year 248 \u2013 \u2013 248At 31 December 2022 829 \u2013 \u2013 829Current \u2013 \u2013 \u2013 \u2013Non-current 829 \u2013 \u2013 829\u2013 \u2013Dilapidations Employee Contingent provision provisions consideration Total \u00a3000\u00a3000\u00a3000\u00a3000At 1 January 2021 562 666 2,407 3,635Utilised during the year \u2013 (666) \u2013 (666)Released during the year \u2013 \u2013 (2,407) (2,407)Charged in the year 84 350 \u2013 434Reclassified in the year \u2013 (350) \u2013 (350)At 31 December 2021 646 \u2013 \u2013 646Current 61 \u2013 \u2013 61Non-current 585 \u2013 \u2013 585646 \u2013 \u2013 646During the prior year 2021, the Group reclassified the accrual in relation to employee-related holiday pay, from provisions to be shown as an accrual within Note 16 Trade and Other Payables. The provision for contingent consideration that arose of the acquisition of Rightmove Landlord and Tenant Services Limited was released during the prior year on 30 June 2021 due to the possibility of meeting the threshold performance criteria within the remaining timescales, to the end of 2021, being remote. The Company had no provisions in either year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__62-1": {
"value": "21 Share capital2022 2021Amount Number Amount Number \u00a3000 of shares\u00a3000 of sharesIn issue ordinary sharesAt 1 January 860 859,678,232 887 886,387,616Purchase and cancellation (22) (22,277,147) (27) (26,709,384)of sharesAt 31 December 838 837,401,085 860 859,678,232All issued shares are fully paid. The nominal value of a share is 0.1p. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per ordinary share at general meetings of the Company. Included within \ue656\ue64b\ue644\ue655\ue648\ue656\ue603\ue64c\ue651\ue603\ue64c\ue656\ue656\ue658\ue648\ue603\ue644\ue657\ue603\ue616\ue614\ue662\ue627\ue648\ue646\ue648\ue650\ue645\ue648\ue655\ue603\ue615\ue613\ue615\ue615\ue603\ue644\ue655\ue648\ue603\ue614\ue60f\ue616\ue61a\ue618\ue60f\ue61c\ue619\ue616\ue603\ue60b\ue615\ue613\ue615\ue614\ue61d\ue603\ue614\ue60f\ue614\ue618\ue61b\ue60f\ue617\ue614\ue61b\ue60c\ue603\ue656\ue64b\ue644\ue655\ue648\ue656\ue603\ue64b\ue648\ue64f\ue647\ue603\ue645\ue65c\ue603\ue657\ue64b\ue648\ue603\ue628\ue625\ue637\ue60f\ue603\ue61c\ue616\ue613\ue60f\ue618\ue61c\ue615\ue603\ue60b\ue615\ue613\ue615\ue614\ue61d\ue662\ue61a\ue61b\ue61a\ue60f\ue613\ue613\ue613\ue60c\ue603\ue656\ue64b\ue644\ue655\ue648\ue656\ue603held by the SIP and 12,185,222 (2021: 12,480,472) shares held in Treasury.In June 2007, the Company commenced a share buyback program to purchase its own ordinary shares. The total number of shares bought back in 2022 was 22,277,147 (2021: 26,709,384) shares representing 2.7% (2021: 3.1%) of the ordinary shares in issue (excluding shares held in treasury). All of the shares bought back in both years were cancelled. The shares were acquired on the open market at a total consideration (excluding costs) of \u00a3129,981,000 (2021: \u00a3174,369,000). The maximum and minimum prices paid were \u00a36.89 (2021: \u00a37.83) and \u00a34.39 (2021: \u00a35.52) per share respectively. The average price paid was \u00a35.83 (2021: \u00a36.53). Costs incurred on purchase of own shares in relation to stamp duty charges and broker expenses were \u00a3910,000 (2021: \u00a31,224,000).22 Reconciliation of movement in capital and reservesGroupOwn shares held \u2013 \u00a3000EBT shares SIP shares Treasury reserve reserve shares Total \u00a3000\u00a3000\u00a3000\u00a3000Own shares held as at 1 January 2021 (1,825) (3,415) (6,312) (11,552)Shares purchased for share incentive plans (1,127) (157) \u2013 (1,284)Shares transferred to SIP 1,127 (1,127) \u2013 \u2013Share-based incentives exercised in the year 273 560 383 1,216SIP releases in the year \u2013 32 \u2013 32Own shares held as at 31 December 2021 (1,552) (4,107) (5,929) (11,588)Own shares held as at 1 January 2022 (1,552) (4,107) (5,929) (11,588)Shares purchased for share incentive plans (2,216) (682) \u2013 (2,898)Shares transferred to SIP 555 (555) \u2013 \u2013Share-based incentives exercised in the year 56 289 140 485SIP releases in the year \u2013 103 \u2013 103Own shares held as at 31 December 2022 (3,157) (4,952) (5,789) (13,898)Own shares held \u2013 number of sharesNumber of sharesEBT shares SIP shares Treasury reserve reserve shares TotalOwn shares held as at 1 January 2021 1,395,476 757,575 13,285,490 15,438,541Shares purchased for share incentive plans 148,147 20,278 \u2013 168,425Shares transferred to SIP (148,147) 148,147 \u2013 \u2013Share-based incentives exercised in the year (237,058) (133,200) (805,018) (1,175,276)SIP releases in the year \u2013 (5,800) \u2013 (5,800)Own shares held as at 31 December 2021 1,158,418 787,000 12,480,472 14,425,890Own shares held as at 1 January 2022 1,158,418 787,000 12,480,472 14,425,890Shares purchased for share incentive plans 432,254 128,774 \u2013 561,028Shares transferred to SIP (99,476) 99,476 \u2013 \u2013Share-based incentives exercised in the year (115,233) (63,893) (295,250) (474,376)SIP releases in the year \u2013 (20,765) \u2013 (20,765)Own shares held as at 31 December 2022 1,375,963 930,592 12,185,222 14,491,777(a) EBT shares reserve (Group)This reserve represents the cost of own shares acquired by the EBT less any exercises of share-based incentives. At 31 December 2022, the EBT held 1,375,963 (2021: 1,158,418) ordinary shares in the Company, representing 0.2% (2021: 0.1%) of the ordinary shares in issue (excluding shares held in treasury). The market value of the shares held in the EBT at 31 December 2022 was \u00a37,031,000 (2021: \u00a39,209,000).(b) SIP shares reserve (Group and Company)In November 2014, the Company established the Rightmove Share Incentive Plan Trust (SIP). This reserve represents the cost of acquiring shares less any exercises or releases of SIP awards. Employees of Rightmove Group Limited and Rightmove plc were offered 500 free shares with effect from 21 December 2022 (2021: 400), subject to a three-year service period. During the year 63,893 shares were exercised (2021: 133,200) and 20,765 shares (2021: 5,800) were released by the SIP in relation to good leavers and retirees. 99,476 shares were transferred to the SIP reserve from the EBT (2021: 148,147).At 31 December 2022, the SIP held 930,592 (2021: 787,000) ordinary shares in the Company, representing 0.1% (2021: 0.1%) of the ordinary shares in issue (excluding shares held in treasury). The market value of the shares held in the SIP at 31 December 2022 was \u00a34,755,000 (2021: \u00a36,257,000). (c) Treasury shares (Group and Company)This represents the cost of acquiring shares held in treasury less any exercises of share-based incentives. These shares were bought in 2008 at an average price of 47.60 pence and may be used to satisfy certain share-based incentive awards. The market value of the shares held in treasury at 31 December 2022 was \u00a362,266,000 (2021: \u00a399,220,000).Other reservesThis represents the Capital Redemption Reserve in respect of own shares bought back and cancelled. The movement of \u00a322,000 (2021: \u00a327,000) is the nominal value of ordinary shares bought back and cancelled during the year.Details of share buybacks and cancellation of shares are included in Note 21.Retained earningsThe loss on the exercise of share-based incentives of \u00a3106,000 (2021: \u00a3482,000) is the difference between the value that the own shares, held by the EBT, SIP and treasury, were originally acquired at and the exercise price at which share-based incentives were exercised or released during the year. CompanyReverse acquisition reserveThis reserve resulted from the acquisition of