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"value": "1. Accounting policies a) Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Going concern The consolidated financial statements have been prepared on a going concern basis. The directors are required to assess whether the Group can continue to operate for at least 12 months from the date of approval of these financial statements. The Strategic report describes the Group\u2019s financial position, cash flows and borrowing facilities and also highlights the principal risks and uncertainties facing the Group. The Strategic report also sets out the Group\u2019s business activities together with the factors that are likely to affect its future developments, performance and position. Note 21 outlines the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures. In making the going concern assessment, the directors have undertaken a rigorous assessment of current performance and forecasts for the 12-month period to November 2024, including expenditure commitments, capital expenditure and available borrowing facilities. The Group\u2019s borrowing facilities are described in the Strategic report on page 26. The covenants on these facilities are tested half-yearly and are based on fixed charges cover and net borrowings. The directors have also considered the existence of factors beyond the going concern period that could indicate that the going concern basis is not appropriate. The directors have modelled a base case scenario consistent with the latest Board approved forecasts, which include management\u2019s best estimates of market conditions and include a number of assumptions including passenger numbers, sales growth and cost inflation. Under this scenario the Group has significant liquidity and complies with all covenant tests throughout the assessment period. As a result of uncertainty and challenges in the macroeconomic environment, this base case scenario has been stress-tested by applying severe, but plausible, downside assumptions of a magnitude and profile in line with previous experience of economic downturns. These assumptions include reductions to revenue assumptions of between five and ten per cent versus the base case as appropriate by division; additional inflation in labour costs beyond that included in the base case; and margin pressures. Apart from an equal reduction in turnover-based rents in our Travel businesses, this scenario does not assume a decrease in other variable costs, and is therefore considered severe. Under this downside scenario the Group would continue to have significant liquidity headroom on its existing facilities and complies with all covenant tests throughout the assessment period. Based on the above analysis, the directors have concluded that the Group is able to adequately manage its financing and principal risks, and that the Group will be able to continue to meet its obligations as they fall due and operate within the level of its facilities for at least 12 months from the date of approval of these financial statements. New standards The Group has adopted the following standards and interpretations which became mandatory for the year ended 31 August 2023: Amendments to IFRS 3 Business combinations Amendment to IAS 16 Property, plant and equipment Amendment to IAS 37 Provisions, contingent liabilities and contingent assets Annual Improvements 2018\u20132020 Amendments to IFRS 1, IFRS 9 and IFRS 16 The Group has considered the above new standards and amendments and has concluded that they are either not relevant to the Group or they do not have a significant impact on the Group\u2019s consolidated financial statements. At the date of authorisation of these consolidated Group financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective: IFRS 17 Insurance contracts Amendment to IAS 12 Taxation Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors Amendments to IAS 1 Presentation of financial statements Amendments to IFRS 16 Leases Narrow scope amendments to IFRS 3, IAS 16 and IAS 37 The directors anticipate that the adoption of these standards and interpretations in future years will have no material impact on the Group\u2019s financial statements. Alternative Performance Measures (\u2018APMs\u2019) The Group has identified certain measures that it believes will assist the understanding of the performance of the business. These APMs are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional useful information on the underlying trends, performance and position of the Group and are consistent with how business performance is measured internally. The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. The key APMs that the Group uses include: measures before non-underlying items, Headline profit before tax, Headline earnings per share, trading profit, Headline trading profit, Headline Group profit from trading operations, like-for-like revenue, gross margin, fixed charges cover, Headline EBITDA, Net debt and Headline net debt and free cash flow. These APMs are set out in the Glossary on page 168 including explanations of how they are calculated and how they are reconciled to a statutory measure where relevant. Non-underlying items The Group has chosen to present a measure of profit and earnings per share which excludes certain items, that are considered non-underlying and exceptional due to their size, nature or incidence, and are not considered to be part of the normal operations of the Group. These measures exclude the financial effect of non-underlying items which are considered exceptional or occur infrequently such as, inter alia, restructuring and transformation costs linked to a Board agreed programme, costs relating to business combinations, impairment charges and other property costs, significant items relating to pension schemes, and impairment charges and items meeting the definition of non-underlying specifically related to the Covid-19 pandemic, and the related tax effect of these items. In addition, these measures exclude the income statement impact of amortisation of intangible assets acquired in business combinations, which are recognised separately from goodwill. This amortisation is not considered to be part of the underlying operating costs of the business and has no associated cash flows. The Group believes that the separate disclosure of these items provides additional useful information to users of the financial statements to enable a better understanding of the Group\u2019s underlying financial performance. Further details of non-underlying items are provided in Note 4. Accounting convention The financial statements are drawn up on the historical cost basis of accounting, except for certain financial instruments and share-based payments that have been measured at fair value. The financial information is rounded to the nearest million, except where otherwise indicated. The principal accounting policies, which have been applied consistently throughout both years except as noted above, are set out on the following pages. Basis of consolidation The consolidated Group financial statements incorporate the financial statements of WH Smith PLC and all its subsidiaries. Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the fair value of consideration transferred over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the fair value of consideration transferred, the excess is immediately recognised in the income statement. The separable net assets, both tangible and intangible, of the newly acquired subsidiary undertakings are incorporated into the financial statements on the basis of the fair value as at the effective date of control, if appropriate. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Results of subsidiary undertakings disposed of during the financial year are included in the financial statements up to the effective date of disposal. Where a business component representing a separate major line of business is disposed of, or classified as held for sale, it is classified as a discontinued operation. The post-tax profit or loss of the discontinued operations is shown as a single amount on the face of the income statement, separate from the other results of the Group. A joint venture is an entity in which the Group holds an interest on a long-term basis and which is jointly controlled by the Group and one or more other venturers under a contractual agreement. Management has assessed whether it has joint control of the arrangement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. In assessing this joint control no significant judgements have been necessary. The Group\u2019s share of results of joint ventures is included in the Group consolidated income statement using the equity method of accounting. The results of joint ventures in the current and prior year are not material to disclose. Investments in joint ventures are carried in the Group consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. If the Group\u2019s share of losses in the joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has incurred obligations to do so, or made payments on behalf of the joint venture. All intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. b) Revenue Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of goods and services to customers (which is the most significant revenue stream), sale of wholesale goods to franchisees, and commission and fee income on concession and franchise arrangements. Revenue excludes discounts, estimated returns, VAT and other sales-related taxes. Revenue is recognised when performance obligations have been met and control of the goods has transferred to the customer. The majority of the Group\u2019s sales are for standalone products made direct to customers at standard prices either in-store, online or through franchisees, where there is a single performance obligation. Revenue generated from different store formats are considered to be a single revenue stream and are subject to the same underlying economic risks. Revenue on in-store transactions is recognised at the point of sale when control of the goods is deemed to have transferred to the customer. Revenue in respect of online and wholesale (including sales directly to franchisees) transactions is recognised on the transfer of control, which is on delivery of the goods to the customers. Revenue in respect of gift cards sold by the Group is recognised on the redemption of the gift card either in-store at the point of sale or on delivery for online redemptions. Franchise and concession fees and commission are recognised on the accruals basis in accordance with the substance of the contracts in place, which is typically on the basis of fixed fees spread evenly over the contract period, and/or variable amounts earned based on revenue. c) Supplier arrangements The Group receives income from its suppliers in the form of supplier incentives and discounts (collectively \u201cSupplier arrangements\u201d). These incomes are recognised as a deduction from cost of sales on an accruals basis as they are earned for each supplier contract. The level of complexity and judgement is low in relation to establishing the accounting entries and estimates, and the timing of recognition. Supplier incomes that have been invoiced but not received at the year end are recognised in Trade Receivables, or in Trade Payables where we have the right of offset. Incomes that have been earned but not yet invoiced are accrued and are recorded in Accrued income. The types of supplier arrangements recognised by the Group, and the recognition policies are detailed below. Retrospective discounts Income earned based on sales or purchase volume triggers set by the supplier for specific products over specific periods. Income is calculated and invoiced based upon actual sales or purchases over the period set out in the supplier agreement, and is recognised in the income statement as it is earned. Where the period of an agreement spans accounting periods, income is recognised based on forecasts for expected sales or purchase volumes, informed by current performance, trends, and the terms of the supplier agreement. Income is invoiced throughout the year in accordance with the specific supplier terms. The carrying value of inventories is adjusted to reflect unearned elements of supplier income as the product has not yet been sold. This income is subsequently recognised in cost of sales when the product has been sold. Promotional and marketing activity Supplier income from promotional and marketing activity includes income in respect of in-store marketing and point of sale, supplying dedicated promotional space or receiving margin support for products on promotion. Income for promotional and marketing activity is agreed with suppliers for specific periods and products. Income is recognised over the period of the agreement. Income is invoiced when the performance conditions in the supplier agreement have been achieved. d) Retirement benefit costs Payments to the WH Smith Group defined contribution pension schemes are recognised as an expense in the income statement as they fall due. The cost of providing benefits for the United News Shops Retirement Benefits Scheme is determined by the Projected Unit Credit Method, with actuarial calculations being carried out at the balance sheet date. Actuarial gains and losses are recognised in full in the year in which they occur. They are recognised outside the income statement in the Group statement of comprehensive income. The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit obligation, as reduced by the fair value of scheme assets. Any asset resulting from the calculation is limited to the present value of available refunds and reductions in future contributions to the plan. Where the Group is considered to have a contractual obligation to fund the pension scheme above the accounting value of the liabilities, an onerous obligation is recognised. e) Intangible assets Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The consideration transferred is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control, of the acquiree. Costs directly attributable to the business combination are recognised in the income statement in the year they are incurred. The cost of a business combination is allocated at the acquisition date by recognising the acquiree\u2019s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria at their fair values at that date. The acquisition date is the date on which the acquirer effectively obtains control of the acquiree. Intangible assets are recognised if they meet the definition of an intangible asset contained in IAS 38 and their fair value can be measured reliably. The excess of the cost of acquisition over the fair value of the Group\u2019s share of identifiable net assets acquired is recognised as goodwill. Where less than the entire equity interest of a subsidiary is acquired, the non-controlling interest is recognised at the non- controlling interest\u2019s share of the net assets of the subsidiary. Changes in the Group\u2019s ownership percentage of subsidiaries are accounted for within equity. Goodwill Goodwill represents the excess of the fair value of purchase consideration over the net fair value of identifiable assets and liabilities acquired. Goodwill is recognised as an asset at cost and subsequently measured at cost less accumulated impairment. For the purposes of impairment testing, goodwill is allocated to the cash-generating units (CGUs) that have benefited from the acquisition. Each store is considered to be a CGU, or in some cases a group of stores is considered to be a CGU where the stores do not generate largely independent cash inflows. Goodwill is allocated to the group of CGUs making up the Group\u2019s operating segments, as this is the lowest level at which management monitor goodwill. The carrying value of goodwill is reviewed for impairment at least annually or where there is an indication that goodwill may be impaired. If the recoverable amount of the group of cash-generating units is less than its carrying amount, then the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to the units and then to the other assets of the units on a pro-rata basis. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit and loss on disposal. Other intangible assets The costs of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. These intangibles are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged so as to write off the costs of assets over their estimated useful lives, using the straight-line method, and is recorded in Distribution costs. The amortisation period for capitalised software costs is over a maximum period of five years. Cloud-based software arrangements are treated as service contracts and expensed in the Group income statement as the service is received, except where the arrangement meets the requirements for recognition as an intangible asset of the Group under IAS 38. These criteria are met when the Group has both a contractual right to take possession of the software without significant penalty, and the ability to run the software independently of the software host. Configuration and customisation costs in relation to a cloud-based software arrangements are expensed alongside the related service contract in the consolidated income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Other intangible assets are valued at cost and amortised over their useful life, and the amortisation is recorded in administrative expenses, unless the asset can be demonstrated to have an indefinite life. Other intangible assets, such as brands, arising on business combinations are amortised on a straight line basis over their useful lives. Amortisation of other intangible assets arising on business combinations is included in non-underlying costs. The useful life and residual value of all intangible assets are determined at the time of acquisition and reviewed annually for appropriateness. The useful economic lives of other intangible assets are as follows: Software \u2013 up to five years Brands \u2013 ten to twenty years All intangible assets are reviewed for impairment in accordance with IAS 36 Impairment of Assets, when there are indications that the carrying value may not be recoverable. Assets with indefinite useful lives are tested for impairment annually. f) Property, plant and equipment Property, plant and equipment assets are carried at cost less accumulated depreciation and any recognised impairment in value. The carrying values of tangible fixed assets previously revalued have been retained at their book amount. Depreciation is charged so as to write off the costs of assets, other than land, over their estimated useful lives, using the straight-line method, with the annual rates applicable to the principal categories being: Freehold properties \u2013 over 20 years Leasehold improvements \u2013 shorter of the lease period and the estimated remaining economic life Fixtures and fittings \u2013 up to ten years Equipment and vehicles \u2013 up to ten years The residual values of property, plant and equipment are reassessed on an annual basis. At each balance sheet date, property, plant and equipment is reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows of the relevant cash-generating unit, or fair value less costs to sell, if higher. Any impairment in value is charged to the income statement in the year in which it occurs. g) Leasing The Group as a lessee The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of- use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short- term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Group recognises the lease payments as distribution costs on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments, less any lease incentives receivable; \u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; \u2022 the amount expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease payments change due to changes in an index, rent review or rate, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset. Right-of-use assets are depreciated over the lease term. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated balance sheet. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the accounting policies in Note 1 (f) Property, plant and equipment. The lease contracts that include variable rents based on sales, which is the case with many of our retail concession contracts, are not included in the measurement of the lease liability and the right-of-use asset. The related rents payable are recognised as an expense in the year in which the event or condition that triggers those payables occurs and are included in profit or loss (see Note 3). The Group has applied the Amendment to IFRS 16 issued in June 2020 and further extension granted in March 2021. This practical expedient allows the impact on the lease liability of temporary rent reductions/waivers affecting rent payments due on or before June 2022, to be recognised in the income statement in the year they are received, rather than as lease modifications, which would require the remeasurement of the lease liability using a revised discount rate with a corresponding adjustment to the right-of-use asset. For leases acquired as part of a business combination, the lease liability is measured at the present value of the remaining lease payments. The right-of-use asset is measured at the same amount as the lease liability adjusted to reflect favourable or unfavourable terms of the lease when compared to market terms. h) Inventories Inventories comprise goods held for resale and are stated at the lower of cost or net realisable value. Consignment stocks are not included within stocks held by the Group. Inventories are valued using a weighted average cost method. Cost is calculated to include, where applicable, duties, handling, transport and directly attributable costs (including a deduction for applicable supplier income) in bringing the inventories to their present location and condition. Net realisable value is based on estimated normal selling prices less further costs expected to be incurred in selling and distribution. Cost of inventories includes the transfer from equity of any gains or losses on qualifying cash flow hedges relating to purchases. Provisions are made for obsolescence, markdown below cost and shrinkage. i) Provisions Provisions are recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date. Where the effect is material, the provision is determined by discounting the expected future cash flows at a pre-tax rate which reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. j) Foreign currencies The consolidated financial statements are presented in pounds sterling (GBP), which is WH Smith PLC\u2019s functional and presentation currency. Items included in the financial statements of each of the Group\u2019s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into sterling at exchange rates prevailing on the balance sheet date. Income and expense items are translated into sterling at the average exchange rates for the year. Exchange differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Transactions denominated in foreign currencies are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in the income statement for the year. In order to hedge its exposure to certain foreign exchange risks, the Group enters into forward contracts (see below for details of the Group\u2019s accounting policies in respect of such derivative financial instruments). k) Taxation The tax expense included in the income statement comprises current and deferred tax. Current tax is the expected tax payable or receivable based on the taxable profit or loss for the year, using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised. Current and deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognised directly in equity. Deferred tax assets and liabilities are offset where there is considered to be a legally enforceable right to do so. l) Financial instruments Financial assets and liabilities are recognised in the Group\u2019s balance sheet when the Group becomes party to the contractual provisions of the instrument. i) Initial recognition and subsequent measurement a) Financial assets Trade and other receivables Trade receivables are measured at fair value at initial recognition, do not carry any interest and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in the income statement. Allowances for doubtful debts are recognised based on management\u2019s expectation of losses, without regard to whether an impairment trigger has occurred or not (an \u201cexpected credit loss\u201d model under IFRS 9). Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Credit card receivables are included in cash and cash equivalents. b) Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Borrowings Borrowings comprise interest-bearing bank loans and overdrafts and compound financial instruments (convertible bonds). Bank loans are initially measured at fair value (being proceeds received, net of direct issue costs), and are subsequently measured at amortised cost, using the effective interest rate method. Transaction fees such as arrangement fees associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. Finance charges, including premiums payable on settlement or redemptions and direct issue costs are accounted for on an accruals basis and taken to the income statement using the effective interest rate method and are added to the carrying value of the instrument to the extent that they are not settled in the year in which they arise. Compound financial instruments issued by the Group comprise convertible bonds. The convertible bonds are bifurcated into a liability component and an equity component on initial recognition. The carrying value of the liability at initial recognition is measured using a market interest rate for an equivalent non-convertible bond at the issue date. The remainder of the proceeds is allocated to the conversion option and recognised in equity (Other reserves), and not subsequently remeasured. Any directly attributable transaction costs are allocated to each component in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. Any transaction costs apportioned to the liability is included in the carrying amount and recognised over the contractual life of the liability using the effective interest rate method. Trade and other payables Trade and other payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method. Equity instruments Equity instruments issued are recorded at the proceeds received, net of direct issue costs. ii) Derecognition of financial assets and liabilities a) Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. b) Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when a qualitative review of its contractual terms shows that the terms have been significantly changed or where the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. iii) Offsetting Financial assets and financial liabilities are offset and the net position presented in the balance sheet when, and only when, the Group has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. iv) Impairment The Group recognises loss allowances for expected credit losses (\u201cECLs\u201d) on financial assets measured at amortised cost. These are always measured at an amount equal to lifetime ECL. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both qualitative and quantitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and forward-looking information. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have the assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-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. v) Derivative financial instruments and hedge accounting The Group uses certain derivative financial instruments to reduce its exposure to foreign exchange movements in accordance with its risk management policies. The Group primarily uses forward foreign currency contracts to manage its exposure to changes in foreign exchange rates. The Group does not hold or use derivative financial instruments for speculative purposes. Further details of the Group\u2019s risk management policies are provided in Note 21. These instruments are initially recognised at fair value on the trade date and are subsequently measured at their fair value at the end of the financial year. The method of recognising the resulting gain or loss is dependent on whether the derivative is designated as a hedging instrument and the nature of the items being hedged. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in equity and any ineffective portion is recognised immediately in the income statement. If the cash flow hedge of a highly probable forecasted transaction results in the recognition of an asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the income statement in the same period as the hedged item. For an effective hedge of an exposure to changes in the fair value of a recognised asset or liability, changes in fair value of the hedging instrument are recognised in profit or loss at the same time that the recognised asset or liability that is being hedged is adjusted for movements in the hedged risk and that adjustment is also recognised in profit or loss in the same period. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. m) Share schemes WHSmith Employee Benefit Trust The shares held by the WHSmith Employee Benefit Trust are valued at the historical cost of the shares acquired. They are deducted in arriving at shareholders\u2019 funds and are presented as an Other reserve. Share-based payments Employees of the Group receive part of their remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares (equity settled transactions). Equity settled share-based payments are measured at fair value at the date of grant. The fair value is calculated using an appropriate option pricing model. The fair value is expensed to the income statement on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest. For cash-settled share-based payments, a liability is recognised at the current fair value determined at each balance sheet date, taking into account performance conditions and the extent to which employees have rendered service to date, with any changes in fair value recognised in the profit or loss for the year. n) Dividends Final dividends are recorded in the financial statements in the year in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the year in which they are approved and paid. o) Share capital, Share premium and Other reserves Ordinary shares are classified as equity. Share premium arises on the excess between the fair value of the shares issued and the par value of the shares issued. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, against share premium. The par value of shares repurchased and cancelled under the Group\u2019s share buyback programme is reclassified from Share capital to the Capital redemption reserve. For a description of Other reserves, see Note 25. p) Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements in conformity with generally accepted accounting principles requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates and any subsequent changes are accounted for with an effect on income at the time such updated information becomes available. The most critical accounting judgements and sources of estimation uncertainty in determining the financial condition and results of the Group are those requiring the greatest degree of subjective or complex judgement. These relate to the classification of items as non-underlying, assessment of lease substitution rights, determination of the lease term, impairment reviews of non- current assets and inventory valuation. Consideration of climate-related matters In preparing the Financial statements, management has considered the potential impacts of climate change, in the context of the Principal risks and TCFD disclosures included in the Strategic report on pages 41 to 48 in the following areas: \u2022 going concern assessment and viability of the Group over the next three years; \u2022 cash flow forecasts used in the impairment assessments of non-current assets including goodwill; \u2022 carrying value and useful economic lives of property, plant and equipment, right-of-use assets and intangible assets; and \u2022 carrying value of inventories and valuation of other current assets. Current assets, including inventories, are expected to be utilised within a short timeframe, and therefore no risks relating to climate change have been identified. The costs expected to be incurred in connection with our net zero commitments (as described on pages 41 to 48) are included within the Group\u2019s budget and three year plan, which have been used to support the impairment reviews of non- current assets, including goodwill, and the going concern and viability assessments. Further disclosures in relation to the impact of climate change on the impairment assessment of right-of-use assets and property, plant and equipment are included in Note 11, and on goodwill in Note 10. The Group\u2019s initial quantitative scenario analysis (as described on pages 41 to 48) has determined that operational impacts are not expected to be significant within the short-term forecast period. Beyond the forecast periods, the results of the quantitative scenario analysis have been incorporated into the sensitivity analyses of viability and goodwill impairment where appropriate, however climate change is not considered to be a key driver in determining the outcomes of these exercises and is therefore not currently classified as a key source of estimation uncertainty within our financial statements. This assessment will be kept under review going forward. Critical accounting judgements Non-underlying items The Group has chosen to present a measure of profit and earnings per share which excludes certain items that are considered non-underlying and exceptional due to their size, nature or incidence, and are not considered to be part of the normal operations of the Group. These measures exclude the financial effect of non-underlying items which are considered exceptional and occur infrequently such as, inter alia, restructuring and transformation costs linked to a Board agreed programme, amortisation of acquired intangibles assets, costs relating to business combinations, impairment charges and other property costs, significant items relating to pension schemes, and impairment charges and items meeting the definition of non-underlying specifically related to the Covid-19 pandemic, and the related tax effect of these items. The Group believes that they provide additional useful information to users of the financial statements to enable a better understanding of the Group\u2019s underlying financial performance. The classification of items as non-underlying requires management judgement. The definition of non-underlying items has been applied consistently year on year. Further details of non-underlying items are provided in Note 4. IFRS 16 Lease accounting Substantive substitution rights Judgement is required in determining whether a contract meets the definition of a lease under IFRS 16. Management has determined that certain retail concession contracts give the landlord substantive substitution rights because the contract gives the landlord rights to relocate the retail space occupied by the Group. In such cases, management has concluded that there is not an identified asset and therefore such contracts are outside the scope of IFRS 16. For these contracts, the Group recognises the payments as an operating expense on a straight-line basis over the term of the contract unless another systematic basis is more representative of the time pattern in which economic benefits from the underlying contract are consumed. Determination of lease term In determining the lease term for contracts that have options to extend or terminate early at the Group\u2019s discretion, management has applied judgement in determining the likelihood of whether such options will be exercised. This is based on the length of time remaining before the option is exercisable, performance of the individual store and the trading forecasts. Sources of estimation uncertainty Intangible assets, property, plant and equipment and right-of-use asset impairment reviews Property, plant and equipment, right-of-use assets and intangible assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset or a cash-generating unit is determined based on value-in-use calculations prepared on the basis of management\u2019s assumptions and estimates. The key assumptions in the value-in-use calculations include growth rates of revenue and the pre-tax discount rate. Further information in respect of the Group\u2019s intangible assets, property, plant and equipment and right-of-use assets is included in Notes 10, 11 and 12 respectively. Inventory valuation Inventory is carried at the lower of cost and net realisable value which requires the estimation of sell through rates, and the eventual sales price of goods to customers in the future. Any difference between the expected and the actual sales price achieved will be accounted for in the year in which the sale is made. A description of the Group\u2019s accounting policy in respect of inventories is included in Note 1(h). A sensitivity analysis has been carried out on the calculation of inventory provisions. The key assumption driving the stock provision calculation is forecast revenue. A ten per cent change in the revenue assumptions applied in the provision calculation, representing a reasonably possible outcome, would reduce the carrying value of inventories by \u00a32m (2022: \u00a32m). ",
