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"concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "Notes to the financial statements The notes have been grouped into sections under five key categories: 1. Basis of preparation 2. Result for the year 3. Land bank and other operating assets and liabilities 4. Financing 5. Other disclosures The key accounting policies have been incorporated throughout the notes to the financial statements adjacent to the disclosure to which they relate. All accounting policies are shown in grey boxes. Vistry Group PLC | Annual report 2022 | 147 Introduction Strategic report Governance report Financial statements Other information 1.0 Basis of preparation 1.1 General information Vistry Group PLC (the \u201cCompany\u201d) is a public company, limited by shares, domiciled and incorporated in England, United Kingdom. The shares are listed on the London Stock Exchange. The consolidated financial statements of the Company for the year ended 31 December 2022 comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d) and the Group\u2019s interest in joint ventures and associate. The financial statements were authorised for issue by the Directors on 22 March 2023 . The registered office for Vistry Group PLC is 11 Tower View, Kings Hill, West Malling, Kent, ME19 4UY . 1.2 Basis of accounting For the year to 31 December 2022, the financial statements of the Company and 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. The Company has elected to take the exemption under section 408 of the Companies Act 2006 to not present the Company income statement and statement of comprehensive income. There are no new standards effective for the first time in the year beginning 1 January 2022 which have had a material impact on the Group\u2019s reported results. In accordance with section 612 of the Companies Act 2006, advantage is taken of the relief from the requirement to create a share premium account to record the excess over the nominal value of shares issued in a share for share transaction. Where the relevant requirements of section 612 of the Companies Act 2006 are met, the excess of any nominal value is credited to a merger reserve. All other accounting policies have been applied consistently to the Company and the Group. The financial statements are prepared on the historical cost basis unless otherwise stated. The functional currency of the Group is Pounds Sterling (GBP), and the accounts are presented in the same currency . 1.3 Going concern The Group has prepared a cash flow forecast to confirm the appropriateness of the going concern assumption in these accounts. The forecast was prepared using a likely base case and a severe but plausible downside sensitivity scenario. In the downside scenario the Group have assumed decreased affordability, leading to reduced demand for housing and falling house prices. We continue to see some build cost inflation with higher energy prices impacting a selected range of materials required. Whilst this has not been factored into our assumptions, we are targeting a reduction in labour rates as the labour market softens. In both the base case and the downside sensitivity scenario, the forecasts indicated that there was sufficient headroom and liquidity for the business to continue based on the facilities available to the Group as discussed in note 4.2 to the financial statements. In each of these scenarios the Group was also forecast to comply with the required covenants on the aforementioned borrowing facilities, even prior to migrating activities. Consequently, the Directors have not identified any material uncertainties to the Group\u2019s ability to continue as a going concern over a period of at least twelve months from the date of the approval of the financial statements and have concluded that using the going concern basis for the preparation of the financial statements is appropriate. In the downside sensitivity scenario, the following assumptions have been applied (in aggregate): - A 10% reduction in private sales volumes in 2023 and 20% reduction in 2024, with a corresponding reduction in development spend; - A 10% reduction in private sales prices; - A rise in interest cost of 100bps; - No sensitivity has been applied to either the affordable and PRS or partner delivery revenue streams as it is assumed that these would not be impacted by a downturn due to the significant proportion of this revenue which is pre-sold. In a severe but plausible downside, the following mitigating actions have been modelled: - Cessation of uncommitted land spend; - Reduction in planned dividend outflows by 50% from H2 2023 onwards. The Group have also assessed the appropriateness of the going concern assumption for the accounts of the Company. The Company\u2019s only expected cashflows in the twelve months following the date of these financial statements relate to the settlement of expenses incurred in relation to the Combination, dividend payments to shareholders and interest incurred on its borrowings. In order to fund these cashflows, the Company has receivables which are repayable on demand and are deemed recoverable. As a result, the Directors have not identified any material uncertainties to the Group\u2019s ability to continue as a going concern over a period of at least twelve months from the date of the approval of the financial statements and have concluded that using the going concern basis for the preparation of the Company financial statements is appropriate. The Board continues to take prudent decisions to best support the business through this period of uncertainty, including measures to protect the Group\u2019s cash position, liquidity and maintain a robust balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-331": { "value": "Vistry Group PLC (the \u201cCompany\u201d) is a public company, limited by shares, domiciled and incorporated in England, United Kingdom. The shares ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-332": { "value": "Vistry Group PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-333": { "value": "Vistry Group PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-334": { "value": "Vistry Group PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-335": { "value": "limited by shares,", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-336": { "value": "England, United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-337": { "value": "The financial statements were authorised for issue by the Directors on 22 March 2023 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-338": { "value": "statements were authorised for issue by the Directors on 22 March 2023 . The registered office for Vistry Group PLC is 11 Tower View, Kings Hill, West Malling, Kent, ME19 4UY . ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-339": { "value": "11 Tower View, Kings Hill, West Malling, Kent, ME19 4UY ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-340": { "value": "1.2 Basis of accounting For the year to 31 December 2022, the financial statements of the Company and 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. The Company has elected to take the exemption under section 408 of the Companies Act 2006 to not present the Company income statement and statement of comprehensive income. There are no new standards effective for the first time in the year beginning 1 January 2022 which have had a material impact on the Group\u2019s reported results. In accordance with section 612 of the Companies Act 2006, advantage is taken of the relief from the requirement to create a share premium account to record the excess over the nominal value of shares issued in a share for share transaction. Where the relevant requirements of section 612 of the Companies Act 2006 are met, the excess of any nominal value is credited to a merger reserve. All other accounting policies have been applied consistently to the Company and the Group. The financial statements are prepared on the historical cost basis unless otherwise stated. The functional currency of the Group is Pounds Sterling (GBP), and the accounts are presented in the same currency ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-341": { "value": "For the year to 31 December 2022, the financial statements of the Company and 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:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-342": { "value": "1.3 Going concern The Group has prepared a cash flow forecast to confirm the appropriateness of the going concern assumption in these accounts. The forecast was prepared using a likely base case and a severe but plausible downside sensitivity scenario. In the downside scenario the Group have assumed decreased affordability, leading to reduced demand for housing and falling house prices. We continue to see some build cost inflation with higher energy prices impacting a selected range of materials required. Whilst this has not been factored into our assumptions, we are targeting a reduction in labour rates as the labour market softens. In both the base case and the downside sensitivity scenario, the forecasts indicated that there was sufficient headroom and liquidity for the business to continue based on the facilities available to the Group as discussed in note 4.2 to the financial statements. In each of these scenarios the Group was also forecast to comply with the required covenants on the aforementioned borrowing facilities, even prior to migrating activities. Consequently, the Directors have not identified any material uncertainties to the Group\u2019s ability to continue as a going concern over a period of at least twelve months from the date of the approval of the financial statements and have concluded that using the going concern basis for the preparation of the financial statements is appropriate. In the downside sensitivity scenario, the following assumptions have been applied (in aggregate): - A 10% reduction in private sales volumes in 2023 and 20% reduction in 2024, with a corresponding reduction in development spend; - A 10% reduction in private sales prices; - A rise in interest cost of 100bps; - No sensitivity has been applied to either the affordable and PRS or partner delivery revenue streams as it is assumed that these would not be impacted by a downturn due to the significant proportion of this revenue which is pre-sold. In a severe but plausible downside, the following mitigating actions have been modelled: - Cessation of uncommitted land spend; - Reduction in planned dividend outflows by 50% from H2 2023 onwards. The Group have also assessed the appropriateness of the going concern assumption for the accounts of the Company. The Company\u2019s only expected cashflows in the twelve months following the date of these financial statements relate to the settlement of expenses incurred in relation to the Combination, dividend payments to shareholders and interest incurred on its borrowings. In order to fund these cashflows, the Company has receivables which are repayable on demand and are deemed recoverable. As a result, the Directors have not identified any material uncertainties to the Group\u2019s ability to continue as a going concern over a period of at least twelve months from the date of the approval of the financial statements and have concluded that using the going concern basis for the preparation of the Company financial statements is appropriate. The Board continues to take prudent decisions to best support the business through this period of uncertainty, including measures to protect the Group\u2019s cash position, liquidity and maintain a robust balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-343": { "value": "1.4 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December 2022. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and can affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the acquirer. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. A joint arrangement is an arrangement over which the Group and one or more third parties have joint control. These joint arrangements are in turn classified as: \u2022 Joint ventures whereby the Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities; and \u2022 Joint operations whereby the Group has rights to its share of the assets and obligations for the liabilities relating to the arrangement. Where the Group collaborates with other entities on a development or contract, the arrangement is accounted for in accordance with IFRS 11. Where there is joint control, the arrangement is classified as a joint arrangement and accounted for using the equity method (for joint ventures) or on the basis of the Group\u2019s proportional share of the arrangement\u2019s assets, liabilities, revenues and costs (for joint operations). The Group\u2019s share of income and expenses of its joint operations are included within the corresponding lines of the income statement, from the date that joint control commenced. An associate is an entity over which the Group is in a position to exercise significant influence but does not exercise control or joint control. Investments in associates are accounted for using the equity method. When the Group\u2019s share of losses in a joint venture or associate equals or exceeds its interests in the joint venture or associate, the Group does not recognise further losses unless it has incurred obligations or made payments on behalf of the joint venture or associate. Parent Company Guarantees for audit exemption are listed in note 5.17.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-344": { "value": "1.5 Critical accounting judgements and key sources of estimation uncertainty The preparation of financial statements in conformity with UK-adopted International Accounting Standards requires management to make estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years. No individual judgements have been made that have a significant impact on the financial statements, other than those involving estimates, which are outlined below. Key sources of estimation uncertainty for the Group Estimates and underlying assumptions affecting the financial statements are based on historical experience and other relevant factors and are reviewed on an ongoing basis. This approach forms the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Changes in accounting estimates may be necessary if there are changes in the circumstances on which the estimate was based or as a result of new information. Such changes are recognised in the year in which the estimate is revised. The key sources of estimation uncertainty that have a risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are described below. Land held for development and housing work in progress The Group holds inventories which are stated at the lower of cost and net realisable value. To assess the net realisable value of land held for development and development work in progress, the Group completes a financial appraisal of the likely revenue which will be generated when these inventories are converted as residential properties for sale and sold. Where the financial appraisal demonstrates that the revenue will exceed the costs of the inventories and other associated costs of constructing the residential properties (based on prevailing and/or contracted costs), the inventories are stated at cost. Where the assessed revenue is lower, the extent to which there is a shortfall is written off through the income statement leaving the inventories stated at a net realisable value. To the extent that the revenues which can be generated change, or the final cost to complete for the site varies from estimates, the net realisable value of the inventories may be different. At this point any previous impairments may also be reversed. A review taking into account estimated achievable net revenues, actual inventory and costs to complete as at 31 December 2022 has been carried out, and appropriate adjustments have been made to the carrying value of the Group\u2019s inventory provision. These estimates were made by local management having regard to actual prevailing sales prices, together with competitor and marketplace evidence, and were further reviewed by Group management. Should there be a future significant decline in UK house pricing, then further write-downs of land and work in progress may be necessary. Further detail on the carrying value of inventories is laid out in note 3.1. Management have performed a sensitivity analysis to assess the impact of a 5.0ppts decrease in estimated gross margins for all active developments (private, affordable and PRS) which are expected to generate future revenues as this is considered to be a reasonably possible change. This movement in margin would result in the need to recognise an additional \u00a33.1m of land and work in progress write down provision, reducing the value of inventories on the balance sheet and having a corresponding impact to gross profit. Margin recognition The gross margin from private housing, affordable and PRS housing and private rental sector revenue generated on each of the Group\u2019s individual sites within the year is recognised based on the latest forecast for the gross margin expected to be generated over the remaining life of that site. The forecast gross margins are based on current prevailing pricing or contracted rates and pricing where applicable. The remaining life gross margin is calculated using forecasts for current selling prices and all land, build, infrastructure and overhead costs associated with that site. Where the actual contracted costs are available, these are used in the calculation. There is inherent uncertainty and sensitivity to external forces (predominantly house prices, material and labour costs) in these forecasts, which are reviewed regularly throughout the year by management and are described on pages 63 to 64. In order to calculate partner delivery revenue, the Group estimates the total revenue and total costs for the contract and derives the expected margin. Revenue recognised is then calculated by taking the costs incurred in the year, plus the expected margin, for each contract. The assessment of total costs to complete the contract requires estimation. The Group has robust internal controls to review future revenue and cost estimates. Management have performed a sensitivity analysis to assess the impact of a 5.0ppts decline in forecasted gross margins across all developments and partner delivery sites; this would have reduced gross profit by \u00a3136.5m through increased cost of sales, with a corresponding reduction to inventories and therefore net assets of the same value. This would equate to a 6.2ppts increase in cost of sales, or a 5.0ppts decrease in revenue, which is considered reasonably possible in light of recent market conditions. Fire safety cladding Management have reviewed all current legal and constructive obligations with regards to remedial work to rectify legacy fire safety issues. Where known obligations exist, these have been evaluated for the likely cost to complete and an appropriate provision has been created. Currently proposed legislative and regulatory changes create significant uncertainty around the extent of remediation required for legacy buildings, the liability for such remediation and the time period to be considered. This implies inherent uncertainty as to the precise future obligations of the Group in respect of legacy fire safety issues. The Directors have made estimates as to the extent of the remedial works required and the associated costs, using currently available information including third-party quotations where possible. The quantification of the cost of these remedial works is inherently complex and depends on a number of factors including the number of buildings potentially requiring remediation; the extent of remedial works required; the size of the buildings; the timeframe over which the remediation will take place; the associated costs of investigation, materials and labour; the potential cost of managing disruption to residents; and the impact of inflation over the next five years. It is also highly likely that there will be further revisions to these estimates as government legislation and regulation in this area evolves. Management have completed extensive work to identify properties requiring remediation and considers the buildings identified and the value of works provided to reflect management\u2019s best view of the expected cost to the Group. See note 5.9 and 5.16 for more detail. As an illustration the following reasonably possible movements would have the following effect on the provision: Sensitivity 10% increase in estimated remediation cost 22.4 100 bps increase in discount rate (6.6) 100 bps increase in inflation rate 4.7 Defined benefit pension scheme The Group has three defined benefit pension schemes, all closed to future accrual, which are subject to estimation uncertainty. Note 5.10 outlines the way in which these schemes are recognised in the Group\u2019s financial statements, the associated risks and sensitivity analysis showing the impact of a change in key variables on the defined benefit assets/obligations. Impairment of goodwill The Group tests for goodwill impairment on an annual basis, or more regularly where there are indicators of impairment. This requires an estimation of the value in use of the cash-generating units to which the assets have been allocated. The value in use calculation requires the Directors to estimate the future cash flows expected to be generated by the cash-generating units, and