Rightmove Group Limited by the Company and represents the difference between the value of the shares acquired at 28 January 2008 and the nominal value of the shares issued.Other reservesAwards relating to share-based incentives made to Rightmove Group Limited employees have been treated as a deemed capital contribution (Note 14). The principal movement in other reserves for the year comprises \u00a33,156,000 (2021: \u00a33,118,000) in respect of the share-based incentives charge for employees of Rightmove Group Limited. In addition, other reserves include \u00a3456,000 (2021: \u00a3434,000) of Capital Redemption Reserve. A movement of \u00a322,000 (2021: \u00a327,000) has been recorded in relation to the nominal value of ordinary shares cancelled during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s7_notes__6__64": {
"value": "23 Share-based paymentsThe Group and Company operate a number of share-based incentive schemes for executive directors and employees. All share-based incentives are subject to a service condition. Such conditions are not taken into account in the fair value of the service received. The fair value of services received in return for share-based incentives is measured by reference to the fair value of share-based incentives granted. The estimate of the fair value of the share-based incentives is measured using either the Monte Carlo or Black Scholes pricing model as is most appropriate for each scheme.NI is being accrued, where applicable, at a rate of 13.8%, which management expects to be the prevailing rate when the awards are exercised, based on the share price at the reporting date. The total NI credit for the year relating to all awards was \u00a3110,000 (2021: a charge of \u00a3942,000). The share price at 31 December 2022 was \u00a35.11 (2021: \u00a37.95).The Group recognised a total share-based payments charge for the year of \u00a34,179,000 (2021: \u00a33,923,000) with a Company charge for the year of \u00a3879,000 (2021: \u00a3762,000), as set out below:Group Company2022 2021 2022 2021 \u00a3000 \u00a3000\u00a3000 \u00a3000Sharesave Plan 336 336 7 5Performance Share Plan (PSP) 464 424 464 424Deferred Share Bonus Plan (DSP) 2,356 2,015 401 330Share Incentive Plan (SIP) 830 826 7 3Restricted Share Plan (RSP) 193 322 \u2013 \u2013Total share-based payments charge 4,179 3,923 879 762NI on applicable share-based incentives at 13.8% (110) 942 (33) 295Sharesave PlanThe Group operates an HMRC Approved Sharesave Plan under which employees of Rightmove plc and Rightmove Group Limited are granted an option to purchase ordinary shares in the Company, at up to 20% less than the market price at invitation, in three years\u2019 time, dependent on their entering into a contract to make monthly contributions into a savings account over the relevant period. These savings are used to fund the option exercise. No performance criteria are applied to the exercise of Sharesave options. The assumptions used in the measurement of the fair value at grant date of the Sharesave Plan are as follows: Share price at Exercise Risk free Dividend Fair value grant date price Option life rate yield per option Grant date (pence) (pence) (years) (%) (%) (pence)30 September 2020 626.8 513.0 3.0 0.0 0.5 167.11 October 2021 682.6 574.0 3.0 0.8 1.1 184.030 September 2022 482.2 482.0 3.0 5.2 1.8 130.0The requirement that an employee must save in order to purchase shares under the Sharesave Plan is a non-vesting condition. This feature has been incorporated into the fair value at grant date by applying a discount to the valuation obtained from the Black Scholes pricing model. The discount has been determined by estimating the probability that the employee will stop saving based on expected future trends in the share price and past employee behaviour.2022 2021 Weighted average Weighted average