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"fact-366": {
"value": "a) Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. Going concern The consolidated financial statements have been prepared on a going concern basis. The directors are required to assess whether the Group can continue to operate for at least 12 months from the date of approval of these financial statements. The Strategic report describes the Group\u2019s financial position, cash flows and borrowing facilities and also highlights the principal risks and uncertainties facing the Group. The Strategic report also sets out the Group\u2019s business activities together with the factors that are likely to affect its future developments, performance and position. Note 21 outlines the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures. In making the going concern assessment, the directors have undertaken a rigorous assessment of current performance and forecasts for the 12-month period to November 2024, including expenditure commitments, capital expenditure and available borrowing facilities. The Group\u2019s borrowing facilities are described in the Strategic report on page 26. The covenants on these facilities are tested half-yearly and are based on fixed charges cover and net borrowings. The directors have also considered the existence of factors beyond the going concern period that could indicate that the going concern basis is not appropriate. The directors have modelled a base case scenario consistent with the latest Board approved forecasts, which include management\u2019s best estimates of market conditions and include a number of assumptions including passenger numbers, sales growth and cost inflation. Under this scenario the Group has significant liquidity and complies with all covenant tests throughout the assessment period. As a result of uncertainty and challenges in the macroeconomic environment, this base case scenario has been stress-tested by applying severe, but plausible, downside assumptions of a magnitude and profile in line with previous experience of economic downturns. These assumptions include reductions to revenue assumptions of between five and ten per cent versus the base case as appropriate by division; additional inflation in labour costs beyond that included in the base case; and margin pressures. Apart from an equal reduction in turnover-based rents in our Travel businesses, this scenario does not assume a decrease in other variable costs, and is therefore considered severe. Under this downside scenario the Group would continue to have significant liquidity headroom on its existing facilities and complies with all covenant tests throughout the assessment period. Based on the above analysis, the directors have concluded that the Group is able to adequately manage its financing and principal risks, and that the Group will be able to continue to meet its obligations as they fall due and operate within the level of its facilities for at least 12 months from the date of approval of these financial statements. New standards The Group has adopted the following standards and interpretations which became mandatory for the year ended 31 August 2023: Amendments to IFRS 3 Business combinations Amendment to IAS 16 Property, plant and equipment Amendment to IAS 37 Provisions, contingent liabilities and contingent assets Annual Improvements 2018\u20132020 Amendments to IFRS 1, IFRS 9 and IFRS 16 The Group has considered the above new standards and amendments and has concluded that they are either not relevant to the Group or they do not have a significant impact on the Group\u2019s consolidated financial statements. At the date of authorisation of these consolidated Group financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective: IFRS 17 Insurance contracts Amendment to IAS 12 Taxation Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors Amendments to IAS 1 Presentation of financial statements Amendments to IFRS 16 Leases Narrow scope amendments to IFRS 3, IAS 16 and IAS 37 The directors anticipate that the adoption of these standards and interpretations in future years will have no material impact on the Group\u2019s financial statements. Alternative Performance Measures (\u2018APMs\u2019) The Group has identified certain measures that it believes will assist the understanding of the performance of the business. These APMs are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional useful information on the underlying trends, performance and position of the Group and are consistent with how business performance is measured internally. The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. The key APMs that the Group uses include: measures before non-underlying items, Headline profit before tax, Headline earnings per share, trading profit, Headline trading profit, Headline Group profit from trading operations, like-for-like revenue, gross margin, fixed charges cover, Headline EBITDA, Net debt and Headline net debt and free cash flow. These APMs are set out in the Glossary on page 168 including explanations of how they are calculated and how they are reconciled to a statutory measure where relevant. Non-underlying items The Group has chosen to present a measure of profit and earnings per share which excludes certain items, that are considered non-underlying and exceptional due to their size, nature or incidence, and are not considered to be part of the normal operations of the Group. These measures exclude the financial effect of non-underlying items which are considered exceptional or occur infrequently such as, inter alia, restructuring and transformation costs linked to a Board agreed programme, costs relating to business combinations, impairment charges and other property costs, significant items relating to pension schemes, and impairment charges and items meeting the definition of non-underlying specifically related to the Covid-19 pandemic, and the related tax effect of these items. In addition, these measures exclude the income statement impact of amortisation of intangible assets acquired in business combinations, which are recognised separately from goodwill. This amortisation is not considered to be part of the underlying operating costs of the business and has no associated cash flows. The Group believes that the separate disclosure of these items provides additional useful information to users of the financial statements to enable a better understanding of the Group\u2019s underlying financial performance. Further details of non-underlying items are provided in Note 4. Accounting convention The financial statements are drawn up on the historical cost basis of accounting, except for certain financial instruments and share-based payments that have been measured at fair value. The financial information is rounded to the nearest million, except where otherwise indicated. The principal accounting policies, which have been applied consistently throughout both years except as noted above, are set out on the following pages. Basis of consolidation The consolidated Group financial statements incorporate the financial statements of WH Smith PLC and all its subsidiaries. Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the fair value of consideration transferred over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the fair value of consideration transferred, the excess is immediately recognised in the income statement. The separable net assets, both tangible and intangible, of the newly acquired subsidiary undertakings are incorporated into the financial statements on the basis of the fair value as at the effective date of control, if appropriate. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Results of subsidiary undertakings disposed of during the financial year are included in the financial statements up to the effective date of disposal. Where a business component representing a separate major line of business is disposed of, or classified as held for sale, it is classified as a discontinued operation. The post-tax profit or loss of the discontinued operations is shown as a single amount on the face of the income statement, separate from the other results of the Group. A joint venture is an entity in which the Group holds an interest on a long-term basis and which is jointly controlled by the Group and one or more other venturers under a contractual agreement. Management has assessed whether it has joint control of the arrangement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. In assessing this joint control no significant judgements have been necessary. The Group\u2019s share of results of joint ventures is included in the Group consolidated income statement using the equity method of accounting. The results of joint ventures in the current and prior year are not material to disclose. Investments in joint ventures are carried in the Group consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. If the Group\u2019s share of losses in the joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has incurred obligations to do so, or made payments on behalf of the joint venture. All intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. ",
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"value": "The consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ",
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"fact-407": {
"value": "Going concern The consolidated financial statements have been prepared on a going concern basis. The directors are required to assess whether the Group can continue to operate for at least 12 months from the date of approval of these financial statements. The Strategic report describes the Group\u2019s financial position, cash flows and borrowing facilities and also highlights the principal risks and uncertainties facing the Group. The Strategic report also sets out the Group\u2019s business activities together with the factors that are likely to affect its future developments, performance and position. Note 21 outlines the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures. In making the going concern assessment, the directors have undertaken a rigorous assessment of current performance and forecasts for the 12-month period to November 2024, including expenditure commitments, capital expenditure and available borrowing facilities. The Group\u2019s borrowing facilities are described in the Strategic report on page 26. The covenants on these facilities are tested half-yearly and are based on fixed charges cover and net borrowings. The directors have also considered the existence of factors beyond the going concern period that could indicate that the going concern basis is not appropriate. The directors have modelled a base case scenario consistent with the latest Board approved forecasts, which include management\u2019s best estimates of market conditions and include a number of assumptions including passenger numbers, sales growth and cost inflation. Under this scenario the Group has significant liquidity and complies with all covenant tests throughout the assessment period. As a result of uncertainty and challenges in the macroeconomic environment, this base case scenario has been stress-tested by applying severe, but plausible, downside assumptions of a magnitude and profile in line with previous experience of economic downturns. These assumptions include reductions to revenue assumptions of between five and ten per cent versus the base case as appropriate by division; additional inflation in labour costs beyond that included in the base case; and margin pressures. Apart from an equal reduction in turnover-based rents in our Travel businesses, this scenario does not assume a decrease in other variable costs, and is therefore considered severe. Under this downside scenario the Group would continue to have significant liquidity headroom on its existing facilities and complies with all covenant tests throughout the assessment period. Based on the above analysis, the directors have concluded that the Group is able to adequately manage its financing and principal risks, and that the Group will be able to continue to meet its obligations as they fall due and operate within the level of its facilities for at least 12 months from the date of approval of these financial statements. ",
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"fact-455": {
"value": "New standards The Group has adopted the following standards and interpretations which became mandatory for the year ended 31 August 2023: Amendments to IFRS 3 Business combinations Amendment to IAS 16 Property, plant and equipment Amendment to IAS 37 Provisions, contingent liabilities and contingent assets Annual Improvements 2018\u20132020 Amendments to IFRS 1, IFRS 9 and IFRS 16 The Group has considered the above new standards and amendments and has concluded that they are either not relevant to the Group or they do not have a significant impact on the Group\u2019s consolidated financial statements. At the date of authorisation of these consolidated Group financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective: IFRS 17 Insurance contracts Amendment to IAS 12 Taxation Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors Amendments to IAS 1 Presentation of financial statements Amendments to IFRS 16 Leases Narrow scope amendments to IFRS 3, IAS 16 and IAS 37 The directors anticipate that the adoption of these standards and interpretations in future years will have no material impact on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-443": {
"value": "New standards The Group has adopted the following standards and interpretations which became mandatory for the year ended 31 August 2023: Amendments to IFRS 3 Business combinations Amendment to IAS 16 Property, plant and equipment Amendment to IAS 37 Provisions, contingent liabilities and contingent assets Annual Improvements 2018\u20132020 Amendments to IFRS 1, IFRS 9 and IFRS 16 The Group has considered the above new standards and amendments and has concluded that they are either not relevant to the Group or they do not have a significant impact on the Group\u2019s consolidated financial statements. At the date of authorisation of these consolidated Group financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective: IFRS 17 Insurance contracts Amendment to IAS 12 Taxation Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors Amendments to IAS 1 Presentation of financial statements Amendments to IFRS 16 Leases Narrow scope amendments to IFRS 3, IAS 16 and IAS 37 The directors anticipate that the adoption of these standards and interpretations in future years will have no material impact on the Group\u2019s financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-408": {
"value": "New standards The Group has adopted the following standards and interpretations which became mandatory for the year ended 31 August 2023: Amendments to IFRS 3 Business combinations Amendment to IAS 16 Property, plant and equipment Amendment to IAS 37 Provisions, contingent liabilities and contingent assets Annual Improvements 2018\u20132020 Amendments to IFRS 1, IFRS 9 and IFRS 16 The Group has considered the above new standards and amendments and has concluded that they are either not relevant to the Group or they do not have a significant impact on the Group\u2019s consolidated financial statements. At the date of authorisation of these consolidated Group financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective: IFRS 17 Insurance contracts Amendment to IAS 12 Taxation Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors Amendments to IAS 1 Presentation of financial statements Amendments to IFRS 16 Leases Narrow scope amendments to IFRS 3, IAS 16 and IAS 37 The directors anticipate that the adoption of these standards and interpretations in future years will have no material impact on the Group\u2019s financial statements. ",
"dimensions": {
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"language": "en",
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"fact-409": {
"value": "Alternative Performance Measures (\u2018APMs\u2019) The Group has identified certain measures that it believes will assist the understanding of the performance of the business. These APMs are not defined or specified under the requirements of IFRS. The Group believes that these APMs, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional useful information on the underlying trends, performance and position of the Group and are consistent with how business performance is measured internally. The APMs are not defined by IFRS and therefore may not be directly comparable with other companies\u2019 APMs. The key APMs that the Group uses include: measures before non-underlying items, Headline profit before tax, Headline earnings per share, trading profit, Headline trading profit, Headline Group profit from trading operations, like-for-like revenue, gross margin, fixed charges cover, Headline EBITDA, Net debt and Headline net debt and free cash flow. These APMs are set out in the Glossary on page 168 including explanations of how they are calculated and how they are reconciled to a statutory measure where relevant. ",
"dimensions": {
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"language": "en",
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}
},
"fact-410": {
"value": "Basis of consolidation The consolidated Group financial statements incorporate the financial statements of WH Smith PLC and all its subsidiaries. Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the fair value of consideration transferred over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the fair value of consideration transferred, the excess is immediately recognised in the income statement. The separable net assets, both tangible and intangible, of the newly acquired subsidiary undertakings are incorporated into the financial statements on the basis of the fair value as at the effective date of control, if appropriate. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Results of subsidiary undertakings disposed of during the financial year are included in the financial statements up to the effective date of disposal. Where a business component representing a separate major line of business is disposed of, or classified as held for sale, it is classified as a discontinued operation. The post-tax profit or loss of the discontinued operations is shown as a single amount on the face of the income statement, separate from the other results of the Group. A joint venture is an entity in which the Group holds an interest on a long-term basis and which is jointly controlled by the Group and one or more other venturers under a contractual agreement. Management has assessed whether it has joint control of the arrangement. Joint control exists only when decisions about the relevant activities require the unanimous consent of the parties that collectively control the arrangement. In assessing this joint control no significant judgements have been necessary. The Group\u2019s share of results of joint ventures is included in the Group consolidated income statement using the equity method of accounting. The results of joint ventures in the current and prior year are not material to disclose. Investments in joint ventures are carried in the Group consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of net assets of the entity less any impairment in value. If the Group\u2019s share of losses in the joint venture equals or exceeds its investment in the joint venture, the Group does not recognise further losses, unless it has incurred obligations to do so, or made payments on behalf of the joint venture. All intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. ",
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"fact-5": {
"value": "WH Smith PLC",
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"fact-367": {
"value": "b) Revenue Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for the sale of goods and services to customers (which is the most significant revenue stream), sale of wholesale goods to franchisees, and commission and fee income on concession and franchise arrangements. Revenue excludes discounts, estimated returns, VAT and other sales-related taxes. Revenue is recognised when performance obligations have been met and control of the goods has transferred to the customer. The majority of the Group\u2019s sales are for standalone products made direct to customers at standard prices either in-store, online or through franchisees, where there is a single performance obligation. Revenue generated from different store formats are considered to be a single revenue stream and are subject to the same underlying economic risks. Revenue on in-store transactions is recognised at the point of sale when control of the goods is deemed to have transferred to the customer. Revenue in respect of online and wholesale (including sales directly to franchisees) transactions is recognised on the transfer of control, which is on delivery of the goods to the customers. Revenue in respect of gift cards sold by the Group is recognised on the redemption of the gift card either in-store at the point of sale or on delivery for online redemptions. Franchise and concession fees and commission are recognised on the accruals basis in accordance with the substance of the contracts in place, which is typically on the basis of fixed fees spread evenly over the contract period, and/or variable amounts earned based on revenue. ",
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"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
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"fact-368": {
"value": "c) Supplier arrangements The Group receives income from its suppliers in the form of supplier incentives and discounts (collectively \u201cSupplier arrangements\u201d). These incomes are recognised as a deduction from cost of sales on an accruals basis as they are earned for each supplier contract. The level of complexity and judgement is low in relation to establishing the accounting entries and estimates, and the timing of recognition. Supplier incomes that have been invoiced but not received at the year end are recognised in Trade Receivables, or in Trade Payables where we have the right of offset. Incomes that have been earned but not yet invoiced are accrued and are recorded in Accrued income. The types of supplier arrangements recognised by the Group, and the recognition policies are detailed below. Retrospective discounts Income earned based on sales or purchase volume triggers set by the supplier for specific products over specific periods. Income is calculated and invoiced based upon actual sales or purchases over the period set out in the supplier agreement, and is recognised in the income statement as it is earned. Where the period of an agreement spans accounting periods, income is recognised based on forecasts for expected sales or purchase volumes, informed by current performance, trends, and the terms of the supplier agreement. Income is invoiced throughout the year in accordance with the specific supplier terms. The carrying value of inventories is adjusted to reflect unearned elements of supplier income as the product has not yet been sold. This income is subsequently recognised in cost of sales when the product has been sold. Promotional and marketing activity Supplier income from promotional and marketing activity includes income in respect of in-store marketing and point of sale, supplying dedicated promotional space or receiving margin support for products on promotion. Income for promotional and marketing activity is agreed with suppliers for specific periods and products. Income is recognised over the period of the agreement. Income is invoiced when the performance conditions in the supplier agreement have been achieved. ",
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"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-369": {
"value": "d) Retirement benefit costs Payments to the WH Smith Group defined contribution pension schemes are recognised as an expense in the income statement as they fall due. The cost of providing benefits for the United News Shops Retirement Benefits Scheme is determined by the Projected Unit Credit Method, with actuarial calculations being carried out at the balance sheet date. Actuarial gains and losses are recognised in full in the year in which they occur. They are recognised outside the income statement in the Group statement of comprehensive income. The retirement benefit obligation recognised in the balance sheet represents the present value of the defined benefit obligation, as reduced by the fair value of scheme assets. Any asset resulting from the calculation is limited to the present value of available refunds and reductions in future contributions to the plan. Where the Group is considered to have a contractual obligation to fund the pension scheme above the accounting value of the liabilities, an onerous obligation is recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-370": {
"value": "e) Intangible assets Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The consideration transferred is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control, of the acquiree. Costs directly attributable to the business combination are recognised in the income statement in the year they are incurred. The cost of a business combination is allocated at the acquisition date by recognising the acquiree\u2019s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria at their fair values at that date. The acquisition date is the date on which the acquirer effectively obtains control of the acquiree. Intangible assets are recognised if they meet the definition of an intangible asset contained in IAS 38 and their fair value can be measured reliably. The excess of the cost of acquisition over the fair value of the Group\u2019s share of identifiable net assets acquired is recognised as goodwill. Where less than the entire equity interest of a subsidiary is acquired, the non-controlling interest is recognised at the non- controlling interest\u2019s share of the net assets of the subsidiary. Changes in the Group\u2019s ownership percentage of subsidiaries are accounted for within equity. Goodwill Goodwill represents the excess of the fair value of purchase consideration over the net fair value of identifiable assets and liabilities acquired. Goodwill is recognised as an asset at cost and subsequently measured at cost less accumulated impairment. For the purposes of impairment testing, goodwill is allocated to the cash-generating units (CGUs) that have benefited from the acquisition. Each store is considered to be a CGU, or in some cases a group of stores is considered to be a CGU where the stores do not generate largely independent cash inflows. Goodwill is allocated to the group of CGUs making up the Group\u2019s operating segments, as this is the lowest level at which management monitor goodwill. The carrying value of goodwill is reviewed for impairment at least annually or where there is an indication that goodwill may be impaired. If the recoverable amount of the group of cash-generating units is less than its carrying amount, then the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to the units and then to the other assets of the units on a pro-rata basis. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit and loss on disposal. Other intangible assets The costs of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. These intangibles are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged so as to write off the costs of assets over their estimated useful lives, using the straight-line method, and is recorded in Distribution costs. The amortisation period for capitalised software costs is over a maximum period of five years. Cloud-based software arrangements are treated as service contracts and expensed in the Group income statement as the service is received, except where the arrangement meets the requirements for recognition as an intangible asset of the Group under IAS 38. These criteria are met when the Group has both a contractual right to take possession of the software without significant penalty, and the ability to run the software independently of the software host. Configuration and customisation costs in relation to a cloud-based software arrangements are expensed alongside the related service contract in the consolidated income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Other intangible assets are valued at cost and amortised over their useful life, and the amortisation is recorded in administrative expenses, unless the asset can be demonstrated to have an indefinite life. Other intangible assets, such as brands, arising on business combinations are amortised on a straight line basis over their useful lives. Amortisation of other intangible assets arising on business combinations is included in non-underlying costs. The useful life and residual value of all intangible assets are determined at the time of acquisition and reviewed annually for appropriateness. The useful economic lives of other intangible assets are as follows: Software \u2013 up to five years Brands \u2013 ten to twenty years All intangible assets are reviewed for impairment in accordance with IAS 36 Impairment of Assets, when there are indications that the carrying value may not be recoverable. Assets with indefinite useful lives are tested for impairment annually. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-444": {