a suitable discount rate and long-term growth rate to apply in order to calculate present value. During the period, these estimates resulted in no impairment charge (2021: \u00a3Nil) relating to goodwill. Refer to Note 5.7 for the details of impairment review and the sensitivities applied. Fair valuation of Countryside\u2019s opening balance sheet In performing the fair valuation of the Countryside opening balance sheet at 11 November 2022, there are two areas which involved significant estimation and judgement \u2013 the valuation of inventories and acquired intangibles. In order to calculate the fair value of inventories acquired with Countryside, management have assessed what margin a market participant would expect on the acquired inventories. This requires significant judgement to be made. The valuation of acquired intangibles involved inputs including useful economic lives of identified intangible assets, discount rate and royalty rate which all involved significant estimation uncertainty. Management have performed the following sensitivities: Sensitivity Increase/(decrease) in intangible assets 11 November 2022 \u00a3m 1 year increase in useful economic lives 9 1% increase in discount rate (11) 0.5% increase in royalty rate 32 Increase/(decrease) in inventories 11 November 2022 Sensitivity \u00a3m 1% increase in market participant margin (69.4)", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-345": { "value": "1.7 Impact of standards and interpretations in issue No new accounting standards and interpretations have been published that are mandatory for the 31 December 2022 reporting year and as a result have not been adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-346": { "value": "2.0 Result for the year Revenue Private housing revenue Revenue is recognised on the sale of private housing at a point in time on legal completion, as this is when the customer obtains control of the property and the Group has fulfilled its performance obligations. The exception to this policy is for certain contracts including bulk private sales which are recognised over time. Revenue in respect of the sale of residential properties is recognised at the fair value of the consideration received or receivable, net of value added tax and discounts, on legal completion. In certain instances, property may be accepted in part consideration for a sale of a residential property. The fair value of part exchange properties is established by independent surveyors, reduced for costs to sell. Net sale proceeds generated from the subsequent sale of part exchange properties are recorded as an adjustment to cost of sales. The original sale is recorded in the normal way, with the fair value of the exchanged property in lieu of cash receipts. Cash incentives are considered to be a discount from the purchase price offered to the acquirer and are therefore accounted for as a reduction to revenue. Affordable housing and private rental sector (\u201cPRS\u201d) revenue Contract revenue for affordable housing and PRS contracts is recognised over time, by reference to the stage of completion of contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. Where there is a disposal of land to the customer under the contract, revenue for this disposal is recognised in line with the accounting policy for land sales below. As the build progresses, customer-controlled assets are created, with the design tailored to the specification of the customer. The Group has an enforceable right to be paid for the work completed to date and invoices are issued and paid over the life of the development. Variations in contract work and claims are included to the extent that it is highly probable that there will not be a significant reversal when the value of such payments is finalised. Where progress towards the satisfaction of performance obligations cannot be reasonably determined, revenue is recognised over time as the work is performed to the extent that costs have been incurred and are expected to be recoverable, and contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised immediately in the income statement within cost of sales. The application of the above policies requires estimates to be made in respect of the total expected costs to complete for each site. The Group has in place established internal control processes to ensure that the evaluation of costs and revenues is based upon appropriate estimates. Where the Group provides design, construction, and mobilisation activities on a development across multiple units simultaneously, this is considered to represent one performance obligation. Where these services are provided across multiple development sites, each site is typically considered to represent a distinct performance obligation. Partner delivery revenue Partner delivery revenue is recognised over time, as the value of the services are transferred to the customer during the year. For all contracts, costs are expensed in the income statement as incurred. In fixed price contracts, revenue is recognised based on the costs incurred as a percentage of total estimated costs to complete the contract. In contracts where revenue is directly related to the costs incurred, revenue is recognised based on the costs incurred to date plus any agreed fee or mark-up. The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust any of the transaction prices for the time value of money. Release of deferred revenue from joint ventures When the Group makes sales to joint ventures in which it owns an interest, it will only recognise revenue and profit in the year of the initial transaction to the extent of third parties\u2019 interests in the joint venture. The unrecognised element of revenue and profit will be deferred and released to the income statement when the joint venture has sold the assets to which the original transaction with the Group related. Bare land sales Revenue is recognised on bare land sales from the point of control passing to the buyer. Where the Group still has significant obligations to perform under the terms of the contract, revenue is recognised when the obligations are performed. Other revenue Revenue is recognised on commercial property sales from the point of control passing to the buyer. Any other revenue is only recognised at the point that the Group has fulfilled their obligations under the contract. Government grant income Government grants are recognised once the Group has reasonable assurance that the related conditions of the grant will be met and that the grant will be received. Government grant income is recorded within other operating income, as disclosed in Note 2.1. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-347": { "value": "Government grant income Government grants are recognised once the Group has reasonable assurance that the related conditions of the grant will be met and that the grant will be received. Government grant income is recorded within other operating income, as disclosed in Note 2.1. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-348": { "value": "2022 2021 Revenue by type \u00a3000 \u00a3000 Private housing 1,895,566 1,599,616 Affordable housing and PRS revenue 350,465 261,894 Partner delivery revenue* 470,357 516,769 Bare land sales 5,654 22,727 Release of deferred revenue from joint ventures - 243 Other 7,390 5,909 Total 2,729,432 2,407,158 Timing of revenue recognition At a point in time 1,817,594 1,580,383 Over time* 911,838 826,775 Total 2,729,432 2,407,158 *Revenue and cost of sales for 2021 has been restated in relation to trading with our joint ventures (see note 1.6). The Group\u2019s total revenue recognised in relation to contract liabilities shown in the table below is included within affordable housing revenue and partner delivery revenue. At 31 December 2022 the aggregate amount of the transaction price allocated to unsatisfied performance obligations on contracts was \u00a33,118.0m (2021: \u00a31,617.0m), of which approximately \u00a31,562.0m (2021: \u00a3939.0m) is expected to be recognised as revenue during 2023. Assets and liabilities related to contracts with customers The Group has recognised the following amounts recoverable on contracts and payments on account relating to its existing contracts with customers: 2022 2021 \u00a3000 \u00a3000 Amounts recoverable on contracts (see note 3.2) 261,522 140,822 Payments on account (see note 3.3) (40,290) (52,542) Contract assets are represented by amounts recoverable on contracts in the above table. Amounts recoverable on contracts arise where the revenue recognised on a long-term contract exceeds the value of stage payments that have been invoiced on that contract. Contract liabilities are represented by payments on account where stage payments exceed revenue recognised on long-term contracts. Materially all of the payments on account as at 31 December 2021 have been recognised as revenue in the current year. Amounts recoverable on contracts are presented within trade and other receivables on the face of the balance sheet and payments on account are presented with trade and other payables. Significant changes in contract assets and liabilities Contract assets increased during 2022 as a result of the Combination with Countryside. Contract liabilities have not moved significantly year on year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-349": { "value": "Significant changes in contract assets and liabilities Contract assets increased during 2022 as a result of the Combination with Countryside. Contract liabilities have not moved significantly year on year. ", "dimensions": { "concept": "ifrs-full:ExplanationOfSignificantChangesInContractAssetsAndContractLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-350": { "value": "Depreciation of tangible assets (see note 5.4) 2,187 1,852 Depreciation of right-of-use assets (see note 5.5) 15,622 15,093 Amortisation of intangible assets (see note 5.6) 17,463 15,579", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-351": { "value": "Other operating income 2022 2021 \u00a3000 \u00a3000 Joint arrangement management fees income 29,949 27,483 Release of joint venture deferred income 21,420 13,176 Government grant income 6,344 - Total other operating income 57,713 40,659 Joint arrangement management fee income comprises fees that the Group charges into a joint arrangement for management services. The release of joint venture deferred income relates to the unwind of the Group\u2019s share of profit realised on the formation of the joint venture that is held as deferred income on the balance sheet", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-352": { "value": "Government grant income in 2022 is in relation to Homes England\u2019s 2021-2026 Affordable Homes Programme, secured by the Group in 2021. The total grant secured of \u00a384.0m will deliver 1,474 new homes over a five-year programme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-353": { "value": "Exceptional expenses Exceptional items are those which, in the opinion of the Board, are material by size and irregular in nature and therefore require separate disclosure within the income statement in order to assist the users of the financial statements in understanding the underlying business performance of the Group. 2022 exceptional expenses related to the Combination with Countryside and an incremental fire safety provision. 2021 exceptional expenses related to one-off integration activities following the 2020 acquisition of Linden and Partnerships from Galliford Try and an incremental fire safety provision", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-354": { "value": "2022 2021 \u00a3000 \u00a3000 Administrative expenses relating to the Combination with Countryside 56,864 - Administrative expenses relating to the Acquisition of Linden and Partnerships - 6,481 Cost of sales relating to legacy property fire safety 96,113 5,744 Interest on fire safety provision 900 - Total exceptional expenses 153,877 12,225 On 11 November 2022, the Group completed the Combination with Countryside Partnerships PLC. The administrative expenses incurred in the year ended 31 December 2022 in relation to this transaction include legal, financing and accounting advisory service fees, transaction insurance costs (totalling \u00a329.5m) and costs directly attributable to the integration and restructuring of the Group (totalling \u00a327.4m). Further exceptional costs are expected to be incurred in 2023 in relation to integration activities and further restructuring. Please refer to note 5.9 for further discussion of the expected cash outflows relating to the Combination with Countryside. On 3 January 2020, the Group completed the acquisition of Linden and Partnerships from Galliford Try PLC. In the year ended 31 December 2021, the exceptional administrative expense solely related to the conclusion of system integration work and residual restructuring related to this acquisition. Exceptional expenses relating to legacy property fire safety result from ongoing investigations into properties developed where remediation works may be required. The amount of the provision reflects our best estimate to carry out these remediation works. For further detail on this provision and the expected cash outflows, please refer to note 5.9. Tax on exceptional items in 2022 was \u00a330.7m (2021: \u00a32.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-355": { "value": "Auditors\u2019 remuneration 2022 2021 \u00a3000 \u00a3000 Fees payable to the Company\u2019s auditors for the audit of the Company and Group\u2019s annual accounts 1,246 408 Fees payable to the Company\u2019s auditors and its associates for other services: Audit of the accounts of subsidiaries 759 572 Audit-related assurance services 60 50 Non-audit fees 1,096 1 Fees charged to operating profit 3,161 1,031 Within the 2021 charge of \u00a30.6m relating to the audit of the accounts of subsidiaries is a charge of \u00a30.1m of incremental costs relating to the financial year ending 31 December 2020.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-356": { "value": "2.2 Segmental reporting All revenue and profits disclosed relate to continuing activities of the Group and are derived from activities performed in the United Kingdom. The Chief Operating Decision Maker (CODM), which is the Board, notes that the Group\u2019s main operation is that of a housebuilder and it operates entirely within the United Kingdom. Segmental reporting is presented in respect of the Group\u2019s business segments reflecting the Group\u2019s management and internal reporting structure and is the basis on which strategic operating decisions are made by the Group\u2019s CODM.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-357": { "value": "During the year, one development site was transferred from the Housebuilding to the Partnerships operating segment due to its closer alignment with the Partnerships commercial proposition. The impact of the transfer on the adjusted gross margin for Partnerships was to increase it by 2bps and the impact on adjusted gross margin for Housebuilding was to increase it by 2bps. Following the Combination on 11 November 2022, the Board have identified three separate segments for 2022 having taken into consideration IFRS 8: \u201cOperating Segments\u201d criteria, Housebuilding, Partnerships and Countryside, since the CODM has reviewed information relating to the recently acquired Countryside business separate to the existing Housebuilding and Partnerships businesses. In 2023, the Countryside business will be integrated into the Housebuilding and Partnerships businesses and the Board will therefore be presented with discrete financial information relating to only two segments from that point. Consequently, the Group anticipates having two separate segments under IFRS 8, Housebuilding and Partnerships for reporting in 2023. The Housebuilding segment develops sites across England, providing private and affordable housing on land owned by the Group or the Group\u2019s joint ventures. Housebuilding offers properties under both the Bovis and Linden brand names. The Partnerships segment specialises in partnering with housing associations and other public sector businesses across England, including London, to deliver either the development of private, affordable and PRS housing on land owned by the Group or the Group\u2019s joint ventures, or to provide contracting services for development. The Partnerships segment currently operates under the Vistry Partnerships and Drew Smith brand names, though the Drew Smith and Vistry Partnerships brand names will cease to be used once current sites complete and the segment will operate under the Countryside Partnerships brand going forwards. The Countryside segment represents the business acquired on 11 November 2022 and is a business which primarily partners with housing associations and other public sector businesses across England, including London, to deliver the development of private, affordable and PRS housing on land owned by the Group or the Group\u2019s joint ventures or associate. The Countryside segment operates under the Countryside Partnerships brand name. Segmental adjusted operating profit and segmental operating profit include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Central head office costs are allocated between the segments where possible, or otherwise reported within the separate column for Group items together with acquisition related exceptional items and amortisation of acquired intangibles. Segmental tangible net asset value (TNAV) includes items directly attributable to the segment as well as those that can be allocated on a reasonable basis, with the exception of net cash or debt, retirement benefit assets / liabilities and tax balances payable / receivable. Adjusted financial results include share of joint ventures and associate and exclude exceptional items. Adjusted revenue is stated exclusive of revenue recognised by the Group on transactions with joint ventures and associate, no adjustment is made to adjusted gross margin as the impact is de minimis. Adjusted gross profit is stated including other operating income. Refer to section 5.14 for the definitions of the financial alternative performance measures used in this document. Segmental financial performance Housebuilding Partnerships Countryside Group items Total Year ended 31 December 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Revenue 1,737,944854,504136,984 -2,729,432 Share of joint ventures\u2018 and associate\u2018s revenue 244,409 132,715 15,505 -392,629 Elimination of revenue recognised on transactions with joint ventures -(48,824) - -(48,824) and associate Adjusted revenue 1,982,353938,395152,489 -3,073,237 Gross profit 294,908108,268 10,553 -413,729 Share of joint ventures\u2018 and associate\u2019s gross profit 45,461 19,061 4,778 -69,300 Exceptional cost of sales 91,123 4,990 - - 96,113 Other operating income 33,001 23,876 836 - 57,713 Adjusted gross profit 464,493156,195 16,167 -636,855 Operating profit 244,343 57,507 (12,814)(76,530)212,506 Share of joint ventures\u2018 and associate\u2019s operating profit 45,131 18,855 4,556 -68,542 Exceptional items 91,123 12,932 5,974 42,948152,977 Amortisation of acquired intangibles 2,757 11,480 2,828 - 17,065 Adjusted operating profit 383,354100,774 544(33,582)451,090 Adjusted gross margin 23.4% 16.6% 10.6% - 20.7% Adjusted operating margin 19.3% 10.7% 0.4% - 14.7% Return on Capital Employed (see note 5.12) 28.2% 77.6% 0.2% - 28.3%", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-358": { "value": "Housebuilding Partnerships Group items Total Year ended 31 December 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Revenue* 1,621,692785,466 -2,407,158 Share of joint ventures\u2018 revenue 207,614126,977 -334,591 Elimination of revenue recognised on transactions with joint ventures and associate - (48,116) - (48,116) Adjusted revenue 1,829,306864,327 -2,693,633 Gross profit 337,449101,823 -439,272 Share of joint ventures\u2018 gross profit 39,348 17,942 - 57,290 Exceptional cost of sales 3,174 2,570 - 5,744 Other operating income 27,154 13,505 -40,659 Adjusted gross profit 407,125135,840 -542,965 Operating profit 260,734 47,827 (23,147)285,414 Share of joint ventures\u2018 operating profit 38,689 17,800 -56,489 Exceptional items 3,174 2,570 6,481 12,225 Amortisation of acquired intangibles 2,760 11,480 - 14,240 Adjusted operating profit 305,357 79,677 (16,666)368,368 Adjusted gross margin 22.3% 15.7% - 20.2% Adjusted operating margin 16.7% 9.2% - 13.7% Return on Capital Employed (see note 5.12) 21.3%328.8% - 25.5% *Revenue and cost of sales for 2021 have been restated in relation to trading with our joint ventures (see note 1.6). Segmental financial position As at 31 December 2022 Housebuilding Partnerships Countryside Group items Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Goodwill and intangibles 275,255381,923603,529 -1,260,707 Tangible net assets excluding investments 1,235,675 87,404130,208163,8541,617,141 in joint ventures and associate Investments in joint ventures and associate 133,125 71,683 48,851 -253,659 Net cash - - 314,719(196,554) 118,165 As at 31 December 2021 Housebuilding Partnerships Group items Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 Goodwill and intangibles 278,381396,937 -675,318 Tangible net assets excluding investments in joint ventures 1,222,002 54,782 28,7861,305,570 Investments in joint ventures 151,080 23,984 -175,064 Net cash - -234,454234,454", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-359": { "value": "2.3 Dividends