exercise price exercise price Group Number (pence) Number (pence)Outstanding at 1 January 663,568 497.9 752,023 442.9Granted 329,630 482.0 217,790 574.0Lapsed (41,739) 544.4 (62,222) 380.5Forfeited (59,391) 514.3 (42,012) 563.9Exercised (112,242) 418.2 (202,011) 376.9Outstanding at 31 December 779,826 300.9 663,568 497.9Exercisable at 31 December 126,169 428.7 38,274 389.0The weighted average market value per ordinary share for Sharesave options exercised in 2022 was 538.3 pence (2021: 668.1 pence). The Sharesave options outstanding at 31 December 2022 have an exercise price in the range of 389.0 pence to 574.0 pence (2021: 389.0 pence to 574.0 pence) and a weighted average contractual life of 2.1 years (2021: 1.7 years).Performance Share Plan (PSP)The PSP permits awards of nil cost options or contingent shares which will only vest in the event of prior satisfaction of a performance condition. 241,089 PSP awards were made on 3 March 2022 (the grant date) subject to Earnings Per Share (EPS) and Total Shareholders Return (TSR) performance. Performance will be measured over three financial years (1 January 2022 \u2013 31 December 2024). The vesting on 3 March 2025 (vesting date) of 50% of the 2022 PSP award will be dependent on a relative TSR performance condition measured over the three-year performance period and the vesting of the 50% of the 2022 PSP award will be dependent on the satisfaction of an EPS growth target measured over the three-year performance period.The PSP awards have been valued using the Monte Carlo model for the TSR element and the Black Scholes model for the EPS element. The resulting share-based payments charge is being spread evenly over the three-year period between grant date and vesting date. PSP award holders are entitled to receive dividends accruing between the grant date and the vesting date and this value will be delivered in shares. The assumptions used in the measurement of the fair value at grant date of the PSP awards are as follows: Share price at Exercise Expected Risk free Dividend Fair value grant date price volatility Option life rate yield per option Grant date (pence) (pence) (%) (years) (%) (%) (pence)(1)3 March 2021 (TSR dependent)584.0 0.0 28.1 3.0 0.4 0.0 176.0(1)3 March 2021 (EPS dependent)584.0 0.0 0.0 3.0 0.0 0.0 492.0(1)2 March 2022 (TSR dependent)684.6 0.0 30.3 3.0 1.7 0.0 247.4(1)2 March 2022 (EPS dependent)684.6 0.0 0.0 3.0 0.0 0.0 582.2(1) For details of TSR and EPS performance conditions refer to the Directors\u2019 Remuneration Report.Expected volatility, which only impacts the fair value of the TSR element of the award, is estimated by considering historic average share price volatility at the grant date. The risk-free rate is only used as an input to calculate the fair value of the TSR element of the award. The PSP awards accrue dividends so there is no dividend yield used as an input to calculate the fair value. A discount rate of 15% (2021:15.8%) was applied to the fair value at grant date to reflect the two-year holding period that applies post the vesting period and the lack of liquidity during that period.2022 2021 GroupNumber NumberOutstanding at 1 January 768,076 1,017,279Granted 241,089 269,968Dividends awarded 1,649 2,379Forfeited (310,746) (248,185)Exercised (16,738) (273,365)Outstanding at 31 December 683,330 768,076Exercisable at 31 December 52,436 \u2013The weighted average market value per ordinary share for options exercised in 2022 was 655.4 pence (2021: 623.6 