"value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The consideration transferred is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control, of the acquiree. Costs directly attributable to the business combination are recognised in the income statement in the year they are incurred. The cost of a business combination is allocated at the acquisition date by recognising the acquiree\u2019s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria at their fair values at that date. The acquisition date is the date on which the acquirer effectively obtains control of the acquiree. Intangible assets are recognised if they meet the definition of an intangible asset contained in IAS 38 and their fair value can be measured reliably. The excess of the cost of acquisition over the fair value of the Group\u2019s share of identifiable net assets acquired is recognised as goodwill. Where less than the entire equity interest of a subsidiary is acquired, the non-controlling interest is recognised at the non- controlling interest\u2019s share of the net assets of the subsidiary. Changes in the Group\u2019s ownership percentage of subsidiaries are accounted for within equity. Goodwill Goodwill represents the excess of the fair value of purchase consideration over the net fair value of identifiable assets and liabilities acquired. Goodwill is recognised as an asset at cost and subsequently measured at cost less accumulated impairment. For the purposes of impairment testing, goodwill is allocated to the cash-generating units (CGUs) that have benefited from the acquisition. Each store is considered to be a CGU, or in some cases a group of stores is considered to be a CGU where the stores do not generate largely independent cash inflows. Goodwill is allocated to the group of CGUs making up the Group\u2019s operating segments, as this is the lowest level at which management monitor goodwill. The carrying value of goodwill is reviewed for impairment at least annually or where there is an indication that goodwill may be impaired. If the recoverable amount of the group of cash-generating units is less than its carrying amount, then the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to the units and then to the other assets of the units on a pro-rata basis. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit and loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-412": {
"value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The consideration transferred is measured at the aggregate of the fair values, at the date of exchange, of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control, of the acquiree. Costs directly attributable to the business combination are recognised in the income statement in the year they are incurred. The cost of a business combination is allocated at the acquisition date by recognising the acquiree\u2019s identifiable assets, liabilities and contingent liabilities that satisfy the recognition criteria at their fair values at that date. The acquisition date is the date on which the acquirer effectively obtains control of the acquiree. Intangible assets are recognised if they meet the definition of an intangible asset contained in IAS 38 and their fair value can be measured reliably. The excess of the cost of acquisition over the fair value of the Group\u2019s share of identifiable net assets acquired is recognised as goodwill. Where less than the entire equity interest of a subsidiary is acquired, the non-controlling interest is recognised at the non- controlling interest\u2019s share of the net assets of the subsidiary. Changes in the Group\u2019s ownership percentage of subsidiaries are accounted for within equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-411": {
"value": "Goodwill Goodwill represents the excess of the fair value of purchase consideration over the net fair value of identifiable assets and liabilities acquired. Goodwill is recognised as an asset at cost and subsequently measured at cost less accumulated impairment. For the purposes of impairment testing, goodwill is allocated to the cash-generating units (CGUs) that have benefited from the acquisition. Each store is considered to be a CGU, or in some cases a group of stores is considered to be a CGU where the stores do not generate largely independent cash inflows. Goodwill is allocated to the group of CGUs making up the Group\u2019s operating segments, as this is the lowest level at which management monitor goodwill. The carrying value of goodwill is reviewed for impairment at least annually or where there is an indication that goodwill may be impaired. If the recoverable amount of the group of cash-generating units is less than its carrying amount, then the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to the units and then to the other assets of the units on a pro-rata basis. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit and loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-413": {
"value": "Other intangible assets The costs of acquiring and developing software that is not integral to the related hardware is capitalised separately as an intangible asset. These intangibles are stated at cost less accumulated amortisation and impairment losses. Amortisation is charged so as to write off the costs of assets over their estimated useful lives, using the straight-line method, and is recorded in Distribution costs. The amortisation period for capitalised software costs is over a maximum period of five years. Cloud-based software arrangements are treated as service contracts and expensed in the Group income statement as the service is received, except where the arrangement meets the requirements for recognition as an intangible asset of the Group under IAS 38. These criteria are met when the Group has both a contractual right to take possession of the software without significant penalty, and the ability to run the software independently of the software host. Configuration and customisation costs in relation to a cloud-based software arrangements are expensed alongside the related service contract in the consolidated income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Other intangible assets are valued at cost and amortised over their useful life, and the amortisation is recorded in administrative expenses, unless the asset can be demonstrated to have an indefinite life. Other intangible assets, such as brands, arising on business combinations are amortised on a straight line basis over their useful lives. Amortisation of other intangible assets arising on business combinations is included in non-underlying costs. The useful life and residual value of all intangible assets are determined at the time of acquisition and reviewed annually for appropriateness. The useful economic lives of other intangible assets are as follows: Software \u2013 up to five years Brands \u2013 ten to twenty years All intangible assets are reviewed for impairment in accordance with IAS 36 Impairment of Assets, when there are indications that the carrying value may not be recoverable. Assets with indefinite useful lives are tested for impairment annually. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-414": {
"value": "f) Property, plant and equipment Property, plant and equipment assets are carried at cost less accumulated depreciation and any recognised impairment in value. The carrying values of tangible fixed assets previously revalued have been retained at their book amount. Depreciation is charged so as to write off the costs of assets, other than land, over their estimated useful lives, using the straight-line method, with the annual rates applicable to the principal categories being: Freehold properties \u2013 over 20 years Leasehold improvements \u2013 shorter of the lease period and the estimated remaining economic life Fixtures and fittings \u2013 up to ten years Equipment and vehicles \u2013 up to ten years The residual values of property, plant and equipment are reassessed on an annual basis. At each balance sheet date, property, plant and equipment is reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows of the relevant cash-generating unit, or fair value less costs to sell, if higher. Any impairment in value is charged to the income statement in the year in which it occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-371": {
"value": "f) Property, plant and equipment Property, plant and equipment assets are carried at cost less accumulated depreciation and any recognised impairment in value. The carrying values of tangible fixed assets previously revalued have been retained at their book amount. Depreciation is charged so as to write off the costs of assets, other than land, over their estimated useful lives, using the straight-line method, with the annual rates applicable to the principal categories being: Freehold properties \u2013 over 20 years Leasehold improvements \u2013 shorter of the lease period and the estimated remaining economic life Fixtures and fittings \u2013 up to ten years Equipment and vehicles \u2013 up to ten years The residual values of property, plant and equipment are reassessed on an annual basis. At each balance sheet date, property, plant and equipment is reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is assessed by reference to the net present value of expected future pre-tax cash flows of the relevant cash-generating unit, or fair value less costs to sell, if higher. Any impairment in value is charged to the income statement in the year in which it occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-372": {
"value": "g) Leasing The Group as a lessee The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group recognises a right-of- use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short- term leases (defined as leases with a lease term of 12 months or less) and leases of low-value assets. For these leases, the Group recognises the lease payments as distribution costs on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the lessee uses its incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise: \u2022 fixed lease payments, less any lease incentives receivable; \u2022 variable lease payments that depend on an index or rate, initially measured using the index or rate at the commencement date; \u2022 the amount expected to be payable by the lessee under residual value guarantees; \u2022 the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the exercise of an option to terminate the lease. The lease liability is presented as a separate line in the consolidated balance sheet. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever: \u2022 The lease payments change due to changes in an index, rent review or rate, in which cases the lease liability is remeasured by discounting the revised lease payments using an unchanged discount rate. \u2022 A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised discount rate at the effective date of the modification. The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement date, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. Whenever the Group incurs an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised and measured under IAS 37. To the extent that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset. Right-of-use assets are depreciated over the lease term. The depreciation starts at the commencement date of the lease. The right-of-use assets are presented as a separate line in the consolidated balance sheet. The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in the accounting policies in Note 1 (f) Property, plant and equipment. The lease contracts that include variable rents based on sales, which is the case with many of our retail concession contracts, are not included in the measurement of the lease liability and the right-of-use asset. The related rents payable are recognised as an expense in the year in which the event or condition that triggers those payables occurs and are included in profit or loss (see Note 3). The Group has applied the Amendment to IFRS 16 issued in June 2020 and further extension granted in March 2021. This practical expedient allows the impact on the lease liability of temporary rent reductions/waivers affecting rent payments due on or before June 2022, to be recognised in the income statement in the year they are received, rather than as lease modifications, which would require the remeasurement of the lease liability using a revised discount rate with a corresponding adjustment to the right-of-use asset. For leases acquired as part of a business combination, the lease liability is measured at the present value of the remaining lease payments. The right-of-use asset is measured at the same amount as the lease liability adjusted to reflect favourable or unfavourable terms of the lease when compared to market terms. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-373": {
"value": "h) Inventories Inventories comprise goods held for resale and are stated at the lower of cost or net realisable value. Consignment stocks are not included within stocks held by the Group. Inventories are valued using a weighted average cost method. Cost is calculated to include, where applicable, duties, handling, transport and directly attributable costs (including a deduction for applicable supplier income) in bringing the inventories to their present location and condition. Net realisable value is based on estimated normal selling prices less further costs expected to be incurred in selling and distribution. Cost of inventories includes the transfer from equity of any gains or losses on qualifying cash flow hedges relating to purchases. Provisions are made for obsolescence, markdown below cost and shrinkage. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-374": {
"value": "i) Provisions Provisions are recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date. Where the effect is material, the provision is determined by discounting the expected future cash flows at a pre-tax rate which reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-375": {
"value": "j) Foreign currencies The consolidated financial statements are presented in pounds sterling (GBP), which is WH Smith PLC\u2019s functional and presentation currency. Items included in the financial statements of each of the Group\u2019s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). On consolidation, the assets and liabilities of the Group\u2019s overseas operations are translated into sterling at exchange rates prevailing on the balance sheet date. Income and expense items are translated into sterling at the average exchange rates for the year. Exchange differences arising, if any, are classified as equity and transferred to the Group\u2019s translation reserve. Transactions denominated in foreign currencies are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are included in the income statement for the year. In order to hedge its exposure to certain foreign exchange risks, the Group enters into forward contracts (see below for details of the Group\u2019s accounting policies in respect of such derivative financial instruments). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-415": {
"value": "The consolidated financial statements are presented in pounds sterling (GBP), which is WH Smith PLC\u2019s functional and presentation currency. Items included in the financial statements of each of the Group\u2019s subsidiaries are measured using the currency of the primary economic environment in which the entity operates (\u201cthe functional currency\u201d). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-376": {
"value": "k) Taxation The tax expense included in the income statement comprises current and deferred tax. Current tax is the expected tax payable or receivable based on the taxable profit or loss for the year, using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised. Current and deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognised directly in equity. Deferred tax assets and liabilities are offset where there is considered to be a legally enforceable right to do so. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-416": {
"value": "Deferred tax is recognised on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the year when the liability is settled or the asset is realised. Current and deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the current or deferred tax is also recognised directly in equity. Deferred tax assets and liabilities are offset where there is considered to be a legally enforceable right to do so. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-377": {
"value": "l) Financial instruments Financial assets and liabilities are recognised in the Group\u2019s balance sheet when the Group becomes party to the contractual provisions of the instrument. i) Initial recognition and subsequent measurement a) Financial assets Trade and other receivables Trade receivables are measured at fair value at initial recognition, do not carry any interest and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in the income statement. Allowances for doubtful debts are recognised based on management\u2019s expectation of losses, without regard to whether an impairment trigger has occurred or not (an \u201cexpected credit loss\u201d model under IFRS 9). Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Credit card receivables are included in cash and cash equivalents. b) Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Borrowings Borrowings comprise interest-bearing bank loans and overdrafts and compound financial instruments (convertible bonds). Bank loans are initially measured at fair value (being proceeds received, net of direct issue costs), and are subsequently measured at amortised cost, using the effective interest rate method. Transaction fees such as arrangement fees associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. Finance charges, including premiums payable on settlement or redemptions and direct issue costs are accounted for on an accruals basis and taken to the income statement using the effective interest rate method and are added to the carrying value of the instrument to the extent that they are not settled in the year in which they arise. Compound financial instruments issued by the Group comprise convertible bonds. The convertible bonds are bifurcated into a liability component and an equity component on initial recognition. The carrying value of the liability at initial recognition is measured using a market interest rate for an equivalent non-convertible bond at the issue date. The remainder of the proceeds is allocated to the conversion option and recognised in equity (Other reserves), and not subsequently remeasured. Any directly attributable transaction costs are allocated to each component in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. Any transaction costs apportioned to the liability is included in the carrying amount and recognised over the contractual life of the liability using the effective interest rate method. Trade and other payables Trade and other payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method. Equity instruments Equity instruments issued are recorded at the proceeds received, net of direct issue costs. ii) Derecognition of financial assets and liabilities a) Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. b) Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when a qualitative review of its contractual terms shows that the terms have been significantly changed or where the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. iii) Offsetting Financial assets and financial liabilities are offset and the net position presented in the balance sheet when, and only when, the Group has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. iv) Impairment The Group recognises loss allowances for expected credit losses (\u201cECLs\u201d) on financial assets measured at amortised cost. These are always measured at an amount equal to lifetime ECL. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both qualitative and quantitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and forward-looking information. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have the assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-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. v) Derivative financial instruments and hedge accounting The Group uses certain derivative financial instruments to reduce its exposure to foreign exchange movements in accordance with its risk management policies. The Group primarily uses forward foreign currency contracts to manage its exposure to changes in foreign exchange rates. The Group does not hold or use derivative financial instruments for speculative purposes. Further details of the Group\u2019s risk management policies are provided in Note 21. These instruments are initially recognised at fair value on the trade date and are subsequently measured at their fair value at the end of the financial year. The method of recognising the resulting gain or loss is dependent on whether the derivative is designated as a hedging instrument and the nature of the items being hedged. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in equity and any ineffective portion is recognised immediately in the income statement. If the cash flow hedge of a highly probable forecasted transaction results in the recognition of an asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the income statement in the same period as the hedged item. For an effective hedge of an exposure to changes in the fair value of a recognised asset or liability, changes in fair value of the hedging instrument are recognised in profit or loss at the same time that the recognised asset or liability that is being hedged is adjusted for movements in the hedged risk and that adjustment is also recognised in profit or loss in the same period. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-417": {
"value": "a) Financial assets Trade and other receivables Trade receivables are measured at fair value at initial recognition, do not carry any interest and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in the income statement. Allowances for doubtful debts are recognised based on management\u2019s expectation of losses, without regard to whether an impairment trigger has occurred or not (an \u201cexpected credit loss\u201d model under IFRS 9). Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Credit card receivables are included in cash and cash equivalents.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-445": {
"value": "Trade and other receivables Trade receivables are measured at fair value at initial recognition, do not carry any interest and are subsequently measured at amortised cost using the effective interest rate method. Appropriate allowances for estimated irrecoverable amounts are recognised in the income statement. Allowances for doubtful debts are recognised based on management\u2019s expectation of losses, without regard to whether an impairment trigger has occurred or not (an \u201cexpected credit loss\u201d model under IFRS 9). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-446": {
"value": "Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. Credit card receivables are included in cash and cash equivalents. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-418": {
"value": "b) Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Borrowings Borrowings comprise interest-bearing bank loans and overdrafts and compound financial instruments (convertible bonds). Bank loans are initially measured at fair value (being proceeds received, net of direct issue costs), and are subsequently measured at amortised cost, using the effective interest rate method. Transaction fees such as arrangement fees associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. Finance charges, including premiums payable on settlement or redemptions and direct issue costs are accounted for on an accruals basis and taken to the income statement using the effective interest rate method and are added to the carrying value of the instrument to the extent that they are not settled in the year in which they arise. Compound financial instruments issued by the Group comprise convertible bonds. The convertible bonds are bifurcated into a liability component and an equity component on initial recognition. The carrying value of the liability at initial recognition is measured using a market interest rate for an equivalent non-convertible bond at the issue date. The remainder of the proceeds is allocated to the conversion option and recognised in equity (Other reserves), and not subsequently remeasured. Any directly attributable transaction costs are allocated to each component in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. Any transaction costs apportioned to the liability is included in the carrying amount and recognised over the contractual life of the liability using the effective interest rate method. Trade and other payables Trade and other payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method. Equity instruments Equity instruments issued are recorded at the proceeds received, net of direct issue costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-447": {
"value": "Borrowings Borrowings comprise interest-bearing bank loans and overdrafts and compound financial instruments (convertible bonds). Bank loans are initially measured at fair value (being proceeds received, net of direct issue costs), and are subsequently measured at amortised cost, using the effective interest rate method. Transaction fees such as arrangement fees associated with the securing of financing are capitalised and amortised through the income statement over the term of the relevant facility. Finance charges, including premiums payable on settlement or redemptions and direct issue costs are accounted for on an accruals basis and taken to the income statement using the effective interest rate method and are added to the carrying value of the instrument to the extent that they are not settled in the year in which they arise. Compound financial instruments issued by the Group comprise convertible bonds. The convertible bonds are bifurcated into a liability component and an equity component on initial recognition. The carrying value of the liability at initial recognition is measured using a market interest rate for an equivalent non-convertible bond at the issue date. The remainder of the proceeds is allocated to the conversion option and recognised in equity (Other reserves), and not subsequently remeasured. Any directly attributable transaction costs are allocated to each component in proportion to their initial carrying amounts. Subsequent to initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. Any transaction costs apportioned to the liability is included in the carrying amount and recognised over the contractual life of the liability using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-448": {
"value": "Trade and other payables Trade and other payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-419": {
"value": "ii) Derecognition of financial assets and liabilities a) Financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. b) Financial liabilities The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expire. The Group also derecognises a financial liability when a qualitative review of its contractual terms shows that the terms have been significantly changed or where the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognised at fair value. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-420": {
"value": "iii) Offsetting Financial assets and financial liabilities are offset and the net position presented in the balance sheet when, and only when, the Group has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-449": {
"value": "iv) Impairment The Group recognises loss allowances for expected credit losses (\u201cECLs\u201d) on financial assets measured at amortised cost. These are always measured at an amount equal to lifetime ECL. The maximum period considered when estimating ECLs is the maximum contractual period over which the Group is exposed to credit risk. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECL, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both qualitative and quantitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and forward-looking information. Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when the Group determines that the debtor does not have the assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-456": {
"value": "v) Derivative financial instruments and hedge accounting The Group uses certain derivative financial instruments to reduce its exposure to foreign exchange movements in accordance with its risk management policies. The Group primarily uses forward foreign currency contracts to manage its exposure to changes in foreign exchange rates. The Group does not hold or use derivative financial instruments for speculative purposes. Further details of the Group\u2019s risk management policies are provided in Note 21. These instruments are initially recognised at fair value on the trade date and are subsequently measured at their fair value at the end of the financial year. The method of recognising the resulting gain or loss is dependent on whether the derivative is designated as a hedging instrument and the nature of the items being hedged. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in equity and any ineffective portion is recognised immediately in the income statement. If the cash flow hedge of a highly probable forecasted transaction results in the recognition of an asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the income statement in the same period as the hedged item. For an effective hedge of an exposure to changes in the fair value of a recognised asset or liability, changes in fair value of the hedging instrument are recognised in profit or loss at the same time that the recognised asset or liability that is being hedged is adjusted for movements in the hedged risk and that adjustment is also recognised in profit or loss in the same period. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-450": {
"value": "v) Derivative financial instruments and hedge accounting The Group uses certain derivative financial instruments to reduce its exposure to foreign exchange movements in accordance with its risk management policies. The Group primarily uses forward foreign currency contracts to manage its exposure to changes in foreign exchange rates. The Group does not hold or use derivative financial instruments for speculative purposes. Further details of the Group\u2019s risk management policies are provided in Note 21. These instruments are initially recognised at fair value on the trade date and are subsequently measured at their fair value at the end of the financial year. The method of recognising the resulting gain or loss is dependent on whether the derivative is designated as a hedging instrument and the nature of the items being hedged. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in equity and any ineffective portion is recognised immediately in the income statement. If the cash flow hedge of a highly probable forecasted transaction results in the recognition of an asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the income statement in the same period as the hedged item. For an effective hedge of an exposure to changes in the fair value of a recognised asset or liability, changes in fair value of the hedging instrument are recognised in profit or loss at the same time that the recognised asset or liability that is being hedged is adjusted for movements in the hedged risk and that adjustment is also recognised in profit or loss in the same period. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-421": {