The following dividends were paid by the Group: 2022 2021 \u00a3000 \u00a3000 Prior year final dividend per share of 40p (2021: 20p) 88,747 44,340 Current year interim dividend per share of 23p (2021: 20p) 50,111 44,369 138,858 88,709 A final dividend of 32 pence per share (cumulative amount: \u00a3162.3m) has been recommended and, subject to shareholder approval at the AGM, will be paid on 1 June 2023 in respect of 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-360": { "value": "138858", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-361": { "value": "88709", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-362": { "value": "2.4 Earnings per share Profit attributable to ordinary shareholders 2022 2021 \u00a3000 \u00a3000 Profit for the year attributable to equity holders of the parent 204,345254,125 Profit for the year attributable to equity holders of the parent 324,687278,267 (before exceptional items and amortisation of acquired intangibles) Earnings per share 2022 2021 Basic earnings per share 86.5p 114.6p Diluted earnings per share 86.3p 114.1p Basic earnings per share (before exceptional items and amortisation of acquired intangibles*) 137.5p 125.5p Diluted earnings per share (before exceptional items and amortisation of acquired intangibles*) 137.1p 124.9p *Amortisation of acquired intangibles is the amortisation of brand names and customer relationships and contracts. Note 5.6 contains further detail. These metrics are both calculated by applying the adjusted tax rate, which is defined as the reported tax rate, as adjusted for exceptional items, amortisation of acquired intangibles and significant prior period adjustments. Reconciliation from reported to adjusted (basic before exceptional items and amortisation of acquired intangibles) earnings per share 2022 2022 2021 2021 Earnings per share Earnings Earnings per share Earnings (pence) \u00a3000 (pence) \u00a3000 Reported basic 86.5p 204,345 114.6p 254,125 Exceptional items 153,877 12,225 Amortisation of acquired intangibles 17,065 14,240 Income tax credit on adjusting items and prior period tax adjustments (50,600) (2,323) Adjusted basic 137.5p 324,687 125.5p 278,267 Adjusted diluted 137.1p 324,687 124.9p 278,267 Weighted average number of shares used as the denominator 2022 2021 Weighted average number of ordinary shares for the year ended 31 December 236,161,867 221,788,132 Adjustments for calculation of diluted earnings per share: Options 586,475 998,999 Weighted average number of ordinary shares and potential ordinary shares used as a denominator in calculating diluted earnings per share 236,748,342 222,787,131 Basic earnings per share Basic earnings per ordinary share for the year ended 31 December 2022 is calculated on a profit attributable to shareholders of \u00a3204,345,000 (2021: \u00a3254,125,000) over the weighted average of 236,161,867 (2021: 221,788,132) ordinary shares in issue during the year. Diluted earnings per share The calculation of diluted earnings per share for the year ended 31 December 2022 was based on the profit attributable to ordinary shareholders of \u00a3204,345,000 (2021: \u00a3254,125,000) over the diluted weighted average ordinary shares potentially in issue for the year ended 31 December 2022 of 236,748,342 (2021: 222,787,131). The average number of shares is increased by reference to the average number of potential ordinary shares held under option during the year. This reflects the number of ordinary shares which would be purchased using the aggregate difference in value between the market value of shares and the share option exercise price and fair value of future employee services. The market value of shares has been calculated using the average ordinary share price during the year. Only share options which are expected to meet their cumulative performance criteria have been included in the dilution calculation.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-363": { "value": "Basic earnings per share Basic earnings per ordinary share for the year ended 31 December 2022 is calculated on a profit attributable to shareholders of \u00a3204,345,000 (2021: \u00a3254,125,000) over the weighted average of 236,161,867 (2021: 221,788,132) ordinary shares in issue during the year. Diluted earnings per share The calculation of diluted earnings per share for the year ended 31 December 2022 was based on the profit attributable to ordinary shareholders of \u00a3204,345,000 (2021: \u00a3254,125,000) over the diluted weighted average ordinary shares potentially in issue for the year ended 31 December 2022 of 236,748,342 (2021: 222,787,131). The average number of shares is increased by reference to the average number of potential ordinary shares held under option during the year. This reflects the number of ordinary shares which would be purchased using the aggregate difference in value between the market value of shares and the share option exercise price and fair value of future employee services. The market value of shares has been calculated using the average ordinary share price during the year. Only share options which are expected to meet their cumulative performance criteria have been included in the dilution calculation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-364": { "value": "3.0 Land bank and other operating assets and liabilities This section shows the assets used to generate the Group\u2019s trading performance and the liabilities incurred as a result. Liabilities relating to the Group\u2019s financing activities are addressed in section 4. Deferred tax assets and liabilities are shown in section 5.2", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-365": { "value": "3.1 Inventories Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads, not including any general administrative overheads, that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated net selling price less estimated total costs of completion of the finished units. Land held for development, including land in the course of development until legal completion of the sale of the asset, is initially recorded at cost along with any expected overage, or recognised acquisition value. An overage is the amount a landowner may be entitled to receive when completing the sale of a piece of land, provided specific conditions stipulated in the contract are met. Where, through deferred purchase credit terms, cost differs from the nominal amount which will actually be paid in settling the deferred purchase terms liability, an adjustment is made to the cost of the land, the difference being charged as a finance expense. Options in respect of land are held at the lower of their net realisable value and cost and are reviewed for impairment at each reporting date. Should planning permission be granted and the option be exercised, the option\u2019s carrying value is included within the cost of land purchased. Investments in land without the benefit of planning consent, either through purchase of freehold land or non-refundable deposits paid on land purchase contracts subject to residential planning consent, are capitalised initially at cost. Regular reviews are completed for impairment in the value of these investments, and provision made to reflect any irrecoverable element. The impairment reviews consider the existing use value of the land and assesses the likelihood of achieving residential planning consent and the value thereof. Part-exchange properties are held at the lower of cost and net realisable value and include a carrying value provision to cover the costs of management and resale. Any profit or loss on the disposal of part exchange properties is recognised within cost of sales in the Group income statement. 2022 2021 Group \u00a3000 \u00a3000 Work in progress 944,797 806,136 Part exchange properties 23,665 15,554 Land held for development (net of provision) 1,869,678 1,140,465 Inventories 2,838,140 1,962,155 Inventories to the value of \u00a3792.3m were acquired with Countryside in November 2022, and \u00a31,772.9m of inventories were recognised as expenses in the year (2021: \u00a31,440.5m). Part exchange properties of \u00a340.5m (2021: \u00a368.2m) were disposed of during the year for proceeds of \u00a341.8m (2021: \u00a370.1m). 2022 2021 Movement on inventory provision \u00a3000 \u00a3000 Balance at 1 January 4,606 5,735 - Utilised in the year (3,435) (2,132) - Unutilised and released in the year (1,171) - - 3,603 New provisions recognised on sites still held - 1,003 Balance at 31 December - 4,606 Land held for development of \u00a31,869.7m (2021: \u00a31,140.5m) includes land costs of \u00a31,869.7m (2021: \u00a31,140.5m) offset by provisions of nil (2021: \u00a34.6m).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-366": { "value": "Inventories are stated at the lower of cost and net realisable value. Cost comprises direct materials and, where applicable, direct labour costs and those overheads, not including any general administrative overheads, that have been incurred in bringing the inventories to their present location and condition. Net realisable value represents the estimated net selling price less estimated total costs of completion of the finished units. Land held for development, including land in the course of development until legal completion of the sale of the asset, is initially recorded at cost along with any expected overage, or recognised acquisition value. An overage is the amount a landowner may be entitled to receive when completing the sale of a piece of land, provided specific conditions stipulated in the contract are met. Where, through deferred purchase credit terms, cost differs from the nominal amount which will actually be paid in settling the deferred purchase terms liability, an adjustment is made to the cost of the land, the difference being charged as a finance expense. Options in respect of land are held at the lower of their net realisable value and cost and are reviewed for impairment at each reporting date. Should planning permission be granted and the option be exercised, the option\u2019s carrying value is included within the cost of land purchased. Investments in land without the benefit of planning consent, either through purchase of freehold land or non-refundable deposits paid on land purchase contracts subject to residential planning consent, are capitalised initially at cost. Regular reviews are completed for impairment in the value of these investments, and provision made to reflect any irrecoverable element. The impairment reviews consider the existing use value of the land and assesses the likelihood of achieving residential planning consent and the value thereof. Part-exchange properties are held at the lower of cost and net realisable value and include a carrying value provision to cover the costs of management and resale. Any profit or loss on the disposal of part exchange properties is recognised within cost of sales in the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-367": { "value": "3.2 Trade and other receivables Trade and other receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9: \u201cFinancial Instruments\u201d simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the age of the outstanding amounts. The contract assets relate to unbilled work in progress on contracts described in note 2.0 and have a historically low level of default, similar to the Group\u2019s low default levels on trade receivables. Other debtors include amounts receivable from the Government in relation to the Help to Buy scheme .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-368": { "value": "3.2 Trade and other receivables Trade and other receivables do not carry any interest and are stated at their nominal value as reduced by appropriate allowances for estimated irrecoverable amounts. The Group applies the IFRS 9: \u201cFinancial Instruments\u201d simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the age of the outstanding amounts. The contract assets relate to unbilled work in progress on contracts described in note 2.0 and have a historically low level of default, similar to the Group\u2019s low default levels on trade receivables. Other debtors include amounts receivable from the Government in relation to the Help to Buy scheme Group Company 2022 2021 2022 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Trade receivables 46,90441,973 - - Amounts recoverable on contracts 261,522140,822 - - Amounts due from subsidiary undertakings - -421,096231,359 Other debtors 60,644 18,646 - - Prepayments 13,995 12,787 - - Other accrued income 66,37527,192 - - Total current trade and other receivables 449,440241,420421,096231,359 Trade receivables 601 454 - - Total non-current trade and other receivables 601 454 - - The above trade and other receivables are shown net of their expected credit loss allowances, which total \u00a32.6m (2021: \u00a31.2m). The Group\u2019s standard invoice payment terms are 30 days. Amounts due from subsidiary undertakings are repayable on demand. The carrying value of amounts due from subsidiary undertakings represents the Company\u2019s maximum credit risk. Interest is charged on these amounts at a rate of 2.0 % per annum unless the interest rate can be derived precisely from a relevant financial instrument. The Directors consider that any expected credit loss allowance is immaterial on these balances. Trade receivables which are past due but not impaired are not material in either year. The Directors consider that the carrying amount of trade receivables approximates to their fair value", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-369": { "value": "Other debtors 60,644 18,646 - - Prepayments 13,995 12,787 - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-370": { "value": "Other debtors 60,644 18,646 - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-371": { "value": "The above trade and other receivables are shown net of their expected credit loss allowances, which total \u00a32.6m (2021: \u00a31.2m). The Group\u2019s standard invoice payment terms are 30 days. Amounts due from subsidiary undertakings are repayable on demand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-372": { "value": "3.3 Trade and other payables Trade payables on normal terms are not interest bearing and are stated at their nominal value. Trade payables on extended terms, particularly in respect of land, are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value which will be paid in settling the deferred purchase terms liability is recognised over the period of the credit term and charged to finance costs using the effective interest rate method. Group Company 2022 2021 2022 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Non-current liabilities Trade payables 334,442 211,246 - - Other creditors 42 50 780 781 Total non-current liabilities 334,484 211,296 780 781 Current liabilities Trade payables 738,360 483,585 - - Payments on account 40,290 52,542 - - Taxation and social security 17,273 4,579 - - Amounts payable to joint ventures and associate 139,672 46,010 - - Other creditors 47,074 51,898 - - Accruals 333,845 246,514 3,487 - Deferred income 116,197 80,999 - - Total current liabilities 1,432,711 966,127 3,487 - Total trade and other payables 1,767,195 1,177,423 4,267 781 The Group\u2019s non-current liabilities largely relate to land purchased on extended payment terms. An ageing of land creditor repayments is provided in note 4.6. The Directors consider that the carrying amount of trade payables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-373": { "value": "Trade payables on normal terms are not interest bearing and are stated at their nominal value. Trade payables on extended terms, particularly in respect of land, are recorded at their fair value at the date of acquisition of the asset to which they relate. The discount to nominal value which will be paid in settling the deferred purchase terms liability is recognised over the period of the credit term and charged to finance costs using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-374": { "value": "Other creditors 42 50 780 781 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-375": { "value": "Other creditors 47,074 51,898 - - Accruals 333,845 246,514 3,487 - ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-376": { "value": "Other creditors 47,074 51,898 - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-377": { "value": "Deferred income 116,197 80,999 - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-378": { "value": "4.1 Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. Group Company 2022 2021 2022 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Bank balances 676,757398,673 344 344 Call deposits 3 41 - - Cash and cash equivalents in the balance sheet and cash flow 676,760398,714 344 344 Restricted cash of \u00a30.4m (2021: \u00a30.8m) on the Group balance sheet primarily relates to amounts that the Group paid into indemnity funds as part of the NewBuy housing scheme which have not yet been released and is not included in the amounts above. The NewBuy housing scheme is a mortgage indemnity scheme which launched in March 2012 and operated for 10 years. The scheme ended in 2022 with all monies expected to be received back by June 2023. The purpose of the arrangement was to stimulate growth in the housing market and home construction industry by effectively putting in place guarantees of up to 95% of the value of loans insured under the scheme", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-379": { "value": "Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-380": { "value": "Restricted cash of \u00a30.4m (2021: \u00a30.8m) on the Group balance sheet primarily relates to amounts that the Group paid into indemnity funds as part of the NewBuy housing scheme which have not yet been released and is not included in the amounts above. The NewBuy housing scheme is a mortgage indemnity scheme which launched in March 2012 and operated for 10 years. The scheme ended in 2022 with all monies expected to be received back by June 2023. The purpose of the arrangement was to stimulate growth in the housing market and home construction industry by effectively putting in place guarantees of up to 95% of the value of loans insured under the scheme.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-381": { "value": "4.2 Bank and other loans Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently at amortised cost. Finance charges are accounted for on an accruals basis to the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The revolving credit facility, USPP Loan, the Term Loan and the Bilateral Term Loan are all held by the Company, Vistry Group PLC. Interest rate profile of bank and other loans - Group Available Carrying Carrying facility Facility value 2022 value 2021 At 31 December Rate \u00a3000 maturity \u00a3000 \u00a3000 Revolving credit facility* SONIA +160-250bps 500,000 2026 - - Term Loan** SONIA +190-310bps 400,000 2025 400,000 - USPP Loan*** 403bps 100,000 2027 105,564 106,475 Prepaid facility fee n/a n/a n/a (4,191) (312) Bilateral Term Loan**** SONIA +265bps n/a 2023 - 50,000 Homes England development loan ECRR +120-220bps 10,667 2029 7,284 8,097 Overdraft facility BoE Base +150bps 5,000 2025 - - Non-current borrowings 1,015,667 508,657 164,260 Bilateral Term Loan**** SONIA +265bps 50,000 2023 50,000 - Prepaid facility fee n/a n/a n/a (62) - Current borrowings 50,000 49,938 - Total borrowings 1,065,667 558,595 164,260 * This facility commenced on 17 December 2021. This is a sustainability linked finance agreement with a margin ratchet of +/-2.5bps in addition to the rate above, dependent on performance against sustainability KPIs. The facility includes two options to extend the agreement by one year, the first of which was exercised in November 2022, extending the facility maturity to 16 December 2026. ** Term Loan agreement entered into on 5 September 2022 in order to finance the Combination with Countryside Partnerships PLC, ending 31 March 2025. *** Carrying value is quoted including impact from the fair value of future interest payments. **** This loan commenced on 17 March 2020. The maturity date for this facility was amended on 23 February 2021 from 17 March 2021 to 17 March 2023 and it was therefore presented within non-current liabilities in 2021 and current liabilities in 2022. The available facility is displayed within the current borrowings row of the above table. This balance has been repaid post year end, as disclosed in Note 5.16. The \u00a3500 million four-year revolving credit facility syndicate comprises eight banks, six of which form the syndicate for the \u00a3400m term loan. The revolving credit facility, Term Loan, USPP Loan and Bilateral Term Loan all include a covenant package, covering interest cover, gearing and tangible net worth requirements, which are tested semi-annually.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-382": { "value": "Bank borrowings Interest-bearing bank loans and overdrafts are initially recorded at fair value, net of direct issue costs, and subsequently at amortised cost. Finance charges are accounted for on an accruals basis to the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The revolving credit facility, USPP Loan, the Term Loan and the Bilateral Term Loan are all held by the Company, Vistry Group PLC", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-383": { "value": "4.3 Net financing (expenses) / income Finance income relates to interest income earned on loans made to joint ventures and associate and pension finance credit. Finance costs are included in the measurement of borrowings at their amortised cost to the extent that they are not settled in the year in which they arise. Finance expenses predominantly relate to interest charges on external borrowings, lease liabilities and deferred land creditors. The finance costs and income associated with the time value of money on discounted payables and receivables are recognised within finance costs and income as the discount unwinds over the life of the relevant item. Exceptional finance costs relate to the unwinding of the discount on the Group\u2019s long term fire safety provision. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-384": { "value": "4.3 Net financing (expenses) / income Finance income relates to interest income earned on loans made to joint ventures and associate and pension finance credit. Finance costs are included in the measurement of borrowings at their amortised cost to the extent that they are not settled in the year in which they arise. Finance expenses predominantly relate to interest charges on external borrowings, lease liabilities and deferred land creditors. The finance costs and income associated with the time value of money on discounted payables and receivables are recognised within finance costs and income as the discount unwinds over the life of the relevant item. Exceptional finance costs relate to the unwinding of the discount on the Group\u2019s long term fire safety provision. The Group is required to capitalise borrowing costs directly attributable to business acquisitions and the construction and production of qualifying assets, as part of the costs of that asset. Inventories which are produced in large quantities on a repetitive basis over a short period of time are not qualifying assets. The Group does not generally produce qualifying assets. Net financing (expenses) / income recognised in the Group income statement Note 2022 2021 \u00a3000 \u00a3000 Interest income 13,693 22,930 Net pension finance credit 5.10 854 132 Finance income 14,547 23,062 Imputed interest on deferred term land creditors (7,085) (5,118) Interest on lease liabilities 5.5 (1,408) (905) Exceptional interest on fire safety provision 2.1 (900) - Bank, commitment fees and other interest (17,383) (12,908) Finance expenses (26,776) (18,931) Net financing (expenses) / income (12,229) 4,131", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-385": { "value": "The Group is required to capitalise borrowing costs directly attributable to business acquisitions and the construction and production of qualifying assets, as part of the costs of that asset. Inventories which are produced in large quantities on a repetitive basis over a short period of time are not qualifying assets. The Group does not generally produce qualifying assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-386": { "value": "Note 2022 2021 \u00a3000 \u00a3000 Interest income 13,693 22,930 Net pension finance credit 5.10 854 132 Finance income 14,547 23,062 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-387": { "value": "Imputed interest on deferred term land creditors (7,085) (5,118) Interest on lease liabilities 5.5 (1,408) (905) Exceptional interest on fire safety provision 2.1 (900) - Bank, commitment fees and other interest (17,383) (12,908) Finance expenses (26,776) (18,931) Net financing (expenses) / income (12,229) 4,131", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-388": { "value": "4.4 Capital and reserves Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Where there is a bonus share issue the nominal value of the shares are deducted from reserves and recognised within share capital. Own shares held by ESOP trust Transactions of the Group-sponsored employee stock ownership plan (ESOP) trust are included in the Group financial statements. In particular, the trust\u2019s purchases of shares in the Company are debited directly to equity through an own shares held reserve. Share capital 2022 2022 2022 2021 2021 2021 Number of Issued capital Share premium Number of Issued capital Share premium Ordinary shares shares \u00a3000 \u00a3000 shares \u00a3000 \u00a3000 In issue at 1 January 222,306,264 111,154 361,081 222,253,123 111,127 360,657 Issued for cash 14,479 7 85 53,141 27 424 Cancellation of shares (2,556,968) (1,278) - - - - Shares issued as consideration 127,447,399 63,722 - - - - Costs of issuing equity - - (365) - - - In issue at 31 December - fully paid 347,211,174 173,605 360,801 222,306,264 111,154 361,081 The holders of ordinary shares (nominal value 50p) are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. The share premium account is added to when any authorised shares are issued above nominal value.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-389": { "value": "Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Where there is a bonus share issue the nominal value of the shares are deducted from reserves and recognised within share capital. The holders of ordinary shares (nominal value 50p) are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. The share premium account is added to when any authorised shares are issued above nominal value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-390": { "value": "Own shares held by ESOP trust Transactions of the Group-sponsored employee stock ownership plan (ESOP) trust are included in the Group financial statements. In particular, the trust\u2019s purchases of shares in the Company are debited directly to equity through an own shares held reserve", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-391": { "value": "Reserve for own shares held The cost of the Company\u2019s shares held in the ESOP trust by the Group is recorded as a reserve in equity. The opening balance of \u00a33.4m on the own shares held reserve represented a holding of 437,133 shares. During 2022 the Group did a share buy back and repurchased 4,056,968 shares at a cost of \u00a335.2m, of which 2,556,968 shares at a total cost of \u00a322.4m were subsequently cancelled (2021: nil). In addition to this 59,063 shares were awarded for exercises under the Group\u2019s long- term incentive (2021: 464,800 shares). As part of the Combination, a further trust was acquired holding a total of 251,184 Vistry shares. The closing balance of \u00a317.4m on the own shares held reserve represents a holding of 2,129,254 shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-392": { "value": "Merger reserve The opening balance of \u00a3823.5m on the merger reserve related to the 2020 acquisition of Linden and Partnerships. During 2022 the merger reserve has increased by \u00a3774.3m in relation to the shares issued as consideration for the Countryside business, bringing the closing merger reserve at 31 December 2022 to \u00a31,597.8m. Share buy back During the year ended 31 December 2022, the Group repurchased 4,056,968 shares at a cost of \u00a335.2m of which 2,556,968 shares at a total cost of \u00a322.4m were cancelled. \u00a31.3m relates to capital redemption, which is held in the capital redemption reserve. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-393": { "value": "4.5 Financial risk management Group The Group seeks to manage its capital in such a manner that it safeguards its ability to continue as a going concern and to fund its future development. In continuing as a going concern, the Group seeks to provide returns for shareholders over the housing market cycle as well as enabling repayment of its liabilities as a trading business. The Group\u2019s capital comprises its shareholders\u2019 equity, added together with its net borrowings, or less its net cash, stated before issue costs. A five-year record of its capital employed is displayed on page 197. Whilst the blended cost of capital is a factor in the Group\u2019s decision making in assessing the right blend of shareholders\u2019 equity and debt financing, the Group has typically preferred to operate within a framework that features relatively low gearing or cash in hand. This is because the Group recognises that housebuilding can be cyclical, and higher levels of gearing can create profound liquidity risks. The Group would seek to manage its capital base through control over expenditure, maintenance of adequate banking facilities, control over dividend payments and in the longer term through adjustments to its capital structure. For the majority of the year, the Group operated at gearing levels similar to or better than those in 2021, which in turn were significantly improved on 2020 as strong cash generation was used to pay down the debt taken on as part of the acquisition of Linden and Partnerships made at the beginning of 2020. New debt has been taken on in order to finance the Combination with Countryside Partnerships PLC resulting in a lower net cash position at December 2022 compared to December 2021. An important part of capital management for the Group is its financial instruments, which comprise cash, bank and other loans and overdrafts. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group also utilises financial assets and liabilities such as trade receivables or payables that arise directly from operations. The use of these carries risk: interest rate risk, credit risk and liquidity risk. Given that the Group trades exclusively in the UK and all financial assets and liabilities are denominated in Pounds sterling, there is no material currency risk. a. Interest rate risk Exposure to interest rate risk arises in the normal course of the Group\u2019s business. Throughout the year, the Group\u2019s policy has been that no trading in financial instruments shall be undertaken. Effective interest rates and repricing analysis The interest rate profile of the Group\u2019s interest-bearing financial instruments is set out in note 4.2. Sensitivity analysis In managing interest rates, the Group aims to reduce the impact of short-term fluctuations in the Group\u2019s earnings, given that Group borrowings are variable in terms of interest rate. Over the longer-term, however, permanent changes in interest rates would have an impact on consolidated earnings. For the year ended 31 December 2022, a general increase of one percentage point in interest rates applying for the full year would equate to \u00a32.5m (2021:\u00a31.6m) of additional interest expense in 2022. b. Credit risk The Group\u2019s exposure to credit risk is limited by the fact that the Group generally receives cash at the point of legal completion of its sales of private houses or land. There are certain categories of revenue where this is not the case: for instance, affordable housing and partner delivery revenues. The Group also makes loans to its joint ventures and associate, exposing the Group to some credit risk. For affordable housing and partner delivery revenues, the Group collects cash at regular intervals in line with build progress in order to minimise its credit risk. The total amount outstanding on affordable and partner delivery revenues was \u00a3308.4m at the year-end (2021: \u00a3182.8m). The Group retains these outstanding balances as trade and other receivables. The Group\u2019s trade and other receivables are secured against the following: 2022 2021 \u00a3000 \u00a3000 Second charge against property 454 454 Unsecured 449,587 240,259 450,041 240,713 The Group also has credit exposure through amounts recoverable from joint ventures and associate. These amounts relate to the funding mechanism in place for any particular joint venture or associate to enable it to invest in land or work in progress. The Group\u2019s credit risk is limited by the fact that through our joint venture and associate equity ownership we retain title to our proportionate share of any assets held by the joint venture and associate. There are limited occasions where debt advanced to joint ventures and associates is not proportionate to the equity holding but this increased risk would be for the joint venture and associate partner as the Group limits its own proportion of debt to a maximum of its percentage equity holding. Additionally, the Group performs regular credit assessments of our joint venture and associate partners. The total amount outstanding from joint ventures and associate was \u00a3391.4m at the year end (2021: \u00a3308.2m). In managing risk, the Group assesses the credit risk of its counterparties before entering into a transaction. This assessment is based upon management knowledge, experience, and where possible independent assurance. In the event that land is disposed of the Group seeks to mitigate any credit risk by retaining a charge over the asset disposed of, so that in the event of default, the Group is able to seek to recover its outstanding asset. Company The Company\u2019s exposure to credit risk is limited as a result of all outstanding balances relating to companies within the Group. c. Liquidity risk The Group\u2019s banking arrangements outlined in note 4.2 are considered to be adequate in terms of flexibility and liquidity for the Group\u2019s medium-term cash flow needs, thus mitigating its liquidity risk. The Group\u2019s approach to assessment of liquidity risk is outlined in the going concern sub-section in the risk management section on page 56. d. Housing market price risk The performance of the UK housing market affects the valuation of certain of the Group\u2019s non-financial assets and liabilities and the significant estimates applied by management in these financial statements, including the valuation of land and work in progress. Maturities of financial instruments - Group Total Less than 6 Between 1-2 Between 2-5 contractual Carrying months 6-12 months years years Over 5 years cash flows amount 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Non-derivative financial assets Restricted cash 382 - - - - 382 382 Trade and other receivables 435,445 - - - 601 436,046 436,046 Cash and cash equivalents 676,760 - - - - 676,760 676,760 Non-derivative financial liabilities Bank and other loans (51,725) - - - - (51,725) (49,938) Long-term loans (15,175) (15,175) (30,350) (524,035) (7,710) (592,445) (508,657) Trade and other payables ** (796,471) (546,974) (179,448) (120,448) (19,121) (1,662,462) (1,650,998) Lease liabilities (10,202) (10,202) (16,465) (35,158) (42,315) (114,342) (86,582) Total net financial liabilities 239,014 (572,351) (226,263) (679,641) (68,545) (1,307,786) (1,182,987) *Trade and other receivables excluding prepayments which are not financial instruments ** Trade and other payables excluding deferred income which is not a financial instrument Of the above financial assets and liabilities at 31 December 2022, \u00a30.5m is linked to the UK housing market, and \u00a31,182.5m is not linked to the UK housing market. Land creditors, recognised within trade and other payables, and a USPP loan, recognised within long term loans, are held at fair value. For all other financial instruments, there is no material difference between fair value and carrying value . Total Less than 6 Between 1-2 Between 2-5 contractual Carrying months 6-12 months years years Over 5 years cash flows amount 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Non-derivative financial assets Restricted cash 217 217 - - 344 778 778 Trade and other receivables 241,420 - - - 454 241,874 241,874 Cash and cash equivalents 398,714 - - - - 398,714 398,714 Non-derivative financial liabilities Bank and other loans (725) (725) (50,725) - - (52,175) (50,000) Long-term loans (2,015) (2,015) (4,030) (114,105) (8,097) (130,262) (114,260) Trade and other payables* (799,492) (89,674) (149,647) (53,222) (12,691) (1,104,726) (1,096,424) Lease liabilities (7,936) (6,958) (6,165) (10,105) (3,631) (34,795) (33,051) Total net financial liabilities (169,817) (99,155) (210,567) (177,432) (23,621) (680,592) (652,369) *Trade and other payables excluding deferred income which is not a financial instrument. This has been restated to exclude deferred income as it was included in error in the 2021 financial statements. This has reduced the trade and other payables balance within this disclosure by \u00a381.0m. Of the above financial assets and liabilities at 31 December 2021, \u00a30.5m is linked to the UK housing market, and \u00a3651.9m is not linked to the UK housing market. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-394": { "value": "The Group seeks to manage its capital in such a manner that it safeguards its ability to continue as a going concern and to fund its future development. In continuing as a going concern, the Group seeks to provide returns for shareholders over the housing market cycle as well as enabling repayment of its liabilities as a trading business. The Group\u2019s capital comprises its shareholders\u2019 equity, added together with its net borrowings, or less its net cash, stated before issue costs. A five-year record of its capital employed is displayed on page 197. Whilst the blended cost of capital is a factor in the Group\u2019s decision making in assessing the right blend of shareholders\u2019 equity and debt financing, the Group has typically preferred to operate within a framework that features relatively low gearing or cash in hand. This is because the Group recognises that housebuilding can be cyclical, and higher levels of gearing can create profound liquidity risks. The Group would seek to manage its capital base through control over expenditure, maintenance of adequate banking facilities, control over dividend payments and in the longer term through adjustments to its capital structure. For the majority of the year, the Group operated at gearing levels similar to or better than those in 2021, which in turn were significantly improved on 2020 as strong cash generation was used to pay down the debt taken on as part of the acquisition of Linden and Partnerships made at the beginning of 2020. New debt has been taken on in order to finance the Combination with Countryside Partnerships PLC resulting in a lower net cash position at December 2022 compared to December 2021. An important part of capital management for the Group is its financial instruments, which comprise cash, bank and other loans and overdrafts. The main purpose of these financial instruments is to raise finance for the Group\u2019s operations. The Group also utilises financial assets and liabilities such as trade receivables or payables that arise directly from operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-395": { "value": "b. Credit risk The Group\u2019s exposure to credit risk is limited by the fact that the Group generally receives cash at the point of legal completion of its sales of private houses or land. There are certain categories of revenue where this is not the case: for instance, affordable housing and partner delivery revenues. The Group also makes loans to its joint ventures and associate, exposing the Group to some credit risk. For affordable housing and partner delivery revenues, the Group collects cash at regular intervals in line with build progress in order to minimise its credit risk. The total amount outstanding on affordable and partner delivery revenues was \u00a3308.4m at the year-end (2021: \u00a3182.8m). The Group retains these outstanding balances as trade and other receivables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-396": { "value": "c. Liquidity risk The Group\u2019s banking arrangements outlined in note 4.2 are considered to be adequate in terms of flexibility and liquidity for the Group\u2019s medium-term cash flow needs, thus mitigating its liquidity risk. The Group\u2019s approach to assessment of liquidity risk is outlined in the going concern sub-section in the risk management section on page 56. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-397": { "value": "d. Housing market price risk The performance of the UK housing market affects the valuation of certain of the Group\u2019s non-financial assets and liabilities and the significant estimates applied by management in these financial statements, including the valuation of land and work in progress. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-398": { "value": "Maturities of financial instruments - Group Total Less than 6 Between 1-2 Between 2-5 contractual Carrying months 6-12 months years years Over 5 years cash flows amount 31 December 2022 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Non-derivative financial assets Restricted cash 382 - - - - 382 382 Trade and other receivables 435,445 - - - 601 436,046 436,046 Cash and cash equivalents 676,760 - - - - 676,760 676,760 Non-derivative financial liabilities Bank and other loans (51,725) - - - - (51,725) (49,938) Long-term loans (15,175) (15,175) (30,350) (524,035) (7,710) (592,445) (508,657) Trade and other payables ** (796,471) (546,974) (179,448) (120,448) (19,121) (1,662,462) (1,650,998) Lease liabilities (10,202) (10,202) (16,465) (35,158) (42,315) (114,342) (86,582) Total net financial liabilities 239,014 (572,351) (226,263) (679,641) (68,545) (1,307,786) (1,182,987) *Trade and other receivables excluding prepayments which are not financial instruments ** Trade and other payables excluding deferred income which is not a financial instrument Of the above financial assets and liabilities at 31 December 2022, \u00a30.5m is linked to the UK housing market, and \u00a31,182.5m is not linked to the UK housing market. Land creditors, recognised within trade and other payables, and a USPP loan, recognised within long term loans, are held at fair value. For all other financial instruments, there is no material difference between fair value and carrying value Total Less than 6 Between 1-2 Between 2-5 contractual Carrying months 6-12 months years years Over 5 years cash flows amount 31 December 2021 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Non-derivative financial assets Restricted cash 217 217 - - 344 778 778 Trade and other receivables 241,420 - - - 454 241,874 241,874 Cash and cash equivalents 398,714 - - - - 398,714 398,714 Non-derivative financial liabilities Bank and other loans (725) (725) (50,725) - - (52,175) (50,000) Long-term loans (2,015) (2,015) (4,030) (114,105) (8,097) (130,262) (114,260) Trade and other payables* (799,492) (89,674) (149,647) (53,222) (12,691) (1,104,726) (1,096,424) Lease liabilities (7,936) (6,958) (6,165) (10,105) (3,631) (34,795) (33,051) Total net financial liabilities (169,817) (99,155) (210,567) (177,432) (23,621) (680,592) (652,369) *Trade and other payables excluding deferred income which is not a financial instrument. This has been restated to exclude deferred income as it was included in error in the 2021 financial statements. This has reduced the trade and other payables balance within this disclosure by \u00a381.0m. Of the above financial assets and liabilities at 31 December 2021, \u00a30.5m is linked to the UK housing market, and \u00a3651.9m is not linked to the UK housing market. 