pence). \ue637\ue64b\ue648\ue662\ue65a\ue648\ue64c\ue64a\ue64b\ue657\ue648\ue647\ue603\ue644\ue659\ue648\ue655\ue644\ue64a\ue648\ue603\ue648\ue65b\ue648\ue655\ue646\ue64c\ue656\ue648\ue603\ue653\ue655\ue64c\ue646\ue648\ue603\ue65a\ue644\ue656\ue603\ue651\ue64c\ue64f\ue603\ue64c\ue651\ue603\ue645\ue652\ue657\ue64b\ue603\ue65c\ue648\ue644\ue655\ue656\ue611\ue603\ue637\ue64b\ue648\ue603\ue633\ue636\ue633\ue603\ue644\ue65a\ue644\ue655\ue647\ue656\ue603\ue652\ue658\ue657\ue656\ue657\ue644\ue651\ue647\ue64c\ue651\ue64a\ue603\ue644\ue657\ue603\ue616\ue614\ue603\ue627\ue648\ue646\ue648\ue650\ue645\ue648\ue655\ue603\ue615\ue613\ue615\ue615\ue603\ue64b\ue644\ue659\ue648\ue603\ue644\ue603\ue65a\ue648\ue64c\ue64a\ue64b\ue657\ue648\ue647\ue603average contractual life of 1.3 years (2021: 1.3 years).Deferred Share Bonus Plan (DSP)In March 2009 a DSP was established which allows executive directors and other selected senior management the opportunity to earn a bonus determined as a percentage of base salary settled in nil cost deferred shares. The award of shares under the plan is contingent on the satisfaction of pre-set internal targets relating to underlying drivers of long-term revenue growth (the performance period). The right to the shares is deferred for two years from the date of the award (the vesting period) and potentially forfeitable during that period should the employee leave employment. The deferred share awards have been valued using the Black Scholes model and the resulting share-based payments charge is being spread evenly over the combined performance period and vesting period of the shares, being three years.The inputs used in the measurement of the fair value of the deferred share awards \u2013 which are initially calculated at the date on which the potential DSP bonus is communicated to directors and senior management (the grant date) and are then updated at the date of the actual award \u2013 are as follows: Share price at Exercise Expected Dividend Fair value award date price term yield per option Grant date Award date (pence) (pence) (years) (%) (pence)4 March 2020 3 March 2021 584.0 0.0 3.0 1.4 568.0(1)3 March 2021 2 March 2022684.6 0.0 3.0 1.2 668.0(2)(3)2 March 2022 10 March 2023684.6 0.0 3.0 1.3 659.0(1) Following the achievement of 84% of the 2021 internal performance targets, 505,024 nil cost shares were awarded to executives and senior management on \ue615\ue662\ue630\ue644\ue655\ue646\ue64b\ue603\ue615\ue613\ue615\ue615\ue603\ue60b\ue657\ue64b\ue648\ue603\ue644\ue65a\ue644\ue655\ue647\ue603\ue647\ue644\ue657\ue648\ue60c\ue603\ue65a\ue64c\ue657\ue64b\ue603\ue657\ue64b\ue648\ue603\ue655\ue64c\ue64a\ue64b\ue657\ue603\ue657\ue652\ue603\ue655\ue648\ue64f\ue648\ue644\ue656\ue648\ue603\ue657\ue64b\ue648\ue603\ue656\ue64b\ue644\ue655\ue648\ue656\ue603\ue647\ue648\ue649\ue648\ue655\ue655\ue648\ue647\ue603\ue658\ue651\ue657\ue64c\ue64f\ue603\ue630\ue644\ue655\ue646\ue64b\ue603\ue615\ue613\ue615\ue617(2) The share price and fair value are disclosed at grant date until the point that the award is made on 10 March 2023, at which point the valuation will be updated.(3) Based on the 2022 internal performance targets, the Remuneration Committee determined that 71% of the maximum award in respect of the year will be made in March 2023. The number of shares to be awarded will be determined based on the share price at the award date in March 2023. 20222021 GroupNumberNumberOutstanding at 1 January 697,179 881,577Awarded 505,524 329,380Forfeited (40,675) (2,206)Exercised (291,362) (511,572)Outstanding at 31 December 870,666 697,179Exercisable at 31 December 78,643 \u2013The weighted average market value per ordinary share for deferred shares exercised in 2022 was 581.7 pence (2021: 660.6 pence). The weighted average exercise price was nil in both years. The DSP awards outstanding at 31 December 2022 have a weighted average contractual life of 0.8 years (2021: 1.4 years).Share Incentive PlanIn 2014, the Group established the Rightmove Share Incentive Plan Trust (SIP). Employees in Rightmove plc and Rightmove Group Limited were offered 500 shares on 21 December 2022 (2021: 400 shares) subject to a three-year service period (the vesting