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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 2025, including expenditure commitments, capital expenditure
and available borrowing facilities. The Group\u2019s borrowing facilities are described in the Strategic report on page 30.
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,
revenue 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 and margin pressures. Except for
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 adopted by the Group
The Group has adopted the following standards and interpretations which became mandatory for the year ended
31 August 2024:
IFRS 17 Insurance contracts
Amendments to IAS 12 Taxation and International tax reform \u2013 pillar two
model rules
Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates
and Errors
Amendment to IAS 7 and IFRS 7 Supplier finance arrangements
Narrow scope amendments to IAS 1, IAS 8 and
IFRS Practice statement 2
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.
New standards in issue but not yet effective
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:
Amendments to IAS 1 Presentation of financial statements on classification
of liabilities and non-current liabilities with covenants
Amendment to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback
Amendment to IAS 7 and IFRS 7 Supplier finance arrangements
IFRS 18 Presentation and Disclosure in Financial Statements
With the exception of IFRS 18, the adoption of the above standards and interpretations is not expected to have any
material impact on the Group\u2019s financial statements.
IFRS 18 was issued in April 2024 and is effective for periods beginning on or after 1 January 2027. Early application
is permitted and comparatives will require restatement. The standard will replace IAS 1 Presentation of Financial
Statements. IFRS 18 will not change how items are recognised and measured, rather it will require changes to the
reporting of financial performance. Specifically classifying income and expenses into three new defined categories
\u2013 operating, investing and financing \u2013 and two new subtotals \u201coperating profit and loss\u201d and \u201cprofit or loss before
financing and income tax\u201d, as well as introducing disclosures of management-defined performance measures (\u201cMPMs\u201d)
and enhancing general requirements on aggregation and disaggregation. The impact of the standard on the Group
is currently being assessed and it is not yet practicable to quantify the effect of IFRS 18 on these consolidated financial
statements. IFRS 18 will be applicable for the Group\u2019s Annual report and accounts for the year ending 31 August 2028.
Alternative Performance Measures (\u201cAPMs\u201d)
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, effective tax rate, net debt and Headline net debt,
free cash flow, operating cash flow, return on capital employed and leverage. These APMs are set out in the Glossary
on page 173 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 are not considered to be part of the normal operations of the Group. 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.
The Group exercises judgement in determining whether income or expenses are reported as non-underlying.
This assessment includes consideration of the size, nature or cause of occurrence of the item, as well as consistency
with prior periods. Non-underlying items can include, but are not limited to, restructuring and transformation costs
linked to Board agreed programmes, costs relating to M&A activity, impairment charges and other property costs,
significant items relating to pension schemes, amortisation of intangible assets acquired in business combinations,
and the related tax effect of these items. Reversals associated with items previously reported as non-underlying,
such as reversals of impairments and releases of provisions or liabilities are also reported in non-underlying items.
Further details of non-underlying items recognised in the Income statement in the current and prior year are provided
in Note 4.
Items recognised in Other comprehensive income/loss may also be identified as non-underlying for the purposes of
narrative explanation of the Group\u2019s performance, where the Group has determined that they are associated with the
above categories and are judged to have met the Group\u2019s definition of non-underlying.
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.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group
loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition
method of accounting and their results are included from the date of acquisition. 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. 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.
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 the Group has 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
Defined contribution pension schemes
Payments to the WH Smith Group defined contribution pension schemes are recognised as an expense in the income
statement as they fall due.
Defined benefit pension schemes
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 surplus or obligation recognised in the balance sheet represents the difference between the fair
value of scheme assets and the present value of the defined benefit obligation. Any surplus 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.
Following the finalisation of the buy-out of the defined benefit liabilities in the Retail Section of the WHSmith Pension
Trust, and confirmation of the Trustee\u2019s intention to return surplus assets to the sponsor, the Group has determined that
it has an unconditional right to the surplus assets, and therefore a retirement benefit surplus has been recognised as a
current asset as at 31 August 2024. Further information is provided in Note 26.
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 (\u201cCGUs\u201d) 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. 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 either the lease period or the estimated remaining economic life of up to ten years
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. Where the Group has protected
tenancy rights and there is an intention to renew the lease, the useful life of leasehold improvements is assumed to be
up to ten years, irrespective of the remaining contractual lease term.
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 recognises a right-of-use asset and a corresponding lease liability for 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 in distribution costs on a straight-line basis over the
term of the lease.
Lease liabilities are measured at the present value of the future lease payments, which 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 under residual value guarantees; and
\u2022 payments to exercise options, to the extent that the Group is reasonably certain to exercise the options.
The payments are discounted using the rate implicit in the lease, or where that cannot be readily determined, at an
incremental borrowing rate.
Right-of-use assets are measured initially at cost, being the value of the corresponding lease liability, adjusted for lease
payments made at or before the commencement date, initial direct costs and an estimate of the 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. The right-of-use assets are presented as a separate line in the consolidated
balance sheet.
Subsequent to initial recognition, the lease liability is reduced for payments made and increased to reflect interest
on the lease liability (using the effective interest method). Right-of-use assets are subsequently measured at cost less
accumulated depreciation and impairment losses.
The Group includes remeasurements and modifications to 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 the initial 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 by discounting the revised lease payments using a revised discount rate.
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.
Lease contracts that include variable rents based on revenue, 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).
Where a lease term ends and the Group continues to occupy the location on holdover terms, rent is recognised as an
expense in the income statement as incurred.
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 (the \u201cfunctional 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 profit 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 profit 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
WH Smith Employee Benefit Trust
The shares held by the WH Smith 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 44 to 52 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 44 to 52) 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 44 to 52) 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. The Group\u2019s definition of non-underlying items is outlined in Note 1(a).
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.
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. 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.
The key assumptions in the value-in-use calculations include growth rates of revenue and the pre-tax discount rate.
Value-in-use calculations will assume a lease is extended where management consider it likely that an extension will be
granted. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-405": { "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 2025, including expenditure commitments, capital expenditure and available borrowing facilities. The Group\u2019s borrowing facilities are described in the Strategic report on page 30. 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, revenue 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 and margin pressures. Except for 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 adopted by the Group The Group has adopted the following standards and interpretations which became mandatory for the year ended 31 August 2024: IFRS 17 Insurance contracts Amendments to IAS 12 Taxation and International tax reform \u2013 pillar two model rules Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors Amendment to IAS 7 and IFRS 7 Supplier finance arrangements Narrow scope amendments to IAS 1, IAS 8 and IFRS Practice statement 2 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. New standards in issue but not yet effective 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: Amendments to IAS 1 Presentation of financial statements on classification of liabilities and non-current liabilities with covenants Amendment to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback Amendment to IAS 7 and IFRS 7 Supplier finance arrangements IFRS 18 Presentation and Disclosure in Financial Statements With the exception of IFRS 18, the adoption of the above standards and interpretations is not expected to have any material impact on the Group\u2019s financial statements. IFRS 18 was issued in April 2024 and is effective for periods beginning on or after 1 January 2027. Early application is permitted and comparatives will require restatement. The standard will replace IAS 1 Presentation of Financial Statements. IFRS 18 will not change how items are recognised and measured, rather it will require changes to the reporting of financial performance. Specifically classifying income and expenses into three new defined categories \u2013 operating, investing and financing \u2013 and two new subtotals \u201coperating profit and loss\u201d and \u201cprofit or loss before financing and income tax\u201d, as well as introducing disclosures of management-defined performance measures (\u201cMPMs\u201d) and enhancing general requirements on aggregation and disaggregation. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the effect of IFRS 18 on these consolidated financial statements. IFRS 18 will be applicable for the Group\u2019s Annual report and accounts for the year ending 31 August 2028. Alternative Performance Measures (\u201cAPMs\u201d) 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, effective tax rate, net debt and Headline net debt, free cash flow, operating cash flow, return on capital employed and leverage. These APMs are set out in the Glossary on page 173 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 are not considered to be part of the normal operations of the Group. 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. The Group exercises judgement in determining whether income or expenses are reported as non-underlying. This assessment includes consideration of the size, nature or cause of occurrence of the item, as well as consistency with prior periods. Non-underlying items can include, but are not limited to, restructuring and transformation costs linked to Board agreed programmes, costs relating to M&A activity, impairment charges and other property costs, significant items relating to pension schemes, amortisation of intangible assets acquired in business combinations, and the related tax effect of these items. Reversals associated with items previously reported as non-underlying, such as reversals of impairments and releases of provisions or liabilities are also reported in non-underlying items. Further details of non-underlying items recognised in the Income statement in the current and prior year are provided in Note 4. Items recognised in Other comprehensive income/loss may also be identified as non-underlying for the purposes of narrative explanation of the Group\u2019s performance, where the Group has determined that they are associated with the above categories and are judged to have met the Group\u2019s definition of non-underlying. 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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition. 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. 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. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-445": { "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-446": { "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 2025, including expenditure commitments, capital expenditure and available borrowing facilities. The Group\u2019s borrowing facilities are described in the Strategic report on page 30. 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, revenue 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 and margin pressures. Except for 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-485": { "value": "New standards adopted by the Group The Group has adopted the following standards and interpretations which became mandatory for the year ended 31 August 2024: IFRS 17 Insurance contracts Amendments to IAS 12 Taxation and International tax reform \u2013 pillar two model rules Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors Amendment to IAS 7 and IFRS 7 Supplier finance arrangements Narrow scope amendments to IAS 1, IAS 8 and IFRS Practice statement 2 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-447": { "value": "New standards adopted by the Group The Group has adopted the following standards and interpretations which became mandatory for the year ended 31 August 2024: IFRS 17 Insurance contracts Amendments to IAS 12 Taxation and International tax reform \u2013 pillar two model rules Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors Amendment to IAS 7 and IFRS 7 Supplier finance arrangements Narrow scope amendments to IAS 1, IAS 8 and IFRS Practice statement 2 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. New standards in issue but not yet effective 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: Amendments to IAS 1 Presentation of financial statements on classification of liabilities and non-current liabilities with covenants Amendment to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback Amendment to IAS 7 and IFRS 7 Supplier finance arrangements IFRS 18 Presentation and Disclosure in Financial Statements With the exception of IFRS 18, the adoption of the above standards and interpretations is not expected to have any material impact on the Group\u2019s financial statements. IFRS 18 was issued in April 2024 and is effective for periods beginning on or after 1 January 2027. Early application is permitted and comparatives will require restatement. The standard will replace IAS 1 Presentation of Financial Statements. IFRS 18 will not change how items are recognised and measured, rather it will require changes to the reporting of financial performance. Specifically classifying income and expenses into three new defined categories \u2013 operating, investing and financing \u2013 and two new subtotals \u201coperating profit and loss\u201d and \u201cprofit or loss before financing and income tax\u201d, as well as introducing disclosures of management-defined performance measures (\u201cMPMs\u201d) and enhancing general requirements on aggregation and disaggregation. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the effect of IFRS 18 on these consolidated financial statements. IFRS 18 will be applicable for the Group\u2019s Annual report and accounts for the year ending 31 August 2028. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-486": { "value": "New standards in issue but not yet effective 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: Amendments to IAS 1 Presentation of financial statements on classification of liabilities and non-current liabilities with covenants Amendment to IFRS 16 Leases \u2013 Lease Liability in a Sale and Leaseback Amendment to IAS 7 and IFRS 7 Supplier finance arrangements IFRS 18 Presentation and Disclosure in Financial Statements With the exception of IFRS 18, the adoption of the above standards and interpretations is not expected to have any material impact on the Group\u2019s financial statements. IFRS 18 was issued in April 2024 and is effective for periods beginning on or after 1 January 2027. Early application is permitted and comparatives will require restatement. The standard will replace IAS 1 Presentation of Financial Statements. IFRS 18 will not change how items are recognised and measured, rather it will require changes to the reporting of financial performance. Specifically classifying income and expenses into three new defined categories \u2013 operating, investing and financing \u2013 and two new subtotals \u201coperating profit and loss\u201d and \u201cprofit or loss before financing and income tax\u201d, as well as introducing disclosures of management-defined performance measures (\u201cMPMs\u201d) and enhancing general requirements on aggregation and disaggregation. The impact of the standard on the Group is currently being assessed and it is not yet practicable to quantify the effect of IFRS 18 on these consolidated financial statements. IFRS 18 will be applicable for the Group\u2019s Annual report and accounts for the year ending 31 August 2028. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-448": { "value": "Alternative Performance Measures (\u201cAPMs\u201d) 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, effective tax rate, net debt and Headline net debt, free cash flow, operating cash flow, return on capital employed and leverage. These APMs are set out in the Glossary on page 173 including explanations of how they are calculated and how they are reconciled to a statutory measure where relevant. ", "dimensions": { "concept": "whsmithplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-518": { "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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition. 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. 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-510": { "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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition. 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. 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-487": { "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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition. 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. 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. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-449": { "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. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Subsidiary undertakings acquired during the year are recorded using the acquisition method of accounting and their results are included from the date of acquisition. 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. 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. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-6": { "value": "WH Smith PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-406": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-407": { "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 the Group has 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. ", "dimensions": { "concept": "whsmithplc:DescriptionOfAccountingPolicyForSupplierArrangements", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-408": { "value": "d) Retirement benefit costs Defined contribution pension schemes Payments to the WH Smith Group defined contribution pension schemes are recognised as an expense in the income statement as they fall due. Defined benefit pension schemes 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 surplus or obligation recognised in the balance sheet represents the difference between the fair value of scheme assets and the present value of the defined benefit obligation. Any surplus 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. Following the finalisation of the buy-out of the defined benefit liabilities in the Retail Section of the WHSmith Pension Trust, and confirmation of the Trustee\u2019s intention to return surplus assets to the sponsor, the Group has determined that it has an unconditional right to the surplus assets, and therefore a retirement benefit surplus has been recognised as a current asset as at 31 August 2024. Further information is provided in Note 26. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-409": { "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 (\u201cCGUs\u201d) 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-488": { "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 (\u201cCGUs\u201d) 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-450": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-451": { "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 (\u201cCGUs\u201d) 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-452": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-453": { "value": "f) Property, plant and equipment Property, plant and equipment assets are carried at cost less accumulated depreciation and any recognised impairment in value. 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 either the lease period or the estimated remaining economic life of up to ten years 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. Where the Group has protected tenancy rights and there is an intention to renew the lease, the useful life of leasehold improvements is assumed to be up to ten years, irrespective of the remaining contractual lease term. 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-410": { "value": "f) Property, plant and equipment Property, plant and equipment assets are carried at cost less accumulated depreciation and any recognised impairment in value. 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 either the lease period or the estimated remaining economic life of up to ten years 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. Where the Group has protected tenancy rights and there is an intention to renew the lease, the useful life of leasehold improvements is assumed to be up to ten years, irrespective of the remaining contractual lease term. 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-411": { "value": "g) Leasing The Group recognises a right-of-use asset and a corresponding lease liability for 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 in distribution costs on a straight-line basis over the term of the lease. Lease liabilities are measured at the present value of the future lease payments, which 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 under residual value guarantees; and \u2022 payments to exercise options, to the extent that the Group is reasonably certain to exercise the options. The payments are discounted using the rate implicit in the lease, or where that cannot be readily determined, at an incremental borrowing rate. Right-of-use assets are measured initially at cost, being the value of the corresponding lease liability, adjusted for lease payments made at or before the commencement date, initial direct costs and an estimate of the 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. The right-of-use assets are presented as a separate line in the consolidated balance sheet. Subsequent to initial recognition, the lease liability is reduced for payments made and increased to reflect interest on the lease liability (using the effective interest method). Right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. The Group includes remeasurements and modifications to 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 the initial 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 by discounting the revised lease payments using a revised discount rate. 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. Lease contracts that include variable rents based on revenue, 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). Where a lease term ends and the Group continues to occupy the location on holdover terms, rent is recognised as an expense in the income statement as incurred. 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-412": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-413": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-414": { "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 (the \u201cfunctional 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-454": { "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 (the \u201cfunctional currency\u201d). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-455": { "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 profit 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 profit 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-415": { "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 profit 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 profit 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-416": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-456": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-489": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-490": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-457": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-491": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-492": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-458": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-459": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-493": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-460": { "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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-511": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-494": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-461": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-418": { "value": "m) Share schemes WH Smith Employee Benefit Trust The shares held by the WH Smith 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-417": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-419": { "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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-420": { "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 44 to 52 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 44 to 52) 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 44 to 52) 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. The Group\u2019s definition of non-underlying items is outlined in Note 1(a). 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. 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. 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. The key assumptions in the value-in-use calculations include growth rates of revenue and the pre-tax discount rate. Value-in-use calculations will assume a lease is extended where management consider it likely that an extension will be granted. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-462": { "value": "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. 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. The key assumptions in the value-in-use calculations include growth rates of revenue and the pre-tax discount rate. Value-in-use calculations will assume a lease is extended where management consider it likely that an extension will be granted. 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. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-421": { "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 173 (Note A2).