4.6 Financial instruments Fair values There is no material difference between the carrying value of financial instruments shown in the balance sheet and their fair value. Estimation of fair values The following summarises the major methods and assumptions used in estimating the fair values of financial instruments: Land purchased on extended payment terms When land is purchased on extended payment terms, the Group initially records it at its fair value with a land creditor recorded for any outstanding monies based on this fair value assessment. Fair value is determined as the outstanding element of the price paid for the land discounted to present day. The difference between the nominal value and the initial fair value is amortised over the period of the extended credit term and charged to finance costs using the \u2018effective interest\u2019 method, increasing the value of the land creditor such that at the date of maturity the land creditor equals the payment required. Balance at Total contracted Due within Between Between Between Between Due beyond Land creditor 31 Dec cash payment 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years (estimated ageing) \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 2022 667,357 678,823359,848179,44837,60553,18229,661 19,079 2021 414,254 422,555205,546149,49025,33518,926 9,945 13,313 Bank and other loans Fair value is calculated by comparing the current contracted rates of interest to currently available market rates for a similar term debt and credit risk. See note 4.2 for further details of loan facilities. Trade and other receivables / payables Other than land creditors, the nominal value of trade receivables and payables is deemed to reflect the fair value. This is due to the fact that transactions which give rise to these trade receivables and payables arise in the normal course of trade with industry standard payment terms. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-399": { "value": "Fair value is calculated by comparing the current contracted rates of interest to currently available market rates for a similar term debt and credit risk. See note 4.2 for further details of loan facilities. Trade and other receivables / payables Other than land creditors, the nominal value of trade receivables and payables is deemed to reflect the fair value. This is due to the fact that transactions which give rise to these trade receivables and payables arise in the normal course of trade with industry standard payment terms. Land purchased on extended payment terms When land is purchased on extended payment terms, the Group initially records it at its fair value with a land creditor recorded for any outstanding monies based on this fair value assessment. Fair value is determined as the outstanding element of the price paid for the land discounted to present day. The difference between the nominal value and the initial fair value is amortised over the period of the extended credit term and charged to finance costs using the \u2018effective interest\u2019 method, increasing the value of the land creditor such that at the date of maturity the land creditor equals the payment required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-400": { "value": "5.1 Income tax expense Income tax comprises the sum of the tax currently payable or receivable and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Recognised in the income statement 2022 2021 Note \u00a3000 \u00a3000 Current tax Current year excluding Residential Property Developer Tax 64,136 48,794 Residential Property Developer Tax 10,043 - Adjustments for prior years (19,558) 4,881 54,621 53,675 Deferred tax Origination and reversal of temporary differences 5.2 (17,903) 17,526 Adjustments for prior years 5.2 6,421 (5,790) Total income tax in income statement 43,139 65,411 Reconciliation of effective tax rate 2022 2022 2021 2021 % \u00a3000 % \u00a3000 Profit before tax 247,484 319,536 Income tax using the domestic corporation tax rate 19.047,022 19.0 60,712 Non-deductible expenses and disposal of ineligible assets 2.1 5,284 (0.2) (900) Other non-taxable income/deductible expenses (2.7)(6,722) - - Other 0.1 275 - - Change in tax rate 0.2 374 2.0 6,508 Adjustments to the tax charge in respect to prior years (5.3)(13,137) (0.3) (909) Residential Property Developer Tax 4.110,043 - - Total tax expense 17.443,139 20.5 65,411 The Group\u2019s effective tax rate of 17.4% (2021: 20.5%) is lower than (2021: higher than) the current rate of 19.0% (2021: 19.0%) as a result of the restatement of some deferred tax at the balance sheet date to 29.0% netted against prior year adjustments to the corporation tax computations for earlier years. The Group does not have any open corporation tax enquiries with the tax authorities. The Government made a number of budget announcements on 3 March 2021. These included confirming that the rate of corporation tax will increase to 25.0% from 1 April 2023. This new law was substantively enacted on 24 May 2021. Deferred taxes at the balance sheet date have been measured using these enacted tax rates and reflected in these financial statements. For the financial year ended 31 December 2021, a tax deductible provision of \u00a371.4m was recorded in total in the statutory financial statements of Vistry Homes Limited and Vistry Partnerships Limited. This provision was recorded after the financial statements for the Group had been signed. The Group financial statements for the year ended 31 December 2022 reflect this provision. There is no net impact on the total tax amount in the Income Statement for both periods; however, the prior period adjustment and reversal in the current year is reflected in the current tax and deferred tax amounts disclosed above. Recognised directly in Group statement of changes in equity or in the Group statement of comprehensive income 2022 2021 Note \u00a3000 \u00a3000 Deferred tax relating to actuarial movements on pension schemes (Group statement of comprehensive income)5.22,399(9,148) Deferred tax relating to share-based payments (Group statement of changes in equity) 5.2 (411) 77 Deferred tax recognised directly in Group statement of changes in equity 1,988(9,071) or the Group statement of comprehensive income Current tax relating to share-based payments (Group statement of changes in equity) 4322 Deferred and current tax recognised directly in Group statement of changes in equity 1,992(8,749) or the Group statement of comprehensive income", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-401": { "value": "Income tax comprises the sum of the tax currently payable or receivable and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-402": { "value": "The tax currently payable or receivable is based on taxable profit or loss for the year and any adjustment to tax payable or receivable in respect of previous years. Taxable profit or loss differs from net profit or loss as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-403": { "value": "The Group\u2019s liability or asset for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from non-tax deductible goodwill, from the initial recognition of assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit, and from differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to reserves, in which case the deferred tax is also dealt with in reserves. Current tax assets and liabilities The current tax asset of \u00a310.4m (2021: liability of \u00a30.1m) arose as a result of the timing of when tax payments became due for that financial year. Recognised deferred tax assets and liabilities are attributable to the following: Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Net 2022 2021 2022 2021 2022 2021 Group \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Property, plant and equipment 92 111 - - 92 111 Non-current trade payables - - (12) (15) (12) (15) Available for sale financial assets - - (305) (394) (305) (394) Employee benefits - pensions - -(9,590)(11,330)(9,590)(11,330) Employee benefits - share-based payments 7752,483 - - 775 2,483 Provisions - - (291)(11,658) (291)(11,658) Inventories* 112,35913,986 (27) (23)112,33213,963 Intangible assets* - -(131,931)(31,605)(131,931)(31,605) Profit on sale of assets to joint ventures - 1 - - - 1 Losses 24,957 - - -24,957 - Corporate Interest Restriction 5,441 - - - 5,441 - Short Term Temporary differences 351 - - - 351 - Tax assets / (liabilities) 143,97516,581(142,156)(55,025)1,819(38,444", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-404": { "value": "Movement in temporary differences during the year Group Recognised Recognised in equity Balance from Recognised and other Balance 1 Jan 2022 Combination in income income 31 Dec 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Property, plant and equipment 111 35 (54) - 92 Trade payables (15) - 3 - (12) Available for sale financial assets (394) - 89 - (305) Employee benefits - pensions (11,330) 349 (1,008) 2,399 (9,590) Employee benefits - share-based payments 2,483 158 (1,455) (411) 775 Provisions (11,658) 1,605 9,762 - (291) Inventories 13,963 99,884 (1,515) - 112,332 Intangible assets (31,605) (101,240) 914 - (131,931) Profit on sale of assets to joint ventures 1 - (1) - - Losses - 24,940 17 - 24,957 CIR - 730 4,711 - 5,441 Short Term Temporary differences - 332 19 - 351 Movement in temporary differences (38,444) 26,793 11,482 1,988 1,819 Recognised Balance Recognised in equity and Balance 1 Jan 2021 in income other income 31 Dec 2021 Group \u00a3000 \u00a3000 \u00a3000 \u00a3000 Property, plant and equipment (17) 128 - 111 Trade payables (15) - - (15) Available for sale financial assets (399) 5 - (394) Employee benefits - pensions (1,724) (458) (9,148)(11,330) Employee benefits - share-based payments 841 1,565 77 2,483 Provisions (7,059) (4,599) -(11,658) Inventories* 17,459 (3,496) - 13,963 Intangible assets* (26,725) (4,880) (31,605) Profit on sale of assets to joint ventures 2 (1) - 1 Movement in temporary differences (17,637) (11,736) (9,071)(38,444 *2021 comparatives have been represented to disaggregate deferred tax balances held in relation to intangible assets. Unrecognised deferred tax assets and liabilities For the period ended 31 December 2022, the Group has \u00a38.0m (2021: \u00a3nil) of temporary differences upon which no deferred tax has been recognised. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-405": { "value": "5.3 Directors and employees The monthly average number of employees of the Group, all of whom were engaged in the United Kingdom on the Group\u2019s principal activity, together with personnel expenses, are set out below: Average staff numbers - Group 2022 2021 Average staff numbers 3,544 3,143 The Company had no employees during 2022 (2021: nil). A breakdown of staff numbers split by type of role is included on page 38. Personnel expenses - Group 2022 2021 \u00a3000 \u00a3000 Wages and salaries 235,870 180,574 Social security costs 29,285 20,861 Contributions to defined contribution plans 10,168 8,435 Expenses related to defined benefit plans 1,432 1,494 Equity-settled share-based payments 6,337 4,543 Personnel expenses 283,092 215,907 The aggregate remuneration for the Group\u2019s Directors during 2022 was \u00a36.2m (2021: \u00a35.5m), which is shown in further detail on pages 98 to 123 of the remuneration report. The Company had no personnel expenses during 2022 (2021: nil). The highest paid Director is the Chief Executive Officer, details of whose remuneration is provided on page 114 in the Directors\u2019 remuneration report", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-406": { "value": "Share-based payments The Group has applied the requirements of IFRS 2: \u201cShare-based payments\u201d. The Group issues equity-settled share-based payments to certain employees in the form of share options over shares in the Company. Equity-settled share-based payments are measured at fair value at the date of grant calculated using an independent option valuation model, taking into account the terms and conditions upon which the options were granted. The fair value is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest, with a corresponding credit to equity except when the share-based payment is cancelled where the charge will be accelerated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-407": { "value": "Movements in the number of share options outstanding and their related weighted average exercise prices 2022 2021* Long Term Incentive Plan Average Average exercise price Share exercise price Share in \u00a3 per share options in \u00a3 per share options option 000 option 000 At 1 January - 2,361 - 1,945 Granted - 1,185 - 1,089 Lapsed - (416) - (400) Exercised - (59) - (273) At 31 December - 3,071 - 2,361 *2021 has been restated to correctly reflect the opening position, movements in the period, and closing position on LTIPs. 2022 2021 Executive and other share options Average Average exercise price Share exercise price Share in \u00a3 per share options in \u00a3 per share options option 000 option 000 At 1 January - - 8.53 20 Lapsed - - 8.53 (9) Exercised - - 8.53 (11) At 31 December - - - - 2022 2021 Deferred Bonus Scheme Average Average exercise price Share exercise price Share in \u00a3 per share options in \u00a3 per share options option 000 option 000 At 1 January - - - - Granted - 139 - - Lapsed - - - - Exercised - - - - At 31 December - 139 - - 2022 2021 Save As You Earn Average Average exercise price Share exercise price Share in \u00a3 per share options in \u00a3 per share options option 000 option 000 At 1 January 5.47 1,790 5.03 1,664 Granted 8.30 344 8.15 364 Acquired during the Combination 6.24 562 - - Lapsed 5.96 (61) 5.56 (143) Cancelled 6.56 (265) 7.52 (52) Exercised 6.36 (14) 8.46 (43) At 31 December 5.89 2,356 5.47 1,790 Out of the 5,566,000 outstanding options (2021: 4,151,000), 513,000 options (2021: 940,000) were exercisable. Save As You Earn options exercised in 2022 resulted in 14,000 shares (2021: 43,000) being issued at a weighted average share price of \u00a36.36 each (2021: \u00a38.46 each) Expiry date and exercise price of share options outstanding at the end of the year Long Term Incentive Plan Exercise price in 2022 2021* \u00a3 per share Share options Share options Grant vest Expiry date option 000 000 2012-15 28/02/2022 - - - 2013-16 26/02/2023 - - - 2013-16 20/08/2023 - 4 4 2014-17 25/02/2024 - 4 4 2016-19 16/08/2026 - - - 2017-20 02/05/2027 - 245 289 2017-21 08/09/2027 - 44 44 2018-21 05/03/2028 - 73 73 2019-22 04/03/2029 - 133 308 2020-23 02/03/2030 - 654 662 2021-24 08/03/2031 - 837 950 2021-24 09/09/2031 - 27 27 2022-25 04/03/2032 - 1,050 - - 3,071 2,361 *2021 has been restated to correctly reflect the opening position. 2022 Deferred Bonus Scheme Exercise price in 2022 2021 \u00a3 per share Share options Share options Grant vest Expiry date option 000 000 2022-24 04/04/2024 - 139 - - 139 - Save As You Earn Exercise price in 2022 2021 \u00a3 per share Share options Share options Grant vest Expiry date option 000 000 2017-22 24/09/2021 6.12 3 14 2018-21 23/09/2021 9.06 - - 2018-23 23/09/2023 9.06 7 9 2019-22 01/12/2022 9.30 - 45 2019-24 01/12/2024 9.30 6 6 2020-23 01/06/2024 4.68 946 1,068 2020-25 01/06/2026 4.68 293 326 2021-24 01/12/2024 8.15 199 260 2021-25 01/12/2026 8.15 54 62 2022-23 01/02/2024 6.97 123 - 2022-25 01/02/2026 6.03 428 - 2022-25 01/12/2025 8.30 242 - 2022-27 01/12/2027 8.30 55 - 2,356 1,790 The weighted average fair value of the options granted during the year determined using the Monte Carlo model was \u00a35.40 per option (2021: \u00a37.10). The significant inputs into the model were a weighted average share price of \u00a39.56 (2021: \u00a310.19) at the grant date, the exercise price shown in the table on the previous page, volatility of 46% (2021: 43%), an expected option life of 5 years (2021: 5 years) and an annual risk-free rate of 1.32% (2021: 0.36%). The volatility is measured at the standard deviation of continuously compounded share returns, based on statistical analysis of daily share prices over the last 3 years. Share-based payments expense in the income statement 2022 2021 \u00a3000 \u00a3000 Long-term Incentive Plan 4,953 3,430 Save As You Earn share options 1,384 1,113 Total expense recognised as personnel expenses 6,337 4,543 Information relating to the remuneration of Directors appears in the Directors\u2019 remuneration report on pages 98 to 123. The non-executive Directors and the executive leadership team as shown on pages 6 and 70 are considered to be the only key management personnel. A summary of key management remuneration is as follows: 2022 2021 \u00a3000 \u00a3000 Short term employee benefits 6,074 4,354 Compulsory social security contributions 972 1,052 Contributions to defined contribution plans 10 17 Share-based payment expenses 2,187 1,873 Key management remuneration 9,243 7,296 *The remuneration of key management personnel has also been restated for the year ended 31 December 2021 to reflect all elements of remuneration required under IAS 24 and to only reflect the executive leadership team and executive directors. This has resulted in a correction to increase short term employee benefits by \u00a31.4m, increase compulsory social security contributions by \u00a30.1m and reduce share-based payment expenses by \u00a31.5m. The above table reflects remuneration only for the period in which the individuals were key management personnel during the year. Details of the equity settled share-based schemes are set out below. Long Term Incentive Plan A long-term incentive plan for executive Directors and senior executives was approved by shareholders at a General Meeting in December 2019. The first grant of awards under this plan was made in 2020. Details of the vesting conditions of these awards are laid out in the Directors\u2019 remuneration report on pages 98 to 123. Save As You Earn share options The Vistry Group PLC Save As You Earn Option Scheme was established in 2007 and renewed in 2017. As part of the Combination the Group offered replacement options for two SAYE schemes which were granted by Countryside in 2020 and 2022. Share options held in the Save As You Earn Option Scheme are not subject to performance conditions and may under normal circumstances be exercised during the six months after maturity of the agreement. Save As You Earn share options are generally exercisable at an exercise price which includes a 20% discount to the market price of the shares at the date of grant. Deferred Bonus Plan The Deferred Bonus Plan was approved and implemented in 2022, with one third of the Executive Leadership Team 2022 bonus award deferred into shares under the terms of the plan.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-408": { "value": "Movements in the number of share options outstanding and their related weighted average exercise prices 2022 2021* Long Term Incentive Plan Average Average exercise price Share exercise price Share in \u00a3 per share options in \u00a3 per share options option 000 option 000 At 1 January - 2,361 - 1,945 Granted - 1,185 - 1,089 Lapsed - (416) - (400) Exercised - (59) - (273) At 31 December - 3,071 - 2,361 *2021 has been restated to correctly reflect the opening position, movements in the period, and closing position on LTIPs. 2022 2021 Executive and other share options Average Average exercise price Share exercise price Share in \u00a3 per share options in \u00a3 per share options option 000 option 000 At 1 January - - 8.53 20 Lapsed - - 8.53 (9) Exercised - - 8.53 (11) At 31 December - - - - 2022 2021 Deferred Bonus Scheme Average Average exercise price Share exercise price Share in \u00a3 per share options in \u00a3 per share options option 000 option 000 At 1 January - - - - Granted - 139 - - Lapsed - - - - Exercised - - - - At 31 December - 139 - - 2022 2021 Save As You Earn Average Average exercise price Share exercise price Share in \u00a3 per share options in \u00a3 per share options option 000 option 000 At 1 January 5.47 1,790 5.03 1,664 Granted 8.30 344 8.15 364 Acquired during the Combination 6.24 562 - - Lapsed 5.96 (61) 5.56 (143) Cancelled 6.56 (265) 7.52 (52) Exercised 6.36 (14) 8.46 (43) At 31 December 5.89 2,356 5.47 1,790 Out of the 5,566,000 outstanding options (2021: 4,151,000), 513,000 options (2021: 940,000) were exercisable. Save As You Earn options exercised in 2022 resulted in 14,000 shares (2021: 43,000) being issued at a weighted average share price of \u00a36.36 each (2021: \u00a38.46 each) .", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-409": { "value": "Expiry date and exercise price of share options outstanding at the end of the year Long Term Incentive Plan Exercise price in 2022 2021* \u00a3 per share Share options Share options Grant vest Expiry date option 000 000 2012-15 28/02/2022 - - - 2013-16 26/02/2023 - - - 2013-16 20/08/2023 - 4 4 2014-17 25/02/2024 - 4 4 2016-19 16/08/2026 - - - 2017-20 02/05/2027 - 245 289 2017-21 08/09/2027 - 44 44 2018-21 05/03/2028 - 73 73 2019-22 04/03/2029 - 133 308 2020-23 02/03/2030 - 654 662 2021-24 08/03/2031 - 837 950 2021-24 09/09/2031 - 27 27 2022-25 04/03/2032 - 1,050 - - 3,071 2,361 *2021 has been restated to correctly reflect the opening position. 