period). The SIP awards have been valued using the Black Scholes model and the resulting share-based payments charge spread evenly over the vesting period of three years. The SIP shareholders are entitled to dividends paid in cash over the vesting period. No performance criteria are applied to the exercise of SIP options. The assumptions used in the measurement of the fair value at grant date of the SIP awards are as follows: Share price at Exercise Dividend Fair value grant date price Option life yield per option Grant date (pence) (pence) (years) (%) (pence)20 December 2020 651.6 0.0 3.0 0.0 651.620 December 2021 769.2 0.0 3.0 0.0 769.221 December 2022 526.8 0.0 3.0 0.0 526.8The SIP awards accrue dividends, so there is no dividend yield input into the fair valuation calculation. 2022 2021 GroupNumber NumberOutstanding at 1 January 759,050 748,050Granted 334,000 236,000Forfeited (93,250) (86,275)Exercised (86,360) (138,725)Outstanding at 31 December 913,440 759,050Exercisable at 31 December 213,000 148,500The weighted average market value per ordinary share for SIP awards released and exercised in 2022 was 554.1 pence \ue60b\ue615\ue613\ue615\ue614\ue61d\ue662\ue618\ue61b\ue619\ue611\ue614\ue603\ue653\ue648\ue651\ue646\ue648\ue60c\ue611\ue603\ue637\ue64b\ue648\ue603\ue65a\ue648\ue64c\ue64a\ue64b\ue657\ue648\ue647\ue603\ue644\ue659\ue648\ue655\ue644\ue64a\ue648\ue603\ue648\ue65b\ue648\ue655\ue646\ue64c\ue656\ue648\ue603\ue653\ue655\ue64c\ue646\ue648\ue603\ue64c\ue651\ue603\ue645\ue652\ue657\ue64b\ue603\ue65c\ue648\ue644\ue655\ue656\ue603\ue65a\ue644\ue656\ue603\ue651\ue64c\ue64f\ue611\ue603\ue637\ue64b\ue648\ue603\ue636\ue62c\ue633\ue603\ue652\ue653\ue657\ue64c\ue652\ue651\ue656\ue603\ue652\ue658\ue657\ue656\ue657\ue644\ue651\ue647\ue64c\ue651\ue64a\ue603\ue644\ue657\ue603\ue616\ue614\ue603\ue627\ue648\ue646\ue648\ue650\ue645\ue648\ue655\ue6032022 have a weighted average contractual life of 2.3 years (2021: 0.9 years).Restricted Share Plan (RSP)The September 2022 award was for 332,778 nil cost shares, with one-third of the shares have a vesting period of three years and two-thirds are subject to four years\u2019 service period.Participants are not entitled to receive dividends on these awards. RSP awards have been valued using the Black Scholes model and the resulting share-based payments charge is being spread evenly over the vesting period of the shares.The assumptions used in the measurement of the fair value at grant date of the RSP awards are as follows: Share price at Exercise Dividend Fair value grant date price Option life yield per option Grant date (pence) (pence) (years) (%) (pence)6 March 2019 495.1 0.0 3.0 1.3 476.020 September 2022 586.0 0.0 3.0 1.4 562.020 September 2022 586.0 0.0 4.0 1.5 553.02022 2021 GroupNumberNumber Outstanding at 1 January 211,323 244,937Awarded 332,778 \u2013Forfeited \u2013 \u2013Exercised \u2013 (33,614)Outstanding at 31 December 544,101 211,323Exercisable at 31 December 211,323 \u2013No RSP options were exercised during the year. The weighted average market value per ordinary share for RSP awards exercised in 2021 was 730.2 pence. The RSP options outstanding at 31 December 2022 have a weighted average contractual life of 3.4 years (2021: 0.2 years).",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__65": {