a) Revenue
\u00a3m
2024
2023
Travel UK
795
709
North America
401
380
Rest of the World
270
235
Total Travel
1,466
1,324
High Street
452
469
Revenue
1,918
1,793
Rest of the World revenue includes revenue from Australia of \u00a383m (2023: \u00a382m), Ireland \u00a353m (2023: \u00a347m) and Spain
\u00a355m (2023: \u00a346m). No other country has individually material revenue in the context of total Group revenue.
b) Group results
2024
2023
Headline Headline
before non- Headline non- before non- Headline non-
underlying underlying underlying underlying
items
1
items
1
items
1
items
1
\u00a3m (pre-IFRS 16)
(pre-IFRS 16)
IFRS 16
Total
(pre-IFRS 16)
(pre-IFRS 16)
IFRS 16
Total
Travel UK trading profit/(loss)
122
\u2013
4
126
102
\u2013
(1)
101
North America trading profit
54
\u2013
4
58
49
\u2013
3
52
Rest of the World trading profit
13
\u2013
5
18
13
\u2013
\u2013
13
Total Travel trading profit
189
\u2013
13
202
164
\u2013
2
166
High Street trading profit
32
\u2013
7
39
32
\u2013
11
43
Group profit from
trading operations
221
\u2013
20
241
196
\u2013
13
209
Unallocated central costs
(28)
\u2013
\u2013
(28)
(27)
\u2013
\u2013
(27)
Group operating profit before
non-underlying items
193
\u2013
20
213
169
\u2013
13
182
Non-underlying items (Note 4)
\u2013
(56)
1
(55)
\u2013
(13)
(13)
(26)
Group operating profit/(loss)
193
(56)
21
158
169
(13)
\u2013
156
Finance costs
(27)
\u2013
(25)
(52)
(26)
\u2013
(19)
(45)
Non-underlying finance
\u2013
(1)
1
\u2013
\u2013
(2)
1
(1)
(costs)/income (Note 4)
Profit/(loss) before tax
166
(57)
(3)
106
143
(15)
(18)
110
Income tax (expense)/credit
(39)
9
1
(29)
(28)
2
4
(22)
Profit/(loss) for the year
127
(48)
(2)
77
115
(13)
(14)
88
1 Presented on a pre-IFRS 16 basis. Alternative performance measures are defined and explained in the Glossary on page 173
c) Other segmental items
2024
Non-current assets
2
Right-of-use assets
Depreciation
Capital and
\u00a3m additions
amortisation
Impairment
Depreciation
Impairment
Travel UK
35
(20)
\u2013
\u2013
\u2013
North America
60
(16)
\u2013
\u2013
\u2013
Rest of the World
14
(8)
\u2013
\u2013
\u2013
Total Travel
109
(44)
\u2013
\u2013
\u2013
High Street
22
(15)
\u2013
\u2013
\u2013
Unallocated
\u2013
(1)
\u2013
\u2013
\u2013
Headline, before non-underlying items (pre-IFRS 16)
131
(60)
\u2013
\u2013
\u2013
Headline non-underlying items (pre-IFRS 16)
\u2013
(3)
(23)
\u2013
\u2013
Headline, after non-underlying items (pre-IFRS 16)
131
(63)
(23)
\u2013
\u2013
Impact of IFRS 16
\u2013
(1)
3
(112)
\u2013
Non-underlying items (IFRS 16)
\u2013
\u2013
\u2013
\u2013
(10)
Group
131
(64)
(20)
(112)
(10)
2 Non-current assets including property, plant and equipment and intangible assets (excluding goodwill), but excluding right-of-use assets
2023
Non-current assets
1
Right-of-use assets
Depreciation
Capital and
\u00a3m additions
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)
\u2013
\u2013
\u2013
\u2013
(15)
Group
122
(56)
(4)
(104)
(15)
1 Non-current assets including property, plant and equipment and intangible assets (excluding goodwill), but excluding right-of-use assets
d) Non-current assets by geographical location
Non-current assets include property, plant and equipment, intangible assets and right-of-use assets.
\u00a3m
2024
2023
UK
435
396
USA
735
704
Spain
89
84
Australia
18
18
Other international
34
17
Total
1,311
1,219
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-463": { "value": "a) Revenue
\u00a3m
2024
2023
Travel UK
795
709
North America
401
380
Rest of the World
270
235
Total Travel
1,466
1,324
High Street
452
469
Revenue
1,918
1,793
Rest of the World revenue includes revenue from Australia of \u00a383m (2023: \u00a382m), Ireland \u00a353m (2023: \u00a347m) and Spain \u00a355m (2023: \u00a346m). No other country has individually material revenue in the context of total Group revenue. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-464": { "value": "d) Non-current assets by geographical location Non-current assets include property, plant and equipment, intangible assets and right-of-use assets.
\u00a3m
2024
2023
UK
435
396
USA
735
704
Spain
89
84
Australia
18
18
Other international
34
17
Total
1,311
1,219
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-422": { "value": "
3. Group operating profit
2024
2023
Before non- Non- Before non- Non-
underlying underlying underlying underlying
\u00a3m items
items
Total
items
items
Total
Revenue
1,918
\u2013
1,918
1,793
\u2013
1,793
Cost of sales
(706)
\u2013
(706)
(682)
\u2013
(682)
Gross profit
1,212
\u2013
1,212
1,111
\u2013
1,111
Distribution costs
(808)
\u2013
(808)
(746)
\u2013
(746)
Administrative expenses
(198)
\u2013
(198)
(197)
\u2013
(197)
Other income
2
7
\u2013
7
14
\u2013
14
Non-underlying items (Note 4)
\u2013
(55)
(55)
\u2013
(26)
(26)
Group operating profit
213
(55)
158
182
(26)
156
2 Other income includes remeasurement of right-of-use assets and other property-related income. Other income in the prior year also includes insurance recoveries
\u00a3m
2024
2023
Cost of inventories recognised as an expense
706
682
Write-down of inventories in the year
1
1
3
Depreciation of property, plant and equipment
49
42
Depreciation of right-of-use assets
\u2013 land and buildings
110
101
\u2013 other
2
3
Amortisation of intangible assets
15
14
Impairment of property, plant and equipment
15
4
Impairment of right-of-use assets
10
15
Impairment of intangibles
5
\u2013
Expenses relating to leasing:
\u2013 expense relating to short-term leases
20
22
\u2013 expense relating to variable lease payments not included in the measurement of the lease liability
38
29
Other occupancy costs
44
49
Staff costs (Note 5)
386
367
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
1.2
1.1
Fees payable to the Group\u2019s auditors for other services to the Group including the audit of the
Company\u2019s subsidiaries
0.4
0.3
Total audit and audit-related services
1.6
1.4
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
1.7
1.5
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.
1 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-495": { "value": "3. Group operating profit
2024
2023
Before non- Non- Before non- Non-
underlying underlying underlying underlying
\u00a3m items
items
Total
items
items
Total
Revenue
1,918
\u2013
1,918
1,793
\u2013
1,793
Cost of sales
(706)
\u2013
(706)
(682)
\u2013
(682)
Gross profit
1,212
\u2013
1,212
1,111
\u2013
1,111
Distribution costs
(808)
\u2013
(808)
(746)
\u2013
(746)
Administrative expenses
(198)
\u2013
(198)
(197)
\u2013
(197)
Other income
2
7
\u2013
7
14
\u2013
14
Non-underlying items (Note 4)
\u2013
(55)
(55)
\u2013
(26)
(26)
Group operating profit
213
(55)
158
182
(26)
156
2 Other income includes remeasurement of right-of-use assets and other property-related income. Other income in the prior year also includes insurance recoveries
\u00a3m
2024
2023
Cost of inventories recognised as an expense
706
682
Write-down of inventories in the year
1
1
3
Depreciation of property, plant and equipment
49
42
Depreciation of right-of-use assets
\u2013 land and buildings
110
101
\u2013 other
2
3
Amortisation of intangible assets
15
14
Impairment of property, plant and equipment
15
4
Impairment of right-of-use assets
10
15
Impairment of intangibles
5
\u2013
Expenses relating to leasing:
\u2013 expense relating to short-term leases
20
22
\u2013 expense relating to variable lease payments not included in the measurement of the lease liability
38
29
Other occupancy costs
44
49
Staff costs (Note 5)
386
367
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
1.2
1.1
Fees payable to the Group\u2019s auditors for other services to the Group including the audit of the
Company\u2019s subsidiaries
0.4
0.3
Total audit and audit-related services
1.6
1.4
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
1.7
1.5
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. 1 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", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-465": { "value": "
2024
2023
Before non- Non- Before non- Non-
underlying underlying underlying underlying
\u00a3m items
items
Total
items
items
Total
Revenue
1,918
\u2013
1,918
1,793
\u2013
1,793
Cost of sales
(706)
\u2013
(706)
(682)
\u2013
(682)
Gross profit
1,212
\u2013
1,212
1,111
\u2013
1,111
Distribution costs
(808)
\u2013
(808)
(746)
\u2013
(746)
Administrative expenses
(198)
\u2013
(198)
(197)
\u2013
(197)
Other income
2
7
\u2013
7
14
\u2013
14
Non-underlying items (Note 4)
\u2013
(55)
(55)
\u2013
(26)
(26)
Group operating profit
213
(55)
158
182
(26)
156
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-512": { "value": "
2024
2023
Before non- Non- Before non- Non-
underlying underlying underlying underlying
\u00a3m items
items
Total
items
items
Total
Revenue
1,918
\u2013
1,918
1,793
\u2013
1,793
Cost of sales
(706)
\u2013
(706)
(682)
\u2013
(682)
Gross profit
1,212
\u2013
1,212
1,111
\u2013
1,111
Distribution costs
(808)
\u2013
(808)
(746)
\u2013
(746)
Administrative expenses
(198)
\u2013
(198)
(197)
\u2013
(197)
Other income
2
7
\u2013
7
14
\u2013
14
Non-underlying items (Note 4)
\u2013
(55)
(55)
\u2013
(26)
(26)
Group operating profit
213
(55)
158
182
(26)
156
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-466": { "value": "
\u00a3m
2024
2023
Cost of inventories recognised as an expense
706
682
Write-down of inventories in the year
1
1
3
Depreciation of property, plant and equipment
49
42
Depreciation of right-of-use assets
\u2013 land and buildings
110
101
\u2013 other
2
3
Amortisation of intangible assets
15
14
Impairment of property, plant and equipment
15
4
Impairment of right-of-use assets
10
15
Impairment of intangibles
5
\u2013
Expenses relating to leasing:
\u2013 expense relating to short-term leases
20
22
\u2013 expense relating to variable lease payments not included in the measurement of the lease liability
38
29
Other occupancy costs
44
49
Staff costs (Note 5)
386
367
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
1.2
1.1
Fees payable to the Group\u2019s auditors for other services to the Group including the audit of the
Company\u2019s subsidiaries
0.4
0.3
Total audit and audit-related services
1.6
1.4
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
1.7
1.5
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. 1 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", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-513": { "value": "
\u00a3m
2024
2023
Cost of inventories recognised as an expense
706
682
Write-down of inventories in the year
1
1
3
Depreciation of property, plant and equipment
49
42
Depreciation of right-of-use assets
\u2013 land and buildings
110
101
\u2013 other
2
3
Amortisation of intangible assets
15
14
Impairment of property, plant and equipment
15
4
Impairment of right-of-use assets
10
15
Impairment of intangibles
5
\u2013
Expenses relating to leasing:
\u2013 expense relating to short-term leases
20
22
\u2013 expense relating to variable lease payments not included in the measurement of the lease liability
38
29
Other occupancy costs
44
49
Staff costs (Note 5)
386
367
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
1.2
1.1
Fees payable to the Group\u2019s auditors for other services to the Group including the audit of the
Company\u2019s subsidiaries
0.4
0.3
Total audit and audit-related services
1.6
1.4
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
1.7
1.5
10. Intangible assets
Brands and
franchise Tenancy
\u00a3m
Goodwill
contracts
rights
Software
Total
Cost
At 1 September 2023
436
46
13
128
623
Additions
6
\u2013
\u2013
16
22
Foreign exchange
(16)
(2)
(1)
\u2013
(19)
At 31 August 2024
426
44
12
144
626
Accumulated amortisation
At 1 September 2023
\u2013
14
8
96
118
Amortisation charge
\u2013
3
\u2013
12
15
Impairment charge
\u2013
\u2013
\u2013
5
5
Foreign exchange
\u2013
(1)
\u2013
(1)
(2)
At 31 August 2024
\u2013
16
8
112
136
Net book value at 31 August 2024
426
28
4
32
490
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
Goodwill of US$58m (\u00a344m) (2023: US$64m / \u00a350m) relating to the acquisition of the InMotion Entertainment Group of companies in 2018 is expected to be deductible for tax purposes in the future. Additions to Goodwill in the year relate to small acquisitions in Ireland and Australia (Note 27). The carrying value of goodwill is allocated to the segmental businesses as follows:
\u00a3m
2024
2023
Travel UK
262
272
North America
117
122
Rest of the World
32
27
Total Travel
411
421
High Street
15
15
Group
426
436
Included within Tenancy rights are certain assets that are considered to have an indefinite life of \u00a34m (2023: \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
Freehold Leasehold Fixtures Equipment
\u00a3m properties improvements and fittings
and vehicles
Total
Cost or valuation:
At 1 September 2023
18
385
254
140
797
Additions
\u2013
57
46
12
115
Disposals
\u2013
(4)
(3)
\u2013
(7)
Foreign exchange
\u2013
(5)
(2)
\u2013
(7)
At 31 August 2024
18
433
295
152
898
Accumulated depreciation:
At 1 September 2023
10
252
166
99
527
Depreciation charge
\u2013
29
10
10
49
Impairment charge
\u2013
6
7
2
15
Disposals
\u2013
(4)
(3)
\u2013
(7)
Foreign exchange
\u2013
(1)
(1)
\u2013
(2)
At 31 August 2024
10
282
179
111
582
Net book value at 31 August 2024
8
151
116
41
316
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-423": { "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 28. The charge is mainly non-cash.