2022 Deferred Bonus Scheme Exercise price in 2022 2021 \u00a3 per share Share options Share options Grant vest Expiry date option 000 000 2022-24 04/04/2024 - 139 - - 139 - Save As You Earn Exercise price in 2022 2021 \u00a3 per share Share options Share options Grant vest Expiry date option 000 000 2017-22 24/09/2021 6.12 3 14 2018-21 23/09/2021 9.06 - - 2018-23 23/09/2023 9.06 7 9 2019-22 01/12/2022 9.30 - 45 2019-24 01/12/2024 9.30 6 6 2020-23 01/06/2024 4.68 946 1,068 2020-25 01/06/2026 4.68 293 326 2021-24 01/12/2024 8.15 199 260 2021-25 01/12/2026 8.15 54 62 2022-23 01/02/2024 6.97 123 - 2022-25 01/02/2026 6.03 428 - 2022-25 01/12/2025 8.30 242 - 2022-27 01/12/2027 8.30 55 - 2,356 1,790 ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageRemainingContractualLifeOfOutstandingShareOptionsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-410": { "value": "2022 2021 \u00a3000 \u00a3000 Short term employee benefits 6,074 4,354 Compulsory social security contributions 972 1,052 Contributions to defined contribution plans 10 17 Share-based payment expenses 2,187 1,873 Key management remuneration 9,243 7,296 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-411": { "value": "5.4 Property, plant and equipment Plant, property, and equipment (PPE) is recorded at cost less accumulated depreciation. The sub-categories of PPE are depreciated as follows: \u2022 Freehold buildings on a 2% straight line basis; \u2022 Leasehold improvements on a 10% straight line basis; \u2022 Plant, machinery, and vehicles on a 33.3% reducing balance basis; and \u2022 Furniture, fittings and equipment on a 25% reducing balance basis, other than computer equipment which is depreciated on a straight-line basis over 3 years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-412": { "value": "Cost Furniture, Plant, Freehold Leasehold fittings and machinery buildings improvements equipment and vehicles Total Year ended 31 December 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Opening balance 1,663 - 6,833 1,647 10,143 Additions - 8 900 678 1,586 Additions acquired as a result of the Combination -10,405 1,792 5,904 18,101 Impairment - (1,052) - - (1,052) Disposals (139) - (17) (121) (277) Closing 1,524 9,361 9,508 8,10828,501 Accumulated depreciation Opening balance 7 - 4,227 1,167 5,401 Charge for the year 220 31 1,520 416 2,187 Disposals - - (13) (19) (32) Reclassifications 77 (67) (10) - Closing 227 108 5,667 1,554 7,556 Net book value at 31 December 2022 1,297 9,253 3,841 6,55420,945 Cost Furniture, Plant, Freehold fittings and machinery buildings equipment and vehicles Total Year ended 31 December 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Opening balance 680 6,565 1,653 8,898 Additions 983 488 75 1,546 Disposals - (266) (35) (301) Reclassifications - 46 (46) - Closing 1,663 6,833 1,647 10,143 Accumulated depreciation Opening 7 3,013 787 3,807 Charge for the year - 1,561 291 1,852 Disposals - (233) (25) (258) Reclassifications - (114) 114 - Closing 7 4,227 1,167 5,401 Net book value at 31 December 2021 1,656 2,606 480 4,742", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-413": { "value": "5.5 Leases The Group leases various offices, factories, site cabins, office equipment, cars and show homes. Rental contracts are typically made for fixed periods of 1 to 4 years but may be for longer or include extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a fixed annual rate increase The lease payments are discounted using the Group\u2019s incremental borrowing rate, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise site equipment and other items less than \u00a33,000 in total lease costs", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-414": { "value": "The amounts recognised in the Group Balance Sheet were: Right-of-use assets cost Office Show home Office Motor Factories properties properties Site cabins equipment vehicles Total Year ended 31 December 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Opening balance -25,2748,06816,437 497 8,91559,191 Additions -1,356 735 - 1 3,721 5,813 Additions acquired as a result of the Combination23,30432,487 243 - 194 4,62160,849 Impairment -(4,933) - - - -(4,933) Modifications -1,181 582 - - - 1,763 Disposals -(2,175)(3,963) - -(2,791)(8,929) Closing 23,30453,1905,66516,437 69214,466113,754 Accumulated depreciation Opening balance -8,5643,06311,428 243 4,82428,122 Charge for the year 2394,2572,918 5,017 1133,07815,622 Disposals -(1,332)(3,019) - -(2,856)(7,207) Closing 23911,4892,96216,445 3565,04636,537 Net book value at 31 December 2022 23,06541,7012,703 (8) 3369,42077,217 Office Show home Office Motor properties properties Site cabins equipment vehicles Total Year ended 31 December 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Opening balance 25,708 4,27817,129 533 8,74356,391 Additions 1,019 4,244 - - 1,894 7,157 Modifications 623 1,384(692) (21) 132 1,426 Disposals (2,076)(1,838) - (15)(1,854)(5,783) Closing 25,2748,06816,437 497 8,91559,191 Accumulated depreciation Opening balance 5,599 1,9026,646 259 3,47417,880 Charge for the year 4,384 2,7244,782 (1)3,20415,093 Disposals (1,419)(1,563) - (15)(1,854)(4,851) Closing 8,5643,06311,428 2434,82428,122 Net book value at 31 December 2021 16,7105,0055,009 254 4,09131,069 Lease liabilities 2022 2021 \u00a3000 \u00a3000 Current 14,75614,215 Non-current 71,82618,836 Total lease liabilities 86,58233,051 Reconciliation of movement in lease liabilities Office Show home Office Motor Factories properties properties Site cabins equipment vehicles Total Year ended 31 December 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Opening balance -17,685 5,4825,330 389 4,16533,051 Interest recognised 296 736 97 94 9 176 1,408 Payments made (818)(4,716)(3,490)(5,296) (171)(3,058)(17,549) Additions - 2,194 752 - 1 3,9556,902 Additions as a result of the acquisition 28,81330,615 226 - 1874,38964,230 Modifications 815 - (698) - - - 117 Disposals - (856) (344) - - (377)(1,577) Closing 29,10645,6582,025 128 4159,25086,582 Year ended 31 December 2021 Opening balance -22,519 3,44910,375 5465,26342,152 Interest recognised - 496 92 189 11 117 905 Payments made -(5,564)(3,191)(5,234) (168)(2,493)(16,650) Additions - 1,019 4,061 - - 2,077 7,157 Modifications - (129) 1,347 - - (799) 419 Disposals - (656) (276) - - - (932) Closing -17,6855,4825,330 389 4,16533,051 Leasing arrangements Minimum lease payments payable on the Group\u2019s leases are as follows: 2022 2021 \u00a3000 \u00a3000 Within 1 year 20,40414,915 Between 1 and 2 years 16,465 6,165 Between 2 and 3 years 13,6254,380 Between 3 and 4 years 11,778 3,178 Between 4 and 5 years 9,755 2,547 Later than 5 years 42,315 3,631 Extension and termination options are included in a number of leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. In determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The amounts recognised in the Group Income Statement were: 2022 2021 \u00a3000 \u00a3000 Depreciation of right-of-use assets 15,62215,093 Interest expense 1,408 905 Expense relating to short-term leases* 22 12 * Includes lease expenses related to plant and machinery. The total cash outflow for leases including plant and machinery in 2022 was \u00a318.9m (2021: \u00a317.1m).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-415": { "value": "5.6 Intangible Fixed Assets Intangible assets are recorded at cost or acquisition fair value, less accumulated amortisation. Separately acquired IT software is initially capitalised at cost. Costs associated with maintaining software are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where IAS 38: \u201cIntangible Assets\u201d criteria are satisfied. Capitalised development costs are initially recorded within assets under construction and are then transferred to IT software and amortised from the point at which the asset is ready for use. IT software is amortised on a straight-line basis over a period of 3 \u2013 5 years. Brand names and customer relationships and contracts acquired in a business combination are recognised at fair value at the acquisition date. Brand names are amortised on a straight-line basis over a 25-year period. Customer relationships and contracts are amortised on a straight-line basis over a period of 4 - 15 years. All amortisation is recorded within the administrative expenses line of the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-416": { "value": "Cost Customer Assets under Site-related Brand relationships construction IT Software licenses names* and contracts* Total Year ended 31 December 2022 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Opening balance 10 1,837 767 37,300 117,299 157,213 Additions - 22 21 - - 43 Additions acquired as a result of the Combination - - - 103,264 245,838 349,102 Impairment - - - (3,520) - (3,520) Disposals (6) - - - - (6) Closing 4 1,859 788 137,044 363,137 502,832 Accumulated amortisation Opening balance - 897 27 3,000 25,480 29,404 Charge for the year - 370 28 1,938 15,127 17,463 Closing - 1,267 55 4,938 40,607 46,867 Net book value at 31 December 2022 4 592 733 132,106 322,530 455,965 The impairment of brand names in the year relates to the Drew Smith brand name as a result of its discontinuation following the Combination. The impairment is recorded as an expectional expense in the income statement. Customer Cost Assets under Site-related Brand relationships construction IT Software licenses names* and contracts* Total Year ended 31 December 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Opening balance 67 4,494 - 37,600 117,424 159,585 Additions 749 - 767 - - 1,516 Disposals (806) (2,657) - (300) (125) (3,888) Closing 10 1,837 767 37,300 117,299 157,213 Accumulated amortisation Opening balance - 1,760 - 1,500 12,740 16,000 Charge for the year - 1,312 27 1,500 12,740 15,579 Disposals - (2,175) - - - (2,175) Closing - 897 27 3,000 25,480 29,404 Net book value at 31 December 2021 10 940 740 34,300 91,819 127,809", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-417": { "value": "5.7 Goodwill The Group\u2019s goodwill relates to the Combination with Countryside Partnerships PLC in 2022, and the acquisition of the Linden and Partnerships businesses from Galliford Try PLC in 2020. Goodwill represents the excess of the consideration paid for the acquired businesses over the fair value of the assets and liabilities acquired, including intangible assets recognised on acquisition. Goodwill has been allocated to the Group\u2019s Cash Generating Units (CGUs) at the time of the respective acquisitions based on the proportionate consideration and fair valued assets and liabilities. The goodwill for each CGU is reviewed annually for impairment, or more regularly where there is a triggering event. If the carrying value of the allocated goodwill was found to exceed the value in use calculated for any CGU, an impairment would be required. In the event of an impairment, the goodwill of the appropriate CGU would be impaired first and then to the other assets proportionately. Any impairment loss is recognised in the income statement and is not subsequently reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-418": { "value": "Goodwill is monitored by Management at the level of the three operating segments identified in note 2.2. A segment-level summary of the goodwill allocation is presented below: Housebuilding Partnerships Countryside Total As at 31 December 2022 (Group) \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2018000 \u00a3\u2019000 Goodwill recognised on acquisition of Linden and Partnerships 228,328 319,181 - 547,509 Goodwill recognised on acquisition of Countryside - - 257,233 257,233 Total goodwill recognised on acquisitions 228,328 319,181 257,233 804,742 Key assumptions used for value-in-use calculations The Group tests whether goodwill has suffered any impairment on an annual basis, or more regularly where there are indicators of impairment. For the 2022 reporting year, the recoverable amount for Housebuilding, Partnerships and Countryside CGUs were determined based on value- in-use calculations which require the use of assumptions. The calculations use cash flow projections based on financial forecasts approved by Management covering a five-year period from 31 December 2022. The first year of cash flows in the value in use calculations were determined using the Group\u2019s 2023 approved budget and the cash flows for the second to fifth years were determined by using management\u2019s best estimate. These cash flows have included estimated costs of meeting climate change challenges as regulated by the Future Homes Standard. This is discussed further in the \u2018Pricing for the cost of climate change\u2019 section of the annual report on page 51. Beyond this five-year period, the costs of meeting climate change challenges have been assumed to be absorbed in either sales price increases or land acquisition discounts. Cash flows beyond the five-year period are extrapolated using a terminal growth rate of 1%. These growth rates are consistent with the UK long-term industry growth rate. Management has determined the key assumptions as follows: Assumption Approach used in determining values Sales volume Reflecting historical experience of economic downturns and expected volume growth for the respective CGUs based on business strategy and expected market demand Sales price Reflecting management\u2019s expectation for property pricing based on local market conditions, demand and product mix Gross margin Based on historical experience and expected gross margin of the respective CGUs, partly driven by the embedded land bank margin Land and inventory investment Expected cash investment in land and inventories to fund the future growth of the CGUs. This is based on the historical experience of management and committed future land spend in addition to the planned strategy and growth of the businesses Pre-tax discount rates Reflect specific risks relating to the relevant CGUs and nature of their income streams based on an estimated weighted average cost of capital for each segment. The real pre-tax rate reflects the market participant levels of gearing as well as current market assessments of the time value of money. A rate of 14.7% for Housebuilding, 14.1% for Partnerships and 20.3% for Countryside is considered appropriate by the Directors Recoverable amounts and impairment charges The recoverable value of all three CGUs exceeds the carrying value of each CGU\u2019s respective net asset base and therefore no impairment charge was necessary in the period. At 31 December 2022 the value in use of the Housebuilding CGU exceeds net assets by \u00a3833.3m (2021: \u00a3636.4m), the Partnerships CGU value in use exceeds net assets by \u00a3125.7m (2021: \u00a3344.4m) and for Countryside the CGU value in use exceeds net assets by \u00a3233.0m Impact of possible changes in key assumptions Management have considered the impact of a reasonably possible downside on each CGU\u2019s goodwill impairment assessment. A reasonably possible downside, as discussed within note 1.5 for margin recognition, is a 5.0% reduction in gross margin. If this reasonable possible downside were to materialise, headroom for each CGU would be reduced as follows: Housebuilding by \u00a388.3m, leaving headroom of \u00a3745.0m, Partnerships by \u00a368.8m, leaving headroom of \u00a356.9m and Countryside by \u00a3127.6m, leaving headroom of \u00a3105.4m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-419": { "value": "5.8 Investments Fixed asset investments The Group\u2019s share of joint venture and associate results shown in the income statement reflect the share of joint venture and associate results shown below which are then adjusted for fair value releases, unrealised losses and other accounting entries required to equity account. Investments in subsidiaries are carried at cost less impairment. The Company accounts for the share-based payments granted to subsidiary employees as an increase in the cost of its investment in subsidiaries and the value of this investment is supported by net assets and future profit generation. Joint ventures are those arrangements in which the Group has rights to the net assets of the arrangements and are treated on an equity accounted basis in the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-420": { "value": "The Group\u2019s and Company\u2018s investments are set out in the table below: Group Company 2022 2021 2022 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Subsidiary undertakings Interest in subsidiary undertakings\u2019 shares at cost (100% ownership of ordinary shares) - -2,498,3021,354,921 Investments accounted for using the equity method Interest in joint ventures and associate \u2013 equity 196,748118,207 - - Interest in joint ventures and associate \u2013 loan 56,88956,835 - - 253,637175,0422,498,3021,354,921 Other investments 22 22 - - Total investments 253,659175,0642,498,3021,354,921 The Company\u2019s investments relate primarily to those acquired with Countryside Partnerships PLC, as discussed in note 5.13, and the acquisition of Linden and Vistry Partnerships in 2020. The movement in investments during the year is as follows: Group Company 2022 2021 2022 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Beginning of the year 175,064145,1531,354,9211,350,378 Acquired with Countryside Partnerships PLC 61,617 - - - Investments in subsidiaries - -1,143,381 4,543 Investments in joint ventures and associate 2,64216,909 - - Profit for the year 47,20729,991 - - Distributions paid (32,871)(16,989) - - End of the year 253,659175,0642,498,3021,354,921", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-421": { "value": "Share of joint ventures\u2019 profit shown in the Group income statement is as follows:
2022 2021
\u00a3000 \u00a3000
Share of joint ventures\u2018 and associate gross profit
69,300
57,290
Share of joint ventures\u2018 and associate operating profit
68,542
56,489
Share of profit of joint ventures\u2018 and associate
47,207
29,991
At 31 December 2022 the Group held interests in joint ventures and an associate, all of which are incorporated in the United Kingdom, as set out in note 5.17. Details of related party transactions with joint ventures are given in note 5.11. In relation to the Group\u2019s interest in joint ventures and associate, the assets, liabilities, income, and expenses are shown below:
2022 2021
\u00a3000 \u00a3000
Current assets excluding cash and cash equivalents
1,789,710
1,549,509
Cash and cash equivalents
85,996
42,140
Current liabilities
(1,238,623)
(743,361)
Non-current liabilities
(155,488)
(619,471)
Net assets of joint ventures and associate
481,595
228,817
Group share of net assets
240,798
114,408
Revenue
788,558
678,015
Gross profit
126,124
116,232
Operating profit
124,665
114,548
Finance costs
(41,640)
(42,761)
Income tax expense
(4,730)
(2,188)
Profit for the year
78,295
69,599
Total comprehensive income
78,295
69,599
Group share of results for the year for joint ventures and associate in a net asset position
44,762
31,528
Group share of results for the year for joint ventures and associate in a net liability position
(5,123)
2,960
Details of material joint ventures are as follows:
Countryside Zest Greenwich Millennium Stanton Cross
At 31 December 2022 (Beaulieu Park) LLP Village Ltd Acton Gardens LLP Developments LLP Linden (Basingstoke) Ltd
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Carrying value of Group\u2019s investment
2,693
27,203
1,066
38,750
2,746
The Group\u2019s material joint ventures have been updated in 2022 following the Combination with Countryside. Material joint ventures have been identified based on their financial position and performance. Countryside Zest (Beaulieu Park) LLP is a joint venture between Countryside Properties (Housebuilding) Limited and L&Q New Homes Limited to develop and sell residential properties at Beaulieu Park, Chelmsford, Essex. Greenwich Millennium Village Ltd is a joint venture between Countryside Properties (Housebuilding) Limited and Taylor Wimpey Developments Limited to develop and sell residential properties at Greenwich Millennium Village in London. Acton Gardens LLP is a joint venture between Countryside Properties (UK) Limited and L&Q New Homes Limited for acquisition and re- development of land for building new homes together with associated infrastructure and community facilities. Stanton Cross Developments LLP is a joint venture between Vistry Homes Limited and Riverside Regeneration Limited and develops and sells residential property at Stanton Cross, Wellingborough. Linden (Basingstoke) Ltd is a joint venture, ultimately owned between Vistry Linden Limited and Wates Group Limited and develops and sells residential property in Basingstoke.