"value": "24 Financial instrumentsCredit riskThe carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk at the reporting date was:2022 2021 Group Note\u00a3000\u00a3000Net trade receivables 16 20,909 17,930Accrued interest receivable 16 48 1Contract assets 4 454 120Other debtors 16 414 153Cash and cash equivalents 17 35,089 42,985Money market deposits 17 5,047 5,00361,961 66,192The Company had no exposure to credit risk in either year. The trade receivables balance is spread across a large number of different customers with no single debtor representing more than 4% of the total balance due (2021: 3%).The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:2022 2021 Group Note\u00a3000\u00a3000UK 20,880 17,876Rest of the world 29 5416 20,909 17,930The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was: 2022 2021 Group Note\u00a3000\u00a3000Property products 18,678 16,201Other 2,231 1,72916 20,909 17,930The Group\u2019s most significant customer accounts for \u00a3745,606 (2021: \u00a31,029,000) of net trade receivables as at 31 December 2022.Expected credit loss assessment For the Group\u2019s smaller Agency and Overseas customers, expected credit losses are measured using a provisioning matrix based on the reason the trade receivable is past due or, for current debtors at risk of recovery. The provision matrix rates are based on actual credit loss experience over the past three years and adjusted, when required, to take into account current macro-economic factors. For all other customers the Group applies experienced credit judgement to assess the expected credit loss, whilst considering account external ratings, financial statements and other available information. Overall, the impact on credit risk is minimal due to the majority of customers paying in advance on a subscription basis. The following table provides information about the exposure to credit risk and expected credit losses for trade receivables, including contract assets, from individual customers as at 31 December 2022. The reduction in the weighted-average loss rate in 2022 reflects the return to normal levels of recovery risk, following the heighted risk during 2021 due to the pandemic.Gross carrying Weighted-amount Loss allowance 2022average loss rate\u00a3000\u00a3000 Credit-impairedCurrent 0.4% 14,367 (57) NoPast due 1 \u2013 30 days 1.3% 4,430 (57) NoPast due 31 \u2013 60 days 6.0% 1,378 (82) NoPast due 61 \u2013 90 days 9.7% 511 (50) NoMore than 91 days past due 39.3% 1,523 (599) No22,209 (845)Gross carrying Loss Weighted-average amount allowance 2021loss rate\u00a3000 \u00a3000 Credit-impairedCurrent 0.7% 16,050 (110) NoPast due 1 \u2013 30 days 5.6% 1,203 (67) NoPast due 31 \u2013 60 days 9.0% 495 (45) NoPast due 61 \u2013 90 days 24.6% 305 (75) NoMore than 91 days past due 70.6% 592 (418) No18,645 (715)The movement in the allowance for impairment in respect of trade receivables during the year was as follows:2022 2021 Group Note\u00a3000\u00a3000At 1 January 715 880Charged during the year 733 260Utilised during the year (603) (425)At 31 December 16 845 715The allowance accounts in respect of trade receivables are used to record impairment losses unless the Group is satisfied that no recovery of the amount owing is possible; at that point the amounts considered irrecoverable are written off against the financial asset directly.Liquidity riskThe contractual maturities of undiscounted financial liabilities, including undiscounted estimated interest payments, were:Carrying Contractual 6 months amount cash flows or less Group\u00a3000\u00a3000\u00a3000At 31 December 2022 Trade payables being non-derivative financial liabilities 1,155 (1,155) (1,155)At 31 December 2021 Trade payables being non-derivative financial liabilities 3,056 (3,056) (3,056)Undiscounted lease liabilities are presented in Note 19. The Company had no derivative financial liabilities in either year.It is not expected that the cash flows included in the maturity analysis could occur earlier or at significantly different amounts and all payables are due within six months of the balance sheet date.Currency riskDuring 2022 all the Group\u2019s sales and more than 97.1% (2021: 98.2%) of the Group\u2019s purchases were sterling denominated and accordingly it has no significant currency risk.Interest rate riskThe Group has exposure to interest rate risk on its cash and cash equivalent balances and money market deposit balances. As at 31 December 2022 the Group had total cash of \u00a335,089,000 (2021: \u00a342,985,000) and money market deposits of \u00a35,047,000 (2021: \u00a35,003,000).Fair valuesThe fair values of all financial instruments in both years are equal to the carrying values.",