"value": "v) Derivative financial instruments and hedge accounting The Group uses certain derivative financial instruments to reduce its exposure to foreign exchange movements in accordance with its risk management policies. The Group primarily uses forward foreign currency contracts to manage its exposure to changes in foreign exchange rates. The Group does not hold or use derivative financial instruments for speculative purposes. Further details of the Group\u2019s risk management policies are provided in Note 21. These instruments are initially recognised at fair value on the trade date and are subsequently measured at their fair value at the end of the financial year. The method of recognising the resulting gain or loss is dependent on whether the derivative is designated as a hedging instrument and the nature of the items being hedged. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised directly in equity and any ineffective portion is recognised immediately in the income statement. If the cash flow hedge of a highly probable forecasted transaction results in the recognition of an asset or liability, then, at the time the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in equity are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in equity are recognised in the income statement in the same period as the hedged item. For an effective hedge of an exposure to changes in the fair value of a recognised asset or liability, changes in fair value of the hedging instrument are recognised in profit or loss at the same time that the recognised asset or liability that is being hedged is adjusted for movements in the hedged risk and that adjustment is also recognised in profit or loss in the same period. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in equity is retained in equity until the forecasted transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in equity is transferred to profit or loss. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of host contracts and the host contracts are not carried at fair value with unrealised gains or losses reported in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-378": {
"value": "m) Share schemes WHSmith Employee Benefit Trust The shares held by the WHSmith Employee Benefit Trust are valued at the historical cost of the shares acquired. They are deducted in arriving at shareholders\u2019 funds and are presented as an Other reserve. Share-based payments Employees of the Group receive part of their remuneration in the form of share-based payment transactions, whereby employees render services in exchange for shares or rights over shares (equity settled transactions). Equity settled share-based payments are measured at fair value at the date of grant. The fair value is calculated using an appropriate option pricing model. The fair value is expensed to the income statement on a straight-line basis over the vesting period, based on the Group\u2019s estimate of the number of shares that will eventually vest. For cash-settled share-based payments, a liability is recognised at the current fair value determined at each balance sheet date, taking into account performance conditions and the extent to which employees have rendered service to date, with any changes in fair value recognised in the profit or loss for the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-379": {
"value": "n) Dividends Final dividends are recorded in the financial statements in the year in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the year in which they are approved and paid. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-380": {
"value": "o) Share capital, Share premium and Other reserves Ordinary shares are classified as equity. Share premium arises on the excess between the fair value of the shares issued and the par value of the shares issued. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, against share premium. The par value of shares repurchased and cancelled under the Group\u2019s share buyback programme is reclassified from Share capital to the Capital redemption reserve. For a description of Other reserves, see Note 25. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-381": {
"value": "p) Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements in conformity with generally accepted accounting principles requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities. Actual results could differ from these estimates and any subsequent changes are accounted for with an effect on income at the time such updated information becomes available. The most critical accounting judgements and sources of estimation uncertainty in determining the financial condition and results of the Group are those requiring the greatest degree of subjective or complex judgement. These relate to the classification of items as non-underlying, assessment of lease substitution rights, determination of the lease term, impairment reviews of non- current assets and inventory valuation. Consideration of climate-related matters In preparing the Financial statements, management has considered the potential impacts of climate change, in the context of the Principal risks and TCFD disclosures included in the Strategic report on pages 41 to 48 in the following areas: \u2022 going concern assessment and viability of the Group over the next three years; \u2022 cash flow forecasts used in the impairment assessments of non-current assets including goodwill; \u2022 carrying value and useful economic lives of property, plant and equipment, right-of-use assets and intangible assets; and \u2022 carrying value of inventories and valuation of other current assets. Current assets, including inventories, are expected to be utilised within a short timeframe, and therefore no risks relating to climate change have been identified. The costs expected to be incurred in connection with our net zero commitments (as described on pages 41 to 48) are included within the Group\u2019s budget and three year plan, which have been used to support the impairment reviews of non- current assets, including goodwill, and the going concern and viability assessments. Further disclosures in relation to the impact of climate change on the impairment assessment of right-of-use assets and property, plant and equipment are included in Note 11, and on goodwill in Note 10. The Group\u2019s initial quantitative scenario analysis (as described on pages 41 to 48) has determined that operational impacts are not expected to be significant within the short-term forecast period. Beyond the forecast periods, the results of the quantitative scenario analysis have been incorporated into the sensitivity analyses of viability and goodwill impairment where appropriate, however climate change is not considered to be a key driver in determining the outcomes of these exercises and is therefore not currently classified as a key source of estimation uncertainty within our financial statements. This assessment will be kept under review going forward. Critical accounting judgements Non-underlying items The Group has chosen to present a measure of profit and earnings per share which excludes certain items that are considered non-underlying and exceptional due to their size, nature or incidence, and are not considered to be part of the normal operations of the Group. These measures exclude the financial effect of non-underlying items which are considered exceptional and occur infrequently such as, inter alia, restructuring and transformation costs linked to a Board agreed programme, amortisation of acquired intangibles assets, costs relating to business combinations, impairment charges and other property costs, significant items relating to pension schemes, and impairment charges and items meeting the definition of non-underlying specifically related to the Covid-19 pandemic, and the related tax effect of these items. The Group believes that they provide additional useful information to users of the financial statements to enable a better understanding of the Group\u2019s underlying financial performance. The classification of items as non-underlying requires management judgement. The definition of non-underlying items has been applied consistently year on year. Further details of non-underlying items are provided in Note 4. IFRS 16 Lease accounting Substantive substitution rights Judgement is required in determining whether a contract meets the definition of a lease under IFRS 16. Management has determined that certain retail concession contracts give the landlord substantive substitution rights because the contract gives the landlord rights to relocate the retail space occupied by the Group. In such cases, management has concluded that there is not an identified asset and therefore such contracts are outside the scope of IFRS 16. For these contracts, the Group recognises the payments as an operating expense on a straight-line basis over the term of the contract unless another systematic basis is more representative of the time pattern in which economic benefits from the underlying contract are consumed. Determination of lease term In determining the lease term for contracts that have options to extend or terminate early at the Group\u2019s discretion, management has applied judgement in determining the likelihood of whether such options will be exercised. This is based on the length of time remaining before the option is exercisable, performance of the individual store and the trading forecasts. Sources of estimation uncertainty Intangible assets, property, plant and equipment and right-of-use asset impairment reviews Property, plant and equipment, right-of-use assets and intangible assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount of an asset or a cash-generating unit is determined based on value-in-use calculations prepared on the basis of management\u2019s assumptions and estimates. The key assumptions in the value-in-use calculations include growth rates of revenue and the pre-tax discount rate. Further information in respect of the Group\u2019s intangible assets, property, plant and equipment and right-of-use assets is included in Notes 10, 11 and 12 respectively. Inventory valuation Inventory is carried at the lower of cost and net realisable value which requires the estimation of sell through rates, and the eventual sales price of goods to customers in the future. Any difference between the expected and the actual sales price achieved will be accounted for in the year in which the sale is made. A description of the Group\u2019s accounting policy in respect of inventories is included in Note 1(h). A sensitivity analysis has been carried out on the calculation of inventory provisions. The key assumption driving the stock provision calculation is forecast revenue. A ten per cent change in the revenue assumptions applied in the provision calculation, representing a reasonably possible outcome, would reduce the carrying value of inventories by \u00a32m (2022: \u00a32m). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-382": {
"value": "2. Segmental analysis of results IFRS 8 requires segment information to be presented on the same basis as that used by the Chief Operating Decision Maker for assessing performance and allocating resources. The Group\u2019s operating segments are based on the reports reviewed by the Board of Directors who are collectively considered to be the chief operating decision maker. For management and financial reporting purposes, the Group is organised into two operating divisions which comprise four reportable segments \u2013 Travel UK, North America, Rest of the World within the Travel division, and High Street. The information presented to the Board is prepared in accordance with the Group\u2019s IFRS accounting policies, with the exception of IFRS 16, and is shown below as Headline information in Section b). A reconciliation to statutory measures is provided below in accordance with IFRS 8, and in the Glossary on page 168 (Note A2). a) Revenue \u00a3m 2023 2022 Travel UK 709 521 North America 380 288 Rest of the World 235 118 Total Travel 1,324 927 High Street 469 473 Revenue 1,793 1,400 Rest of the World revenue includes revenue from Australia of \u00a382m (2022: \u00a340m), Ireland \u00a347m (2022: \u00a330m) and Spain \u00a346m (2022: \u00a321m). No other country has individually material revenue. b) Group results 2023 2022 \u00a3m Headline before non- underlying items1 (pre-IFRS 16) Headline non- underlying items1 (pre-IFRS 16) IFRS 16 Total Headline before non- underlying items1 (pre-IFRS 16) Headline non-underlying items 1 (pre-IFRS 16) IFRS 16 Total Travel UK trading profit/(loss) 102 \u2013 (1) 101 54 \u2013 6 60 North America trading profit 49 \u2013 3 52 31 \u2013 2 33 Rest of the World trading profit/(loss) 13 \u2013 \u2013 13 4 \u2013 (1) 3 Total Travel trading profit 164 \u2013 2 166 89 \u2013 7 96 High Street trading profit 32 \u2013 11 43 33 \u2013 12 45 Group profit from trading operations 196 \u2013 13 209 122 \u2013 19 141 Unallocated central costs (27) \u2013 \u2013 (27) (24) \u2013 \u2013 (24) Group operating profit before non-underlying items 169 \u2013 13 182 98 \u2013 19 117 Non-underlying items (Note 4) \u2013 (13) (13) (26) \u2013 (12) (8) (20) Group operating profit/(loss) 169 (13) \u2013 156 98 (12) 11 97 Finance costs (26) \u2013 (19) (45) (25) \u2013 (9) (34) Non-underlying finance costs (Note 4) \u2013 (2) 1 (1) \u2013 \u2013 \u2013 \u2013 Profit/(loss) before tax 143 (15) (18) 110 73 (12) 2 63 Income tax (expense)/credit (28) 2 4 (22) (12) 3 (1) (10) Profit/(loss) for the year 115 (13) (14) 88 61 (9) 1 53 1 Presented on a pre-IFRS 16 basis. Alternative performance measures are defined and explained in the Glossary on page 168. c) Other segmental items 2023 Non-current assets1 Right of use assets \u00a3m Capital additions Depreciation and amortisation Impairment Depreciation Impairment Travel UK 30 (17) \u2013 \u2013 \u2013 North America 47 (13) \u2013 \u2013 \u2013 Rest of the World 17 (6) \u2013 \u2013 \u2013 Total Travel 94 (36) \u2013 \u2013 \u2013 High Street 28 (15) \u2013 \u2013 \u2013 Unallocated \u2013 (2) \u2013 \u2013 \u2013 Headline, before non-underlying items (pre-IFRS 16) 122 (53) \u2013 \u2013 \u2013 Headline non-underlying items (pre-IFRS 16) \u2013 (3) (4) \u2013 \u2013 Headline, after non-underlying items (pre-IFRS 16) 122 (56) (4) \u2013 \u2013 Impact of IFRS 16 \u2013 \u2013 \u2013 (104) \u2013 Non-underlying items (IFRS 16)\u00b2 \u2013 \u2013 \u2013 \u2013 (15) Group 122 (56) (4) (104) (15) 2022 Non-current assets 1 Right of use assets \u00a3m Capital additions Depreciation and amortisation Impairment Depreciation Impairment Travel UK 30 (16) \u2013 \u2013 \u2013 North America 22 (11) \u2013 \u2013 \u2013 Rest of the World 13 (2) \u2013 \u2013 \u2013 Total Travel 65 (29) \u2013 \u2013 \u2013 High Street 25 (15) (2) \u2013 \u2013 Unallocated \u2013 (3) \u2013 \u2013 \u2013 Headline, before non-underlying items (pre-IFRS 16) 90 (47) (2) \u2013 \u2013 Headline non-underlying items (pre-IFRS 16) \u2013 (3) (6) \u2013 \u2013 Headline, after non-underlying items (pre-IFRS 16) 90 (50) (8) \u2013 \u2013 Impact of IFRS 16 \u2013 \u2013 \u2013 (81) \u2013 Non-underlying items (IFRS 16) \u2013 \u2013 \u2013 \u2013 (8) Group 90 (50) (8) (81) (8) 1 Non-current assets including property, plant and equipment and intangible assets, but excluding right-of-use assets. 2 The impairment under IFRS 16 mostly relates to the Rest of the World segment. d) Non-current assets by geographical location Non-current assets include property, plant and equipment, intangible assets and right-of-use assets. \u00a3m 2023 2022 UK 396 383 USA 704 689 Spain 84 104 Australia 18 19 Other international 17 13 Total 1,219 1,208",
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"value": "a) Revenue \u00a3m 2023 2022 Travel UK 709 521 North America 380 288 Rest of the World 235 118 Total Travel 1,324 927 High Street 469 473 Revenue 1,793 1,400 Rest of the World revenue includes revenue from Australia of \u00a382m (2022: \u00a340m), Ireland \u00a347m (2022: \u00a330m) and Spain \u00a346m (2022: \u00a321m). No other country has individually material revenue. ",
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"value": "3. Group operating profit 2023 2022 \u00a3m Before non- underlying items Non- underlying items Total Before non- underlying items Non- underlying items Total Revenue 1,793 \u2013 1,793 1,400 \u2013 1,400 Cost of sales (682) \u2013 (682) (538) \u2013 (538) Gross profit 1,111 \u2013 1,111 862 \u2013 862 Distribution costs 1 (746) \u2013 (746) (588) \u2013 (588) Administrative expenses (197) \u2013 (197) (161) \u2013 (161) Other income 2 14 \u2013 14 4 \u2013 4 Non-underlying items (Note 4) \u2013 (26) (26) \u2013 (20) (20) Group operating profit 182 (26) 156 117 (20) 97 1 During the year there was an underlying impairment charge of \u00a3nil (2022: \u00a32m) for property, plant and equipment and other intangible assets included in distribution costs. Other impairment charges are included in non-underlying items. See Note 4. 2 Other income includes remeasurement of right-of-use assets, insurance recoveries and other property related income. \u00a3m 2023 2022 Cost of inventories recognised as an expense 682 538 Write-down of inventories in the year 3 3 2 Depreciation of property, plant and equipment 42 37 Depreciation of right-of-use assets \u2013 land and buildings 101 78 \u2013 other 3 3 Amortisation of intangible assets 14 13 Impairment of property, plant and equipment 4 7 Impairment of right-of-use assets 15 8 Impairment of intangibles \u2013 1 (Income)/expenses relating to leasing: \u2013 expense relating to short-term leases 22 17 \u2013 expense relating to variable lease payments not included in the measurement of the lease liability 29 29 \u2013 income relating to Covid-19 rent reductions \u2013 (5) Other occupancy costs 49 59 Staff costs (Note 5) 367 293 Auditors\u2019 remuneration (see below) Audit services Fees payable to the Group\u2019s auditors, included in the income statement, relate to: Fees payable to the Group\u2019s auditors for the audit of the Group\u2019s financial statements 1.1 0.9 Fees payable to the Group\u2019s auditors for other services to the Group including the audit of the Company\u2019s subsidiaries 0.3 0.2 Total audit and audit-related services 1.4 1.1 Non-audit services Fees payable to the Group\u2019s auditors for other services: All other non-audit services 0.1 0.1 Non-audit fees including taxation and other services 0.1 0.1 Total auditors\u2019 remuneration 1.5 1.2 Included in Administrative expenses is the auditors\u2019 remuneration, including expenses, for audit and non-audit services, payable to the Group\u2019s auditors PricewaterhouseCoopers LLP and its associates as set out above. A description of the work performed by the Audit Committee is set out in the Corporate governance section of the Directors\u2019 report and includes an explanation of how auditor objectivity and independence are safeguarded when non-audit services are provided by auditors. 3 Write-down of inventories in the year are included within the amounts disclosed as Cost of inventories recognised as an expense, and recognised in Cost of sales.",
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"value": "Audit services Fees payable to the Group\u2019s auditors, included in the income statement, relate to: Fees payable to the Group\u2019s auditors for the audit of the Group\u2019s financial statements 1.1 0.9 Fees payable to the Group\u2019s auditors for other services to the Group including the audit of the Company\u2019s subsidiaries 0.3 0.2 Total audit and audit-related services 1.4 1.1 Non-audit services Fees payable to the Group\u2019s auditors for other services: All other non-audit services 0.1 0.1 Non-audit fees including taxation and other services 0.1 0.1 Total auditors\u2019 remuneration 1.5 1.2 Included in Administrative expenses is the auditors\u2019 remuneration, including expenses, for audit and non-audit services, payable to the Group\u2019s auditors PricewaterhouseCoopers LLP and its associates as set out above. A description of the work performed by the Audit Committee is set out in the Corporate governance section of the Directors\u2019 report and includes an explanation of how auditor objectivity and independence are safeguarded when non-audit services are provided by auditors. 3 Write-down of inventories in the year are included within the amounts disclosed as Cost of inventories recognised as an expense, and recognised in Cost of sales.",
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"fact-384": {
"value": "4. Non-underlying items Items which are not considered part of the normal operations of the business, are non-recurring or are considered exceptional because of their size, nature or incidence, are treated as non-underlying items and disclosed separately. Further details of non-underlying items are included in Note 1, Accounting policies and in the Strategic report on page 27. \u00a3m 2023 2022 Amortisation of acquired intangible assets 3 3 Impairment of assets \u2013 property, plant and equipment 4 5 \u2013 right-of-use assets 15 8 Provisions for onerous contracts 3 \u2013 Costs associated with pensions 1 \u2013 Costs related to cyber incident \u2013 4 Non-underlying items, included in operating profit 26 20 Finance costs associated with refinancing 1 \u2013 Non-underlying items, before tax 27 20 Tax credit on non-underlying items (5) (4) Non-underlying items, after tax 22 16 Non-underlying items recognised in the year are as follows: Amortisation of acquired intangible assets Amortisation of acquired intangible assets primarily relates to the MRG and InMotion brands (see Note 10). Impairment of property, plant and equipment and right-of-use assets and provisions for onerous contracts The Group has carried out an assessment for indicators of impairment across the store portfolio. Where an indicator of impairment has been identified, an impairment review has been performed to compare the value-in-use of store cash generating units, based on management\u2019s assumptions regarding likely future trading performance, to the carrying value of the cash-generating unit as at 31 August 2023. As a result of this exercise, a charge of \u00a319m (2022: \u00a313m) was recorded within non-underlying items for impairment of retail store assets, of which \u00a34m (2022: \u00a35m) relates to property, plant and equipment and \u00a315m (2022: \u00a38m) relates to right-of-use assets. The majority of the impairment of right-of-use assets relates to the difference between the incremental borrowing rate used to establish the right-of-use assets and the WACC rate used to discount the future cash flows of certain stores in Spain. Refer to Note 11 for details of impairment of cash-generating units. The impairment recognised on a pre-IFRS 16 basis is provided in the Glossary on page 174. A charge of \u00a33m has been recognised in the income statement to provide for the unavoidable costs of continuing to service a non-cancellable contract. This provision will be utilised over the next three financial years. Costs associated with pensions Professional fees of \u00a31m (2022: \u00a3nil) have been incurred related to the pension scheme\u2019s purchase of a bulk annuity insurance policy as described in Note 26. Costs associated with refinancing A charge of \u00a31m (2022: \u00a3nil) has been included in non-underlying items to derecognise the carrying value of unamortised fees in respect of the extinguished term loan and revolving credit facility. See Note 18. Other prior year non-underlying items Other non-underlying items in the prior year included costs of \u00a34m incurred due to a cyber security incident in relation to one of the Group\u2019s websites. This includes impairment of software assets of \u00a31m, third party consultancy support and legal and other costs. A tax credit of \u00a35m (2022: \u00a34m) has been recognised in relation to non-underlying items.",
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"value": "5. Staff costs and employees a) Staff costs The aggregate remuneration of employees was: \u00a3m 2023 2022 Wages and salaries 322 261 Social security costs 27 17 Other pension costs 6 5 Share-based payments 12 10 Total Group 367 293 b) Employee numbers The monthly average total number of employees (including executive directors) was: No. of employees 2023 2022 Total retailing 14,124 12,459 Support functions 53 43 Total Group 14,177 12,502",
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"value": "6. Finance costs \u00a3m 2023 2022 Interest payable on bank loans and overdrafts 12 9 Interest on convertible bonds 14 14 Interest on lease liabilities 19 11 Costs associated with refinancing 1 \u2013 46 34 Costs associated with refinancing are included in non-underlying items (see Note 4).",
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"value": "6. Finance costs \u00a3m 2023 2022 Interest payable on bank loans and overdrafts 12 9 Interest on convertible bonds 14 14 Interest on lease liabilities 19 11 Costs associated with refinancing 1 \u2013 46 34 Costs associated with refinancing are included in non-underlying items (see Note 4).",
"dimensions": {
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"value": "6. Finance costs \u00a3m 2023 2022 Interest payable on bank loans and overdrafts 12 9 Interest on convertible bonds 14 14 Interest on lease liabilities 19 11 Costs associated with refinancing 1 \u2013 46 34 Costs associated with refinancing are included in non-underlying items (see Note 4).",
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"value": "6. Finance costs \u00a3m 2023 2022 Interest payable on bank loans and overdrafts 12 9 Interest on convertible bonds 14 14 Interest on lease liabilities 19 11 Costs associated with refinancing 1 \u2013 46 34 Costs associated with refinancing are included in non-underlying items (see Note 4).",
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"value": "7. Income tax expense \u00a3m 2023 2022 Tax on profit 13 6 Blended standard rate of UK corporation tax 21.5% (2022: 19.0%) Adjustment in respect of prior years (2) \u2013 Total current tax expense 11 6 Deferred tax \u2013 current year (Note 17) 19 8 Deferred tax \u2013 prior year (Note 17) (3) \u2013 Tax on profit before non-underlying items 27 14 Tax on non-underlying items \u2013 deferred tax (Note 17) (5) (4) Total tax on profit 22 10 Reconciliation of the taxation charge \u00a3m 2023 2022 Tax on profit at blended standard rate of UK corporation tax 21.5% (2022: 19.0%) 24 12 Tax effect of items that are not deductible or not taxable in determining taxable profit (3) \u2013 Derecognition / (recognition) of deferred tax balances 7 (1) Differences in overseas tax rates (1) (1) Adjustment in respect of prior years \u2013 current tax (2) \u2013 Adjustment in respect of prior years \u2013 deferred tax (3) \u2013 Total income tax charge 22 10 The effective tax rate, before non-underlying items, is 19 per cent (2022: 17 per cent). The UK corporation tax rate is 25 per cent. Up to the 1 April 2023 the corporation tax rate was 19 per cent. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15 per cent. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting years starting on or after 31 December 2023. The Group has applied the exemption under IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to top-up income taxes. This will be applicable for the year ending 31 August 2025.",
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"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
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"value": "8. Dividends Amounts paid and recognised as distributions to shareholders in the year are as follows: \u00a3m 2023 2022 Final dividend for the year ended 31 August 2022 of 9.1p per ordinary share (2022: nil) 12 \u2013 Interim dividend for the year ended 31 August 2023 of 8.1p per ordinary share (2022: nil) 10 \u2013 22 \u2013 The Board has proposed a final dividend of 20.8p per share, amounting to a final dividend of \u00a32 7m, which is not included as a liability in these financial statements and, subject to shareholder approval, will be paid on 1 February 2024 to shareholders registered at the close of business on 12 January 2024.",
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"value": "0.208",
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"value": "9. Earnings per share a) Earnings \u00a3m 2023 2022 Profit for the year, attributable to equity holders of the parent 79 47 Non-underlying items, after tax (Note 4) 22 16 Profit for the year before non-underlying items, attributable to equity holders of the parent 101 63 b) Weighted average share capital Millions 2023 2022 Weighted average ordinary shares in issue 130 130 Less weighted average ordinary shares held in ESOP Trust \u2013 \u2013 Weighted average shares in issue for earnings per share 130 130 Add weighted average number of ordinary shares under option 2 2 Weighted average ordinary shares for diluted earnings per share 132 132 c) Basic and diluted earnings per share Pence 2023 2022 Basic earnings per share 60.8 36.2 Adjustment for non-underlying items 16.9 12.3 Basic earnings per share before non-underlying items 77.7 48.5 Pence 2023 2022 Diluted earnings per share 59.8 35.6 Adjustment for non-underlying items 16.7 12.1 Diluted earnings per share before non-underlying items 76.5 47.7 Diluted earnings per share takes into account various share awards and share options including SAYE schemes, which are expected to vest, and for which a sum below fair value will be paid. As at 31 August 2023 the convertible bond has no dilutive effect as the inclusion of these potentially dilutive shares would improve earnings per share (2022: improve earnings per share). The calculation of earnings per share on a pre-IFRS 16 basis is provided in the Glossary on page 173.",