\u00a3m
2024
2023
Amortisation of acquired intangible assets
3
3
Impairment of non-current assets
\u2013 property, plant and equipment
15
4
\u2013 intangible assets
5
\u2013
\u2013 right-of-use assets
10
15
Provisions for onerous contracts
6
3
Transformation programmes \u2013 supply chain and IT
9
\u2013
Costs associated with pensions
2
1
IFRS 16 remeasurement gains
(3)
\u2013
Costs relating to M&A activity and Group legal entity structure
4
\u2013
Re-platform of whsmith.co.uk and other costs
4
\u2013
Non-underlying items, included in operating profit
55
26
Finance costs associated with refinancing
\u2013
1
Non-underlying items, before tax
55
27
Tax credit on non-underlying items
(9)
(5)
Non-underlying items, after tax
46
22
Amortisation of acquired intangible assets
Amortisation of acquired intangible assets primarily relates to the MRG and InMotion brands (see Note 10).
Impairment of non-current assets
The Group has carried out an assessment for indicators of impairment of non-current assets across the store and
online portfolio. Where an indicator of impairment has been identified, an impairment review has been performed
to compare the value-in-use of cash-generating units, based on management\u2019s assumptions regarding likely future
trading performance, anchored in the latest Board-approved budget and three-year plan, to the carrying value of the
cash-generating unit as at 31 August 2024.
As a result of this exercise, a non-cash charge of \u00a330m (2023: \u00a319m) was recorded within non-underlying items for
impairment of non-current assets, of which \u00a315m (2023: \u00a34m) relates to property, plant and equipment, \u00a35m (2023: \u00a3nil)
relates to intangible assets and \u00a310m (2023: \u00a315m) relates to right-of-use assets.
Refer to Notes 10, 11 and 12 for details of impairment of intangible assets, property, plant and equipment and right-of-use
assets, respectively.
The impairment recognised on a pre-IFRS 16 basis is provided in the Glossary on page 173.
Provisions for onerous contracts
A charge of \u00a36m (2023: \u00a33m) has been recognised in the income statement to provide for the unavoidable costs of
continuing to service a number of non-cancellable supplier and lease contracts where the space is vacant, a contract
is loss-making or currently not planned to be used for ongoing operations. This provision will be utilised over the next
two to four financial years. The unwinding of the discount on provisions for onerous contracts is treated as an imputed
interest charge, and has been recorded in non-underlying finance costs.
Transformation programmes
Costs of \u00a39m (Aug 2023: \u00a3nil) have been classified as non-underlying in relation to a number of Board-approved
programmes relating to supply chain (\u00a34m) and IT transformation (\u00a35m).
The supply chain transformation programme includes costs related to outsourcing the Group\u2019s distribution centres
and core distribution network to a third party (GXO) and costs of reconfiguration of the Group\u2019s UK distribution centres,
in order to generate a more efficient and productive supply chain to support the performance and growth of the Group\u2019s
UK businesses. This project is expected to conclude in 2025, incurring similar costs as in 2024.
The IT transformation programme includes costs relating to upgrading core IT infrastructure, data migration and
investment in data security, store systems modernisation and other significant IT projects. These strategic projects will
provide additional stability, longevity and operational benefits. The implementation will cover several years and we
anticipate costs in 2025 to be similar to 2024.
These multi-year programmes are reported as non-underlying items on the basis that they are significant in quantum,
relate to a Board-approved programme and to aid comparability from one period to the next.
Costs associated with pensions
Costs of \u00a32m (2023: \u00a31m) have been incurred relating to professional fees associated with the buy out of the WHSmith
Pension Trust.
This resulted in the recognition of an \u00a387m gain being remeasurement of the recoverability of the retirement benefit
surplus, which is included in the Group\u2019s Statement of other comprehensive income, in accordance with IAS 19.
Subsequent to the completion of the buyout, on 10 September the remaining surplus in the scheme of \u00a387m was
transferred to the Group, comprising cash of \u00a375m and investments of \u00a312m.
See Note 26 for further details.
IFRS 16 remeasurement gains
Gains of \u00a33m have been classified as non-underlying in relation to IFRS 16 remeasurement gains that have resulted from
the derecognition of lease liabilities on exit from certain locations, in which right-of-use assets were previously impaired.
Cost relating to M&A activity and Group legal entity structure
Costs incurred during the year include c.\u00a32m of professional and legal fees in relation to a reorganisation of the Group\u2019s
legal entity structure, and c.\u00a31m relating to acquisition and integration costs of two small acquisitions in Ireland and
Australia, and c.\u00a31m relating to final integration costs of the North American businesses.
Re-platform of whsmith.co.uk and other costs
Other non-underlying items recognised during the year of \u00a34m include restructuring costs, stock write-offs and IT
costs in relation to the reconfiguration of the Group\u2019s online operations, and costs associated with the resolution of a
long-running dispute.
A tax credit of \u00a39m (2023: \u00a35m) has been recognised in relation to non-underlying items.
Other prior year non-underlying items
Costs associated with refinancing
A charge of \u00a31m was included in non-underlying items in the year ended 31 August 2023 to derecognise the carrying
value of unamortised fees in respect of the extinguished term loan and revolving credit facility. See Note 18.
", "dimensions": { "concept": "whsmithplc:DisclosureOfNonUnderlyingItems", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-424": { "value": "
5. Staff costs and employees
a) Staff costs
The aggregate remuneration of employees was:
\u00a3m
2024
2023
Wages and salaries
340
322
Social security costs
28
27
Other pension costs
7
6
Share-based payments
11
12
Total Group
386
367
b) Employee numbers
The monthly average total number of employees (including executive directors) was:
No. of employees
2024
2023
Total retailing
13,867
14,124
Support functions
54
53
Total Group
13,921
14,177
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-425": { "value": "
6. Finance costs
\u00a3m
2024
2023
Interest payable on bank loans and overdrafts
13
12
Interest on convertible bonds
14
14
Interest on lease liabilities
25
19
Costs associated with refinancing
\u2013
1
52
46
Interest on convertible bonds includes \u00a35m (2023: \u00a35m) coupon interest, \u00a38m (2023: \u00a38m) non-cash debt accretion charges
and \u00a31m (2023: \u00a31m) fee amortisation. Prior year costs associated with refinancing were included in non-underlying items
(see Note 4).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-514": { "value": "6. Finance costs
\u00a3m
2024
2023
Interest payable on bank loans and overdrafts
13
12
Interest on convertible bonds
14
14
Interest on lease liabilities
25
19
Costs associated with refinancing
\u2013
1
52
46
Interest on convertible bonds includes \u00a35m (2023: \u00a35m) coupon interest, \u00a38m (2023: \u00a38m) non-cash debt accretion charges and \u00a31m (2023: \u00a31m) fee amortisation. Prior year costs associated with refinancing were included in non-underlying items (see Note 4).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-496": { "value": "6. Finance costs
\u00a3m
2024
2023
Interest payable on bank loans and overdrafts
13
12
Interest on convertible bonds
14
14
Interest on lease liabilities
25
19
Costs associated with refinancing
\u2013
1
52
46
Interest on convertible bonds includes \u00a35m (2023: \u00a35m) coupon interest, \u00a38m (2023: \u00a38m) non-cash debt accretion charges and \u00a31m (2023: \u00a31m) fee amortisation. Prior year costs associated with refinancing were included in non-underlying items (see Note 4).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-467": { "value": "6. Finance costs
\u00a3m
2024
2023
Interest payable on bank loans and overdrafts
13
12
Interest on convertible bonds
14
14
Interest on lease liabilities
25
19
Costs associated with refinancing
\u2013
1
52
46
Interest on convertible bonds includes \u00a35m (2023: \u00a35m) coupon interest, \u00a38m (2023: \u00a38m) non-cash debt accretion charges and \u00a31m (2023: \u00a31m) fee amortisation. Prior year costs associated with refinancing were included in non-underlying items (see Note 4).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-426": { "value": "
7. Income tax expense
\u00a3m
2024
2023
Tax on profit
21
13
Standard rate of UK corporation tax 25% (2023: blended rate 21.5%)
Adjustment in respect of prior years
\u2013
(2)
Total current tax expense
21
11
Deferred tax \u2013 current year (Note 17)
22
19
Deferred tax \u2013 prior year (Note 17)
(5)
(3)
Tax on profit before non-underlying items
38
27
Tax on non-underlying items \u2013 current tax
(1)
\u2013
Tax on non-underlying items \u2013 deferred tax (Note 17)
(8)
(5)
Total tax on profit
29
22
Reconciliation of the taxation charge
\u00a3m
2024
2023
Tax on profit at standard rate of UK corporation tax 25% (2023: blended rate 21.5%)
26
24
Tax effect of items that are not deductible or not taxable in determining taxable profit
5
(3)
Derecognition of deferred tax balances
1
7
Differences in overseas tax rates
2
(1)
Adjustment in respect of prior years \u2013 current tax
\u2013
(2)
Adjustment in respect of prior years \u2013 deferred tax
(5)
(3)
Total income tax charge
29
22
The effective tax rate, before non-underlying items, is 23 per cent (2023: 19 per cent).
The UK corporation tax rate is 25 per cent effective from 1 April 2023.
The legislation implementing the Organisation for Economic Co-Operation and Development\u2019s (\u201cOECD\u201d) proposals for
a global minimum corporation tax rate (Pillar Two) was substantively enacted in the UK on 20 June 2023 and applies to
reporting periods beginning on or after 1 January 2024.
Under the legislation the Group is liable to pay a top-up tax for the difference between their Global Anti-Base Erosion
Rules (\u201cGloBE\u201d) effective tax rate per jurisdiction and the 15 per cent minimum rate.
The rules will be applicable to the Group for the year ended 31 August 2025. The Group has performed an assessment of
the Group\u2019s potential exposure to Pillar Two top-up taxes based on the most recent filings, country-by-country reporting,
and the most recent financial information available for the constituent entities in the Group. Based on this assessment,
the Pillar Two effective tax rates in most of the jurisdictions in which the Group operates are above 15 per cent or will
meet the financial thresholds required to meet the Transitional Safe Harbour Rules. However, there are a limited number
of jurisdictions where the Transitional Safe Harbour relief does not apply, and the Pillar Two effective rate is close to 15 per
cent. The Group does not expect a material exposure to Pillar Two taxes in those jurisdictions.
The Group applies the temporary exception from the accounting requirements for deferred taxes in IAS 12. Accordingly,
the Group neither recognises nor discloses information about deferred taxes in relation to Pillar Two.
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.