Stanton Cross Opal (Silvertown) Bovis Latimer Vistry Latimer
At 31 December 2021 Developments LLP LLP (Sherford) LLP Collingtree LLP Pembers LLP
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Carrying value of Group\u2019s investment
43,708
10,296
21,222
20,981
1,938
Opal (Silvertown) LLP is a joint venture between Vistry Linden Limited and Thames Valley Housing Association Limited which develops and sells apartments at Brunel Street Works which is a large development site in Canning Town, London. The development also includes the construction of a hotel and commercial units. Bovis Latimer (Sherford) LLP is a joint venture between Vistry Homes Limited and Latimer Developments Limited which develops and sells residential property at Sherford, Plymouth. Vistry Latimer Collingtree LLP is a joint venture between Vistry Homes Limited and Latimer Developments Limited which develops and sells residential property at Collingtree, Northampton. Pembers LLP is a joint venture between Vistry Linden Limited and Aspect (Eastleigh) Limited which develops and sells residential property at Pembers Hill Park at Fair Oak, Hampshire. All of the Group\u2019s material joint ventures are strategic investments which utilise the Group\u2019s knowledge and expertise in the development of residential property but also limit the Group\u2019s exposure on large sites through a reduced equity holding. Income statements \u2013 continuing operations
Countryside Zest Greenwich Millennium Acton Gardens Stanton Cross Linden
(Beaulieu Park) LLP Village Ltd LLP Developments LLP (Basingstoke) Ltd
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue
16,456
6,657
6,158
28,347
62,032
Gross profit
4,982
2,911
1,536
5,719
12,612
Overheads
(13)
(225)
(21)
(14)
(39)
Operating profit
4,969
2,686
1,515
5,705
12,573
Interest income / (expense)
33
23
-
-
(3,154)
Profit before tax
5,002
2,709
1,515
5,705
9,419
Total comprehensive income
5,002
2,709
1,515
5,705
9,419
Joint venture result
5,002
2,709
1,515
5,705
9,419
Group\u2019s share of profit / (loss) and
total comprehensive profit / (loss)
2,501
1,355
758
2,853
4,710
Distributions received by the Group
25,294
-
15,383
7,810
-
during the year
Balance sheets
Cash and cash equivalents
1,267
16,158
780
153
586
Inventories
68,030
54,306
48,342
162,238
46,217
Other current assets
31,590
-
2,938
7,693
3,601
Current assets
100,887
70,464
52,060
170,084
50,404
Current external borrowings
-
-
-
-
-
Other current liabilities
(95,501)
(16,053)
(49,929)
(46,597)
(44,942)
Current liabilities
(95,501)
(16,053)
(49,929)
(46,597)
(44,942)
Non-current external borrowings
-
-
-
(39,587)*
-
Other non-current liabilities
-
-
-
-
-
Non-current liabilities
-
-
-
(39,587)
-
Net assets
5,386
54,411
2,131
83,900
5,462
Group share of net assets
2,693
27,206
1,066
41,950
2,731
*Stanton Cross Developments LLP\u2019s external borrowings reflects amounts due to Homes England
For the year ended 31 December 2021: Income statements \u2013 continuing operations
Stanton Cross Bovis Latimer Vistry Latimer
Developments LLP Opal (Silvertown) LLP (Sherford) LLP Collingtree LLP Pembers LLP
\u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000
Revenue
28,270
120,159
13,598
15,417
23,042
Gross profit
7,027
11,144
3,347
3,145
3,082
Overheads
(50)
(31)
(348)
-
2
Operating profit
6,977
11,113
2,999
3,145
3,084
Interest expense
-
(2,733)
(2,166)
(2,594)
-
Profit before tax
6,977
8,380
833
551
3,084
Total comprehensive income
6,977
8,380
833
551
3,084
Joint venture result
6,977
8,380
833
551
3,084
Group\u2019s share of profit / (loss) and
total comprehensive profit / (loss)
3,489
4,190
417
276
1,542
Distributions received by the Group during
the year Group share of net assets/(liabilities)
-
-
-
-
-
Balance sheets
Cash and cash equivalents
52
447
2,429
7,088
2,658
Inventories
145,680
81,489
64,818
59,597
18,966
Other current assets
13,389
2,869
-
853
561
Current assets
159,121
84,805
67,247
67,538
22,185
Current external borrowings
-
-
(1,062)*
-
-
Other current liabilities
(25,693)
(50,042)
(58,961)
(69,136)
(17,470)
Current liabilities
(25,693)
(50,042)
(60,023)
(69,136)
(17,470)
Non-current external borrowings
(39,614)*
-
(7,035)
-
-
Other non-current liabilities
-
(14,245)
-
-
-
Non-current liabilities
(39,614)
(14,245)
(7,035)
-
-
Net assets / (liabilities)
93,814
20,518
189
(1,598)
4,715
Group share of net assets/(liabilities)
46,907
10,259
95
(799)
2,357
* Bovis Latimer (Sherford) LLP and Stanton Cross Developments LLP\u2019s external borrowings reflect amounts due to Homes England. Other than exposure related to fire safety remedial works on joint venture and associate properties, which are included within the Group\u2019s provision at 31 December 2022, to the extent that the Group\u2019s share of cash outflows are probable and can be reliably estimated, the Group\u2019s joint ventures and associate have no significant contingent liabilities or commitments to which the Group is exposed. The Group has no significant contingent liabilities in relation to its interest in the joint ventures and associate. In addition to the interests in joint ventures disclosed above, the Group also has interests in a number of individually immaterial joint ventures and an associate that are accounted for using the equity method.
2022 2021
\u00a3000 \u00a3000
Aggregate carrying value of individually immaterial joint ventures and associate
181,201
76,897
Aggregate amounts of the Group\u2019s share of:
-
Profit from continuing operations
35,030
19,812
Total comprehensive income
35,030
19,812
At 31 December 2022 the Group held an interest in the following 117 joint ventures which have been equity accounted to 31 December 2022 and are registered and operate in England and Wales. The Directors have concluded that the group jointly controlled IIH Oak Investors LLP, Shoo 22 Limited and Gateshead Regeneration LLP during 2021, despite holding only 26%, 38% and 25% of the voting rights, respectively. For IIH Oak Investors LLP this is because the Group is one of two partners in the entity and a unanimous vote is required in respect of all key matters relating to the entity and to change this agreement. For Shoo 22 Limited and Gateshead Regeneration LLP this is because the shareholding agreements in place provide joint control and rights to the net assets of the entities. All three companies are equity accounted for and IIH Oak investors LLP and Shoo 22 Limited have immaterial net assets.
Ownership interest
Registered Country of in ordinary shares
office incorporation
2022 %
2021 %
Belmont Street JV LLP
1
UK
50
-
Beverley South Developments Limited\u2020
1
UK
50
50
Bishops Park Limited
1
UK
50
50
Boorley Green LLP\u2020
1
UK
50
50
Bovis Homes Cambourne West LLP\u2020
1
UK
50
50
Bovis Latimer (Sherford) LLP
1
UK
50
50
Crewe Lane Kenilworth JV LLP\u2020
1
UK
50
50
D R 4 Developments LLP\u2020
1
UK
50
50
Europa Way JV LLP\u2020
1
UK
50
50
Evolution (Saffron Walden) LLP\u2020
1
UK
50
50
Evolution (Shinfield) LLP\u2020
1
UK
50
50
Evolution Gateshead Developments LLP\u2020
1
UK
50
50
Evolution Morpeth LLP\u2020
1
UK
50
50
Evolution Newhall LLP\u2020
1
UK
50
50
Gateshead Regeneration LLP\u2020
1
UK
25
25
Glen Parva JV LLP\u2020
1
UK
50
50
Grange Walk LLP\u2020
1
UK
50
50
Heath Farm Lane LLP\u2020
1
UK
50
50
Kilnwood Vale LLP\u2020
1
UK
50
50
Lea Castle JV LLP\u2020
1
UK
50
50
Linden (Avery Hill) LLP\u2020
1
UK
50
50
Linden (Basingstoke) Limited
1
UK
50
50
Linden (Battersea Bridge Road) LLP
1
UK
50
50
Linden (Biddenham) LLP\u2020
1
UK
50
50
Linden (Brampton) LLP\u2020
1
UK
50
50
Linden (Enfield) LLP\u2020
1
UK
50
50
Linden (Hartfield Road) LLP\u2020
1
UK
50
50
Linden (Manse Farm) LLP\u2020
1
UK
50
50
Linden (Mowbray View 2) LLP\u2020
1
UK
50
50
Linden (Northstowe) LLP\u2020
1
UK
50
50
Linden (Rainham) LLP\u2020
1
UK
50
50
Linden (Sayers Common) LLP\u2020
1
UK
50
50
Linden (Vencourt) LLP\u2020
1
UK
50
50
Linden (York Road) LLP\u2020
1
UK
50
50
Linden and Dorchester Limited\u2020
1
UK
50
50
Linden and Dorchester Portsmouth Limited\u2020
1
UK
50
50
Linden Wates (Barrow Gurney) Limited
1
UK
50
50
Linden Wates (Bricket Wood) Limited
1
UK
50
50
Linden Wates (Cranleigh) Limited
1
UK
50
50
Linden Wates (Dorking) Limited
1
UK
50
50
Linden Wates (Horsham) LLP
1
UK
50
50
Linden (Wates) Kempshott Limited
1
UK
50
50
Linden Wates (Lovedean) Limited
1
UK
50
50
Linden Wates (Ravenscourt Park) Limited
1
UK
50
50
Linden Wates (Ridgewood) Limited
1
UK
50
50
Linden Wates (Ringwood) LLP
1
UK
50
50
Linden Wates (Royston) LLP
1
UK
50
50
Linden Wates (Salisbury) LLP
1
UK
50
50
Linden Wates (The Frythe) Limited
1
UK
50
50
Linden Wates (Walberton) LLP
1
UK
50
50
Vistry Wates (Walshes) LLP
1
UK
50
50
Linden Wates (West Hampstead) Limited
1
UK
50
50
Linden Wates (Westbury) Limited
1
UK
50
50
Linden Wates Developments (Chichester)
1
UK
50
50
Limited
Linden Wates Developments
1
UK
50
50
(Folders Meadow) Limited
Linden/Downland Graylingwell LLP\u2020
1
UK
50
50
Littleport Developments LLP\u2020
1
UK
50
50
One Lockleaze LLP\u2020
1
UK
50
50
Ownership interest
in ordinary shares
Registered Country of
office incorporation
2022 %
2021 %
Opal (Earlsfield) LLP\u2020
1
UK
50
50
Opal (Silvertown) LLP\u2020
1
UK
50
50
Opal (St Bernard\u2019s) LLP\u2020
1
UK
50
50
Opal Land LLP\u2020
1
UK
50
50
Pembers LLP\u2020
1
UK
50
50
Ramsden Regeneration LLP\u2020
1
UK
50
50
Sandymoor JV LLP\u2020
1
UK
50
50
Stanton Cross Developments LLP
1
UK
50
50
Vistry Latimer Collingtree LLP\u2020
1
UK
50
50
Vistry Wates (Buckingham) LLP\u2020
1
UK
50
50
Vistry Wates (Leybourne) LLP\u2020
1
UK
50
50
Vistry Wates Finance LLP
1
UK
50
50
Vistry Wates Holdings LLP
1
UK
50
50
Vistry Wates Nominee Limited
1
UK
50
50
West Bridgford JV LLP\u2020
1
UK
50
50
White Rock Land LLP\u2020
1
UK
50
50
Wilmington Regeneration LLP\u2020
1
UK
50
50
The Piper Building Limited\u2020
3
UK
50
50
IIH Oak Investors LLP
4
UK
26
26
Gallions 2A Developments LLP\u2020
11
UK
50
50
Shoo 22 Limited\u2020
12
UK
38
38
Cedar House Securities Limited
13
UK
50
50
Crest/Vistry (Epsom) LLP\u2020
14
UK
50
50
Linden Homes Westinghouse LLP\u2020
15
UK
50
50
Acton Gardens LLP
16
UK
50
-
Bracknell Forest Cambium Partnership LLP
16
UK
50
-
Brenthall Park (Commercial) Limited
16
UK
50
-
Brenthall Park (Infrastructure) Limited
16
UK
50
-
Brenthall Park (Three) Limited
16
UK
50
-
Brenthall Park Limited
16
UK
50
-
Bromley Regeneration (Calverley Close) LLP
16
UK
50
-
Bromley Regeneration (Pike Close) LLP
16
UK
50
-
Cambridge Road (RBK) LLP
16
UK
50
-
Camden Development Partnership LLP
16
UK
50
-
Countryside 27 Limited
16
UK
50
-
Countryside Annington (Mill Hill) Limited
16
UK
50
-
Countryside Clarion (Eastern Quarry) LLP
16
UK
50
-
Countryside L&Q (North East Chelmsford) LLP
16
UK
50
-
Countryside L&Q (Oaks Village) LLP
16
UK
50
-
Countryside Maritime Limited
16
UK
50
-
Countryside Neptune LLP
16
UK
50
-
Countryside Places for People (Lower Herne) LLP
16
UK
50
-
Countryside Properties (Accordia) Limited
16
UK
50
-
Countryside Properties (Booth Street 2) Limited
16
UK
39
-
Countryside Properties (Merton Abbey Mills) Limited
16
UK
50
-
Countryside Zest (Beaulieu Park) LLP
16
UK
50
-
Greenwich Millennium Village Limited
16
UK
50
-
Mann Island Estate Limited
16
UK
50
-
Marrco 25 Limited
16
UK
50
-
Oaklands Hamlet Resident Management Limited
16
UK
50
-
Peartree Village Management Limited
16
UK
50
-
Westleigh Cherry Bank LLP
16
UK
50
-
Linden Sovereign Brockworth LLP
1
UK
50
50
Clapham Park (Metropolitan Countryside) LLP
16
UK
50
-
Countryside Sigma Limited
16
UK
75
-
Countryside Sovereign Swindon LLP
16
UK
50
-
Kingsmere Estate Management Limited
16
UK
50
-
Develop Warwickshire (Nominee) Limited
16
UK
50
-
Develop Warwickshire LLP
16
UK
50
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-422": { "value": "5.9 Provisions A provision is 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. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-423": { "value": "Legacy properties Site-related Restructuring fire safety costs Provision Other Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 As at 1 January 2022 25,212 7,162 - 7,00939,383 Additions acquired as a result of the Combination 191,826 8,143 - 8,737208,706 Additional provisions made 96,113 1,486 17,030 2,659117,288 Amounts utilised (4,836) (768) - (3,526)(9,130) Discount unwind 900 - - - 900 Unused provisions released - (3,141) - (330)(3,471) As at 31 December 2022 309,21512,88217,03014,549353,676 Of the total provisions detailed above \u00a372,912,000 is expected to be utilised within the next year (2021: \u00a38,455,000). Legacy properties Site-related fire safety costs Other Total \u00a3000 \u00a3000 \u00a3000 \u00a3000 As at 1 January 2021 20,885 13,437 6,07940,401 Additional provisions made 5,744 380 1,837 7,961 Amounts utilised (1,417)(6,080) - (7,497) Unused provisions released - (575) (907)(1,482) As at 31 December 2021 25,212 7,162 7,00939,383 On 10 January 2022 the Secretary of State at the Department for Levelling Up, Housing and Communities (\u201cDLUHC\u201d) wrote to residential property developers describing its approach to the safety of multi-occupancy residential buildings of 11 metres or more. Since that time, the Group has engaged with DLUHC and on 7 and 6 April 2022, respectively, Vistry Group and Countryside Partnerships signed the Government\u2019s proposed Fire Safety Pledge (\u201cthe Pledge\u201d), entailing the following voluntary commitments, beyond their legal obligations, subject to shareholder approval if required: \u2022 Developers will meet the cost of remediating buildings currently proposed to be remediated via the Building Safety Fund (\u201cBSF\u201d) or the Aluminium Composite Material (\u201cACM\u201d) Remediation Fund; and \u2022 Developers will take responsibility for performing or funding self-remediation works relating to life-critical fire safety issues on all buildings of 11 metres or more, built in the last 30 years, which the Group developed. Subsequent to the Pledge, the updated Building Safety Bill obtained Royal Assent on 28 April 2022. This has extended the limitation period to bring a claim under the Defective Premises Act from 6 years to 15 years prospectively and 30 years retrospectively. This extension may result in additional liabilities for the Group, in excess of the provision recognised to date, that cannot currently be reliably estimated. Further to this, during the period the British Standards Institution has issued Publicly Available Specification (\u201cPAS\u201d) 9980:2022, which replaces previous guidance with the intention of encouraging a more proportionate response to dealing with critical fire safety issues. The Directors note that it is not yet possible to anticipate how this new guidance will work in practice and what impact it will have on the scope and cost of the remediation works, and therefore its effect on the provision recognised. The estimation of the provision for remediation costs for multi- occupancy buildings is a key area of estimation uncertainty, as explained in Note 1.5). On 13 March 2023 the Group became a signatory to the Developer Remediation Contract which they were committed to signing at the year end, and as such this has been treated a post-balance sheet adjusting event. This contract clarifies the extent of the obligations of the Group regarding fire safety remedial works. During the year, the Group increased the value of the provision held to cover project management costs and expected remediation costs for multi-occupancy buildings by \u00a396.1m. This incremental provision reflects liabilities resulting from the Group becoming a signatory to Building Pledge Safety Letter in April 2022 and the Group being committed to signing the Developer Remediation Contract at the year end date. The Group further acquired a provision value of \u00a3191.8m following the combination with Countryside in November, which included the fair value of the obligations relating to the Developer Remediation Contract at the acquisition date At 31 December 2022 the Group now holds a net \u00a3309.2m provision for future obligations on remedial works pertaining to 304 buildings. The provision has been calculated in line with IAS 37 \u2013 Provisions, Contingent Liabilities and Contingent Assets and management expects the majority of this provision to be utilised over the next 6-8 years. The provision has been recorded net of VAT. Any VAT chargeable on remedial sums where correctly charged is expected to be recoverable. Whilst HMRC have not formally issued their guidance on the VAT treatment of remedial works, it has been indicated that such costs would either be considered zero-rated, or overhead costs for VAT purposes, which would result in whole or substantial recovery. Should this change, the Group will need to review recorded liabilities appropriately. Formal guidance from HMRC is expected after the Spring Statement. The majority of contributions to the Building Safety Fund (\u201cBSF\u201d) are expected to be incurred in the next financial year, and this accounts for \u00a320.2m of the current provision at 31 December 2022. Other than BSF contributions, remediation spend is expected to be c.