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"value": "10. Intangible assets \u00a3m Goodwill Brands and franchise contracts Tenancy rights Software Total Cost At 1 September 2022 471 50 13 114 648 Additions \u2013 \u2013 \u2013 16 16 Foreign exchange (35) (4) \u2013 (2) (41) At 31 August 2023 436 46 13 128 623 Accumulated amortisation At 1 September 2022 \u2013 12 8 85 105 Amortisation charge \u2013 3 \u2013 11 14 Foreign exchange \u2013 (1) \u2013 \u2013 (1) At 31 August 2023 \u2013 14 8 96 118 Net book value at 31 August 2023 436 32 5 32 505 Cost At 1 September 2021 406 42 13 102 563 Additions \u2013 \u2013 \u2013 13 13 Disposals \u2013 \u2013 \u2013 (2) (2) Foreign exchange 65 8 \u2013 1 74 At 31 August 2022 471 50 13 114 648 Accumulated amortisation At 1 September 2021 \u2013 7 8 75 90 Amortisation charge \u2013 3 \u2013 10 13 Impairment charge \u2013 \u2013 \u2013 1 1 Disposals \u2013 \u2013 \u2013 (2) (2) Foreign exchange \u2013 2 \u2013 1 3 At 31 August 2022 \u2013 12 8 85 105 Net book value at 31 August 2022 471 38 5 29 543 Goodwill of US$64m (\u00a350m) (2022: US$70m / \u00a360m) relating to the acquisition of the InMotion Entertainment Group of companies in 2018 is expected to be deductible for tax purposes in the future. The carrying value of goodwill is allocated to the segmental businesses as follows: \u00a3m 2023 2022 Travel UK 272 295 North America 122 132 Rest of the World 27 29 Total Travel 421 456 High Street 15 15 436 471 Included within Tenancy rights are certain assets that are considered to have an indefinite life of \u00a34m (2022: \u00a34m), representing certain rights under tenancy agreements, which include the right to renew leases, therefore no amortisation has been charged. Management has determined that the useful economic life of these assets is indefinite because the Group can continue to occupy and trade from certain premises for an indefinite period. These assets are reviewed annually for indicators of impairment. Impairment of goodwill and intangible assets The Group tests goodwill for impairment annually or where there is an indication that goodwill might be impaired. For impairment testing purposes, goodwill is allocated to groups of CGUs in a manner that is consistent with our operating segments, as this reflects the lowest level at which goodwill is monitored. All goodwill has arisen on acquisitions of groups of retail stores. These acquisitions are then integrated into the Group\u2019s operating segments as appropriate. Acquired brands are considered together with goodwill for impairment testing purposes, and are therefore considered annually for impairment. Goodwill and acquired brands have been tested for impairment by comparing the carrying amount of each group of CGUs, including goodwill and acquired brands, with the recoverable amount determined from value-in-use calculations. The value-in-use of each group of CGUs has been calculated using cash flows derived from the Group\u2019s latest Board- approved budget and three year plan, initially extrapolated to five years. The forecasts reflect knowledge of the current market, together with the Group\u2019s expectations on the future achievable growth and committed store openings. Cash flows beyond the initial forecast period are extrapolated using estimated long-term growth rates. For certain groups of CGUs, additional adjustments to cash flows have been made during the extrapolation process for an extended period of up to 15 years before calculating a terminal value. This extended period of time is required to establish a normalised cash flow base on which a terminal value calculation can be appropriately calculated. The main reasons for cash flow adjustments include the need to forecast lease renewals under IFRS 16, and the unwinding of certain cash flow benefits arising from acquisitions in North America. The key assumptions on which the forecast three-year cash flows of the CGUs are based include revenue and the pre-tax discount rate. Other assumptions in the model relate to gross margin, cost inflation and longer-term growth rates: \u2022 The values assigned to each of the revenue, product mix and operating cost assumptions were determined based on the extrapolation of historical trends within the Group and external information on expected future trends in the travel and high street retail sectors. \u2022 The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include a risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). Country-specific discount rates were not considered to be materially different to the Group rate. The pre-tax discount rate used in the calculations was 13.2 per cent (2022: 11.9 per cent). \u2022 The long-term growth rate assumptions are between zero per cent and two per cent (2022: zero per cent and two per cent). The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three year plan which have been used to support the impairment reviews, with no material impact on cash flows. The value-in-use estimates indicated that the recoverable amount of goodwill exceeded the carrying value for each group of CGUs. As a result, no impairment has been recognised in respect of the carrying value of goodwill in the year (2022: \u00a3nil). As disclosed in Note 1, Accounting policies, the forecast cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty and it is possible that significant changes to these assumptions could lead to an impairment of goodwill and acquired brands. Given the inherent uncertainties due to challenges in the macroeconomic environment, management have considered a range of sensitivities on each of the key assumptions, with other variables held constant. The sensitivities include applying increases in the discount rate by two per cent and reductions in the long-term growth rates to zero per cent. Under these scenarios, the estimated recoverable amount of goodwill and acquired brands still exceeded the carrying value. Furthermore, outputs of the quantitative climate change scenario analysis as described on pages 41 and 48 have also been taken into consideration in the sensitivity analysis, and has shown that climate change is not considered to be a key driver in determining the outcome. The sensitivity analysis showed that no reasonably possible change in assumptions would lead to an impairment. ",
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},
"fact-458": {
"value": "10. Intangible assets \u00a3m Goodwill Brands and franchise contracts Tenancy rights Software Total Cost At 1 September 2022 471 50 13 114 648 Additions \u2013 \u2013 \u2013 16 16 Foreign exchange (35) (4) \u2013 (2) (41) At 31 August 2023 436 46 13 128 623 Accumulated amortisation At 1 September 2022 \u2013 12 8 85 105 Amortisation charge \u2013 3 \u2013 11 14 Foreign exchange \u2013 (1) \u2013 \u2013 (1) At 31 August 2023 \u2013 14 8 96 118 Net book value at 31 August 2023 436 32 5 32 505 Cost At 1 September 2021 406 42 13 102 563 Additions \u2013 \u2013 \u2013 13 13 Disposals \u2013 \u2013 \u2013 (2) (2) Foreign exchange 65 8 \u2013 1 74 At 31 August 2022 471 50 13 114 648 Accumulated amortisation At 1 September 2021 \u2013 7 8 75 90 Amortisation charge \u2013 3 \u2013 10 13 Impairment charge \u2013 \u2013 \u2013 1 1 Disposals \u2013 \u2013 \u2013 (2) (2) Foreign exchange \u2013 2 \u2013 1 3 At 31 August 2022 \u2013 12 8 85 105 Net book value at 31 August 2022 471 38 5 29 543 Goodwill of US$64m (\u00a350m) (2022: US$70m / \u00a360m) relating to the acquisition of the InMotion Entertainment Group of companies in 2018 is expected to be deductible for tax purposes in the future. The carrying value of goodwill is allocated to the segmental businesses as follows: \u00a3m 2023 2022 Travel UK 272 295 North America 122 132 Rest of the World 27 29 Total Travel 421 456 High Street 15 15 436 471 Included within Tenancy rights are certain assets that are considered to have an indefinite life of \u00a34m (2022: \u00a34m), representing certain rights under tenancy agreements, which include the right to renew leases, therefore no amortisation has been charged. Management has determined that the useful economic life of these assets is indefinite because the Group can continue to occupy and trade from certain premises for an indefinite period. These assets are reviewed annually for indicators of impairment. 11. Property, plant and equipment Land and buildings \u00a3m Freehold properties Leasehold improvements Fixtures and fittings Equipment and vehicles Total Cost or valuation: At 1 September 2022 18 329 232 127 706 Additions \u2013 63 24 19 106 Reclassifications \u2013 \u2013 5 (5) \u2013 Foreign exchange \u2013 (7) (7) (1) (15) At 31 August 2023 18 385 254 140 797 Accumulated depreciation: At 1 September 2022 10 230 155 92 487 Depreciation charge \u2013 20 15 7 42 Impairment charge \u2013 3 \u2013 1 4 Reclassifications \u2013 1 (1) \u2013 \u2013 Foreign exchange \u2013 (2) (3) (1) (6) At 31 August 2023 10 252 166 99 527 Net book value at 31 August 2023 8 133 88 41 270 Cost or valuation: At 1 September 2021 18 290 196 110 614 Additions \u2013 32 29 16 77 Disposals \u2013 (3) (1) (1) (5) Foreign exchange \u2013 10 8 2 20 At 31 August 2022 18 329 232 127 706 Accumulated depreciation: At 1 September 2021 10 206 140 84 440 Depreciation charge \u2013 19 11 7 37 Impairment charge \u2013 4 2 1 7 Disposals \u2013 (3) (1) (1) (5) Foreign exchange \u2013 4 3 1 8 At 31 August 2022 10 230 155 92 487 Net book value at 31 August 2022 8 99 77 35 219 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-452": {
"value": "10. Intangible assets \u00a3m Goodwill Brands and franchise contracts Tenancy rights Software Total Cost At 1 September 2022 471 50 13 114 648 Additions \u2013 \u2013 \u2013 16 16 Foreign exchange (35) (4) \u2013 (2) (41) At 31 August 2023 436 46 13 128 623 Accumulated amortisation At 1 September 2022 \u2013 12 8 85 105 Amortisation charge \u2013 3 \u2013 11 14 Foreign exchange \u2013 (1) \u2013 \u2013 (1) At 31 August 2023 \u2013 14 8 96 118 Net book value at 31 August 2023 436 32 5 32 505 Cost At 1 September 2021 406 42 13 102 563 Additions \u2013 \u2013 \u2013 13 13 Disposals \u2013 \u2013 \u2013 (2) (2) Foreign exchange 65 8 \u2013 1 74 At 31 August 2022 471 50 13 114 648 Accumulated amortisation At 1 September 2021 \u2013 7 8 75 90 Amortisation charge \u2013 3 \u2013 10 13 Impairment charge \u2013 \u2013 \u2013 1 1 Disposals \u2013 \u2013 \u2013 (2) (2) Foreign exchange \u2013 2 \u2013 1 3 At 31 August 2022 \u2013 12 8 85 105 Net book value at 31 August 2022 471 38 5 29 543 Goodwill of US$64m (\u00a350m) (2022: US$70m / \u00a360m) relating to the acquisition of the InMotion Entertainment Group of companies in 2018 is expected to be deductible for tax purposes in the future. The carrying value of goodwill is allocated to the segmental businesses as follows: \u00a3m 2023 2022 Travel UK 272 295 North America 122 132 Rest of the World 27 29 Total Travel 421 456 High Street 15 15 436 471 Included within Tenancy rights are certain assets that are considered to have an indefinite life of \u00a34m (2022: \u00a34m), representing certain rights under tenancy agreements, which include the right to renew leases, therefore no amortisation has been charged. Management has determined that the useful economic life of these assets is indefinite because the Group can continue to occupy and trade from certain premises for an indefinite period. These assets are reviewed annually for indicators of impairment. Impairment of goodwill and intangible assets The Group tests goodwill for impairment annually or where there is an indication that goodwill might be impaired. For impairment testing purposes, goodwill is allocated to groups of CGUs in a manner that is consistent with our operating segments, as this reflects the lowest level at which goodwill is monitored. All goodwill has arisen on acquisitions of groups of retail stores. These acquisitions are then integrated into the Group\u2019s operating segments as appropriate. Acquired brands are considered together with goodwill for impairment testing purposes, and are therefore considered annually for impairment. Goodwill and acquired brands have been tested for impairment by comparing the carrying amount of each group of CGUs, including goodwill and acquired brands, with the recoverable amount determined from value-in-use calculations. The value-in-use of each group of CGUs has been calculated using cash flows derived from the Group\u2019s latest Board- approved budget and three year plan, initially extrapolated to five years. The forecasts reflect knowledge of the current market, together with the Group\u2019s expectations on the future achievable growth and committed store openings. Cash flows beyond the initial forecast period are extrapolated using estimated long-term growth rates. For certain groups of CGUs, additional adjustments to cash flows have been made during the extrapolation process for an extended period of up to 15 years before calculating a terminal value. This extended period of time is required to establish a normalised cash flow base on which a terminal value calculation can be appropriately calculated. The main reasons for cash flow adjustments include the need to forecast lease renewals under IFRS 16, and the unwinding of certain cash flow benefits arising from acquisitions in North America. The key assumptions on which the forecast three-year cash flows of the CGUs are based include revenue and the pre-tax discount rate. Other assumptions in the model relate to gross margin, cost inflation and longer-term growth rates: \u2022 The values assigned to each of the revenue, product mix and operating cost assumptions were determined based on the extrapolation of historical trends within the Group and external information on expected future trends in the travel and high street retail sectors. \u2022 The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include a risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). Country-specific discount rates were not considered to be materially different to the Group rate. The pre-tax discount rate used in the calculations was 13.2 per cent (2022: 11.9 per cent). \u2022 The long-term growth rate assumptions are between zero per cent and two per cent (2022: zero per cent and two per cent). The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three year plan which have been used to support the impairment reviews, with no material impact on cash flows. The value-in-use estimates indicated that the recoverable amount of goodwill exceeded the carrying value for each group of CGUs. As a result, no impairment has been recognised in respect of the carrying value of goodwill in the year (2022: \u00a3nil). As disclosed in Note 1, Accounting policies, the forecast cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty and it is possible that significant changes to these assumptions could lead to an impairment of goodwill and acquired brands. Given the inherent uncertainties due to challenges in the macroeconomic environment, management have considered a range of sensitivities on each of the key assumptions, with other variables held constant. The sensitivities include applying increases in the discount rate by two per cent and reductions in the long-term growth rates to zero per cent. Under these scenarios, the estimated recoverable amount of goodwill and acquired brands still exceeded the carrying value. Furthermore, outputs of the quantitative climate change scenario analysis as described on pages 41 and 48 have also been taken into consideration in the sensitivity analysis, and has shown that climate change is not considered to be a key driver in determining the outcome. The sensitivity analysis showed that no reasonably possible change in assumptions would lead to an impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-427": {
"value": "10. Intangible assets \u00a3m Goodwill Brands and franchise contracts Tenancy rights Software Total Cost At 1 September 2022 471 50 13 114 648 Additions \u2013 \u2013 \u2013 16 16 Foreign exchange (35) (4) \u2013 (2) (41) At 31 August 2023 436 46 13 128 623 Accumulated amortisation At 1 September 2022 \u2013 12 8 85 105 Amortisation charge \u2013 3 \u2013 11 14 Foreign exchange \u2013 (1) \u2013 \u2013 (1) At 31 August 2023 \u2013 14 8 96 118 Net book value at 31 August 2023 436 32 5 32 505 Cost At 1 September 2021 406 42 13 102 563 Additions \u2013 \u2013 \u2013 13 13 Disposals \u2013 \u2013 \u2013 (2) (2) Foreign exchange 65 8 \u2013 1 74 At 31 August 2022 471 50 13 114 648 Accumulated amortisation At 1 September 2021 \u2013 7 8 75 90 Amortisation charge \u2013 3 \u2013 10 13 Impairment charge \u2013 \u2013 \u2013 1 1 Disposals \u2013 \u2013 \u2013 (2) (2) Foreign exchange \u2013 2 \u2013 1 3 At 31 August 2022 \u2013 12 8 85 105 Net book value at 31 August 2022 471 38 5 29 543 Goodwill of US$64m (\u00a350m) (2022: US$70m / \u00a360m) relating to the acquisition of the InMotion Entertainment Group of companies in 2018 is expected to be deductible for tax purposes in the future. The carrying value of goodwill is allocated to the segmental businesses as follows: \u00a3m 2023 2022 Travel UK 272 295 North America 122 132 Rest of the World 27 29 Total Travel 421 456 High Street 15 15 436 471 Included within Tenancy rights are certain assets that are considered to have an indefinite life of \u00a34m (2022: \u00a34m), representing certain rights under tenancy agreements, which include the right to renew leases, therefore no amortisation has been charged. Management has determined that the useful economic life of these assets is indefinite because the Group can continue to occupy and trade from certain premises for an indefinite period. These assets are reviewed annually for indicators of impairment. Impairment of goodwill and intangible assets The Group tests goodwill for impairment annually or where there is an indication that goodwill might be impaired. For impairment testing purposes, goodwill is allocated to groups of CGUs in a manner that is consistent with our operating segments, as this reflects the lowest level at which goodwill is monitored. All goodwill has arisen on acquisitions of groups of retail stores. These acquisitions are then integrated into the Group\u2019s operating segments as appropriate. Acquired brands are considered together with goodwill for impairment testing purposes, and are therefore considered annually for impairment. Goodwill and acquired brands have been tested for impairment by comparing the carrying amount of each group of CGUs, including goodwill and acquired brands, with the recoverable amount determined from value-in-use calculations. The value-in-use of each group of CGUs has been calculated using cash flows derived from the Group\u2019s latest Board- approved budget and three year plan, initially extrapolated to five years. The forecasts reflect knowledge of the current market, together with the Group\u2019s expectations on the future achievable growth and committed store openings. Cash flows beyond the initial forecast period are extrapolated using estimated long-term growth rates. For certain groups of CGUs, additional adjustments to cash flows have been made during the extrapolation process for an extended period of up to 15 years before calculating a terminal value. This extended period of time is required to establish a normalised cash flow base on which a terminal value calculation can be appropriately calculated. The main reasons for cash flow adjustments include the need to forecast lease renewals under IFRS 16, and the unwinding of certain cash flow benefits arising from acquisitions in North America. The key assumptions on which the forecast three-year cash flows of the CGUs are based include revenue and the pre-tax discount rate. Other assumptions in the model relate to gross margin, cost inflation and longer-term growth rates: \u2022 The values assigned to each of the revenue, product mix and operating cost assumptions were determined based on the extrapolation of historical trends within the Group and external information on expected future trends in the travel and high street retail sectors. \u2022 The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include a risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). Country-specific discount rates were not considered to be materially different to the Group rate. The pre-tax discount rate used in the calculations was 13.2 per cent (2022: 11.9 per cent). \u2022 The long-term growth rate assumptions are between zero per cent and two per cent (2022: zero per cent and two per cent). The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three year plan which have been used to support the impairment reviews, with no material impact on cash flows. The value-in-use estimates indicated that the recoverable amount of goodwill exceeded the carrying value for each group of CGUs. As a result, no impairment has been recognised in respect of the carrying value of goodwill in the year (2022: \u00a3nil). As disclosed in Note 1, Accounting policies, the forecast cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty and it is possible that significant changes to these assumptions could lead to an impairment of goodwill and acquired brands. Given the inherent uncertainties due to challenges in the macroeconomic environment, management have considered a range of sensitivities on each of the key assumptions, with other variables held constant. The sensitivities include applying increases in the discount rate by two per cent and reductions in the long-term growth rates to zero per cent. Under these scenarios, the estimated recoverable amount of goodwill and acquired brands still exceeded the carrying value. Furthermore, outputs of the quantitative climate change scenario analysis as described on pages 41 and 48 have also been taken into consideration in the sensitivity analysis, and has shown that climate change is not considered to be a key driver in determining the outcome. The sensitivity analysis showed that no reasonably possible change in assumptions would lead to an impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-459": {
"value": "Impairment of goodwill and intangible assets The Group tests goodwill for impairment annually or where there is an indication that goodwill might be impaired. For impairment testing purposes, goodwill is allocated to groups of CGUs in a manner that is consistent with our operating segments, as this reflects the lowest level at which goodwill is monitored. All goodwill has arisen on acquisitions of groups of retail stores. These acquisitions are then integrated into the Group\u2019s operating segments as appropriate. Acquired brands are considered together with goodwill for impairment testing purposes, and are therefore considered annually for impairment. Goodwill and acquired brands have been tested for impairment by comparing the carrying amount of each group of CGUs, including goodwill and acquired brands, with the recoverable amount determined from value-in-use calculations. The value-in-use of each group of CGUs has been calculated using cash flows derived from the Group\u2019s latest Board- approved budget and three year plan, initially extrapolated to five years. The forecasts reflect knowledge of the current market, together with the Group\u2019s expectations on the future achievable growth and committed store openings. Cash flows beyond the initial forecast period are extrapolated using estimated long-term growth rates. For certain groups of CGUs, additional adjustments to cash flows have been made during the extrapolation process for an extended period of up to 15 years before calculating a terminal value. This extended period of time is required to establish a normalised cash flow base on which a terminal value calculation can be appropriately calculated. The main reasons for cash flow adjustments include the need to forecast lease renewals under IFRS 16, and the unwinding of certain cash flow benefits arising from acquisitions in North America. The key assumptions on which the forecast three-year cash flows of the CGUs are based include revenue and the pre-tax discount rate. Other assumptions in the model relate to gross margin, cost inflation and longer-term growth rates: \u2022 The values assigned to each of the revenue, product mix and operating cost assumptions were determined based on the extrapolation of historical trends within the Group and external information on expected future trends in the travel and high street retail sectors. \u2022 The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include a risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). Country-specific discount rates were not considered to be materially different to the Group rate. The pre-tax discount rate used in the calculations was 13.2 per cent (2022: 11.9 per cent). \u2022 The long-term growth rate assumptions are between zero per cent and two per cent (2022: zero per cent and two per cent). The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three year plan which have been used to support the impairment reviews, with no material impact on cash flows. The value-in-use estimates indicated that the recoverable amount of goodwill exceeded the carrying value for each group of CGUs. As a result, no impairment has been recognised in respect of the carrying value of goodwill in the year (2022: \u00a3nil). As disclosed in Note 1, Accounting policies, the forecast cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty and it is possible that significant changes to these assumptions could lead to an impairment of goodwill and acquired brands. Given the inherent uncertainties due to challenges in the macroeconomic environment, management have considered a range of sensitivities on each of the key assumptions, with other variables held constant. The sensitivities include applying increases in the discount rate by two per cent and reductions in the long-term growth rates to zero per cent. Under these scenarios, the estimated recoverable amount of goodwill and acquired brands still exceeded the carrying value. Furthermore, outputs of the quantitative climate change scenario analysis as described on pages 41 and 48 have also been taken into consideration in the sensitivity analysis, and has shown that climate change is not considered to be a key driver in determining the outcome. The sensitivity analysis showed that no reasonably possible change in assumptions would lead to an impairment. Impairment of property, plant and equipment For impairment testing purposes, the Group has determined that each store is a separate CGU or in some cases a group of stores is considered to be a CGU where the stores do not generate largely independent cash inflows. CGUs are tested for impairment at the balance sheet date if any indicators of impairment have been identified. The identified indicators include loss-making stores, stores earmarked for closure and under-performance of individual stores versus forecast. For those CGUs where an indicator of impairment has been identified, property, plant and equipment and right-of-use assets have been tested for impairment by comparing the carrying amount of the CGU with its recoverable amount determined from value-in-use calculations. It was determined that value-in-use was higher than fair value less costs to sell. The value-in-use of CGUs is calculated using discounted cash flows derived from the Group\u2019s latest Board-approved budget and three-year plan, and reflects historic performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth for these specific stores. Cash flows beyond the forecast period are extrapolated using growth rates and inflation rates appropriate to each store\u2019s location. Cash flows have been included for the remaining lease life for the specific store. These growth rates do not exceed the long-term growth rate for the Group\u2019s retail businesses in the relevant territory. Where stores have a short remaining lease life, an extension to the lease has been assumed where management consider it likely that an extension will be granted. The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three year plan which have been used to support the impairment reviews, with no material impact on cash flows. The useful economic lives of store assets are short in the context of climate change scenario models therefore no medium to long-term effects have been considered. The key assumptions on which the forecast three-year cash flows of the CGUs are based include revenue and the pre- tax discount rate. Other assumptions in the model relate to gross margin, cost inflation and longer-term growth rates. In developing these forecasts, management have used available information, including historical knowledge of the store level cash flows. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include the risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). Country-specific discount rates were not considered to be materially different to the Group rate. The pre-tax discount rate used in the calculations was 13.2 per cent (2022: 11.9 per cent). Where the value-in-use was less than the carrying value of the CGU, an impairment of property, plant and equipment and right-of-use assets was recorded. These stores were impaired to their recoverable amount of \u00a334m, which is their carrying value at year end. The Group has recognised an impairment charge of \u00a34m (2022: \u00a37m) to property, plant and equipment, no impairment to software (2022: \u00a31m) and \u00a315m (2022: \u00a38m) to right-of-use assets. The majority of the impairment of right- of-use assets relates to the difference between the incremental borrowing rate used to establish the right-of-use assets and the WACC rate used to discount the future cash flows of certain stores in Spain. Impairments of \u00a319m (2022: \u00a314m) have been presented as non-underlying items in the current year (see Note 4). As disclosed in Note 1, Accounting policies, the forecast cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty and changes to these assumptions could lead to further impairments to assets. As a result, the Group has applied certain sensitivities in isolation to demonstrate the impact on the impairment charge of changes in key assumptions. An increase of one per cent in the discount rate has been modelled and would have resulted in an increase in the impairment charge of \u00a31m across intangible assets, property, plant and equipment and right of use assets. The impairment assessment has also been performed on a pre-IFRS 16 basis. See Glossary on page 174.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-391": {
"value": "11. Property, plant and equipment Land and buildings \u00a3m Freehold properties Leasehold improvements Fixtures and fittings Equipment and vehicles Total Cost or valuation: At 1 September 2022 18 329 232 127 706 Additions \u2013 63 24 19 106 Reclassifications \u2013 \u2013 5 (5) \u2013 Foreign exchange \u2013 (7) (7) (1) (15) At 31 August 2023 18 385 254 140 797 Accumulated depreciation: At 1 September 2022 10 230 155 92 487 Depreciation charge \u2013 20 15 7 42 Impairment charge \u2013 3 \u2013 1 4 Reclassifications \u2013 1 (1) \u2013 \u2013 Foreign exchange \u2013 (2) (3) (1) (6) At 31 August 2023 10 252 166 99 527 Net book value at 31 August 2023 8 133 88 41 270 Cost or valuation: At 1 September 2021 18 290 196 110 614 Additions \u2013 32 29 16 77 Disposals \u2013 (3) (1) (1) (5) Foreign exchange \u2013 10 8 2 20 At 31 August 2022 18 329 232 127 706 Accumulated depreciation: At 1 September 2021 10 206 140 84 440 Depreciation charge \u2013 19 11 7 37 Impairment charge \u2013 4 2 1 7 Disposals \u2013 (3) (1) (1) (5) Foreign exchange \u2013 4 3 1 8 At 31 August 2022 10 230 155 92 487 Net book value at 31 August 2022 8 99 77 35 219 Impairment of property, plant and equipment For impairment testing purposes, the Group has determined that each store is a separate CGU or in some cases a group of stores is considered to be a CGU where the stores do not generate largely independent cash inflows. CGUs are tested for impairment at the balance sheet date if any indicators of impairment have been identified. The identified indicators include loss-making stores, stores earmarked for closure and under-performance of individual stores versus forecast. For those CGUs where an indicator of impairment has been identified, property, plant and equipment and right-of-use assets have been tested for impairment by comparing the carrying amount of the CGU with its recoverable amount determined from value-in-use calculations. It was determined that value-in-use was higher than fair value less costs to sell. The value-in-use of CGUs is calculated using discounted cash flows derived from the Group\u2019s latest Board-approved budget and three-year plan, and reflects historic performance and knowledge of the current market, together with the Group\u2019s views on the future achievable growth for these specific stores. Cash flows beyond the forecast period are extrapolated using growth rates and inflation rates appropriate to each store\u2019s location. Cash flows have been included for the remaining lease life for the specific store. These growth rates do not exceed the long-term growth rate for the Group\u2019s retail businesses in the relevant territory. Where stores have a short remaining lease life, an extension to the lease has been assumed where management consider it likely that an extension will be granted. The immediately quantifiable impacts of climate change and costs expected to be incurred in connection with our net zero commitments, are included within the Group\u2019s budget and three year plan which have been used to support the impairment reviews, with no material impact on cash flows. The useful economic lives of store assets are short in the context of climate change scenario models therefore no medium to long-term effects have been considered. The key assumptions on which the forecast three-year cash flows of the CGUs are based include revenue and the pre- tax discount rate. Other assumptions in the model relate to gross margin, cost inflation and longer-term growth rates. In developing these forecasts, management have used available information, including historical knowledge of the store level cash flows. The pre-tax discount rates are derived from the Group\u2019s weighted average cost of capital, which has been calculated using the capital asset pricing model, the inputs of which include the risk-free rate, equity risk premium, Group size premium and a risk adjustment (beta). Country-specific discount rates were not considered to be materially different to the Group rate. The pre-tax discount rate used in the calculations was 13.2 per cent (2022: 11.9 per cent). Where the value-in-use was less than the carrying value of the CGU, an impairment of property, plant and equipment and right-of-use assets was recorded. These stores were impaired to their recoverable amount of \u00a334m, which is their carrying value at year end. The Group has recognised an impairment charge of \u00a34m (2022: \u00a37m) to property, plant and equipment, no impairment to software (2022: \u00a31m) and \u00a315m (2022: \u00a38m) to right-of-use assets. The majority of the impairment of right- of-use assets relates to the difference between the incremental borrowing rate used to establish the right-of-use assets and the WACC rate used to discount the future cash flows of certain stores in Spain. Impairments of \u00a319m (2022: \u00a314m) have been presented as non-underlying items in the current year (see Note 4). As disclosed in Note 1, Accounting policies, the forecast cash flows used within the impairment model are based on assumptions which are sources of estimation uncertainty and changes to these assumptions could lead to further impairments to assets. As a result, the Group has applied certain sensitivities in isolation to demonstrate the impact on the impairment charge of changes in key assumptions. An increase of one per cent in the discount rate has been modelled and would have resulted in an increase in the impairment charge of \u00a31m across intangible assets, property, plant and equipment and right of use assets. The impairment assessment has also been performed on a pre-IFRS 16 basis. See Glossary on page 174.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-392": {