Opening (Credited)/ (Credited)/ Closing
balance charged to charged to Foreign balance
\u00a3m
1 September
Rate change
income equity exchange 31 August
Accelerated tax depreciation
(11)
\u2013
1
\u2013
\u2013
(10)
IFRS 16 transitional adjustment
5
\u2013
(2)
\u2013
\u2013
3
Share-based payments
6
\u2013
1
(1)
\u2013
6
Intangible assets
(14)
\u2013
1
\u2013
\u2013
(13)
Losses carried forward
30
\u2013
(19)
\u2013
\u2013
11
Unutilised interest expense
8
\u2013
6
\u2013
\u2013
14
Other temporary differences
19
\u2013
3
\u2013
\u2013
22
Year ended 31 August 2024
43
\u2013
(9)
(1)
\u2013
33
Accelerated tax depreciation
3
(1)
(14)
\u2013
1
(11)
IFRS 16 transitional adjustment
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
Other temporary differences
5
\u2013
14
\u2013
\u2013
19
Year ended 31 August 2023
55
\u2013
(11)
\u2013
(1)
43
Deferred tax assets have not been recognised in respect of the following tax losses:
\u00a3m
2024
2023
Capital losses
81
83
Trading losses
48
28
129
111
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 2024, deferred tax assets have been recognised in respect of tax losses and US unutilised interest expense.
The deferred tax assets of \u00a351m (2023: \u00a3119m) 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 \u00a3129m
(2023: \u00a3111m) and US unutilised interest expense amounting to \u00a316m (2023: \u00a333m) due to uncertainty over the timing
and extent of their utilisation. These losses can be carried forward indefinitely and have no expiry date. Other temporary
differences include amounts in respect of right-of-use assets (deferred tax asset of \u00a331m, with an offsetting deferred tax
liability of \u00a324m).
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
2024
2023
Deferred tax liabilities (non-current liabilities)
\u2013
\u2013
Deferred tax assets
33
43
33
43
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-427": { "value": "
8. Dividends
Amounts paid and recognised as distributions to shareholders in the year are as follows:
\u00a3m
2024
2023
Final dividend for the year ended 31 August 2023 of 20.8p per ordinary share
27
\u2013
Interim dividend for the year ended 31 August 2024 of 11.0p per ordinary share
14
\u2013
Final dividend for the year ended 31 August 2022 of 9.1p per ordinary share
\u2013
12
Interim dividend for the year ended 31 August 2023 of 8.1p per ordinary share
\u2013
10
41
22
The Board has proposed a final dividend of 22.6p per share, amounting to a final dividend of c.\u00a330m, which is not
included as a liability in these financial statements and, subject to shareholder approval, will be paid on 6 February 2025
to shareholders registered at the close of business on 17 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-468": { "value": "0.226", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-469": { "value": "30000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-428": { "value": "
9. Earnings per share
a) Earnings
\u00a3m
2024
2023
Profit for the year, attributable to equity holders of the parent
67
79
Non-underlying items, after tax (Note 4)
46
22
Profit for the year before non-underlying items, attributable to equity holders of the parent
113
101
b) Weighted average share capital
Millions
2024
2023
Weighted average ordinary shares in issue
131
130
Less weighted average ordinary shares held in ESOP Trust
(2)
\u2013
Weighted average shares in issue for earnings per share
129
130
Add weighted average number of ordinary shares under option
2
2
Weighted average ordinary shares for diluted earnings per share
131
132
c) Basic and diluted earnings per share
Pence
2024
2023
Basic earnings per share
51.9
60.8
Adjustment for non-underlying items
35.7
16.9
Basic earnings per share before non-underlying items
87.6
77.7
Pence
2024
2023
Diluted earnings per share
51.1
59.8
Adjustment for non-underlying items
35.2
16.7
Diluted earnings per share before non-underlying items
86.3
76.5
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 2024 the convertible bond has no dilutive effect as the inclusion of these potentially dilutive shares would
improve earnings per share (2023: no dilutive effect).
The calculation of earnings per share on a pre-IFRS 16 basis is provided in the Glossary on page 173.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-429": { "value": "
10. Intangible assets
Brands and
franchise Tenancy
\u00a3m
Goodwill
contracts
rights
Software
Total
Cost
At 1 September 2023
436
46
13
128
623
Additions
6
\u2013
\u2013
16
22
Foreign exchange
(16)
(2)
(1)
\u2013
(19)
At 31 August 2024
426
44
12
144
626
Accumulated amortisation
At 1 September 2023
\u2013
14
8
96
118
Amortisation charge
\u2013
3
\u2013
12
15
Impairment charge
\u2013
\u2013
\u2013
5
5
Foreign exchange
\u2013
(1)
\u2013
(1)
(2)
At 31 August 2024
\u2013
16
8
112
136
Net book value at 31 August 2024
426
28
4
32
490
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
Goodwill of US$58m (\u00a344m) (2023: US$64m / \u00a350m) relating to the acquisition of the InMotion Entertainment Group of
companies in 2018 is expected to be deductible for tax purposes in the future. Additions to Goodwill in the year relate to
small acquisitions in Ireland and Australia (Note 27).
The carrying value of goodwill is allocated to the segmental businesses as follows:
\u00a3m
2024
2023
Travel UK
262
272
North America
117
122
Rest of the World
32
27
Total Travel
411
421
High Street
15
15
Group
426
436
Included within Tenancy rights are certain assets that are considered to have an indefinite life of \u00a34m (2023: \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 acquired 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 management\u2019s best
estimates of market conditions, 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 applied in extrapolating for an extended
period of up to 15 years before calculating a terminal value. This extended period is required to establish a normalised
cash flow base on which a terminal value calculation can be appropriately calculated. The main reasons for adjustments
to cash flows include 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 10.7 per cent (2023: 13.2 per cent).
\u2022 The long-term growth rate assumptions are between zero per cent and two per cent (2023: 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
(2023: \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 by two per cent. Under these combined scenarios, the
estimated recoverable amount of goodwill and acquired brands would require an impairment of \u00a35m.
Furthermore, outputs of the quantitative climate change scenario analysis as described on pages 44 to 52 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 a material impairment.
Impairment of other intangible assets
Other intangible assets including Software have been assessed for indicators of impairment during the year. Impairment to
software assets of \u00a35m (2023: \u00a3nil) has been recorded during the year as a result of the Board-approved programmes
relating to supply chain and IT transformation, as well as the reconfiguration of the Group\u2019s online operations.
The approach to impairment testing is described in detail in Note 11, Property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-497": { "value": "10. Intangible assets
Brands and
franchise Tenancy
\u00a3m
Goodwill
contracts
rights
Software
Total
Cost
At 1 September 2023
436
46
13
128
623
Additions
6
\u2013
\u2013
16
22
Foreign exchange
(16)
(2)
(1)
\u2013
(19)
At 31 August 2024
426
44
12
144
626
Accumulated amortisation
At 1 September 2023
\u2013
14
8
96
118
Amortisation charge
\u2013
3
\u2013
12
15
Impairment charge
\u2013
\u2013
\u2013
5
5
Foreign exchange
\u2013
(1)
\u2013
(1)
(2)
At 31 August 2024
\u2013
16
8
112
136
Net book value at 31 August 2024
426
28
4
32
490
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
Goodwill of US$58m (\u00a344m) (2023: US$64m / \u00a350m) relating to the acquisition of the InMotion Entertainment Group of companies in 2018 is expected to be deductible for tax purposes in the future. Additions to Goodwill in the year relate to small acquisitions in Ireland and Australia (Note 27). The carrying value of goodwill is allocated to the segmental businesses as follows:
\u00a3m
2024
2023
Travel UK
262
272
North America
117
122
Rest of the World
32
27
Total Travel
411
421
High Street
15
15
Group
426
436
Included within Tenancy rights are certain assets that are considered to have an indefinite life of \u00a34m (2023: \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 acquired 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 management\u2019s best estimates of market conditions, 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 applied in extrapolating for an extended period of up to 15 years before calculating a terminal value. This extended period is required to establish a normalised cash flow base on which a terminal value calculation can be appropriately calculated. The main reasons for adjustments to cash flows include 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 10.7 per cent (2023: 13.2 per cent). \u2022 The long-term growth rate assumptions are between zero per cent and two per cent (2023: 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 (2023: \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 by two per cent. Under these combined scenarios, the estimated recoverable amount of goodwill and acquired brands would require an impairment of \u00a35m. Furthermore, outputs of the quantitative climate change scenario analysis as described on pages 44 to 52 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 a material impairment. Impairment of other intangible assets Other intangible assets including Software have been assessed for indicators of impairment during the year. Impairment to software assets of \u00a35m (2023: \u00a3nil) has been recorded during the year as a result of the Board-approved programmes relating to supply chain and IT transformation, as well as the reconfiguration of the Group\u2019s online operations. The approach to impairment testing is described in detail in Note 11, Property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-470": { "value": "10. Intangible assets
Brands and
franchise Tenancy
\u00a3m
Goodwill
contracts
rights
Software
Total
Cost
At 1 September 2023
436
46
13
128
623
Additions
6
\u2013
\u2013
16
22
Foreign exchange
(16)
(2)
(1)
\u2013
(19)
At 31 August 2024
426
44
12
144
626
Accumulated amortisation
At 1 September 2023
\u2013
14
8
96
118
Amortisation charge
\u2013
3
\u2013
12
15
Impairment charge
\u2013
\u2013
\u2013
5
5
Foreign exchange
\u2013
(1)
\u2013
(1)
(2)
At 31 August 2024
\u2013
16
8
112
136
Net book value at 31 August 2024
426
28
4
32
490
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
Goodwill of US$58m (\u00a344m) (2023: US$64m / \u00a350m) relating to the acquisition of the InMotion Entertainment Group of companies in 2018 is expected to be deductible for tax purposes in the future. Additions to Goodwill in the year relate to small acquisitions in Ireland and Australia (Note 27). The carrying value of goodwill is allocated to the segmental businesses as follows:
\u00a3m
2024
2023
Travel UK
262
272
North America
117
122
Rest of the World
32
27
Total Travel
411
421
High Street
15
15
Group
426
436
Included within Tenancy rights are certain assets that are considered to have an indefinite life of \u00a34m (2023: \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 acquired 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 management\u2019s best estimates of market conditions, 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 applied in extrapolating for an extended period of up to 15 years before calculating a terminal value. This extended period is required to establish a normalised cash flow base on which a terminal value calculation can be appropriately calculated. The main reasons for adjustments to cash flows include 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 10.7 per cent (2023: 13.2 per cent). \u2022 The long-term growth rate assumptions are between zero per cent and two per cent (2023: 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 (2023: \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 by two per cent. Under these combined scenarios, the estimated recoverable amount of goodwill and acquired brands would require an impairment of \u00a35m. Furthermore, outputs of the quantitative climate change scenario analysis as described on pages 44 to 52 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 a material impairment. Impairment of other intangible assets Other intangible assets including Software have been assessed for indicators of impairment during the year. Impairment to software assets of \u00a35m (2023: \u00a3nil) has been recorded during the year as a result of the Board-approved programmes relating to supply chain and IT transformation, as well as the reconfiguration of the Group\u2019s online operations. The approach to impairment testing is described in detail in Note 11, Property, plant and equipment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-515": { "value": "Impairment of goodwill and acquired 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 management\u2019s best estimates of market conditions, 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 applied in extrapolating for an extended period of up to 15 years before calculating a terminal value. This extended period is required to establish a normalised cash flow base on which a terminal value calculation can be appropriately calculated. The main reasons for adjustments to cash flows include 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 10.7 per cent (2023: 13.2 per cent). \u2022 The long-term growth rate assumptions are between zero per cent and two per cent (2023: 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 (2023: \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 by two per cent. Under these combined scenarios, the estimated recoverable amount of goodwill and acquired brands would require an impairment of \u00a35m. Furthermore, outputs of the quantitative climate change scenario analysis as described on pages 44 to 52 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 a material impairment. Impairment of other intangible assets Other intangible assets including Software have been assessed for indicators of impairment during the year. Impairment to software assets of \u00a35m (2023: \u00a3nil) has been recorded during the year as a result of the Board-approved programmes relating to supply chain and IT transformation, as well as the reconfiguration of the Group\u2019s online operations. The approach to impairment testing is described in detail in Note 11, Property, plant and equipment. 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 historical performance and understanding 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 10.7 per cent (2023: 13.2 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 \u00a314m, which is their carrying value at year end. The Group has recognised an impairment charge of \u00a315m (2023: \u00a34m) to property, plant and equipment, \u00a35m impairment to software (2023: \u00a3nil) and \u00a310m (2023: \u00a315m) to right-of-use assets. Included in the impairment values above are impairments of property, plant and equipment connected with Board-approved programmes relating to supply chain and IT transformation, as well as the reconfiguration of the Group\u2019s online operations. Assets have been impaired where their use is planned to be discontinued as a result of these programmes. 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 to demonstrate the impact on the impairment charge of changes in key assumptions. The sensitivities include applying increases in the discount rate by two per cent and reductions in expected future cash flows by two per cent. Under these combined scenarios, the impairment charge for property, plant and equipment and right-of-use assets would increase by less than \u00a31m. Impairments to non-current assets have been presented as non-underlying items (see Note 4). The impairment assessment has also been performed on a pre-IFRS 16 basis. See Glossary on page 173.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-430": { "value": "
11. Property, plant and equipment
Land and buildings
Freehold Leasehold Fixtures Equipment
\u00a3m properties improvements and fittings
and vehicles
Total
Cost or valuation:
At 1 September 2023
18
385
254
140
797
Additions
\u2013
57
46
12
115
Disposals
\u2013
(4)
(3)
\u2013
(7)
Foreign exchange
\u2013
(5)
(2)
\u2013
(7)
At 31 August 2024
18
433
295
152
898
Accumulated depreciation:
At 1 September 2023
10
252
166
99
527
Depreciation charge
\u2013
29
10
10
49
Impairment charge
\u2013
6
7
2
15
Disposals
\u2013
(4)
(3)
\u2013
(7)
Foreign exchange
\u2013
(1)
(1)
\u2013
(2)
At 31 August 2024
10
282
179
111
582
Net book value at 31 August 2024
8
151
116
41
316
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
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 historical performance and understanding 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 10.7 per cent (2023: 13.2 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 \u00a314m, which is their
carrying value at year end. The Group has recognised an impairment charge of \u00a315m (2023: \u00a34m) to property, plant and
equipment, \u00a35m impairment to software (2023: \u00a3nil) and \u00a310m (2023: \u00a315m) to right-of-use assets.