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"s7_notes__6__69": {
"value": "Fair valuesThe fair values of all financial instruments in both years are equal to the carrying values.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__70": {
"value": "25 Related party disclosuresInter-group transactions with subsidiariesUnder the inter-group loan agreement dated 30 January 2008, Rightmove Group Limited settles all expenses on behalf of the Company, including dividends paid to shareholders and share buybacks and related costs. During the year, the Company was charged interest of \u00a3226,000 (2021: \u00a3238,000) under this agreement and at 31 December 2022 the unsecured inter-group loan balance was \u00a326,713,000 (2021: \u00a321,842,000).The dividends declared and paid by Rightmove Group Limited to the Company was \u00a3197,982,000 (2021: \u00a3267,211,000). Rightmove Group Limited declared a dividend in specie of \u00a3555,000 (2021: \u00a31,127,000), representing the cost of the SIP shares transferred from the EBT to the SIP during the year. The Company grants share options to employees of Rightmove Group Limited. This transaction is recognised as an increase in the carrying value of the investment of Rightmove Group Limited (refer to Note 14).Directors\u2019 transactionsThere were no transactions with directors in either year other than those disclosed in the Directors\u2019 Remuneration Report. Information on the emoluments of the directors who served during the year, together with information regarding the beneficial interest of the directors in the ordinary shares of the Company is included in the Directors\u2019 Remuneration Report.During the year, the directors in office in total had gains of \u00a3223,000 (2021: \u00a32,140,000) arising on the exercise of share-based incentive awards. The total share-based payments charge in relation to the directors in office was \u00a3879,000 (2021: \u00a3754,000). Key management personnelThe actual remuneration of the Directors, who are the key management personnel of the Group, is disclosed in the Directors\u2019 Remuneration report. The contractual employee benefits are set out below in aggregate for each of the categories specified in \ue62c\ue624\ue636\ue662\ue615\ue617\ue603\ue760\ue635\ue648\ue64f\ue644\ue657\ue648\ue647\ue603\ue633\ue644\ue655\ue657\ue65c\ue603\ue627\ue64c\ue656\ue646\ue64f\ue652\ue656\ue658\ue655\ue648\ue656\ue761\ue6112022 2021 \u00a3000\u00a3000Short-term employee benefits 1,940 1,964Post-employment benefits 28 26Share-based payments 879 762",
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"s7_notes__6__71": {
"value": "26 Contingent liabilitiesThe Group and the Company had no contingent liabilities in either year.",
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"language": "en",
"entity": "scheme:2138001JXGCFKBXYB828",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s7_notes__6__72": {
"value": "27 Subsequent eventsOn 1 January 2023, the Company set up an Employee Benefit trust (EBT). Assets, by the way of 1,375,963 shares and \u00a3237,000 cash, were transferred into the Company\u2019s trust from the existing Employee Benefit Trust linked to the subsidiary Rightmove Group Limited. The trust linked to Rightmove Group Limited was then closed. This had no impact on the consolidated Group position.There were no other subsequent events, between 31 December 2022 and the reporting date, in either the Company or Group.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}