"value": "12. Right-of-use assets \u00a3m Land and buildings Equipment Total At 1 September 2022 440 6 446 Additions 93 \u2013 93 Modifications and remeasurements 41 1 42 Depreciation charge (101) (3) (104) Impairment charge (15) \u2013 (15) Effect of movements in foreign exchange rates (18) \u2013 (18) Net book value at 31 August 2023 440 4 444 \u00a3m Land and buildings Equipment Total At 1 September 2021 319 9 328 Additions 160 \u2013 160 Modifications and remeasurements 25 \u2013 25 Disposals (2) \u2013 (2) Depreciation charge (78) (3) (81) Impairment charge (8) \u2013 (8) Effect of movements in foreign exchange rates 24 \u2013 24 Net book value at 31 August 2022 440 6 446 Information on the Group\u2019s leasing activities is included in Note 15, Lease liabilities. Impairment of right-of-use assets Right-of-use assets of \u00a315m (2022: \u00a38m) have been impaired in the year. This impairment charge has been presented in non- underlying items (see Note 4). The approach to impairment testing is described in detail in Note 11, Property, plant and equipment. 15. Lease liabilities \u00a3m Land and buildings Equipment Total At 1 September 2022 574 3 577 Additions 91 \u2013 91 Modifications and remeasurements 39 1 40 Disposals (2) \u2013 (2) Interest 19 \u2013 19 Payments (135) (2) (137) Effect of movements in foreign exchange rates (22) \u2013 (22) At 31 August 2023 564 2 566 \u00a3m Land and buildings Equipment Total At 1 September 2021 463 7 470 Additions 159 \u2013 159 Modifications and remeasurements 18 \u2013 18 Disposals (4) \u2013 (4) Interest 11 \u2013 11 Payments (103) (4) (107) Effect of movements in foreign exchange rates 30 \u2013 30 At 31 August 2022 574 3 577 \u00a3m 2023 2022 Analysis of total lease liabilities: Non-current 450 446 Current 116 131 Total 566 577 The Group leases land and buildings for its retail stores, distribution centres, storage locations and office property. These leases have an average remaining lease term of four years. Some leases include an option to break before the end of the contract term or an option to renew the lease for an additional term after the end of the term. Management assess the lease term at inception based on the facts and circumstances applicable to each property. Other leases are mainly forklift trucks for the retail stores and distribution centres, office equipment and vehicles. These leases have an average remaining lease term of three years. The Group reviews the retail lease portfolio on an ongoing basis, taking into account retail performance and future trading expectations. The Group may exercise extension options, negotiate lease extensions or modifications. In other instances, the Group may exercise break options, negotiate lease reductions or decide not to negotiate a lease extension at the end of the lease term. Certain property leases contain rent review terms that require rent to be adjusted on a periodic basis which may be subject to market rent or increases in inflation measurements. Many of the Group\u2019s property leases, particularly in Travel locations, also incur payments based on a percentage of revenue (variable lease payments) achieved at the location. In line with IFRS 16, variable lease payments which are not based on an index or rate are not included in the lease liability. See Note 3 for the expense charged to the Income statement relating to variable lease payments not included in the measurement of the lease liability. In response to the Covid-19 pandemic, an amendment was issued to IFRS 16 in June 2020 and further extended in March 2021. This amendment (practical expedient) allows the impact on the lease liability of temporary rent reductions/waivers affecting rent payments due on or before June 2022, to be recognised in the Income statement in the year they are received, rather than as lease modifications, which would require the remeasurement of the lease liability using a revised discount rate with a corresponding adjustment to the right-of-use asset. The Group has applied this practical expedient to all Covid-19 rent reductions/waivers that meet the requirements of the amendment. This resulted in a credit to the Income statement of \u00a35m for the year ended 31 August 2022. The Group\u2019s accounting policy for leases is set out in Note 1. Details of Income statement charges for leases are set out in Note 3. The right-of-use asset categories on which depreciation is incurred are presented in Note 12. Interest expense incurred on lease liabilities is presented in Note 6. The maturity of undiscounted future lease liabilities are set out in Note 21. The total cash outflow for leases in the financial year was \u00a3181m (2022: \u00a3150m). This includes cash outflow for short-term leases of \u00a319m (2022: \u00a316m) and variable lease payments (not included in the measurement of lease liability) of \u00a325m (2022: \u00a328m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-428": {
"value": "12. Right-of-use assets \u00a3m Land and buildings Equipment Total At 1 September 2022 440 6 446 Additions 93 \u2013 93 Modifications and remeasurements 41 1 42 Depreciation charge (101) (3) (104) Impairment charge (15) \u2013 (15) Effect of movements in foreign exchange rates (18) \u2013 (18) Net book value at 31 August 2023 440 4 444 \u00a3m Land and buildings Equipment Total At 1 September 2021 319 9 328 Additions 160 \u2013 160 Modifications and remeasurements 25 \u2013 25 Disposals (2) \u2013 (2) Depreciation charge (78) (3) (81) Impairment charge (8) \u2013 (8) Effect of movements in foreign exchange rates 24 \u2013 24 Net book value at 31 August 2022 440 6 446 Information on the Group\u2019s leasing activities is included in Note 15, Lease liabilities. Impairment of right-of-use assets Right-of-use assets of \u00a315m (2022: \u00a38m) have been impaired in the year. This impairment charge has been presented in non- underlying items (see Note 4). The approach to impairment testing is described in detail in Note 11, Property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-393": {
"value": "13. Trade and other receivables \u00a3m 2023 2022 Current receivables Trade receivables 68 57 Other receivables 3 2 Prepayments 15 12 Accrued income 26 16 112 87 Non-current receivables Other receivables 5 3 Prepayments 4 6 Total trade and other receivables 121 96 Included in accrued income is \u00a312m (2022: \u00a310m) of accrued supplier income relating to retrospective discounts and other promotional and marketing income that has been earned but not yet invoiced. Supplier income that has been invoiced but not yet settled against trade payables balances is included in trade payables where the Group has a right to offset. The ageing of the Group\u2019s trade and other receivables is as follows: \u00a3m 2023 2022 Trade and other receivables gross 80 68 Expected credit losses (4) (6) Trade and other receivables net 76 62 Of which: Amounts neither impaired nor past due on the reporting date 54 46 Amounts past due but not impaired: \u2003Less than one month old 15 8 \u2003Between one and three months old 5 4 \u2003Between three and six months old 2 3 \u2003Between six months and one year old \u2013 1 Trade and other receivables net carrying amount 76 62 The Group has limited exposure to expected credit losses due to the business model. An allowance has been made for lifetime expected credit losses from receivables at 31 August 2023 of \u00a34m (2022: \u00a36m). The ageing analysis of these receivables is given in the table below. This expected credit loss allowance reflects the application of the Group\u2019s provisioning policy in respect of bad and doubtful debts and is based upon the difference between the receivable value and the estimated net collectible amount. The Group establishes its provision for bad and doubtful debts by reference to past default experience. Ageing analysis of bad and doubtful debt provisions: \u00a3m 2023 2022 Less than one month old \u2013 \u2013 Between one and three months old \u2013 2 Between three and six months old 1 2 Between six months and one year old 3 2 4 6 No trade and other receivables that would have been past due or impaired were renegotiated during the year. No interest is charged on the receivables balance. The other classes within trade and other receivables do not include impaired assets. The Group does not hold collateral over these balances. The directors consider that the carrying amount of trade and other receivables approximates their fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-394": {
"value": "14. Trade and other payables \u00a3m 2023 2022 Trade payables 130 130 Other tax and social security 30 30 Other payables 95 96 Accruals 68 95 Deferred income 17 14 340 365 Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 58 days (2022: 65 days). The directors consider that the carrying amount of trade and other payables approximates their fair value. Trade payables is stated net of \u00a38m (2022: \u00a37m) amounts receivable from suppliers in relation to supplier income, that has been invoiced, for which the Group has the right to set off against amounts payable at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-429": {
"value": "14. Trade and other payables \u00a3m 2023 2022 Trade payables 130 130 Other tax and social security 30 30 Other payables 95 96 Accruals 68 95 Deferred income 17 14 340 365 Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 58 days (2022: 65 days). The directors consider that the carrying amount of trade and other payables approximates their fair value. Trade payables is stated net of \u00a38m (2022: \u00a37m) amounts receivable from suppliers in relation to supplier income, that has been invoiced, for which the Group has the right to set off against amounts payable at the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-395": {
"value": "16. Provisions \u00a3m Property provision Contingent consideration provision Total At 1 September 2022 14 \u2013 14 Charge in the year 3 \u2013 3 Utilised in year (1) \u2013 (1) Reclassifications from creditors 1 \u2013 1 At 31 August 2023 17 \u2013 17 \u00a3m Property provision Contingent consideration provision Total At 1 September 2021 13 1 14 Utilised in year \u2013 (1) (1) Reclassifications from creditors 1 \u2013 1 At 31 August 2022 14 \u2013 14 Total provisions are split between current and non-current liabilities as follows: \u00a3m 2023 2022 Included in current liabilities 1 \u2013 Included in non-current liabilities 16 14 17 14 A charge of \u00a33m has been recognised in the income statement in the current year to provide for the unavoidable costs of continuing to service a non-cancellable contract. This provision will be utilised over the next three financial years. Property provisions principally relate to reinstatement liabilities for stores where the long-term viability has been impacted primarily by Covid-19. These expected costs of store closures are reviewed frequently and are based on information available as at the reporting date as well as management\u2019s historical experience of similar transactions. Utilisations of the property provisions are expected to be incurred in line with the profile of the leases to which they relate, which range from one year up to ten years.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-396": {
"value": "17. Deferred tax The following are the deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior years. \u00a3m Opening balance Rate change (Credited) / charged to income (Credited) / charged to equity Foreign exchange Closing balance Accelerated tax depreciation 3 (1) (14) \u2013 1 (11) Leases 5 \u2013 \u2013 \u2013 \u2013 5 Share-based payments 4 \u2013 2 \u2013 \u2013 6 Intangible assets (14) \u2013 \u2013 \u2013 \u2013 (14) Losses carried forward 45 1 (15) \u2013 (1) 30 Unutilised interest expense 7 \u2013 2 \u2013 (1) 8 Provisions 5 \u2013 14 \u2013 \u2013 19 Year ended 31 August 2023 55 \u2013 (11) \u2013 (1) 43 Accelerated tax depreciation 8 \u2013 (4) \u2013 (1) 3 Leases 5 \u2013 \u2013 \u2013 \u2013 5 Share-based payments 2 \u2013 2 \u2013 \u2013 4 Retirement benefit obligation 1 \u2013 (1) \u2013 \u2013 \u2013 Intangible assets (11) \u2013 (1) \u2013 (2) (14) Losses carried forward 45 \u2013 (3) \u2013 3 45 Unutilised interest expense 5 \u2013 \u2013 \u2013 2 7 Provisions 2 \u2013 3 \u2013 \u2013 5 Year ended 31 August 2022 57 \u2013 (4) \u2013 2 55 Deferred tax assets have not been recognised in respect of the following tax losses: \u00a3m 2023 2022 Capital losses 83 84 Trading losses 28 15 111 99 Substantially all of the deferred income tax assets are expected to be recovered after more than one year. The UK corporation tax rate is 25 per cent. At 31 August 2023, deferred tax assets have been recognised in respect of tax losses and US unutilised interest expense. The deferred tax assets of \u00a3119m (2022: \u00a3188m) relate to carried forward tax losses which have been recognised to the extent that they will be recoverable using the estimated future taxable income based on the approved budgets for the Group. The Group has not recognised deferred tax assets on losses (including capital losses) amounting to \u00a3111m (2022: \u00a399m) and US unutilised interest expense amounting to \u00a333m (2022: \u00a313m) due to uncertainty over the timing and extent of their utilisation. These losses can be carried forward indefinitely and have no expiry date. All deferred tax assets and liabilities are offset where there is considered to be a legally enforceable right to do so. The following is an analysis of the deferred tax balances (after offset) for financial reporting purposes: \u00a3m 2023 2022 Deferred tax liabilities (non-current liabilities) \u2013 \u2013 Deferred tax assets 43 55 43 55",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-397": {
"value": "18. Analysis of net debt Movements in net debt can be analysed as follows: \u00a3m Term loans Convertible bonds Revolving credit facility Leases Sub-total Liabilities from financing activities Cash and cash equivalents Net debt At 1 September 2022 (132) (292) \u2013 (577) (1,001) 132 (869) Other non-cash movements (1) (9) \u2013 (148) (158) \u2013 (158) Other cash movements 133 \u2013 (84) 137 186 (74) 112 Currency translation \u2013 \u2013 \u2013 22 22 (2) 20 At 31 August 2023 \u2013 (301) (84) (566) (951) 56 (895) \u00a3m Term loans Convertible bonds Revolving credit facility Leases Sub-total Liabilities from financing activities Cash and cash equivalents Net debt At 1 September 2021 (132) (283) \u2013 (470) (885) 130 (755) Other non-cash movements \u2013 (9) \u2013 (184) (193) \u2013 (193) Other cash movements \u2013 \u2013 \u2013 107 107 \u2013 107 Currency translation \u2013 \u2013 \u2013 (30) (30) 2 (28) At 31 August 2022 (132) (292) \u2013 (577) (1,001) 132 (869) An explanation of Alternative Performance Measures, including Net debt on a pre-IFRS 16 basis, is provided in the Glossary on page 168. Cash and cash equivalents Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value. Lease liabilities Non-cash movements in lease liabilities mainly relate to new leases, modifications and remeasurements in the year. Term loans and revolving credit facilities On 14 June 2023 the Group announced new financing arrangements. The Group\u2019s existing lending facilities, comprising a \u00a3250m revolving credit facility (\u2018RCF\u2019) and a term loan were cancelled and repaid. The Group\u2019s four-year committed \u00a3133m term loan with Santander UK PLC, Barclays Bank PLC, BNP Paribas, J.P. Morgan Securities PLC and HSBC UK Bank PLC, was repaid as part of the above refinancing. Instalments of \u00a320m were paid prior to the repayment. This repayment was funded by drawings under new facilities consisting of a \u00a3400m RCF (the \u2018New RCF\u2019). The New RCF is for a five-year term due to mature on 13 June 2028, with two uncommitted extension options of one year each, which would, subject to lender approval, extend the tenor to six or seven years if exercised. The New RCF is provided by a syndicate of banks: Barclays Bank PLC, BNP Paribas, Citibank N.A. London Branch, Fifth Third Bank National Association, HSBC UK Bank PLC, JP Morgan Securities PLC, PNC Capital Markets LLC, Banco Santander SA London Branch and Skandinaviska Enskilda Banken AB (PUBL). Utilisation is interest bearing at a margin over SONIA. As at 31 August 2023, the Group has drawn down \u00a384m on the New RCF (2022: \u00a3nil, on the RCF). Transaction costs of \u00a34m relating to the New RCF have been capitalised and are amortised to the Income statement on a straight-line basis. Convertible bonds The Group has issued \u00a3327m (2022: \u00a3327m) guaranteed senior unsecured convertible bonds due in 2026. The bond covers a five-year term beginning on 7 May 2021 with a 1.625 per cent per annum coupon payable semi-annually in arrears in equal instalments. The bonds are convertible into new and/or existing ordinary shares of WH Smith PLC. The initial conversion price was set at \u00a324.99 representing a premium of 40 per cent above the reference share price on 28 April 2021 (\u00a317.85). The conversion price at 31 August 2023 was \u00a324.7032. If not previously converted, redeemed or purchased and cancelled, the bonds will be redeemed at par on 7 May 2026. The convertible bond is a compound financial instrument, consisting of a financial liability component and an equity component, representing the value of the conversion rights. The initial fair value of the liability portion of the convertible bond was determined using a market interest rate for an equivalent non-convertible bond at the issue date. The liability is subsequently recognised on an amortised cost basis using the effective interest rate method until extinguished on conversion or maturity of the bonds. The remainder of the proceeds was allocated to the conversion option and recognised in equity (Other reserves), and not subsequently remeasured. As a result, \u00a3286m was initially recognised as a liability in the balance sheet on issue and the remainder of the proceeds of \u00a341m, which represents the option component, was recognised in equity. Transaction costs of \u00a36m were allocated between the two components and the element relating to the debt component of \u00a35m is amortised through the effective interest rate method. The issue costs apportioned to the equity component of \u00a31m have been deducted from equity. Further information regarding the Group\u2019s borrowings and revolving credit facilities is provided in Note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-430": {
"value": "18. Analysis of net debt Movements in net debt can be analysed as follows: \u00a3m Term loans Convertible bonds Revolving credit facility Leases Sub-total Liabilities from financing activities Cash and cash equivalents Net debt At 1 September 2022 (132) (292) \u2013 (577) (1,001) 132 (869) Other non-cash movements (1) (9) \u2013 (148) (158) \u2013 (158) Other cash movements 133 \u2013 (84) 137 186 (74) 112 Currency translation \u2013 \u2013 \u2013 22 22 (2) 20 At 31 August 2023 \u2013 (301) (84) (566) (951) 56 (895) \u00a3m Term loans Convertible bonds Revolving credit facility Leases Sub-total Liabilities from financing activities Cash and cash equivalents Net debt At 1 September 2021 (132) (283) \u2013 (470) (885) 130 (755) Other non-cash movements \u2013 (9) \u2013 (184) (193) \u2013 (193) Other cash movements \u2013 \u2013 \u2013 107 107 \u2013 107 Currency translation \u2013 \u2013 \u2013 (30) (30) 2 (28) At 31 August 2022 (132) (292) \u2013 (577) (1,001) 132 (869) An explanation of Alternative Performance Measures, including Net debt on a pre-IFRS 16 basis, is provided in the Glossary on page 168. Cash and cash equivalents Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates to their fair value. Lease liabilities Non-cash movements in lease liabilities mainly relate to new leases, modifications and remeasurements in the year. Term loans and revolving credit facilities On 14 June 2023 the Group announced new financing arrangements. The Group\u2019s existing lending facilities, comprising a \u00a3250m revolving credit facility (\u2018RCF\u2019) and a term loan were cancelled and repaid. The Group\u2019s four-year committed \u00a3133m term loan with Santander UK PLC, Barclays Bank PLC, BNP Paribas, J.P. Morgan Securities PLC and HSBC UK Bank PLC, was repaid as part of the above refinancing. Instalments of \u00a320m were paid prior to the repayment. This repayment was funded by drawings under new facilities consisting of a \u00a3400m RCF (the \u2018New RCF\u2019). The New RCF is for a five-year term due to mature on 13 June 2028, with two uncommitted extension options of one year each, which would, subject to lender approval, extend the tenor to six or seven years if exercised. The New RCF is provided by a syndicate of banks: Barclays Bank PLC, BNP Paribas, Citibank N.A. London Branch, Fifth Third Bank National Association, HSBC UK Bank PLC, JP Morgan Securities PLC, PNC Capital Markets LLC, Banco Santander SA London Branch and Skandinaviska Enskilda Banken AB (PUBL). Utilisation is interest bearing at a margin over SONIA. As at 31 August 2023, the Group has drawn down \u00a384m on the New RCF (2022: \u00a3nil, on the RCF). Transaction costs of \u00a34m relating to the New RCF have been capitalised and are amortised to the Income statement on a straight-line basis. Convertible bonds The Group has issued \u00a3327m (2022: \u00a3327m) guaranteed senior unsecured convertible bonds due in 2026. The bond covers a five-year term beginning on 7 May 2021 with a 1.625 per cent per annum coupon payable semi-annually in arrears in equal instalments. The bonds are convertible into new and/or existing ordinary shares of WH Smith PLC. The initial conversion price was set at \u00a324.99 representing a premium of 40 per cent above the reference share price on 28 April 2021 (\u00a317.85). The conversion price at 31 August 2023 was \u00a324.7032. If not previously converted, redeemed or purchased and cancelled, the bonds will be redeemed at par on 7 May 2026. The convertible bond is a compound financial instrument, consisting of a financial liability component and an equity component, representing the value of the conversion rights. The initial fair value of the liability portion of the convertible bond was determined using a market interest rate for an equivalent non-convertible bond at the issue date. The liability is subsequently recognised on an amortised cost basis using the effective interest rate method until extinguished on conversion or maturity of the bonds. The remainder of the proceeds was allocated to the conversion option and recognised in equity (Other reserves), and not subsequently remeasured. As a result, \u00a3286m was initially recognised as a liability in the balance sheet on issue and the remainder of the proceeds of \u00a341m, which represents the option component, was recognised in equity. Transaction costs of \u00a36m were allocated between the two components and the element relating to the debt component of \u00a35m is amortised through the effective interest rate method. The issue costs apportioned to the equity component of \u00a31m have been deducted from equity. Further information regarding the Group\u2019s borrowings and revolving credit facilities is provided in Note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-398": {
"value": "19. Contingent liabilities and capital commitments \u00a3m 2023 2022 Bank guarantees and guarantees in respect of lease agreements 61 51 Bank guarantees are principally in favour of landlords and could be drawn down on by landlords in the event that the Group does not settle its contractual obligations under lease or other agreements. Contracts placed for future capital expenditure approved by the directors but not provided for in these financial statements amount to \u00a327m (2022: \u00a330m). \u00a3m 2023 2022 Commitments in respect of property, plant and equipment 25 28 Commitments in respect of other intangible assets 2 2 27 30",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-453": {
"value": "\u00a3m 2023 2022 Bank guarantees and guarantees in respect of lease agreements 61 51 Bank guarantees are principally in favour of landlords and could be drawn down on by landlords in the event that the Group does not settle its contractual obligations under lease or other agreements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-431": {
"value": "Contracts placed for future capital expenditure approved by the directors but not provided for in these financial statements amount to \u00a327m (2022: \u00a330m). \u00a3m 2023 2022 Commitments in respect of property, plant and equipment 25 28 Commitments in respect of other intangible assets 2 2 27 30",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-399": {
"value": "20. Cash generated from operating activities \u00a3m 2023 2022 Group operating profit 156 97 Depreciation of property, plant and equipment 42 37 Impairment of property, plant and equipment 4 7 Amortisation of intangible assets 14 13 Impairment of intangible assets \u2013 1 Depreciation of right-of-use assets 104 81 Impairment of right-of-use assets 15 8 Non-cash change in lease liabilities \u2013 (5) Share-based payments 12 9 Gain on remeasurement of leases (5) (4) Other non-cash items (incl. foreign exchange) 7 (12) Increase in inventories (12) (56) Increase in receivables (22) (42) (Decrease)/increase in payables (15) 88 Pension funding \u2013 (2) Movement on provisions (through utilisation or income statement) 2 (1) Cash generated from operating activities 302 219",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-400": {
"value": "21. Financial instruments Categories of financial instruments Carrying value \u00a3m 2023 2022 Financial assets Derivative instruments not in designated hedge accounting relationships1 1 \u2013 Derivative instruments in designated hedge accounting relationships1 \u2013 1 Receivables at amortised cost2 102 78 Cash and cash equivalents 56 132 Financial liabilities Derivative instruments in designated hedge accounting relationships1 (1) \u2013 Amortised cost3 (1,244) (1,322) 1 All derivatives are categorised as Level 2 within the fair value hierarchy. The fair value measurements relating to the instruments are derived from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Included within receivables held at amortised cost are trade and other receivables (excluding prepayments) and cash and cash equivalents. 3 Included within amortised cost are trade payables, other payables, accruals, borrowings, lease obligations and other non-current liabilities. Prior year number restated to remove \u00a330m of payables related to other taxes and social security. Comparison of carrying values and fair values The carrying value of the convertible bond on the Group\u2019s balance sheet is \u00a3301m. The fair value of the convertible bond has been estimated at \u00a3287m using a discounted cash flow approach based on market interest rates. This represents Level 2 fair value measurements as defined by IFRS 13. Risk management The Group\u2019s treasury function seeks to reduce exposures to interest rate, foreign exchange and other financial risks, and to ensure liquidity is available to meet the foreseeable needs of the Group and to invest cash assets safely and profitably. The Group does not engage in speculative trading in financial instruments and transacts only in relation to underlying business requirements. The Group\u2019s treasury policies and procedures are periodically reviewed and approved by the Group\u2019s Audit Committee and are subject to regular Group Internal Audit review. Capital risk The Group\u2019s objectives with respect to managing capital (defined as net debt plus equity) are to safeguard the Group\u2019s ability to continue as a going concern, in order to optimise returns to shareholders and benefits for other stakeholders, through an appropriate balance of debt and equity funding. Refer to Note 18 for the value of the Group\u2019s net debt and refer to the Group statement of changes in equity for the value of the Group\u2019s equity. In managing the Group\u2019s capital levels, the Board regularly monitors the level of debt in the business, the working capital requirements, forecast financing and investing cash flows. Based on this analysis, the Board determines the appropriate return to investors while ensuring sufficient capital is retained in the business to meet its strategic objectives. The Board has a progressive dividend policy and expects that, over time, dividends would be broadly covered two and a half times by earnings calculated on a normalised tax basis. The Group has in place a \u00a3400m committed multi-currency revolving credit facility. The covenants, tested half-yearly, are based on fixed charges cover and leverage (defined as total borrowings excluding lease liabilities that would have been treated as an operating lease prior to the adoption of IFRS 16, less cash and cash equivalents/consolidated pre-IFRS 16 EBITDA). The Group has issued \u00a3327m of guaranteed senior unsecured convertible bonds due in 2026. Settlement and delivery of the convertible bonds took place on 7 May 2021. The total bond offering of \u00a3327m covers a five-year term beginning on 7 May 2021 with a 1.625 per cent per annum coupon payable semi-annually in arrears in equal instalments. The bonds are convertible into new and/or existing ordinary shares of the WH Smith PLC. The initial conversion price was set at \u00a324.99 representing a premium of 40 per cent above the reference share price on 28 April 2021 (\u00a317.85). The conversion price at 31 August 2023 is \u00a324.7032 (2022: \u00a324.99). If not previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 7 May 2026. Liquidity risk The Group manages its exposure to liquidity risk by reviewing the cash resources required to meet its business objectives through both short- and long-term cash flow forecasts. The Group has a committed multi-currency revolving credit facility with a number of financial institutions which is available to be drawn for general corporate purposes including working capital. The facility is due to mature on 13 June 2028. The Group has a policy of pooling cash flows in order to optimise the return on surplus cash and also to utilise cash within the Group to reduce the costs of external short-term funding. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows of the Group\u2019s financial liabilities: 2023 (\u00a3m) Due within 1 year Due between 1 and 2 years Due between 2 and 5 years Due over 5 years Total Non-derivative financial liabilities Bank loans and overdrafts 89 5 331 \u2013 425 Trade and other payables 293 \u2013 \u2013 \u2013 293 Lease liabilities 136 110 253 164 663 Total cash flows 518 115 584 164 1,381 2022 (\u00a3m) Due within 1 year Due between 1 and 2 years Due between 2 and 5 years Due over 5 years Total Non-derivative financial liabilities Bank loans and overdrafts 29 37 424 \u2013 490 Trade and other payables 321 \u2013 \u2013 \u2013 321 Lease liabilities 146 100 235 177 658 Total cash flows 496 137 659 177 1,469 Non-derivative financial liabilities related to Trade and other payables for the year ended 31 August 2022 have been restated to remove balances related to other taxes and social security. This has resulted in a \u00a330m reduction in the balance disclosed. Credit risk Credit risk is the risk that a counterparty may default on their obligation to the Group in relation to lending, hedging, settlement and other financial activities. The Group\u2019s principal financial assets are trade and other receivables, and bank balances and cash which are considered to have low credit risk on initial recognition. The Group has credit risk attributable to its trade and other receivables, including a number of sale or return contracts with suppliers. The amounts included in the balance sheet are net of allowances for expected credit losses. The Group has adopted the simplified approach to calculating expected credit losses allowed by IFRS 9. Historical credit loss rates are applied consistently to groups of financial assets with similar risk characteristics. These are then adjusted for known changes in, or any forward-looking impacts on, creditworthiness. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that credit risk might have increased significantly include the failure of the debtor to engage in a payment plan and failure to make contractual payments within 180 days past due, which is in line with historical experience of increased credit risk. Indicators that an asset is credit- impaired would include observable data in relation to the financial health of the debtor or if the debtor breaches contract. The Group has low retail credit risk due to the transactions being principally high volume, low-value and of short maturity. The Group has no significant concentration of credit risk, with the exposure spread over a large number of counterparties and customers. The credit risk on liquid funds and derivative financial instruments is considered to be low, as the Board approved Group treasury policy limits the value that can be placed with each approved counterparty to minimise the risk of loss. These limits are based on a short-term credit rating of P\u20131. The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk. The Group does not hold collateral over any of these financial assets. Interest rate risk The Group is exposed to cash flow interest rate risk on floating rate deposits and overdrafts. At 31 August 2023, the Group had drawn down \u00a384m from its \u00a3400m committed revolving credit facility. In the prior year, the Group had drawn down \u00a3nil from its \u00a3250m committed revolving credit facility. If the Group draws down on this facility, it does not view any draw down as long-term in nature and therefore does not enter into interest rate derivatives to mitigate this risk. Foreign currency risk Foreign exchange rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in foreign exchange rates. The Group\u2019s foreign currency exposures are principally to the US dollar, Euro and Australian dollar. The Group\u2019s treasury function uses financial instruments to mitigate foreign exchange risk, in line with treasury policies approved by the Board. Financial instruments include foreign exchange contracts, deposits and bank loans. The Group uses forward foreign exchange contracts to hedge significant future transactions and cash flows denominated in currencies other than pounds sterling. The hedging instruments have been used to hedge purchases in US dollars and to minimise foreign exchange risk in movements of the USD/GBP exchange rates. These are designated as cash flow hedges. At 31 August 2023 the Group had no material unhedged currency exposures. The Group\u2019s US dollar, Euro and Australian dollar exposure is principally operational and arises mainly through the operation of retail stores in North America, France, Ireland, Spain, Germany, Netherlands, Italy and Australia. The Group does not use derivatives to hedge balance sheet and profit and loss translation exposure. The fair value of cash flow hedges recognised within derivative assets/liabilities is shown below: \u00a3m 2023 2022 Fair value of derivative (liabilities) / assets (1) 1 At 31 August 2023, the total notional amount of outstanding forward foreign exchange contracts to which the Group has committed is US$30m (2022: US$30m). These instruments will be used to hedge cash flows occurring up to one year from the balance sheet date. Gains of \u00a3nil (2022: \u00a3nil) have been transferred to the income statement and gains of \u00a3nil (2022: gains of \u00a33m) have been transferred to inventories in respect of contracts that matured during the year ended 31 August 2023. In the year to 31 August 2023, the fair value loss on the Group\u2019s currency derivatives that are designated and effective as cash flow hedges amounted to \u00a32m (2022: gain of \u00a33m). All the derivatives held by the Group at fair value are considered to have fair values determined by Level 2 inputs as defined by the fair value hierarchy. There are no non-recurring fair value measurements nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy. Sensitivity analysis as at 31 August 2023 Financial instruments affected by market risks include borrowings, deposits and derivative financial instruments. The following analysis, required by IFRS 7 \u201cFinancial Instruments\u201d: Disclosures, is intended to illustrate the sensitivity to changes in market variables, being UK interest rates, and USD/GBP, EUR/GBP and AUD/GBP exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2022 Exchange rate fluctuations on currency derivatives that form part of an effective cash flow hedge relationship affect the hedging reserve in equity and the fair value of the hedging derivatives. \u2022 Year end exchange rates applied in the analysis are USD/GBP 1.2689/1 (2022: 1.1640/1), EUR/GBP 1.1666/1 (2022: 1.1607/1) and AUD/GBP 1.9583/1 (2022: 1.6967/1). \u2022 Group debt and hedging activities reflect the positions at 31 August 2023 and 31 August 2022 respectively. As a consequence, the analysis relates to the position at those dates and is not necessarily representative of the years then ended. The above assumptions are made when illustrating the effect on the Group\u2019s income statement and equity given reasonable movements in foreign exchange and interest rates before the effect of tax. The Group considers a reasonable interest rate movement in GBP SONIA/base rate to be one per cent. Similarly, sensitivity to movements in USD/GBP, EUR/GBP and AUD/ GBP exchange rates of ten per cent are shown, reflecting changes of reasonable proportion in the context of movement in those currency pairs over time. Using these assumptions, the following table shows the illustrative effect on the Group income statement and equity. 2023 2022 \u00a3m Income gain/(loss) Equity gain/(loss) Income (loss)/gain Equity (loss)/gain GBP SONIA/base rate interest rates 1% increase (1) \u2013 \u2013 \u2013 USD/GBP exchange rates 10% increase (3) (36) (1) (56) EUR/GBP exchange rates 10% increase 1 (4) \u2013 \u2013 AUD/GBP exchange rates 10% increase \u2013 (1) \u2013 2 GBP SONIA/base rate interest rates 1% decrease 1 \u2013 \u2013 \u2013 USD/GBP exchange rates 10% decrease 3 47 2 63 EUR/GBP exchange rates 10% decrease (2) (2) 1 \u2013 AUD/GBP exchange rates 10% decrease 1 1 \u2013 (2)",
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"value": "Categories of financial instruments Carrying value \u00a3m 2023 2022 Financial assets Derivative instruments not in designated hedge accounting relationships1 1 \u2013 Derivative instruments in designated hedge accounting relationships1 \u2013 1 Receivables at amortised cost2 102 78 Cash and cash equivalents 56 132 Financial liabilities Derivative instruments in designated hedge accounting relationships1 (1) \u2013 Amortised cost3 (1,244) (1,322) 1 All derivatives are categorised as Level 2 within the fair value hierarchy. The fair value measurements relating to the instruments are derived from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. 2 Included within receivables held at amortised cost are trade and other receivables (excluding prepayments) and cash and cash equivalents. 3 Included within amortised cost are trade payables, other payables, accruals, borrowings, lease obligations and other non-current liabilities. Prior year number restated to remove \u00a330m of payables related to other taxes and social security. Comparison of carrying values and fair values The carrying value of the convertible bond on the Group\u2019s balance sheet is \u00a3301m. The fair value of the convertible bond has been estimated at \u00a3287m using a discounted cash flow approach based on market interest rates. This represents Level 2 fair value measurements as defined by IFRS 13. ",
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"fact-432": {
"value": "Risk management The Group\u2019s treasury function seeks to reduce exposures to interest rate, foreign exchange and other financial risks, and to ensure liquidity is available to meet the foreseeable needs of the Group and to invest cash assets safely and profitably. The Group does not engage in speculative trading in financial instruments and transacts only in relation to underlying business requirements. The Group\u2019s treasury policies and procedures are periodically reviewed and approved by the Group\u2019s Audit Committee and are subject to regular Group Internal Audit review. ",
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"fact-434": {
"value": "Capital risk The Group\u2019s objectives with respect to managing capital (defined as net debt plus equity) are to safeguard the Group\u2019s ability to continue as a going concern, in order to optimise returns to shareholders and benefits for other stakeholders, through an appropriate balance of debt and equity funding. Refer to Note 18 for the value of the Group\u2019s net debt and refer to the Group statement of changes in equity for the value of the Group\u2019s equity. In managing the Group\u2019s capital levels, the Board regularly monitors the level of debt in the business, the working capital requirements, forecast financing and investing cash flows. Based on this analysis, the Board determines the appropriate return to investors while ensuring sufficient capital is retained in the business to meet its strategic objectives. The Board has a progressive dividend policy and expects that, over time, dividends would be broadly covered two and a half times by earnings calculated on a normalised tax basis. The Group has in place a \u00a3400m committed multi-currency revolving credit facility. The covenants, tested half-yearly, are based on fixed charges cover and leverage (defined as total borrowings excluding lease liabilities that would have been treated as an operating lease prior to the adoption of IFRS 16, less cash and cash equivalents/consolidated pre-IFRS 16 EBITDA). The Group has issued \u00a3327m of guaranteed senior unsecured convertible bonds due in 2026. Settlement and delivery of the convertible bonds took place on 7 May 2021. The total bond offering of \u00a3327m covers a five-year term beginning on 7 May 2021 with a 1.625 per cent per annum coupon payable semi-annually in arrears in equal instalments. The bonds are convertible into new and/or existing ordinary shares of the WH Smith PLC. The initial conversion price was set at \u00a324.99 representing a premium of 40 per cent above the reference share price on 28 April 2021 (\u00a317.85). The conversion price at 31 August 2023 is \u00a324.7032 (2022: \u00a324.99). If not previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 7 May 2026. ",
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"value": "Liquidity risk The Group manages its exposure to liquidity risk by reviewing the cash resources required to meet its business objectives through both short- and long-term cash flow forecasts. The Group has a committed multi-currency revolving credit facility with a number of financial institutions which is available to be drawn for general corporate purposes including working capital. The facility is due to mature on 13 June 2028. The Group has a policy of pooling cash flows in order to optimise the return on surplus cash and also to utilise cash within the Group to reduce the costs of external short-term funding. The table below shows the maturity analysis of the undiscounted remaining contractual cash flows of the Group\u2019s financial liabilities: 2023 (\u00a3m) Due within 1 year Due between 1 and 2 years Due between 2 and 5 years Due over 5 years Total Non-derivative financial liabilities Bank loans and overdrafts 89 5 331 \u2013 425 Trade and other payables 293 \u2013 \u2013 \u2013 293 Lease liabilities 136 110 253 164 663 Total cash flows 518 115 584 164 1,381 2022 (\u00a3m) Due within 1 year Due between 1 and 2 years Due between 2 and 5 years Due over 5 years Total Non-derivative financial liabilities Bank loans and overdrafts 29 37 424 \u2013 490 Trade and other payables 321 \u2013 \u2013 \u2013 321 Lease liabilities 146 100 235 177 658 Total cash flows 496 137 659 177 1,469 Non-derivative financial liabilities related to Trade and other payables for the year ended 31 August 2022 have been restated to remove balances related to other taxes and social security. This has resulted in a \u00a330m reduction in the balance disclosed. ",
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"value": "Credit risk Credit risk is the risk that a counterparty may default on their obligation to the Group in relation to lending, hedging, settlement and other financial activities. The Group\u2019s principal financial assets are trade and other receivables, and bank balances and cash which are considered to have low credit risk on initial recognition. The Group has credit risk attributable to its trade and other receivables, including a number of sale or return contracts with suppliers. The amounts included in the balance sheet are net of allowances for expected credit losses. The Group has adopted the simplified approach to calculating expected credit losses allowed by IFRS 9. Historical credit loss rates are applied consistently to groups of financial assets with similar risk characteristics. These are then adjusted for known changes in, or any forward-looking impacts on, creditworthiness. Trade receivables are written off when there is no reasonable expectation of recovery. Indicators that credit risk might have increased significantly include the failure of the debtor to engage in a payment plan and failure to make contractual payments within 180 days past due, which is in line with historical experience of increased credit risk. Indicators that an asset is credit- impaired would include observable data in relation to the financial health of the debtor or if the debtor breaches contract. The Group has low retail credit risk due to the transactions being principally high volume, low-value and of short maturity. The Group has no significant concentration of credit risk, with the exposure spread over a large number of counterparties and customers. The credit risk on liquid funds and derivative financial instruments is considered to be low, as the Board approved Group treasury policy limits the value that can be placed with each approved counterparty to minimise the risk of loss. These limits are based on a short-term credit rating of P\u20131. The carrying amount of financial assets recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk. The Group does not hold collateral over any of these financial assets. ",
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"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
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"fact-437": {
"value": "Interest rate risk The Group is exposed to cash flow interest rate risk on floating rate deposits and overdrafts. At 31 August 2023, the Group had drawn down \u00a384m from its \u00a3400m committed revolving credit facility. In the prior year, the Group had drawn down \u00a3nil from its \u00a3250m committed revolving credit facility. If the Group draws down on this facility, it does not view any draw down as long-term in nature and therefore does not enter into interest rate derivatives to mitigate this risk. Foreign currency risk Foreign exchange rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of the changes in foreign exchange rates. The Group\u2019s foreign currency exposures are principally to the US dollar, Euro and Australian dollar. The Group\u2019s treasury function uses financial instruments to mitigate foreign exchange risk, in line with treasury policies approved by the Board. Financial instruments include foreign exchange contracts, deposits and bank loans. The Group uses forward foreign exchange contracts to hedge significant future transactions and cash flows denominated in currencies other than pounds sterling. The hedging instruments have been used to hedge purchases in US dollars and to minimise foreign exchange risk in movements of the USD/GBP exchange rates. These are designated as cash flow hedges. At 31 August 2023 the Group had no material unhedged currency exposures. The Group\u2019s US dollar, Euro and Australian dollar exposure is principally operational and arises mainly through the operation of retail stores in North America, France, Ireland, Spain, Germany, Netherlands, Italy and Australia. The Group does not use derivatives to hedge balance sheet and profit and loss translation exposure. The fair value of cash flow hedges recognised within derivative assets/liabilities is shown below: \u00a3m 2023 2022 Fair value of derivative (liabilities) / assets (1) 1 At 31 August 2023, the total notional amount of outstanding forward foreign exchange contracts to which the Group has committed is US$30m (2022: US$30m). These instruments will be used to hedge cash flows occurring up to one year from the balance sheet date. Gains of \u00a3nil (2022: \u00a3nil) have been transferred to the income statement and gains of \u00a3nil (2022: gains of \u00a33m) have been transferred to inventories in respect of contracts that matured during the year ended 31 August 2023. In the year to 31 August 2023, the fair value loss on the Group\u2019s currency derivatives that are designated and effective as cash flow hedges amounted to \u00a32m (2022: gain of \u00a33m). All the derivatives held by the Group at fair value are considered to have fair values determined by Level 2 inputs as defined by the fair value hierarchy. There are no non-recurring fair value measurements nor have there been any transfers of assets or liabilities between levels of the fair value hierarchy. Sensitivity analysis as at 31 August 2023 Financial instruments affected by market risks include borrowings, deposits and derivative financial instruments. The following analysis, required by IFRS 7 \u201cFinancial Instruments\u201d: Disclosures, is intended to illustrate the sensitivity to changes in market variables, being UK interest rates, and USD/GBP, EUR/GBP and AUD/GBP exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2022 Exchange rate fluctuations on currency derivatives that form part of an effective cash flow hedge relationship affect the hedging reserve in equity and the fair value of the hedging derivatives. \u2022 Year end exchange rates applied in the analysis are USD/GBP 1.2689/1 (2022: 1.1640/1), EUR/GBP 1.1666/1 (2022: 1.1607/1) and AUD/GBP 1.9583/1 (2022: 1.6967/1). \u2022 Group debt and hedging activities reflect the positions at 31 August 2023 and 31 August 2022 respectively. As a consequence, the analysis relates to the position at those dates and is not necessarily representative of the years then ended. The above assumptions are made when illustrating the effect on the Group\u2019s income statement and equity given reasonable movements in foreign exchange and interest rates before the effect of tax. The Group considers a reasonable interest rate movement in GBP SONIA/base rate to be one per cent. Similarly, sensitivity to movements in USD/GBP, EUR/GBP and AUD/ GBP exchange rates of ten per cent are shown, reflecting changes of reasonable proportion in the context of movement in those currency pairs over time. Using these assumptions, the following table shows the illustrative effect on the Group income statement and equity. 2023 2022 \u00a3m Income gain/(loss) Equity gain/(loss) Income (loss)/gain Equity (loss)/gain GBP SONIA/base rate interest rates 1% increase (1) \u2013 \u2013 \u2013 USD/GBP exchange rates 10% increase (3) (36) (1) (56) EUR/GBP exchange rates 10% increase 1 (4) \u2013 \u2013 AUD/GBP exchange rates 10% increase \u2013 (1) \u2013 2 GBP SONIA/base rate interest rates 1% decrease 1 \u2013 \u2013 \u2013 USD/GBP exchange rates 10% decrease 3 47 2 63 EUR/GBP exchange rates 10% decrease (2) (2) 1 \u2013 AUD/GBP exchange rates 10% decrease 1 1 \u2013 (2)",
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"fact-454": {
"value": "Sensitivity analysis as at 31 August 2023 Financial instruments affected by market risks include borrowings, deposits and derivative financial instruments. The following analysis, required by IFRS 7 \u201cFinancial Instruments\u201d: Disclosures, is intended to illustrate the sensitivity to changes in market variables, being UK interest rates, and USD/GBP, EUR/GBP and AUD/GBP exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2022 Exchange rate fluctuations on currency derivatives that form part of an effective cash flow hedge relationship affect the hedging reserve in equity and the fair value of the hedging derivatives. \u2022 Year end exchange rates applied in the analysis are USD/GBP 1.2689/1 (2022: 1.1640/1), EUR/GBP 1.1666/1 (2022: 1.1607/1) and AUD/GBP 1.9583/1 (2022: 1.6967/1). \u2022 Group debt and hedging activities reflect the positions at 31 August 2023 and 31 August 2022 respectively. As a consequence, the analysis relates to the position at those dates and is not necessarily representative of the years then ended. The above assumptions are made when illustrating the effect on the Group\u2019s income statement and equity given reasonable movements in foreign exchange and interest rates before the effect of tax. The Group considers a reasonable interest rate movement in GBP SONIA/base rate to be one per cent. Similarly, sensitivity to movements in USD/GBP, EUR/GBP and AUD/ GBP exchange rates of ten per cent are shown, reflecting changes of reasonable proportion in the context of movement in those currency pairs over time. Using these assumptions, the following table shows the illustrative effect on the Group income statement and equity. 2023 2022 \u00a3m Income gain/(loss) Equity gain/(loss) Income (loss)/gain Equity (loss)/gain GBP SONIA/base rate interest rates 1% increase (1) \u2013 \u2013 \u2013 USD/GBP exchange rates 10% increase (3) (36) (1) (56) EUR/GBP exchange rates 10% increase 1 (4) \u2013 \u2013 AUD/GBP exchange rates 10% increase \u2013 (1) \u2013 2 GBP SONIA/base rate interest rates 1% decrease 1 \u2013 \u2013 \u2013 USD/GBP exchange rates 10% decrease 3 47 2 63 EUR/GBP exchange rates 10% decrease (2) (2) 1 \u2013 AUD/GBP exchange rates 10% decrease 1 1 \u2013 (2)",
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"fact-401": {
"value": "22. Called up share capital Allotted and fully paid 2023 2022 Number of shares (millions) Nominal value \u00a3m Number of shares (millions) Nominal value \u00a3m Equity: Ordinary shares of 226\u2044 67 p 131 29 131 29 Total 131 29 131 29 During the year, 2,019 ordinary shares were allotted under the terms of the Company\u2019s Sharesave Scheme (2022: 1,633). There was no effect from this allotment on share premium (2022: \u00a3nil). The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the meetings of the Company. The ESOP reserve of \u00a315m (2022: \u00a39m) represents the cost of shares in WH Smith PLC purchased in the market and held by the WH Smith Employee Benefit Trust to satisfy awards and options under the Group\u2019s executive share schemes. The total shareholding is 1,031,943 (2022: 622,989). 25. Other reserves and Capital redemption reserve \u00a3m Other reserves Revaluation reserve ESOP reserve Hedging reserve Convertible bond reserve Total Balance as at 1 September 2022 (280) 2 (9) 3 40 (244) Cash flow hedges \u2013 \u2013 \u2013 (3) \u2013 (3) Employee share schemes (2) \u2013 (6) \u2013 \u2013 (8) Balance at 31 August 2023 (282) 2 (15) \u2013 40 (255) \u00a3m Other reserves Revaluation reserve ESOP reserve Hedging reserve Convertible bond reserve Total Balance as at 1 September 2021 (277) 2 (5) \u2013 40 (240) Cash flow hedges \u2013 \u2013 \u2013 3 \u2013 3 Employee share schemes (3) \u2013 (4) \u2013 \u2013 (7) Balance at 31 August 2022 (280) 2 (9) 3 40 (244) The Other reserves include reserves created in relation to historical capital reorganisation and proforma restatement of \u00a3(238)m (2022: \u00a3(238)m), demerger from Smiths News PLC in 2006 of \u00a369m (2022: \u00a369m), and cumulative amounts relating to employee share schemes of \u00a3(113)m (2022: \u00a3(111)m). The convertible bond reserve is a reserve created to recognise the equity component of the convertible bond issued in April 2021 (see Note 18) and represents the value of the conversion rights at initial recognition of \u00a341m, net of transaction costs of \u00a31m. The Capital redemption reserve of \u00a313m (2022: \u00a313m) represents the par value of shares repurchased and cancelled under the Group\u2019s share buyback programme and is reclassified from Share capital to the Capital redemption reserve.",
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},
"fact-438": {
"value": "22. Called up share capital Allotted and fully paid 2023 2022 Number of shares (millions) Nominal value \u00a3m Number of shares (millions) Nominal value \u00a3m Equity: Ordinary shares of 226\u2044 67 p 131 29 131 29 Total 131 29 131 29 During the year, 2,019 ordinary shares were allotted under the terms of the Company\u2019s Sharesave Scheme (2022: 1,633). There was no effect from this allotment on share premium (2022: \u00a3nil). The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the meetings of the Company. The ESOP reserve of \u00a315m (2022: \u00a39m) represents the cost of shares in WH Smith PLC purchased in the market and held by the WH Smith Employee Benefit Trust to satisfy awards and options under the Group\u2019s executive share schemes. The total shareholding is 1,031,943 (2022: 622,989). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-402": {
"value": "23. Share-based payments
Summary of movements in awards and options
Number of shares
Sharesave
Schemes LTIPs PSP
Cash-settled
awards Total
Outstanding at 1 September 2022 318,615 2,512,407 461,277 111,934 3,404,233
Options and awards granted 246,718 1,403,432 278,982 \u2013 1,929,132
Options and awards exercised (2,019) (69,916) (34,111) \u2013 (106,046)
Options and awards lapsed / cancelled (130,165) (514,693) (219,049) \u2013 (863,907)
Outstanding at 31 August 2023 433,149 3,331,230 487,099 111,934 4,363,412
Exercisable at 31 August 2023 245 10,764 41,726 \u2013 52,735
Outstanding at 1 September 2021 388,479 1,982,314 532,974 52,032 2,955,799
Options and awards granted \u2013 1,150,443 180,368 62,213 1,393,024
Options and awards exercised (1,633) (124,721) (32,164) \u2013 (158,518)
Options and awards lapsed / cancelled (68,231) (495,629) (219,901) (2,311) (786,072)
Outstanding at 31 August 2022 318,615 2,512,407 461,277 111,934 3,404,233
Exercisable at 31 August 2022 95,906 39,251 27,561 \u2013 162,718
Pence 2023 2022
Weighted average exercise price of awards:
\u2013 Outstanding at the beginning of the year 136.94 192.20
\u2013 Granted in the year 16.46 \u2013
\u2013 Exercised in the year 30.65 15.71
\u2013 Lapsed in the year 233.18 126.54
\u2013 Outstanding at the end of the year 134.87 136.94
\u2013 Exercisable at the end of the year 7.48 947.30
Detail of movements in options and awards
LTIPs
Under the terms of the LTIP, executive directors and key senior executives may be granted conditional awards to acquire
ordinary shares in the Company (in the form of nil cost options) which will only vest and become exercisable to the extent
that the related performance targets are met.
Outstanding awards granted under the LTIPs are as follows:
Number of shares
Date of grant 2023 2022
Exercise
price (pence) Exercise period
20 October 2016 8,404 11,892 Nil Oct 2019 \u2013 20.10.26
26 October 2017 2,360 38,315 Nil Oct 2020 \u2013 26.10.27
5 November 2019 \u2013 365,640 Nil Nov 2024 \u2013 05.11.29
19 November 2020 1,004,807 1,015,635 Nil Nov 2025 \u2013 19.11.30
19 November 2021 1,004,940 1,080,925 Nil Nov 2026 \u2013 19.11.31
21 November 2022 1,310,719 \u2013 Nil Nov 2027 \u2013 21.11.32
3,331,230 2,512,407
Awards will first become exercisable on the vesting date, which is the third anniversary of the date of grant. Awards made
on or after October 2016 are subject to holding periods preventing the delivery and sale of shares until the fifth anniversary
of the date of grant. For awards made in October 2016 and October 2017, the holding period applies to 50 per cent of any
shares which vest. For awards made in November 2018, and all subsequent awards, the holding period applies to 100 per cent
of any shares that vest. The awards will accrue dividends paid over the performance and any holding period. LTIP awards are
equity-settled.
Sharesave Scheme
Under the terms of the Sharesave Scheme, the Board grants options to purchase ordinary shares in the Company to
employees with at least three months service who enter into an HM Revenue & Customs approved Save-As-You-Earn (SAYE)
savings contract for a term of three years. Options are granted at up to a 20 per cent discount to the market price of the
shares on the date of offer and are normally exercisable for a period of six months after completion of the SAYE contract.
SAYE options are equity-settled.
Outstanding options granted under the Sharesave Scheme at 31 August 2023 and 31 August 2022 are as follows:
Number of shares
Date of grant 2023 2022
Exercise
price (pence) Exercise period
5 June 2019 (3 year) 245 95,906 1,609.60 01.08.22 \u2013 31.01.23
9 June 2021 (3 year) 191,679 222,709 1,400.00 01.08.24 \u2013 31.01.25
14 June 2023 (3 year) 241,225 \u2013 1,325.60 01.08.26 \u2013 31.01.27
433,149 318,615
Performance Share Plan (PSP)
Under the terms of the Performance Share Plan, the Board may grant conditional awards to executives. The exercise of
awards is conditional on the achievement of a performance target, which is determined by the Board at the time of grant.
The executive directors do not participate in this plan. PSP awards are equity-settled.
Outstanding awards granted under the PSP are as follows:
Number of shares
Date of grant 2023 2022
Exercise
price (pence) Exercise period
23 October 2014 870 870 Nil Oct 2017 \u2013 23.10.24
20 October 2016 3,287 3,561 Nil Oct 2019 \u2013 20.10.26
5 November 2019 \u2013 178,398 Nil Nov 2022 \u2013 05.11.29
19 November 2020 83,774 121,289 Nil Nov 2021 \u2013 19.11.30
19 November 2021 145,123 157,159 Nil Nov 2024 \u2013 19.11.31
21 November 2022 254,045 \u2013 Nil Nov 2025 \u2013 21.11.32
487,099 461,277
Deferred Bonus Plan (DBP)
The Deferred Bonus Plan is applicable to executive directors only. Under the terms of the DBP, any bonus payable over target
is deferred into shares for a period of up to three years. One third of the deferred shares are released on each anniversary of
the bonus.
At 31 August 2023, 73,049 (2022: 18,473) shares remain deferred in accordance with this plan.
Cash-settled schemes
Under the terms of the LTIP and PSP, the Board may grant cash-settled awards to executives. The exercise of options is
conditional on the achievement of a performance target, which is determined by the Board at the time of grant. These awards
will be settled in cash based on the share price at the date of exercise. As at 31 August 2023 there were 111,934 outstanding
nil-cost cash-settled awards (2022: 111,934), which will be settled at various dates up to November 2031. The carrying amount
of liabilities arising from share-based payment transactions is less than \u00a31m (2022: less than \u00a31m).
Fair value information
2023 2022
Weighted average share price at date of exercise of share options exercised during year \u2013 pence 1,429.62 1,573.69
Weighted average remaining contractual life at end of year \u2013 years 8 8
Share options and awards granted
The aggregate of the estimated fair value of the options and awards granted in the year is:
\u00a3m 2023 2022
20 15
The fair values of the LTIP and PSP awards granted were measured using a Monte Carlo simulation model. The input range
into the Monte Carlo models was as follows:
2023 2022
Share price \u2013 pence 1,364.50 1,514.00
Exercise price \u2013 pence Nil Nil
Expected volatility \u2013 per cent 47 41
Expected life \u2013 years 3.0 3.0
Risk-free rate \u2013 per cent 3.17 0.44
Dividend yield \u2013 per cent 0%\u20132% 0%\u20132%
Weighted average fair value of options \u2013 pence 1,042.45 1,068.26
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the expected life of
the option.