Included in the impairment values above are impairments of property, plant and equipment connected with
Board-approved programmes relating to supply chain and IT transformation, as well as the reconfiguration of the
Group\u2019s online operations. Assets have been impaired where their use is planned to be discontinued as a result of
these programmes.
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 to demonstrate the impact on the
impairment charge of changes in key assumptions. The sensitivities include applying increases in the discount rate
by two per cent and reductions in expected future cash flows by two per cent. Under these combined scenarios,
the impairment charge for property, plant and equipment and right-of-use assets would increase by less than \u00a31m.
Impairments to non-current assets have been presented as non-underlying items (see Note 4).
The impairment assessment has also been performed on a pre-IFRS 16 basis. See Glossary on page 173.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-431": { "value": "
12. Right-of-use assets
Land and
\u00a3m
buildings
Equipment
Total
At 1 September 2023
440
4
444
Additions
152
\u2013
152
Modifications and remeasurements
48
\u2013
48
Disposals
(8)
\u2013
(8)
Depreciation charge
(110)
(2)
(112)
Impairment charge
(10)
\u2013
(10)
Effect of movements in foreign exchange rates
(9)
\u2013
(9)
Net book value at 31 August 2024
503
2
505
Land and
\u00a3m
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
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 \u00a310m (2023: \u00a315m) 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 along with sensitivity analysis.
15. Lease liabilities
Land and
\u00a3m
buildings
Equipment
Total
At 1 September 2023
564
2
566
Additions
148
\u2013
148
Modifications and remeasurements
47
\u2013
47
Disposals
(12)
\u2013
(12)
Interest
25
\u2013
25
Payments
(135)
(1)
(136)
Effect of movements in foreign exchange rates
(12)
\u2013
(12)
At 31 August 2024
625
1
626
Land and
\u00a3m
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
2024
2023
Analysis of total lease liabilities:
Non-current
501
450
Current
125
116
Total
626
566
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.
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 \u00a3187m (2023: \u00a3181m). This includes cash outflow for short-term
leases of \u00a319m (2023: \u00a319m) and variable lease payments (not included in the measurement of lease liability) of \u00a332m
(2023: \u00a325m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-471": { "value": "12. Right-of-use assets
Land and
\u00a3m
buildings
Equipment
Total
At 1 September 2023
440
4
444
Additions
152
\u2013
152
Modifications and remeasurements
48
\u2013
48
Disposals
(8)
\u2013
(8)
Depreciation charge
(110)
(2)
(112)
Impairment charge
(10)
\u2013
(10)
Effect of movements in foreign exchange rates
(9)
\u2013
(9)
Net book value at 31 August 2024
503
2
505
Land and
\u00a3m
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
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 \u00a310m (2023: \u00a315m) 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 along with sensitivity analysis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-432": { "value": "
13. Trade and other receivables
\u00a3m
2024
2023
Current receivables
Trade receivables
81
68
Other receivables
7
3
Prepayments
17
15
Accrued income
45
26
150
112
Non-current receivables
Other receivables
7
5
Prepayments
5
4
Total trade and other receivables
162
121
Included in accrued income is \u00a333m (2023: \u00a319m) 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
2024
2023
Trade and other receivables gross
100
80
Expected credit losses
(5)
(4)
Trade and other receivables net
95
76
Of which:
Amounts neither impaired nor past due on the reporting date
71
54
Amounts past due but not impaired:
Less than one month old
17
15
Between one and three months old
3
5
Between three and six months old
3
2
Between six months and one year old
1
\u2013
Trade and other receivables net carrying amount
95
76
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 2024 of \u00a35m (2023: \u00a34m). 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
2024
2023
Less than one month old
\u2013
\u2013
Between one and three months old
\u2013
\u2013
Between three and six months old
1
1
Between six months and one year old
4
3
5
4
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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-516": { "value": "13. Trade and other receivables
\u00a3m
2024
2023
Current receivables
Trade receivables
81
68
Other receivables
7
3
Prepayments
17
15
Accrued income
45
26
150
112
Non-current receivables
Other receivables
7
5
Prepayments
5
4
Total trade and other receivables
162
121
Included in accrued income is \u00a333m (2023: \u00a319m) 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
2024
2023
Trade and other receivables gross
100
80
Expected credit losses
(5)
(4)
Trade and other receivables net
95
76
Of which:
Amounts neither impaired nor past due on the reporting date
71
54
Amounts past due but not impaired:
Less than one month old
17
15
Between one and three months old
3
5
Between three and six months old
3
2
Between six months and one year old
1
\u2013
Trade and other receivables net carrying amount
95
76
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 2024 of \u00a35m (2023: \u00a34m). 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
2024
2023
Less than one month old
\u2013
\u2013
Between one and three months old
\u2013
\u2013
Between three and six months old
1
1
Between six months and one year old
4
3
5
4
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:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-472": { "value": "
\u00a3m
2024
2023
Current receivables
Trade receivables
81
68
Other receivables
7
3
Prepayments
17
15
Accrued income
45
26
150
112
Non-current receivables
Other receivables
7
5
Prepayments
5
4
Total trade and other receivables
162
121
Included in accrued income is \u00a333m (2023: \u00a319m) 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
2024
2023
Trade and other receivables gross
100
80
Expected credit losses
(5)
(4)
Trade and other receivables net
95
76
Of which:
Amounts neither impaired nor past due on the reporting date
71
54
Amounts past due but not impaired:
Less than one month old
17
15
Between one and three months old
3
5
Between three and six months old
3
2
Between six months and one year old
1
\u2013
Trade and other receivables net carrying amount
95
76
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 2024 of \u00a35m (2023: \u00a34m). 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
2024
2023
Less than one month old
\u2013
\u2013
Between one and three months old
\u2013
\u2013
Between three and six months old
1
1
Between six months and one year old
4
3
5
4
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:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-498": { "value": "
\u00a3m
2024
2023
Current receivables
Trade receivables
81
68
Other receivables
7
3
Prepayments
17
15
Accrued income
45
26
150
112
Non-current receivables
Other receivables
7
5
Prepayments
5
4
Total trade and other receivables
162
121
Included in accrued income is \u00a333m (2023: \u00a319m) 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
2024
2023
Trade and other receivables gross
100
80
Expected credit losses
(5)
(4)
Trade and other receivables net
95
76
Of which:
Amounts neither impaired nor past due on the reporting date
71
54
Amounts past due but not impaired:
Less than one month old
17
15
Between one and three months old
3
5
Between three and six months old
3
2
Between six months and one year old
1
\u2013
Trade and other receivables net carrying amount
95
76
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 2024 of \u00a35m (2023: \u00a34m). 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
2024
2023
Less than one month old
\u2013
\u2013
Between one and three months old
\u2013
\u2013
Between three and six months old
1
1
Between six months and one year old
4
3
5
4
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:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-433": { "value": "
14. Trade and other payables
\u00a3m
2024
2023
Trade payables
153
130
Other tax and social security
34
30
Other payables
85
95
Accruals
66
68
Deferred income
14
17
352
340
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs.
The average credit period taken for trade purchases is 59 days (2023: 58 days). The directors consider that the carrying
amount of trade and other payables approximates their fair value.
Trade payables is stated net of \u00a37m (2023: \u00a38m) 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-473": { "value": "14. Trade and other payables
\u00a3m
2024
2023
Trade payables
153
130
Other tax and social security
34
30
Other payables
85
95
Accruals
66
68
Deferred income
14
17
352
340
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 59 days (2023: 58 days). The directors consider that the carrying amount of trade and other payables approximates their fair value. Trade payables is stated net of \u00a37m (2023: \u00a38m) 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-499": { "value": "
\u00a3m
2024
2023
Trade payables
153
130
Other tax and social security
34
30
Other payables
85
95
Accruals
66
68
Deferred income
14
17
352
340
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-434": { "value": "
16. Provisions
Property Other
\u00a3m provisions
provisions
Total
At 1 September 2023
17
\u2013
17
Charge in the year
4
2
6
Released in the year
(1)
\u2013
(1)
Utilised in year
(2)
\u2013
(2)
Reclassifications to creditors
(3)
\u2013
(3)
At 31 August 2024
15
2
17
Property Other
\u00a3m provisions
provisions
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
Total provisions are split between current and non-current liabilities as follows:
\u00a3m
2024
2023
Included in current liabilities
4
1
Included in non-current liabilities
13
16
17
17
Property provisions principally relate to reinstatement liabilities for stores where the long-term viability has been
impacted primarily by Covid-19 and onerous lease provisions. 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.
A charge of \u00a36m (2023: \u00a33m) has been recognised in the income statement to provide for the unavoidable costs of
continuing to service a number of non-cancellable supplier and lease contracts where the space is vacant, a contract is
loss-making or currently not planned to be used for ongoing operations. This provision will be utilised over the next two
to four financial years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-500": { "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.
Opening (Credited)/ (Credited)/ Closing
balance charged to charged to Foreign balance
\u00a3m
1 September
Rate change
income equity exchange 31 August
Accelerated tax depreciation
(11)
\u2013
1
\u2013
\u2013
(10)
IFRS 16 transitional adjustment
5
\u2013
(2)
\u2013
\u2013
3
Share-based payments
6
\u2013
1
(1)
\u2013
6
Intangible assets
(14)
\u2013
1
\u2013
\u2013
(13)
Losses carried forward
30
\u2013
(19)
\u2013
\u2013
11
Unutilised interest expense
8
\u2013
6
\u2013
\u2013
14
Other temporary differences
19
\u2013
3
\u2013
\u2013
22
Year ended 31 August 2024
43
\u2013
(9)
(1)
\u2013
33
Accelerated tax depreciation
3
(1)
(14)
\u2013
1
(11)
IFRS 16 transitional adjustment
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
Other temporary differences
5
\u2013
14
\u2013
\u2013
19
Year ended 31 August 2023
55
\u2013
(11)
\u2013
(1)
43
Deferred tax assets have not been recognised in respect of the following tax losses:
\u00a3m
2024
2023
Capital losses
81
83
Trading losses
48
28
129
111
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 2024, deferred tax assets have been recognised in respect of tax losses and US unutilised interest expense. The deferred tax assets of \u00a351m (2023: \u00a3119m) 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 \u00a3129m (2023: \u00a3111m) and US unutilised interest expense amounting to \u00a316m (2023: \u00a333m) due to uncertainty over the timing and extent of their utilisation. These losses can be carried forward indefinitely and have no expiry date. Other temporary differences include amounts in respect of right-of-use assets (deferred tax asset of \u00a331m, with an offsetting deferred tax liability of \u00a324m). 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
2024
2023
Deferred tax liabilities (non-current liabilities)
\u2013
\u2013
Deferred tax assets
33
43
33
43
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-474": { "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.
Opening (Credited)/ (Credited)/ Closing
balance charged to charged to Foreign balance
\u00a3m
1 September
Rate change
income equity exchange 31 August
Accelerated tax depreciation
(11)
\u2013
1
\u2013
\u2013
(10)
IFRS 16 transitional adjustment
5
\u2013
(2)
\u2013
\u2013
3
Share-based payments
6
\u2013
1
(1)
\u2013
6
Intangible assets
(14)
\u2013
1
\u2013
\u2013
(13)
Losses carried forward
30
\u2013
(19)
\u2013
\u2013
11
Unutilised interest expense
8
\u2013
6
\u2013
\u2013
14
Other temporary differences
19
\u2013
3
\u2013
\u2013
22
Year ended 31 August 2024
43
\u2013
(9)
(1)
\u2013
33
Accelerated tax depreciation
3
(1)
(14)
\u2013
1
(11)
IFRS 16 transitional adjustment
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
Other temporary differences
5
\u2013
14
\u2013
\u2013
19
Year ended 31 August 2023
55
\u2013
(11)
\u2013
(1)
43
Deferred tax assets have not been recognised in respect of the following tax losses:
\u00a3m
2024
2023
Capital losses
81
83
Trading losses
48
28
129
111
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 2024, deferred tax assets have been recognised in respect of tax losses and US unutilised interest expense. The deferred tax assets of \u00a351m (2023: \u00a3119m) 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 \u00a3129m (2023: \u00a3111m) and US unutilised interest expense amounting to \u00a316m (2023: \u00a333m) due to uncertainty over the timing and extent of their utilisation. These losses can be carried forward indefinitely and have no expiry date. Other temporary differences include amounts in respect of right-of-use assets (deferred tax asset of \u00a331m, with an offsetting deferred tax liability of \u00a324m). 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
2024
2023
Deferred tax liabilities (non-current liabilities)
\u2013
\u2013
Deferred tax assets
33
43
33
43
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-435": { "value": "
18. Analysis of net debt
Movements in net debt can be analysed as follows:
Sub-total
Liabilities
from
Convertible Revolving financing Cash and cash
\u00a3m
Term loans
bonds
credit facility
Leases
activities
equivalents
Net debt
At 1 September 2023
\u2013
(301)
(84)
(566)
(951)
56
(895)
Bond accretion and fee amortisation
\u2013
(9)
\u2013
\u2013
(9)
\u2013
(9)
Lease additions, modifications and interest
\u2013
\u2013
\u2013
(208)
(208)
\u2013
(208)
Cash movements
\u2013
\u2013
(33)
136
103
\u2013
103
Currency translation
\u2013
\u2013
\u2013
12
12
\u2013
12
At 31 August 2024
\u2013
(310)
(117)
(626)
(1,053)
56
(997)
Sub-total
Liabilities
from
Convertible Revolving financing Cash and cash
\u00a3m
Term loans
bonds
credit facility
Leases
activities
equivalents
Net debt
At 1 September 2022
(132)
(292)
\u2013
(577)
(1,001)
132
(869)
Bond accretion and fee amortisation
(1)
(9)
\u2013
\u2013
(10)
\u2013
(10)
Lease additions, modifications and interest
\u2013
\u2013
\u2013
(148)
(148)
\u2013
(148)
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)
An explanation of Alternative Performance Measures, including Net debt on a pre-IFRS 16 basis, is provided in the
Glossary on page 173.
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.
Cash movements on leases include principal repayments of \u00a3112m (2023: \u00a3118m) and interest paid of \u00a324m (2023: \u00a319m).
Revolving credit facilities
The Group has a \u00a3400m committed revolving credit facility (\u201cRCF\u201d). The first extension option has been exercised during
the year, taking the maturity to 13 June 2029. The RCF has one remaining uncommitted extension option of one year,
which would, subject to lender approval, extend the maturity date to 13 June 2030 if exercised.
The 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 2024, the Group has drawn down \u00a3117m on the RCF (2023: \u00a384m).
Transaction costs of \u00a34m relating to the RCF have been capitalised and are amortised to Income statement on a
straight-line basis.
Term loans
Term loans of \u00a3133m were repaid in the prior year.
Convertible bonds
The Group issued \u00a3327m guaranteed senior unsecured convertible bonds 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 2024 was \u00a324.3104
(2023: \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, \u00a341m of the initial proceeds of
\u00a3327m was recognised in equity representing the option component.
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.
21. Financial instruments
Categories of financial instruments
Carrying value
\u00a3m
2024
2023
Financial assets
Derivative instruments not in designated hedge accounting relationships
1
\u2013
1
Receivables at amortised cost
1
140
102
Cash and cash equivalents
56
56
Financial liabilities
Derivative instruments in designated hedge accounting relationships
1
\u2013
(1)
Amortised cost
2
(1,357)
(1,244)
1 Included within receivables held at amortised cost are trade and other receivables (excluding prepayments) and cash and cash equivalents
2 Included within amortised cost are trade payables, other payables, accruals, borrowings, lease obligations and other non-current liabilities
Comparison of carrying values and fair values
The carrying value of the convertible bond on the Group\u2019s balance sheet is \u00a3310m (2023: \u00a3301m). The fair value of the
convertible bond has been estimated at \u00a3303m (2023: \u00a3287m) using a discounted cash flow approach based on market
interest rates. This represents Level 2 fair value measurements as defined by IFRS 13.
There were no material differences between the carrying value of non-derivative financial assets and other financial
liabilities and their fair values as at the balance sheet date.
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 May 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 2024 is \u00a324.3104 (2023: \u00a324.7032). 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 2029.
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:
Due within Due between Due between Due over
2024 (\u00a3m) 1 year 1 and 2 years 2 and 5 years
5 years
Total
Non-derivative financial liabilities
Bank loans and overdrafts
122
331
\u2013
\u2013
453
Trade and other payables
304
\u2013
\u2013
\u2013
304
Lease liabilities
146
123
273
186
728
Total cash flows
572
454
273
186
1,485
Due within Due between Due between Due over
2023 (\u00a3m) 1 year 1 and 2 years 2 and 5 years
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
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 2024, the Group had drawn down \u00a3117m (2023: \u00a384m) from its \u00a3400m committed revolving credit facility.
When 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 2024 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
2024
2023
Fair value of derivative (liabilities)/assets
\u2013
(1)
At 31 August 2024, the total notional amount of outstanding forward foreign exchange contracts to which the Group has
committed is US$30m (2023: US$30m). These instruments will be used to hedge cash flows occurring up to one year
from the balance sheet date.
Gains of \u00a3nil (2023: \u00a3nil) have been transferred to the income statement and gains of \u00a3nil (2023: \u00a3nil) have been
transferred to inventories in respect of contracts that matured during the year ended 31 August 2024. In the year to
31 August 2024, the fair value loss on the Group\u2019s currency derivatives that are designated and effective as cash flow
hedges amounted to \u00a3nil (2023: loss of \u00a32m).
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 2024
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 1.3167/1 (2023: 1.2689/1), EUR/GBP 1.1887/1 (2023: 1.1666/1)
and AUD/GBP 1.9352/1 (2023: 1.9583/1).
\u2022 Group debt and hedging activities reflect the positions at 31 August 2024 and 31 August 2023 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.
2024
2023
Income Equity Income Equity
\u00a3m gain/(loss) gain/(loss) (loss)/gain (loss)/gain
GBP SONIA/base rate interest rates 1% increase
(1)
\u2013
(1)
\u2013
USD/GBP exchange rates 10% increase
(1)
(35)
(3)
(36)
EUR/GBP exchange rates 10% increase
(1)
\u2013
1
(4)
AUD/GBP exchange rates 10% increase
\u2013
(1)
\u2013
(1)
GBP SONIA/base rate interest rates 1% decrease
1
\u2013
1
\u2013
USD/GBP exchange rates 10% decrease
2
47
3
47
EUR/GBP exchange rates 10% decrease
1
(3)
(2)
(2)
AUD/GBP exchange rates 10% decrease
\u2013
1
1
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-501": { "value": "18. Analysis of net debt Movements in net debt can be analysed as follows:
Sub-total
Liabilities
from
Convertible Revolving financing Cash and cash
\u00a3m
Term loans
bonds
credit facility
Leases
activities
equivalents
Net debt
At 1 September 2023
\u2013
(301)
(84)
(566)
(951)
56
(895)
Bond accretion and fee amortisation
\u2013
(9)
\u2013
\u2013
(9)
\u2013
(9)
Lease additions, modifications and interest
\u2013
\u2013
\u2013
(208)
(208)
\u2013
(208)
Cash movements
\u2013
\u2013
(33)
136
103
\u2013
103
Currency translation
\u2013
\u2013
\u2013
12
12
\u2013
12
At 31 August 2024
\u2013
(310)
(117)
(626)
(1,053)
56
(997)
Sub-total
Liabilities
from
Convertible Revolving financing Cash and cash
\u00a3m
Term loans
bonds
credit facility
Leases
activities
equivalents
Net debt
At 1 September 2022
(132)
(292)
\u2013
(577)
(1,001)
132
(869)
Bond accretion and fee amortisation
(1)
(9)
\u2013
\u2013
(10)
\u2013
(10)
Lease additions, modifications and interest
\u2013
\u2013
\u2013
(148)
(148)
\u2013
(148)
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)
An explanation of Alternative Performance Measures, including Net debt on a pre-IFRS 16 basis, is provided in the Glossary on page 173. 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. Cash movements on leases include principal repayments of \u00a3112m (2023: \u00a3118m) and interest paid of \u00a324m (2023: \u00a319m). Revolving credit facilities The Group has a \u00a3400m committed revolving credit facility (\u201cRCF\u201d). The first extension option has been exercised during the year, taking the maturity to 13 June 2029. The RCF has one remaining uncommitted extension option of one year, which would, subject to lender approval, extend the maturity date to 13 June 2030 if exercised. The 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 2024, the Group has drawn down \u00a3117m on the RCF (2023: \u00a384m). Transaction costs of \u00a34m relating to the RCF have been capitalised and are amortised to Income statement on a straight-line basis. Term loans Term loans of \u00a3133m were repaid in the prior year. Convertible bonds The Group issued \u00a3327m guaranteed senior unsecured convertible bonds 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 2024 was \u00a324.3104 (2023: \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, \u00a341m of the initial proceeds of \u00a3327m was recognised in equity representing the option component. 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-475": { "value": "18. Analysis of net debt Movements in net debt can be analysed as follows:
Sub-total
Liabilities
from
Convertible Revolving financing Cash and cash
\u00a3m
Term loans
bonds
credit facility
Leases
activities
equivalents
Net debt
At 1 September 2023
\u2013
(301)
(84)
(566)
(951)
56
(895)
Bond accretion and fee amortisation
\u2013
(9)
\u2013
\u2013
(9)
\u2013
(9)
Lease additions, modifications and interest
\u2013
\u2013
\u2013
(208)
(208)
\u2013
(208)
Cash movements
\u2013
\u2013
(33)
136
103
\u2013
103
Currency translation
\u2013
\u2013
\u2013
12
12
\u2013
12
At 31 August 2024
\u2013
(310)
(117)
(626)
(1,053)
56
(997)
Sub-total
Liabilities
from
Convertible Revolving financing Cash and cash
\u00a3m
Term loans
bonds
credit facility
Leases
activities
equivalents
Net debt
At 1 September 2022
(132)
(292)
\u2013
(577)
(1,001)
132
(869)
Bond accretion and fee amortisation
(1)
(9)
\u2013
\u2013
(10)
\u2013
(10)
Lease additions, modifications and interest
\u2013
\u2013
\u2013
(148)
(148)
\u2013
(148)
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)
An explanation of Alternative Performance Measures, including Net debt on a pre-IFRS 16 basis, is provided in the Glossary on page 173. 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. Cash movements on leases include principal repayments of \u00a3112m (2023: \u00a3118m) and interest paid of \u00a324m (2023: \u00a319m). Revolving credit facilities The Group has a \u00a3400m committed revolving credit facility (\u201cRCF\u201d). The first extension option has been exercised during the year, taking the maturity to 13 June 2029. The RCF has one remaining uncommitted extension option of one year, which would, subject to lender approval, extend the maturity date to 13 June 2030 if exercised. The 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 2024, the Group has drawn down \u00a3117m on the RCF (2023: \u00a384m). Transaction costs of \u00a34m relating to the RCF have been capitalised and are amortised to Income statement on a straight-line basis. Term loans Term loans of \u00a3133m were repaid in the prior year. Convertible bonds The Group issued \u00a3327m guaranteed senior unsecured convertible bonds 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 2024 was \u00a324.3104 (2023: \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, \u00a341m of the initial proceeds of \u00a3327m was recognised in equity representing the option component. 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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-436": { "value": "
19. Contingent liabilities and capital commitments
\u00a3m
2024
2023
Bank guarantees and guarantees in respect of lease agreements
71
61
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 \u00a336m (2023: \u00a327m).
\u00a3m
2024
2023
Commitments in respect of property, plant and equipment
34
25
Commitments in respect of other intangible assets
2
2
36
27
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-476": { "value": "
\u00a3m
2024
2023
Bank guarantees and guarantees in respect of lease agreements
71
61
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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-502": { "value": "Contracts placed for future capital expenditure approved by the directors but not provided for in these financial statements amount to \u00a336m (2023: \u00a327m).
\u00a3m
2024
2023
Commitments in respect of property, plant and equipment
34
25
Commitments in respect of other intangible assets
2
2
36
27
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-437": { "value": "
20. Cash generated from operating activities
\u00a3m
2024
2023
Group operating profit
158
156
Depreciation of property, plant and equipment
49
42
Impairment of property, plant and equipment
15
4
Amortisation of intangible assets
15
14
Impairment of intangible assets
5
\u2013
Depreciation of right-of-use assets
112
104
Impairment of right-of-use assets
10
15
Non-cash change in lease liabilities
(3)
\u2013
Non-cash movement in pensions
1
\u2013
Share-based payments
11
12
Gain on remeasurement of leases
(4)
(5)
Other non-cash items (incl. foreign exchange)
9
7
Increase in inventories
(15)
(12)
Increase in receivables
(41)
(22)
Increase/(decrease) in payables
10
(15)
Movement on provisions (through utilisation or income statement)
3
2
Cash generated from operating activities
335
302
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-477": { "value": "Categories of financial instruments
Carrying value
\u00a3m
2024
2023
Financial assets
Derivative instruments not in designated hedge accounting relationships
1
\u2013
1
Receivables at amortised cost
1
140
102
Cash and cash equivalents
56
56
Financial liabilities
Derivative instruments in designated hedge accounting relationships
1
\u2013
(1)
Amortised cost
2
(1,357)
(1,244)
1 Included within receivables held at amortised cost are trade and other receivables (excluding prepayments) and cash and cash equivalents 2 Included within amortised cost are trade payables, other payables, accruals, borrowings, lease obligations and other non-current liabilities Comparison of carrying values and fair values The carrying value of the convertible bond on the Group\u2019s balance sheet is \u00a3310m (2023: \u00a3301m). The fair value of the convertible bond has been estimated at \u00a3303m (2023: \u00a3287m) using a discounted cash flow approach based on market interest rates. This represents Level 2 fair value measurements as defined by IFRS 13. There were no material differences between the carrying value of non-derivative financial assets and other financial liabilities and their fair values as at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-503": { "value": "Categories of financial instruments
Carrying value
\u00a3m
2024
2023
Financial assets
Derivative instruments not in designated hedge accounting relationships
1
\u2013
1
Receivables at amortised cost
1
140
102
Cash and cash equivalents
56
56
Financial liabilities
Derivative instruments in designated hedge accounting relationships
1
\u2013
(1)
Amortised cost
2
(1,357)
(1,244)
1 Included within receivables held at amortised cost are trade and other receivables (excluding prepayments) and cash and cash equivalents 2 Included within amortised cost are trade payables, other payables, accruals, borrowings, lease obligations and other non-current liabilities Comparison of carrying values and fair values The carrying value of the convertible bond on the Group\u2019s balance sheet is \u00a3310m (2023: \u00a3301m). The fair value of the convertible bond has been estimated at \u00a3303m (2023: \u00a3287m) using a discounted cash flow approach based on market interest rates. This represents Level 2 fair value measurements as defined by IFRS 13. There were no material differences between the carrying value of non-derivative financial assets and other financial liabilities and their fair values as at the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-478": { "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. 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 May 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 2024 is \u00a324.3104 (2023: \u00a324.7032). 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 2029. 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:
Due within Due between Due between Due over
2024 (\u00a3m) 1 year 1 and 2 years 2 and 5 years
5 years
Total
Non-derivative financial liabilities
Bank loans and overdrafts
122
331
\u2013
\u2013
453
Trade and other payables
304
\u2013
\u2013
\u2013
304
Lease liabilities
146
123
273
186
728
Total cash flows
572
454
273
186
1,485
Due within Due between Due between Due over
2023 (\u00a3m) 1 year 1 and 2 years 2 and 5 years
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
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 2024, the Group had drawn down \u00a3117m (2023: \u00a384m) from its \u00a3400m committed revolving credit facility. When 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 2024 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
2024
2023
Fair value of derivative (liabilities)/assets
\u2013
(1)
At 31 August 2024, the total notional amount of outstanding forward foreign exchange contracts to which the Group has committed is US$30m (2023: US$30m). These instruments will be used to hedge cash flows occurring up to one year from the balance sheet date. Gains of \u00a3nil (2023: \u00a3nil) have been transferred to the income statement and gains of \u00a3nil (2023: \u00a3nil) have been transferred to inventories in respect of contracts that matured during the year ended 31 August 2024. In the year to 31 August 2024, the fair value loss on the Group\u2019s currency derivatives that are designated and effective as cash flow hedges amounted to \u00a3nil (2023: loss of \u00a32m). 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 2024 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 1.3167/1 (2023: 1.2689/1), EUR/GBP 1.1887/1 (2023: 1.1666/1) and AUD/GBP 1.9352/1 (2023: 1.9583/1). \u2022 Group debt and hedging activities reflect the positions at 31 August 2024 and 31 August 2023 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.