The fair values of the Sharesave options granted in the year ended 31 August 2023 were measured using a Black Scholes
model. None were granted in the year ended 31 August 2022. The input range into the Black Scholes models was as follows
in the year ended 31 August 2023:
2023
Share price \u2013 pence 1,638.00
Exercise price \u2013 pence 1,325.60
Expected volatility \u2013 per cent 76
Expected life \u2013 years 3.5
Risk-free rate \u2013 per cent 4.14
Dividend yield \u2013 per cent 1.05
Weighted average fair value of options \u2013 pence 946
Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the expected life of
the option.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-403": {
"value": "24. Related party transactions Transactions between businesses within this Group which are related parties have been eliminated on consolidation and are not disclosed in this Note. Remuneration of key management personnel The remuneration of the executive and non-executive directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual directors is provided in the Directors\u2019 remuneration report on pages 81 to 102. \u00a3\u2019000 2023 2022 Short-term employee benefits 3,509 3,327 Post-employment benefits 83 182 Share-based payments 2,076 1,577 5,668 5,086 There are no other transactions with directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-439": {
"value": "Remuneration of key management personnel The remuneration of the executive and non-executive directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual directors is provided in the Directors\u2019 remuneration report on pages 81 to 102. \u00a3\u2019000 2023 2022 Short-term employee benefits 3,509 3,327 Post-employment benefits 83 182 Share-based payments 2,076 1,577 5,668 5,086 There are no other transactions with directors.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-440": {
"value": "25. Other reserves and Capital redemption reserve \u00a3m Other reserves Revaluation reserve ESOP reserve Hedging reserve Convertible bond reserve Total Balance as at 1 September 2022 (280) 2 (9) 3 40 (244) Cash flow hedges \u2013 \u2013 \u2013 (3) \u2013 (3) Employee share schemes (2) \u2013 (6) \u2013 \u2013 (8) Balance at 31 August 2023 (282) 2 (15) \u2013 40 (255) \u00a3m Other reserves Revaluation reserve ESOP reserve Hedging reserve Convertible bond reserve Total Balance as at 1 September 2021 (277) 2 (5) \u2013 40 (240) Cash flow hedges \u2013 \u2013 \u2013 3 \u2013 3 Employee share schemes (3) \u2013 (4) \u2013 \u2013 (7) Balance at 31 August 2022 (280) 2 (9) 3 40 (244) The Other reserves include reserves created in relation to historical capital reorganisation and proforma restatement of \u00a3(238)m (2022: \u00a3(238)m), demerger from Smiths News PLC in 2006 of \u00a369m (2022: \u00a369m), and cumulative amounts relating to employee share schemes of \u00a3(113)m (2022: \u00a3(111)m). The convertible bond reserve is a reserve created to recognise the equity component of the convertible bond issued in April 2021 (see Note 18) and represents the value of the conversion rights at initial recognition of \u00a341m, net of transaction costs of \u00a31m. The Capital redemption reserve of \u00a313m (2022: \u00a313m) represents the par value of shares repurchased and cancelled under the Group\u2019s share buyback programme and is reclassified from Share capital to the Capital redemption reserve.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-404": {
"value": "26. Retirement benefit obligations WH Smith PLC has operated a number of defined benefit and defined contribution pension plans. The main pension arrangements for employees are operated through a defined benefit scheme, WHSmith Pension Trust, and a defined contribution scheme, WHSmith Retirement Savings Plan. a) Defined benefit pension schemes i) The WHSmith Pension Trust The WHSmith Pension Trust Final Salary Section is a funded final salary defined benefit scheme; it was closed to defined benefit service accrual on 2 April 2007 and has been closed to new members since 1996. Benefits are based on service and salary at the date of closure or leaving service, with increases currently based on CPI inflation in deferment and RPI inflation in payment. The WHSmith Pension Trust is independent of the Group and is administered by a Trustee. The Trustee is responsible for the administration and management of the scheme on behalf of the members in accordance with the Trust Deed and relevant legislation. An Investment Committee of the Trustees to the scheme meets regularly to review the performance of the investment managers and the scheme as a whole. The Group is represented on this Committee. In August 2022 the WHSmith Pension Trust purchased a bulk annuity insurance policy from Standard Life, part of Phoenix Group, insuring all liabilities to pay all future defined benefit pensions to the Trust\u2019s 12,950 members and any eligible dependants. The insurance policy was purchased using most of the existing assets held within the Trust, without the need for the Group to make any additional cash contributions. The bulk annuity policy matches the Trust\u2019s cash flow benefit obligations to its members, removing longevity and other demographic risks as well as investment, interest rate and inflation risks. As a result of this comprehensive risk-removal, WH Smith PLC is no longer required to make any future cash contributions into the Trust regarding defined benefit liabilities. During the prior year ended 31 August 2022, prior to the completion of the buy-in transaction, the Group made a contribution of \u00a32m to the scheme in accordance with the agreed funding schedule. The Group does not have an unconditional right to derive economic benefit from any surplus in the scheme, as the Trustees retain the right to enhance benefits under the Trust deed, and therefore the present value of the economic benefits of any IAS 19 surplus in the pension scheme available on a reduction of future contributions is \u00a3nil (2022: \u00a3nil). Accordingly, no balance sheet asset or liability exists in relation to this scheme. The income statement impact of this scheme is limited to administrative costs only. ii) United News Shops Retirement Benefit Scheme The Group also operates a smaller scheme, the United News Shops Retirement Benefits Scheme (\u201cUNSRBS\u201d), which is closed to new entrants and further service accrual. The scheme provides pension benefits for pensioners and deferred members based on salary at the date of closure, with increases based on inflation. A full actuarial valuation of the scheme is carried out every three years with interim reviews in the intervening years. The latest full actuarial valuation of the scheme was carried out at 5 April 2021 by independent actuaries. Following this valuation, the deficit was less than \u00a31m. The present value of obligations and fair value of assets are stated below. \u00a3m 2023 2022 Present value of the obligations (5) (6) Fair value of plan assets 5 6 Retirement benefit obligation recognised in the balance sheet \u2013 \u2013 All of the assets of the UNSRBS scheme have a quoted market price in an active market. b) Defined contribution pension scheme The pension cost charged to income for the Group\u2019s defined contribution schemes amounted to \u00a36m for the year ended 31 August 2023 (2022: \u00a35m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-441": {
"value": "a) Defined benefit pension schemes i) The WHSmith Pension Trust The WHSmith Pension Trust Final Salary Section is a funded final salary defined benefit scheme; it was closed to defined benefit service accrual on 2 April 2007 and has been closed to new members since 1996. Benefits are based on service and salary at the date of closure or leaving service, with increases currently based on CPI inflation in deferment and RPI inflation in payment. The WHSmith Pension Trust is independent of the Group and is administered by a Trustee. The Trustee is responsible for the administration and management of the scheme on behalf of the members in accordance with the Trust Deed and relevant legislation. An Investment Committee of the Trustees to the scheme meets regularly to review the performance of the investment managers and the scheme as a whole. The Group is represented on this Committee. In August 2022 the WHSmith Pension Trust purchased a bulk annuity insurance policy from Standard Life, part of Phoenix Group, insuring all liabilities to pay all future defined benefit pensions to the Trust\u2019s 12,950 members and any eligible dependants. The insurance policy was purchased using most of the existing assets held within the Trust, without the need for the Group to make any additional cash contributions. The bulk annuity policy matches the Trust\u2019s cash flow benefit obligations to its members, removing longevity and other demographic risks as well as investment, interest rate and inflation risks. As a result of this comprehensive risk-removal, WH Smith PLC is no longer required to make any future cash contributions into the Trust regarding defined benefit liabilities. During the prior year ended 31 August 2022, prior to the completion of the buy-in transaction, the Group made a contribution of \u00a32m to the scheme in accordance with the agreed funding schedule. The Group does not have an unconditional right to derive economic benefit from any surplus in the scheme, as the Trustees retain the right to enhance benefits under the Trust deed, and therefore the present value of the economic benefits of any IAS 19 surplus in the pension scheme available on a reduction of future contributions is \u00a3nil (2022: \u00a3nil). Accordingly, no balance sheet asset or liability exists in relation to this scheme. The income statement impact of this scheme is limited to administrative costs only. ii) United News Shops Retirement Benefit Scheme The Group also operates a smaller scheme, the United News Shops Retirement Benefits Scheme (\u201cUNSRBS\u201d), which is closed to new entrants and further service accrual. The scheme provides pension benefits for pensioners and deferred members based on salary at the date of closure, with increases based on inflation. A full actuarial valuation of the scheme is carried out every three years with interim reviews in the intervening years. The latest full actuarial valuation of the scheme was carried out at 5 April 2021 by independent actuaries. Following this valuation, the deficit was less than \u00a31m. The present value of obligations and fair value of assets are stated below. \u00a3m 2023 2022 Present value of the obligations (5) (6) Fair value of plan assets 5 6 Retirement benefit obligation recognised in the balance sheet \u2013 \u2013 All of the assets of the UNSRBS scheme have a quoted market price in an active market. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-442": {
"value": "b) Defined contribution pension scheme The pension cost charged to income for the Group\u2019s defined contribution schemes amounted to \u00a36m for the year ended 31 August 2023 (2022: \u00a35m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-405": {
"value": "27. Subsidiary companies
The subsidiary companies included within the financial statements are disclosed below.
UK subsidiaries
Name
Country of
incorporation/
registration
Registered
address Class of shares
Proportion of
shares held
by Group
companies % Principal activity
Held directly by WH Smith PLC:
WH Smith Retail Holdings Limited England & Wales 1 Ordinary 100 Holding company
Held indirectly:
Books & Stationers Limited England & Wales 1 Ordinary 100 Retailing
Card Market Limited England & Wales 1 Ordinary 100 Retailing
Dotty About Paper Limited England & Wales 1 Ordinary 100 Dormant
funkypigeon.com Limited England & Wales 1 Ordinary 100 Retailing
Modelzone Limited England & Wales 1 Ordinary 100 Dormant
Sussex Stationers Limited England & Wales 1 Ordinary 100 Dormant
The Card Gallery (UK) Limited England & Wales 1 Ordinary 100 Retailing
The SQL Workshop Limited England & Wales 1 Ordinary 100 Retailing
The Websters Group Limited England & Wales 1 Ordinary 100 Dormant
Tree of Hearts Limited England & Wales 1 Ordinary 100 Dormant
WH Smith (Qatar) Limited England & Wales 1 Ordinary 100 Dormant
WH Smith 1955 Limited England & Wales 1 Ordinary 100 Holding Company
WH Smith High Street Holdings Limited England & Wales 1 Ordinary 100 Holding Company
WH Smith High Street Limited England & Wales 1 Ordinary &
Preference
100 Retailing
WH Smith Hospitals Holdings Limited England & Wales 1 Ordinary &
Preference
100 Holding Company
WH Smith Hospitals Limited England & Wales 1 Ordinary 100 Retailing
WH Smith Promotions Limited England & Wales 1 Ordinary 100 Retailing
WH Smith Retirement Savings Plan Limited England & Wales 1 Ordinary 100 Dormant
WH Smith Travel 2008 Limited England & Wales 1 Ordinary 100 Holding Company
WH Smith Travel Holdings Limited England & Wales 1 Ordinary 100 Holding Company
WH Smith Travel Limited England & Wales 1 Ordinary &
Preference
100 Retailing
WH Smith US Group Holdings Limited England & Wales 1 Ordinary 100 Holding Company
WH Smith US Retail Holdings Limited England & Wales 1 Ordinary 100 Holding Company
The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act
2006 for the year ended 31 August 2023.
The Company will guarantee the debts and liabilities of the below UK subsidiary undertakings at the balance sheet date in
accordance with section 479C of the Companies Act 2006. The Company has assessed the probability of loss under the
guarantee as remote.
Name Company number
Held indirectly:
Books & Stationers Limited 07515820
Card Market Limited 8956574
WH Smith 1955 Limited 549069
WH Smith High Street Holdings Limited 6560371
WH Smith Hospitals Holdings Limited 03896896
WH Smith Promotions Limited 2339902
The Card Gallery (UK) Limited 05157486
The SQL Workshop Limited 02676287
WH Smith Travel 2008 Limited 6560390
International joint ventures
The below entities are joint ventures and per the Group\u2019s accounting policies on page 120, the Group\u2019s share of results of
these joint ventures is included in the Group consolidated income statement using the equity method of accounting.
Name
Country of
incorporation/
registration
Registered
address Class of shares
Proportion of
shares held by
Group companies % Principal activity
Held indirectly:
WH Smith \u2013 DFA Brasil Cafeteria, Livraria E
Conveniencia Eireli
Brazil 15 Ordinary 50 Retailing
WH Smith Malaysia SDN BHD Malaysia 11 Ordinary 50 Retailing
WH Smith LLC Oman 10 Ordinary 50 Retailing
MSP Innovations, LLC USA 16 Ordinary 33 Retailing
Nash Nails MRG, LLC USA 16 Ordinary 39 Retailing
International subsidiaries
The below list of interests in overseas entities includes certain entities, particularly in the United States of America, in which
WH Smith PLC holds less than 100 per cent ownership. These entities primarily relate to airport operations in which the
Group is required to engage with a local partner in order to operate the stores. Per the accounting policy set out on
page 120, the Group has determined that it has control of these entities and has therefore consolidated their results.
Name
Country of
incorporation/
registration
Registered
address Class of shares
Proportion of
shares held
by Group
companies % Principal activity
Held indirectly:
WH Smith Asia Limited Hong Kong 2 Ordinary 100 Product sourcing for
Group companies
WH Smith Australia Pty Limited Australia 3 Ordinary 100 Retailing
WH Smith Calais S.A.S France 4 Ordinary 100 Retailing
WH Smith Germany GmbH Germany 5 Ordinary 100 Retailing
WH Smith Hungary Hungary 21 Ordinary 100 Retailing
WH Smith Ireland Limited Ireland 6 Ordinary 100 Retailing
WH Smith Italia S.R.L Italy 7 Ordinary 100 Retailing
WH Smith Jersey Limited Jersey 8 Ordinary 100 Retailing
WH Smith LLC Qatar 9 Ordinary 49 Retailing
WH Smith Nederland B.V. Netherlands 12 Ordinary 100 Dormant
WH Smith Belgium Belgium 18 Ordinary 100 Retailing
Name
Country of
incorporation/
registration
Registered
address Class of shares
Proportion of
shares held
by Group
companies % Principal activity
WH Smith Norway Norway 19 Ordinary 100 Retailing
WH Smith Singapore Pte. Limited Singapore 13 Ordinary 100 Retailing
WH Smith Spain S.L. Spain 14 Ordinary 100 Retailing
WH Smith Sweden AB Sweden 20 Ordinary 100 Retailing
WH Smith USA Holdings Inc USA 16 Ordinary 100 Holding Company
InMotion Entertainment Holdings LLC USA 16 Ordinary 100 Holding Company
InMotion Entertainment Personnel Leasing Corp USA 16 Ordinary 100 Holding Company
WH Smith USA Retail Inc USA 16 Ordinary 100 Holding Company
InMotion SFO, LLC USA 16 Ordinary 88 Retailing
Wild Retail Group Pty Limited Australia 3 Ordinary 100 Retailing
InMotion Entertainment Group, LLC USA 16 Ordinary 100 Retailing
BTS \u2013 InMotion Atlanta, LLC USA 16 Ordinary 100 Retailing
InMotion AUS, LLC USA 16 Ordinary 88 Retailing
InMotion BNA-C,LLC USA 16 Ordinary 80 Retailing
InMotion BOS-BCE, LLC USA 16 Ordinary 80 Retailing
InMotion BWI, LLC USA 16 Ordinary 60 Retailing
InMotion CLE, LLC USA 16 Ordinary 67 Retailing
Soundbalance CLT, LLC USA 16 Ordinary 67 Retailing
InMotion \u2013 SB DC, LLC USA 16 Ordinary 75 Retailing
InMotion DCA, LLC USA 16 Ordinary 75 Retailing
InMotion DEN-B, LLC USA 16 Ordinary 75 Retailing
DFW-A Retail Partners, LLC USA 16 Ordinary 60 Retailing
DFW-E Retail Partners, LLC USA 16 Ordinary 65 Retailing
DFW-D/E Retail Partners, LLC USA 16 Ordinary 70 Retailing
Soundbalance DTW, LLC USA 16 Ordinary 67 Retailing
InMotion DTW, LLC USA 16 Ordinary 75 Retailing
InMotion EWR, LLC USA 16 Ordinary 80 Retailing
InMotion EWR-B, LLC USA 16 Ordinary 85 Retailing
InMotion FLL, LLC USA 16 Ordinary 62 Retailing
InMotion FLL-T4, LLC USA 16 Ordinary 62 Retailing
InMotion IAD, LLC USA 16 Ordinary 75 Retailing
BR InMotion IAH, LLC USA 16 Ordinary 65 Retailing
InMotion LAX, LLC USA 16 Ordinary 75 Retailing
InMotion LAX-IT,LLC USA 16 Ordinary 80 Retailing
Soundbalance IAH, LLC USA 16 Ordinary 67 Retailing
Soundbalance MCO, LLC USA 16 Ordinary 67 Retailing
InMotion MCO, LLC USA 16 Ordinary 73 Retailing
Soundbalance Miami, LLC USA 16 Ordinary 67 Retailing
InMotion Bright, LLC USA 16 Ordinary 75 Retailing
InMotion MSY, LLC USA 16 Ordinary 64 Retailing
InMotion ORD, LLC USA 16 Ordinary 70 Retailing
InMotion ORD T2, LLC USA 16 Ordinary 70 Retailing
Soundbalance PDX, LLC USA 16 Ordinary 67 Retailing
Soundbalance PHL, LLC USA 16 Ordinary 67 Retailing
InMotion PHL, LLC USA 16 Ordinary 70 Dormant
Soundbalance ATL-E, LLC USA 16 Ordinary 67 Retailing
InMotion ATL, LLC USA 16 Ordinary 80 Retailing
InMotion ATL-A, LLC USA 16 Ordinary 64 Retailing
Name
Country of
incorporation/
registration
Registered
address Class of shares
Proportion of
shares held
by Group
companies % Principal activity
InMotion PHX, LLC USA 16 Ordinary 80 Retailing
InMotion PHX T3, LLC USA 16 Ordinary 90 Retailing
Soundbalance SAN, LLC USA 16 Ordinary 55 Retailing
InMotion SAT, LLC USA 16 Ordinary 75 Retailing
InMotion SEA, LLC USA 16 Ordinary 88 Retailing
InMotion SFO-T3, LLC USA 16 Ordinary 85 Retailing
InMotion SFO-IT, LLC USA 16 Ordinary 90 Retailing
InMotion SLC,LLC USA 16 Ordinary 80 Retailing
InMotion SLC-A,LLC USA 16 Ordinary 85 Retailing
InMotion SLC-B,LLC USA 16 Ordinary 90 Retailing
InMotion SMF,LLC USA 16 Ordinary 90 Retailing
InMotion CLT, LLC USA 16 Ordinary 74 Retailing
SBIP, LLC USA 16 Ordinary 50 Dormant
InMotion BNA, LLC USA 16 Ordinary 84 Dormant
InMotion BOS-A, LLC USA 16 Ordinary 80 Dormant
InMotion BOS, LLC USA 16 Ordinary 70 Dormant
InMotion MKE, LLC USA 16 Ordinary 79 Dormant
Soundbalance SJC, LLC USA 16 Ordinary 67 Dormant
InMotion IAH, LLC USA 16 Ordinary 65 Dormant
Soundbalance BOS, LLC USA 16 Ordinary 67 Dormant
InMotion LGA, LLC USA 16 Ordinary 75 Dormant
Marshall Retail Group Holding Co Inc USA 16 Ordinary 100 Holding company
MRG Holdings Corp USA 16 Ordinary 100 Holding company
Marshall Retail Group LLC USA 16 Ordinary 100 Retailing
The Marshall Retail Group Canada Inc Canada 17 Ordinary 100 Retailing
MRG Baltimore Concourse A, LLC USA 16 Ordinary 70 Retailing
MRG Baltimore (BWI), LLC USA 16 Ordinary 70 Retailing
MRG Chicago, LLC USA 16 Ordinary 65 Retailing
MRG Denver, LLC USA 16 Ordinary 75 Retailing
MRG Dallas II, LLC USA 16 Ordinary 65 Retailing
MRG Kansas City, LLC USA 16 Ordinary 80 Retailing
MRG LaGuardia, LLC USA 16 Ordinary 80 Retailing
MRG LaGuardia Terminal A, LLC USA 16 Ordinary 75 Retailing
MRG Los Angeles, LLC USA 16 Ordinary 70 Retailing
MRG Los Angeles T3 USA 16 Ordinary 70 Retailing
MRG Jacksonville, LLC USA 16 Ordinary 70 Retailing
MRG Las Vegas, LLC USA 16 Ordinary 90 Retailing
MRG Oakland, LLC USA 16 Ordinary 80 Retailing
MRG Palm Springs, LLC USA 16 Ordinary 75 Retailing
MRG Portland, LLC USA 16 Ordinary 75 Retailing
MRG Phoenix 1, LLC USA 16 Ordinary 65 Retailing
MRG Phoenix 2, LLC USA 16 Ordinary 65 Retailing
MRG Newark, LLC USA 16 Ordinary 74 Retailing
MRG Newark 2, LLC USA 16 Ordinary 74 Retailing
MRG Nashville, LLC USA 16 Ordinary 80 Retailing
MRG Orlando, LLC USA 16 Ordinary 70 Retailing
MRG Raleigh Terminal 1, LLC USA 16 Ordinary 55 Retailing
MRG RDU T2, LLC USA 16 Ordinary 80 Retailing
Name
Country of
incorporation/
registration
Registered
address Class of shares
Proportion of
shares held
by Group
companies % Principal activity
MRG Sacramento, LLC USA 16 Ordinary 90 Retailing
MRG Salt Lake City, LLC USA 16 Ordinary 80 Retailing
MRG San Francisco, LLC USA 16 Ordinary 80 Retailing
MRG San Francisco Terminal 1, LLC USA 16 Ordinary 80 Retailing
MRG San Francisco Terminal 2, LLC USA 16 Ordinary 85 Retailing
MRG San Francisco Terminal 3, LLC USA 16 Ordinary 80 Retailing
MRG Savannah, LLC USA 16 Ordinary 55 Retailing
MRG Seattle, LLC USA 16 Ordinary 80 Retailing
MRG Washington (DCA), LLC USA 16 Ordinary 75 Retailing
MRG Washington (DCA) II, LLC USA 16 Ordinary 75 Retailing
MRG Washington (DCA) III, LLC USA 16 Ordinary 75 Retailing
MRG Washington (DCA) IV, LLC USA 16 Ordinary 75 Retailing
MRG Washington (IAD), LLC USA 16 Ordinary 75 Retailing
Midway Fresh MRG, LLC USA 16 Ordinary 20 Retailing
WH Smith DEN, LLC USA 16 Ordinary 70 Retailing
WH Smith DCA, LLC USA 16 Ordinary 75 Retailing
Registered addresses
1 Greenbridge Road, Swindon, Wiltshire SN3 3RX
2 Suites 13A01\u201304, 13 Floor, South Tower, World Finance Centre, Harbour City, Tsim Sha Tsui, Kowloon, Hong Kong
3 Suite 401, 80 William Street, Woolloomooloo NSW 2011, Australia
4 38 Rue des Mathurins, 75008 Paris 8, France
5 Terminal Ring 1, Zentralgebaude Ost, Zi. 5. 035, 40474 Dusseldorf, Germany
6 6th Floor, Grand Canal Square, Dublin 2, Ireland
7 Via Porlezza 12, Cap 20123, Milano, Italy
8 72/74 King Street, St Helier, Jersey, JE2 4WE
9 27 Um Ghwalinah Road, 230 C-ring Road, Doha, Qatar
10 PO Box 3275, PC112, Ruwi, Oman
11 C2\u20136\u20131, Solaris Dutamas, 1, Jalan Dutamas 1, 50480, Kuala Lumpur, Malaysia
12 Weteringschans 94, 1017 XS, Amsterdam, Netherlands
13 11 Keng Cheow Street #3\u201310 The Riverside Piazza, Singapore 059608
14 Paseo de Recoletos, 27, 7\u00aa, 28004, Madrid, Spain
15 Avenida das Americas, No. 3434, Barra da Tijuca, CEP 22640\u2013102, Rio de Janeiro, RJ, Brazil
16 3755 W Sunset Road, Las Vegas, Nevada, NV 89118, USA
17 2200 HSBC Building, 885 West Georgia Street, Vancouver, BC V6C 3E8, Canada
18 Posthofbrug 10 bo\u00eete 4, 2600 Anvers, Belgium
19 Bryggegata 6, 0250 Oslo, Norway
20 Norrlandsgatan 16, 111 43 Stockholm
21 1139 Budapest, Vaci ut 99-105, Hungary
",
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"value": "WH Smith PLC, Greenbridge Road, Swindon, Wiltshire SN3 3RX",
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"value": "WH Smith PLC",
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"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-9": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
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"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
}
},
"fact-10": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138001KJNGUJ34G7X91",
"period": "2022-09-01T00:00:00/2023-09-01T00:00:00"
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}
}
}