2024
2023
Income Equity Income Equity
\u00a3m gain/(loss) gain/(loss) (loss)/gain (loss)/gain
GBP SONIA/base rate interest rates 1% increase
(1)
\u2013
(1)
\u2013
USD/GBP exchange rates 10% increase
(1)
(35)
(3)
(36)
EUR/GBP exchange rates 10% increase
(1)
\u2013
1
(4)
AUD/GBP exchange rates 10% increase
\u2013
(1)
\u2013
(1)
GBP SONIA/base rate interest rates 1% decrease
1
\u2013
1
\u2013
USD/GBP exchange rates 10% decrease
2
47
3
47
EUR/GBP exchange rates 10% decrease
1
(3)
(2)
(2)
AUD/GBP exchange rates 10% decrease
\u2013
1
1
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-504": { "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 May 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 2024 is \u00a324.3104 (2023: \u00a324.7032). If not previously converted, redeemed or purchased and cancelled, the Bonds will be redeemed at par on 7 May 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-505": { "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 2029. 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:
Due within Due between Due between Due over
2024 (\u00a3m) 1 year 1 and 2 years 2 and 5 years
5 years
Total
Non-derivative financial liabilities
Bank loans and overdrafts
122
331
\u2013
\u2013
453
Trade and other payables
304
\u2013
\u2013
\u2013
304
Lease liabilities
146
123
273
186
728
Total cash flows
572
454
273
186
1,485
Due within Due between Due between Due over
2023 (\u00a3m) 1 year 1 and 2 years 2 and 5 years
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-506": { "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-507": { "value": "Interest rate risk The Group is exposed to cash flow interest rate risk on floating rate deposits and overdrafts. At 31 August 2024, the Group had drawn down \u00a3117m (2023: \u00a384m) from its \u00a3400m committed revolving credit facility. When 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 2024 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
2024
2023
Fair value of derivative (liabilities)/assets
\u2013
(1)
At 31 August 2024, the total notional amount of outstanding forward foreign exchange contracts to which the Group has committed is US$30m (2023: US$30m). These instruments will be used to hedge cash flows occurring up to one year from the balance sheet date. Gains of \u00a3nil (2023: \u00a3nil) have been transferred to the income statement and gains of \u00a3nil (2023: \u00a3nil) have been transferred to inventories in respect of contracts that matured during the year ended 31 August 2024. In the year to 31 August 2024, the fair value loss on the Group\u2019s currency derivatives that are designated and effective as cash flow hedges amounted to \u00a3nil (2023: loss of \u00a32m). 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 2024 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 1.3167/1 (2023: 1.2689/1), EUR/GBP 1.1887/1 (2023: 1.1666/1) and AUD/GBP 1.9352/1 (2023: 1.9583/1). \u2022 Group debt and hedging activities reflect the positions at 31 August 2024 and 31 August 2023 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.
2024
2023
Income Equity Income Equity
\u00a3m gain/(loss) gain/(loss) (loss)/gain (loss)/gain
GBP SONIA/base rate interest rates 1% increase
(1)
\u2013
(1)
\u2013
USD/GBP exchange rates 10% increase
(1)
(35)
(3)
(36)
EUR/GBP exchange rates 10% increase
(1)
\u2013
1
(4)
AUD/GBP exchange rates 10% increase
\u2013
(1)
\u2013
(1)
GBP SONIA/base rate interest rates 1% decrease
1
\u2013
1
\u2013
USD/GBP exchange rates 10% decrease
2
47
3
47
EUR/GBP exchange rates 10% decrease
1
(3)
(2)
(2)
AUD/GBP exchange rates 10% decrease
\u2013
1
1
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-517": { "value": "Sensitivity analysis as at 31 August 2024 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 1.3167/1 (2023: 1.2689/1), EUR/GBP 1.1887/1 (2023: 1.1666/1) and AUD/GBP 1.9352/1 (2023: 1.9583/1). \u2022 Group debt and hedging activities reflect the positions at 31 August 2024 and 31 August 2023 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.
2024
2023
Income Equity Income Equity
\u00a3m gain/(loss) gain/(loss) (loss)/gain (loss)/gain
GBP SONIA/base rate interest rates 1% increase
(1)
\u2013
(1)
\u2013
USD/GBP exchange rates 10% increase
(1)
(35)
(3)
(36)
EUR/GBP exchange rates 10% increase
(1)
\u2013
1
(4)
AUD/GBP exchange rates 10% increase
\u2013
(1)
\u2013
(1)
GBP SONIA/base rate interest rates 1% decrease
1
\u2013
1
\u2013
USD/GBP exchange rates 10% decrease
2
47
3
47
EUR/GBP exchange rates 10% decrease
1
(3)
(2)
(2)
AUD/GBP exchange rates 10% decrease
\u2013
1
1
1
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-438": { "value": "
22. Called up share capital
Allotted and fully paid
2024
2023
Number Nominal Number Nominal
of shares value of shares value
(millions) \u00a3m (millions) \u00a3m
Equity:
Ordinary shares of 22
6
\u2044
67
p
131
29
131
29
Total
131
29
131
29
During the year there were no ordinary shares allotted under the terms of the Company\u2019s Sharesave Scheme (2023: 2,019
ordinary shares). There was no effect from the prior year allotment of ordinary shares on share premium.
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 \u00a327m (2023: \u00a315m) 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 1,892,970 (2023: 1,031,943).
25. Other reserves
Other Revaluation ESOP Hedging Convertible
\u00a3m reserves reserve reserve reserve
bond reserve
Total
Balance as at 1 September 2023
(282)
2
(15)
\u2013
40
(255)
Cash flow hedges
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Employee share schemes
(1)
\u2013
(12)
\u2013
\u2013
(13)
Balance at 31 August 2024
(283)
2
(27)
\u2013
40
(268)
Revaluation ESOP Hedging Convertible
\u00a3m
Other reserves
reserve reserve reserve
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)
The Other reserves include reserves created in relation to historical capital reorganisation and proforma restatement of
\u00a3(238)m (2023: \u00a3(238)m), demerger from Smiths News PLC in 2006 of \u00a369m (2023: \u00a369m), and cumulative amounts
relating to employee share schemes of \u00a3114m (2023: \u00a3(113)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.
Capital redemption reserve
The Capital redemption reserve of \u00a313m (2023: \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:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-479": { "value": "22. Called up share capital Allotted and fully paid
2024
2023
Number Nominal Number Nominal
of shares value of shares value
(millions) \u00a3m (millions) \u00a3m
Equity:
Ordinary shares of 22
6
\u2044
67
p
131
29
131
29
Total
131
29
131
29
During the year there were no ordinary shares allotted under the terms of the Company\u2019s Sharesave Scheme (2023: 2,019 ordinary shares). There was no effect from the prior year allotment of ordinary shares on share premium. 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 \u00a327m (2023: \u00a315m) 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 1,892,970 (2023: 1,031,943). ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-439": { "value": "
23. Share-based payments
Summary of movements in awards and options
Sharesave Cash-settled
Number of shares
Schemes
LTIPs
PSP
awards
Total
Outstanding at 1 September 2023
433,149
3,331,230
487,099
111,934
4,363,412
Options and awards granted
\u2013
1,649,091
367,058
\u2013
2,016,149
Options and awards exercised
\u2013
\u2013
(45,941)
\u2013
(45,941)
Options and awards lapsed/cancelled
(112,833)
(622,734)
(100,631)
(69,701)
(905,899)
Outstanding at 31 August 2024
320,316
4,357,587
707,585
42,233
5,427,721
Exercisable at 31 August 2024
141,665
10,764
40,512
\u2013
192,941
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
Pence
2024
2023
Weighted average exercise price of awards:
\u2013 Outstanding at the beginning of the year
134.87
136.94
\u2013 Granted in the year
\u2013
16.46
\u2013 Exercised in the year
\u2013
30.65
\u2013 Lapsed in the year
169.29
233.18
\u2013 Outstanding at the end of the year
80.17
134.87
\u2013 Exercisable at the end of the year
1,027.94
7.48
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
Exercise
Date of grant
2024
2023
price (pence)
Exercise period
20 October 2016
8,404
8,404
Nil
Oct 2019 \u2013 20.10.26
26 October 2017
2,360
2,360
Nil
Oct 2020 \u2013 26.10.27
19 November 2020
653,125
1,004,807
Nil
Nov 2025 \u2013 19.11.30
19 November 2021
946,424
1,004,940
Nil
Nov 2026 \u2013 19.11.31
21 November 2022
1,132,460
1,310,719
Nil
Nov 2027 \u2013 21.11.32
27 April 2023
50,996
\u2013
Nil
Nov 2027 \u2013 21.11.32
14 September 2023
179,640
\u2013
Nil
Nov 2028 \u2013 21.11.32
16 November 2023
1,347,425
\u2013
Nil
Nov 2028 \u2013 16.11.33
1 February 2024
36,753
\u2013
Nil
Nov 2028 \u2013 16.11.33
4,357,587
3,331,230
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
(\u201cSAYE\u201d) 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 2024 and 31 August 2023 are as follows:
Number of shares
Exercise
Date of grant
2024
2023
price (pence)
Exercise period
5 June 2019 (3 year)
\u2013
245
1,609.60
01.08.22 \u2013 31.01.23
9 June 2021 (3 year)
141,665
191,679
1,400.00
01.08.24 \u2013 31.01.25
14 June 2023 (3 year)
178,651
241,225
1,325.60
01.08.26 \u2013 31.01.27
320,316
433,149
Performance Share Plan (\u201cPSP\u201d)
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
Exercise
Date of grant
2024
2023
price (pence)
Exercise period
23 October 2014
870
870
Nil
Oct 2017 \u2013 23.10.24
20 October 2016
3,039
3,287
Nil
Oct 2019 \u2013 20.10.26
19 November 2020
36,603
83,774
Nil
Nov 2021 \u2013 19.11.30
19 November 2021
136,860
145,123
Nil
Nov 2024 \u2013 19.11.31
21 November 2022
217,793
254,045
Nil
Nov 2025 \u2013 21.11.32
16 November 2023
312,420
\u2013
Nil
Nov 2026 \u2013 16.11.33
707,585
487,099
Deferred Bonus Plan (\u201cDBP\u201d)
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 2024, 117,516 (2023: 73,049) 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 2024 there were
42,233 outstanding nil-cost cash-settled awards (2023: 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 (2023: less than \u00a31m).
Fair value information
2024
2023
Weighted average share price at date of exercise of share options exercised during year \u2013 pence
1,299.63
1,429.62
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 2024 2023
20 20
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:
2024
2023
Share price \u2013 pence
1,287.00
1,364.50
Exercise price \u2013 pence
Nil
Nil
Expected volatility \u2013 per cent
35\u201336
47
Expected life \u2013 years
3.0
3.0
Risk-free rate \u2013 per cent
4.15\u20134.19
3.17
Dividend yield \u2013 per cent
0%\u20132.25%
0%\u20132%
Weighted average fair value of options \u2013 pence
972.74
1,042.45
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\u2013Scholes
model. None were granted in the year ended 31 August 2024. The input range into the Black\u2013Scholes 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
3.38
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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-440": { "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 85 to 109.
\u00a3\u2019000
2024
2023
Short-term employee benefits
3,315
3,509
Post-employment benefits
33
83
Share-based payments
1,907
2,076
5,255
5,668
There are no other transactions with directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-480": { "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 85 to 109.
\u00a3\u2019000
2024
2023
Short-term employee benefits
3,315
3,509
Post-employment benefits
33
83
Share-based payments
1,907
2,076
5,255
5,668
There are no other transactions with directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-508": { "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 85 to 109.
\u00a3\u2019000
2024
2023
Short-term employee benefits
3,315
3,509
Post-employment benefits
33
83
Share-based payments
1,907
2,076
5,255
5,668
There are no other transactions with directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-481": { "value": "25. Other reserves
Other Revaluation ESOP Hedging Convertible
\u00a3m reserves reserve reserve reserve
bond reserve
Total
Balance as at 1 September 2023
(282)
2
(15)
\u2013
40
(255)
Cash flow hedges
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Employee share schemes
(1)
\u2013
(12)
\u2013
\u2013
(13)
Balance at 31 August 2024
(283)
2
(27)
\u2013
40
(268)
Revaluation ESOP Hedging Convertible
\u00a3m
Other reserves
reserve reserve reserve
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)
The Other reserves include reserves created in relation to historical capital reorganisation and proforma restatement of \u00a3(238)m (2023: \u00a3(238)m), demerger from Smiths News PLC in 2006 of \u00a369m (2023: \u00a369m), and cumulative amounts relating to employee share schemes of \u00a3114m (2023: \u00a3(113)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. Capital redemption reserve The Capital redemption reserve of \u00a313m (2023: \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": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-441": { "value": "
26. Retirement benefit surplus
WH Smith PLC has operated a number of defined benefit and defined contribution pension plans. The main pension
arrangements for employees are operated through two defined benefit schemes, the WHSmith Pension Trust and
the United News Shops Retirement Benefits Scheme, and a defined contribution scheme, WH Smith 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.
Following the purchase of a bulk annuity during the year ended 31 August 2022 (the buy in), the Trustee commenced the
process to move to buy out and wind up of the scheme. During the year ended 31 August 2024 the Trustee completed
the activities necessary to move to buy out, with administration transferred to Standard Life, and commenced formal
winding up of the Scheme.
In June 2024, following the member consultation process and the conclusion of the statutory notification process,
the Trustee was advised that it could legally distribute the remaining pension cash surplus to the sponsoring employer,
and therefore confirmed its intention to return surplus assets, after associated costs, to the sponsor. As a result,
the Group determined that it has an unconditional right to the surplus asset, and the IAS 19 post-tax surplus of \u00a387m
has been recognised through other comprehensive income in the year and the IFRIC 14 ceiling eliminated.
The amounts recognised in the Group balance sheet at 31 August 2024 are as follows:
\u00a3m
2024
Present value of the obligations
\u2013
Fair value of plan assets
87
Net surplus recognised in the balance sheet
87
At the prior year balance sheet date, 31 August 2023, the Group did not have an unconditional right to derive economic
benefit from any surplus in the scheme, as the Trustees retained 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 to the
Group was \u00a3nil. Accordingly, no balance sheet asset or liability existed at 31 August 2023 in relation to this scheme.
The amounts recognised in the Statement of other comprehensive income are as follows:
\u00a3m
2024
Reassessment of the recoverability of retirement benefit scheme surplus
87
Actuarial gains on defined benefit pension schemes
2
89
The amounts recognised in the Income statement are as follows:
\u00a3m
2024
Administrative expenses (recognised in non-underlying items)
2
Costs of \u00a32m relating to legal and consulting advice, Trustee indemnity insurance and run-off cover, have been incurred
during the year ended 31 August 2024 in relation to the buy out and wind up of the scheme and have been recognised
in the income statement in non-underlying items.
Post balance sheet event
In September 2024, the Trustee transferred the surplus assets to the Group, comprising cash of \u00a375m and an investment
in Permira Credit Solutions III Fund of \u00a312m following finalisation of the buy-out of the defined benefit liabilities in the
Retail Section of the WHSmith Pension Trust. The transfer of assets was net of applicable taxes payable by the Trust of
taxes owed to HMRC, which were settled by the Trustee. As agreed with the Trustee, the return of the surplus preceded
the formal winding up steps of the Retail Section.
The pension surplus of \u00a387m (net of tax and costs) comprises cash of \u00a375m and investments of \u00a312m.
Following the publication of an HMRC newsletter on 24 October 2024, the Group has become aware of a difference in
interpretation of the rules on the calculation of the tax due between the Trustee and HMRC on the surplus arising from
the buy out of the defined benefit pension scheme. As a result, the Group could be required to reimburse the Trustee
\u00a36m. This has not been recorded as a liability in the financial statements of the Group as at 31 August 2024.
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
2024
2023
Present value of the obligations
(5)
(5)
Fair value of plan assets
5
5
Retirement benefit obligation recognised in the balance sheet
\u2013
\u2013
b) Defined contribution pension scheme
The pension cost charged to income for the Group\u2019s defined contribution schemes amounted to \u00a37m for the year ended
31 August 2024 (2023: \u00a36m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-482": { "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. Following the purchase of a bulk annuity during the year ended 31 August 2022 (the buy in), the Trustee commenced the process to move to buy out and wind up of the scheme. During the year ended 31 August 2024 the Trustee completed the activities necessary to move to buy out, with administration transferred to Standard Life, and commenced formal winding up of the Scheme. In June 2024, following the member consultation process and the conclusion of the statutory notification process, the Trustee was advised that it could legally distribute the remaining pension cash surplus to the sponsoring employer, and therefore confirmed its intention to return surplus assets, after associated costs, to the sponsor. As a result, the Group determined that it has an unconditional right to the surplus asset, and the IAS 19 post-tax surplus of \u00a387m has been recognised through other comprehensive income in the year and the IFRIC 14 ceiling eliminated. The amounts recognised in the Group balance sheet at 31 August 2024 are as follows:
\u00a3m
2024
Present value of the obligations
\u2013
Fair value of plan assets
87
Net surplus recognised in the balance sheet
87
At the prior year balance sheet date, 31 August 2023, the Group did not have an unconditional right to derive economic benefit from any surplus in the scheme, as the Trustees retained 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 to the Group was \u00a3nil. Accordingly, no balance sheet asset or liability existed at 31 August 2023 in relation to this scheme. The amounts recognised in the Statement of other comprehensive income are as follows:
\u00a3m
2024
Reassessment of the recoverability of retirement benefit scheme surplus
87
Actuarial gains on defined benefit pension schemes
2
89
The amounts recognised in the Income statement are as follows:
\u00a3m
2024
Administrative expenses (recognised in non-underlying items)
2
Costs of \u00a32m relating to legal and consulting advice, Trustee indemnity insurance and run-off cover, have been incurred during the year ended 31 August 2024 in relation to the buy out and wind up of the scheme and have been recognised in the income statement in non-underlying items. Post balance sheet event In September 2024, the Trustee transferred the surplus assets to the Group, comprising cash of \u00a375m and an investment in Permira Credit Solutions III Fund of \u00a312m following finalisation of the buy-out of the defined benefit liabilities in the Retail Section of the WHSmith Pension Trust. The transfer of assets was net of applicable taxes payable by the Trust of taxes owed to HMRC, which were settled by the Trustee. As agreed with the Trustee, the return of the surplus preceded the formal winding up steps of the Retail Section. The pension surplus of \u00a387m (net of tax and costs) comprises cash of \u00a375m and investments of \u00a312m. Following the publication of an HMRC newsletter on 24 October 2024, the Group has become aware of a difference in interpretation of the rules on the calculation of the tax due between the Trustee and HMRC on the surplus arising from the buy out of the defined benefit pension scheme. As a result, the Group could be required to reimburse the Trustee \u00a36m. This has not been recorded as a liability in the financial statements of the Group as at 31 August 2024. 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
2024
2023
Present value of the obligations
(5)
(5)
Fair value of plan assets
5
5
Retirement benefit obligation recognised in the balance sheet
\u2013
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-483": { "value": "b) Defined contribution pension scheme The pension cost charged to income for the Group\u2019s defined contribution schemes amounted to \u00a37m for the year ended 31 August 2024 (2023: \u00a36m).", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-442": { "value": "
27. Acquisitions
During the year, the Group completed two small acquisitions in Ireland and Australia for total consideration of \u00a36m.
These acquisitions resulted in the recognition of additions to goodwill of \u00a36m. There were no acquisitions in the
prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-443": { "value": "
28. Events after the balance sheet date
Share buyback programme
On 10 September 2024, the Company announced its intention to return up to \u00a350m of cash to shareholders through a
rolling share buyback programme. As at 13 November 2024, the Company has repurchased 0.4m of its own shares in the
open market as part of the Company\u2019s share buyback programme for a consideration of \u00a36m.
Return of pension surplus
See Note 26 for information concerning the refund of the WHSmith Pension Trust surplus to the Group in
September 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-444": { "value": "
29. Subsidiary companies
The subsidiary companies included within the financial statements are disclosed below.
UK subsidiaries
Proportion of
shares held
Country of incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
Held directly by WH Smith PLC:
WH Smith Group 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
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 SQL Workshop Limited
England & Wales
1
Ordinary
100
Retailing
The Websters Group Limited
England & Wales
1
Ordinary
100
Dormant
WH Smith (Qatar) Limited
England & Wales
1
Ordinary
100
Dormant
WH Smith Online Limited
England & Wales
1
Ordinary
100
Holding Company
WH Smith HS Limited
England & Wales
1
Ordinary
100
Holding Company
WH Smith Retail Holdings Limited
England & Wales
1
Ordinary
100
Holding Company
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 &
100
Retailing
Preference
WH Smith Hospitals Holdings Limited
England & Wales
1
Ordinary &
100
Holding Company
Preference
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 &
100
Retailing
Preference
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 2024.
The Company will guarantee the debts and liabilities of the UK subsidiary undertakings below 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
08956574
WH Smith 1955 Limited
00549069
WH Smith High Street Holdings Limited
06560371
WH Smith Hospitals Holdings Limited
03806896
WH Smith Promotions Limited
02339902
The SQL Workshop Limited
02676287
WH Smith Travel 2008 Limited
06560390
WH Smith US Group Holdings Limited
11615426
WH Smith US Retail Holdings Limited
11618458
International joint ventures
The below entities are joint ventures and per the Group\u2019s accounting policies on page 128, the Group\u2019s share of results of
these joint ventures is included in the Group consolidated income statement using the equity method of accounting.
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
Held indirectly:
WH Smith \u2013 DFA Brasil Cafeteria, Livraria E
Brazil
15
Ordinary
50
Retailing
Conveniencia Eireli
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 128, the Group has determined that it has control of these entities and has therefore consolidated their results.
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
Held indirectly:
WH Smith (Global Sourcing) Ltd
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 Korl\u00e1tolt
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
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
WH Smith Belgium (SRL)
Belgium
18
Ordinary
100
Retailing
WH Smith Norway AS
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
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
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
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
InMotion ATL, LLC
USA
16
Ordinary
80
Retailing
InMotion ATL-A, LLC
USA
16
Ordinary
64
Retailing
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-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
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
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
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
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
70
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
Newsrail Resources Ltd
Ireland
6
Ordinary
100
Retailing
MRG Las Vegas II, LLC
USA
16
Ordinary
95
Retailing
MRG Portland II, LLC
USA
16
Ordinary
70
Retailing
MRG Sarasota, LLC
USA
16
Ordinary
80
Retailing
MRG San Diego, LLC
USA
16
Ordinary
75
Retailing
InMotion New Jersey, LLC
USA
16
Ordinary
65
Retailing
InMotion New York, LLC
USA
16
Ordinary
80
Retailing
InMotion Pittsburgh, LLC
USA
16
Ordinary
90
Retailing
WH Smith Travel (Jersey) Ltd
Jersey
8
Ordinary
100
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
6600
Bermuda Road, Las Vegas, Nevada, NV 89119, 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\u2013105, Hungary
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-484": { "value": "29. Subsidiary companies The subsidiary companies included within the financial statements are disclosed below. UK subsidiaries
Proportion of
shares held
Country of incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
Held directly by WH Smith PLC:
WH Smith Group 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
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 SQL Workshop Limited
England & Wales
1
Ordinary
100
Retailing
The Websters Group Limited
England & Wales
1
Ordinary
100
Dormant
WH Smith (Qatar) Limited
England & Wales
1
Ordinary
100
Dormant
WH Smith Online Limited
England & Wales
1
Ordinary
100
Holding Company
WH Smith HS Limited
England & Wales
1
Ordinary
100
Holding Company
WH Smith Retail Holdings Limited
England & Wales
1
Ordinary
100
Holding Company
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 &
100
Retailing
Preference
WH Smith Hospitals Holdings Limited
England & Wales
1
Ordinary &
100
Holding Company
Preference
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 &
100
Retailing
Preference
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 2024. The Company will guarantee the debts and liabilities of the UK subsidiary undertakings below 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
08956574
WH Smith 1955 Limited
00549069
WH Smith High Street Holdings Limited
06560371
WH Smith Hospitals Holdings Limited
03806896
WH Smith Promotions Limited
02339902
The SQL Workshop Limited
02676287
WH Smith Travel 2008 Limited
06560390
WH Smith US Group Holdings Limited
11615426
WH Smith US Retail Holdings Limited
11618458
International joint ventures The below entities are joint ventures and per the Group\u2019s accounting policies on page 128, the Group\u2019s share of results of these joint ventures is included in the Group consolidated income statement using the equity method of accounting.
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
Held indirectly:
WH Smith \u2013 DFA Brasil Cafeteria, Livraria E
Brazil
15
Ordinary
50
Retailing
Conveniencia Eireli
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 128, the Group has determined that it has control of these entities and has therefore consolidated their results.
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
Held indirectly:
WH Smith (Global Sourcing) Ltd
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 Korl\u00e1tolt
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
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
WH Smith Belgium (SRL)
Belgium
18
Ordinary
100
Retailing
WH Smith Norway AS
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
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
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
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
InMotion ATL, LLC
USA
16
Ordinary
80
Retailing
InMotion ATL-A, LLC
USA
16
Ordinary
64
Retailing
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-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
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
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
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
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
70
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
Newsrail Resources Ltd
Ireland
6
Ordinary
100
Retailing
MRG Las Vegas II, LLC
USA
16
Ordinary
95
Retailing
MRG Portland II, LLC
USA
16
Ordinary
70
Retailing
MRG Sarasota, LLC
USA
16
Ordinary
80
Retailing
MRG San Diego, LLC
USA
16
Ordinary
75
Retailing
InMotion New Jersey, LLC
USA
16
Ordinary
65
Retailing
InMotion New York, LLC
USA
16
Ordinary
80
Retailing
InMotion Pittsburgh, LLC
USA
16
Ordinary
90
Retailing
WH Smith Travel (Jersey) Ltd
Jersey
8
Ordinary
100
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
6600
Bermuda Road, Las Vegas, Nevada, NV 89119, 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\u2013105, Hungary
", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-509": { "value": "International joint ventures The below entities are joint ventures and per the Group\u2019s accounting policies on page 128, the Group\u2019s share of results of these joint ventures is included in the Group consolidated income statement using the equity method of accounting.
Proportion of
Country of shares held
incorporation/ Registered by Group
Name registration
address
Class of shares
companies %
Principal activity
Held indirectly:
WH Smith \u2013 DFA Brasil Cafeteria, Livraria E
Brazil
15
Ordinary
50
Retailing
Conveniencia Eireli
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-7": { "value": "WH Smith PLC, Greenbridge Road, Swindon, Wiltshire SN3 3RX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-8": { "value": "WH Smith PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-9": { "value": "WH Smith PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-10": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } }, "fact-11": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001KJNGUJ34G7X91", "period": "2023-09-01T00:00:00/2024-09-01T00:00:00" } } } }