\u00a335m in the next financial year. Site related cost provisions include estimated costs in relation to specific site related items including litigation. Restructuring cost provisions include estimated costs relating to the restructure of the Group following the Combination with Countryside, such as redundancy costs and costs relating to the closure of selected offices. This provision is expected to be utilised in full during 2023, resulting in a \u00a317.0m cash outflow. Other provisions primarily relate to property related costs, such as dilapidation provisions, and expected legal and insurance claim obligations.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-424": { "value": "5.10 Employee benefits The Group accounts for pensions and similar benefits under IAS 19 (Revised): \u201cEmployee benefits\u201d. In respect of defined benefit schemes, the net obligation or surplus is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior years (such benefits are measured at discounted present value) less the fair value of the scheme assets. The discount rate used to discount the benefits accrued is the yield at the balance sheet date on AA credit rated bonds that have maturity dates approximating to the terms of the Group\u2019s obligations. The calculation is performed by a qualified actuary using the Projected Unit Credit Method. The operating and financing costs of such plans are recognised separately in the income statement; service costs are spread systematically over the lives of employees and financing costs and credits are recognised in the years in which they arise. All actuarial gains and losses are recognised immediately in the Group statement of comprehensive income. Payments to defined contribution schemes are charged as an expense as they fall due. The Schemes operate under trust law and are managed and administered by the Trustees on behalf of the members in accordance with the terms of the Trust Deed and Rules and relevant legislation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-425": { "value": "Pension cost The Group is accountable for three UK registered trust-based pensions schemes, through the Group\u2019s principal subsidiary company Vistry Homes Limited. No additional defined benefit pension schemes were acquired with the Combination. The Bovis Homes Pension Scheme is a pension scheme that provides defined benefits. Pension benefits are linked to the members\u2019 final pensionable salaries and service at their retirement (or date of leaving if earlier). This scheme is closed to new members and future accrual. The Galliford Try Final Salary Pension Scheme and The Kendall Cross (Holdings) Limited Pension & Life Assurance Scheme, both provide defined benefits and both are closed to new members and future accrual. The Trustees of each scheme are responsible for running their scheme in accordance with their scheme\u2019s Trust Deed and Rules, which sets out their powers. The Trustees of each scheme are required to act in the best interests of the beneficiaries of their scheme. There are two categories of pension scheme members: \u2022 Deferred members: former active members of the Scheme, not yet in receipt of a pension \u2022 Pensioner members: in receipt of a pension The Group is ultimately responsible for making up any shortfall in the scheme over a period of time agreed with the Trustee of each scheme. To the extent that actual experience is different to that assumed, the Group\u2019s contribution could vary in the future. The defined benefit obligation has been calculated by approximately adjusting the results of the most recent triennial valuation performed by the Scheme Actuaries. The defined benefit obligation is valued by projecting the best estimate of future benefit outgoings (allowing for revaluation to retirement for deferred members and annual pension increases for all members) and then discounting to the balance sheet date. The majority of benefits receive increases linked to inflation (subject to a cap of no more than 5% pa). The valuation method used is known as the Projected Unit Credit Method. The Trustee board for each Scheme is made up of member appointed, Group appointed and independent trustees. The weighted average duration of the Schemes\u2019 defined benefit obligation as at 31 December 2022 was 13 years. Risks Through the Schemes, the Group is exposed to a number of risks: \u2022 Asset volatility: the Bovis Homes Schemes defined benefit obligation is calculated using a discount rate set with reference to corporate bond yields, however each Scheme invests significantly in equities and other growth assets. These assets are expected to outperform corporate bonds in the long-term but provide volatility and risk in the short term. \u2022 Changes in bond yields: a decrease in corporate bond yields would increase the Schemes\u2019 defined benefit obligation, however this would be partially offset by an increase in the value of the Schemes\u2019 bond, insured annuity and liability driven instruments (LDI) holdings. \u2022 Inflation risk: a significant proportion of the Schemes\u2018 defined benefit obligation is linked to inflation; therefore, higher inflation will result in a higher defined benefit obligation (subject to the appropriate caps in place). Through LDI and annuities a proportion of the assets are linked to inflation, therefore an increase in inflation would also increase the assets. \u2022 Life expectancy: if Scheme members live longer than expected, the Schemes benefits will need to be paid for longer, increasing the Scheme\u2019s defined benefit obligations. This would be offset to some extent by the annuity policies held. \u2022 Liquidity: the majority of the Schemes\u2018 assets are liquid. The Trustees and Group manage risks in the Schemes through the following strategies: \u2022 Diversification: investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. \u2022 Investment strategy: the Trustees are required to review their investment strategy on a regular basis. \u2022 LDI: the Schemes invest in LDI assets, whose investment returns are expected to partially hedge interest rates and inflation movements. The Group is recognising a surplus as the rules of each scheme state that it will be entitled to any surplus remaining if the Schemes are run on until the last members exit the Schemes. It is anticipated that any surplus remaining would be either received as a refund or used as a contribution to the Company\u2019s Defined Contribution schemes. Retirement benefit obligations
2022 2021
\u00a3000 \u00a3000
Fair value of plan scheme assets
266,991
428,331
Present value of funded obligations
(232,740)
(383,013)
Recognised asset for defined benefit obligations
34,251
45,318
Movements in the net asset for defined benefit obligations recognised in the balance sheet
2022 2021
\u00a3000 \u00a3000
Net asset for defined benefit obligations at 1 January
45,318
9,077
Contributions received
4,733
3,765
Expense recognised in the income statement
574
(1,362)
(Losses) / gains recognised in the statement of comprehensive income
(16,374)
33,838
Net asset for defined benefit obligations at 31 December
34,251
45,318
Reconciliation to statement of comprehensive income
2022 2021
\u00a3000 \u00a3000
Actuarial gains: changes in financial assumptions
144,410
15,755
Actuarial gains: changes in demographic assumptions
7,910
1,162
Actuarial (losses) / gains: experience different from assumed
(9,485)
13,414
Total actuarial (loss) / return
142,835
30,331
Actual return on assets, less interest
(159,209)
3,507
Amount recognised in other comprehensive (expense) / income
(16,374)
33,838
The cumulative loss recognised in equity to date is \u00a315.2m (2021 gain: \u00a31.2m). Change in defined benefit obligation over the year
2022 2021
\u00a3000 \u00a3000
Defined benefit obligation at 1 January
(383,013)
(420,108)
Net interest cost
(6,785)
(5,383)
Past service credit
1,152
-
Actual benefit payments by the Schemes
13,071
12,147
Gain / (loss) on change of assumptions:
Actuarial (loss) / gain : experience differing from that assumed
(9,485)
13,414
Actuarial gain: changes in demographic assumptions
7,910
1,162
Actuarial gain: changes in financial assumptions
144,410
15,755
Defined benefit obligation at 31 December
(232,740)
(383,013
Change in scheme assets over the year
2022 2021
\u00a3000 \u00a3000
Fair value of scheme assets at 1 January
428,331
429,185
Interest income
7,639
5,515
Actual benefit payments by the scheme
(13,071)
(12,147)
Actual Group contributions
4,733
3,765
Return on assets
(159,209)
3,507
Administration costs
(1,432)
(1,494)
Fair value of scheme assets at 31 December
266,991
428,331
The major categories of scheme assets are as follows:
2022 2021
\u00a3000 \u00a3000
Return seeking
Equities
46,414
134,321
Other
Bonds
46,948
67,647
Cash
10,005
24,911
Insured annuities
56,828
81,037
Liability driven instruments
106,796
120,415
Total market value of assets
266,991
428,331
Equities, bonds and liability driven investments (LDI) are held in pooled investment vehicles (PIVs), which are unquoted. The majority of the assets held by these PIVs have a quoted price in an active market. Cash and insured annuities are unquoted assets. The Schemes\u2019 assets were invested in cash, bonds, equities, insured annuities and LDIs. The value of liabilities of a defined benefit pension scheme is particularly sensitive to changes in the discount rate applied to future liabilities (which is determined by the long-term yield on investment grade corporate bonds or gilts) and the level of inflation (see sensitivity analysis table below). The Schemes hold matching assets (bonds, insured annuities and LDIs) which aim to hedge changes in the value of the Schemes\u2019 liabilities. Changes in the discount rate and inflation would therefore be partially offset by a change in the value of assets. Expense recognised in the income statement
2022 2021
\u00a3000 \u00a3000
Administration costs
1,432
1,494
Past service credit
(1,152)
-
Net interest credit
(854)
(132)
(Income) / expense recognised in the income statement
(574)
1,362
tegic report Governance report Financial statements Other information Vistry Group PLC | Annual report 2022 | 185 Notes to the financial statements continued Assumptions Principal actuarial assumptions (for all defined benefit schemes) at the balance sheet date (expressed as weighted averages):
2022 2021 2020
Group % % %
Discount rate at 31 December
4.8
1.8
1.3
Inflation \u2013 RPI
3.2
3.4
3.0
\u2013 CPI
2.8
3.0
2.5
Current age Current age
Remaining years of life expectancies at 43 at 63
Men
25.5
24.2
Women
28.2
26.8
Sensitivity analysis The sensitivity analysis is illustrative only and is provided to demonstrate the degree of sensitivity of results to key assumptions. Generally, estimates are made by re-performing calculations with one assumption modified and all others held constant.
Change in Change in defined
Assumption assumption benefit obligation
Discount rate
+0.5%pa / -0.5%pa
-6% / +7%
RPI and CPI inflation
+0.5%pa / -0.5%pa
+4% / -4%
Assumed life expectancy
+1 year
+3%
Limitations of the sensitivity analysis The Trustees of each scheme are required to carry out triennial actuarial valuations. The most recent actuarial valuation for the Bovis Homes Pension Scheme was carried out as at 30 June 2022 by the Scheme Actuary. The results have highlighted a technical funding surplus of \u00a37.5m. The most recent actuarial valuation for the Galliford Try Final Salary Pension Scheme (\u201cGT scheme\u201d) was at 30 June 2022 and was carried out by the Scheme Actuary. The valuation highlighted a technical funding surplus of \u00a37.3m. The most recent actuarial valuation for the Kendall Cross (Holdings) Limited Pension & Life Assurance Scheme (\u201cKC scheme\u201d) was as at 30 June 2022 and was carried out by the Scheme Actuary. The valuation highlighted a technical funding deficit of \u00a30.1m. Due to the quantum of the deficit, it has been agreed that no additional contributions will be made. All three Schemes are closed to accrual and therefore no further contributions are required to cover the cost of future service accrual. Alongside the latest valuation the Group has also agreed the principles of a longer-term plan to bring the schemes to buy out status. At the valuation date (30 June 2022), the Scheme Actuary estimated a buy-out shortfall (i.e. an estimate of the cash injection needed to secure benefits with an insurer) of \u00a312.8m for the GT Scheme, \u00a30.9m for the Bovis Scheme and \u00a30.5m for the KC Scheme. The shortfalls are expected to be removed through investment returns only, although the Group has committed to making a payment of up to \u00a32m to the Bovis Scheme in the event of a transactable buy-out quotation being available. Expected contributions to post-employment benefit plans for the year ending 31 December 2023 are \u00a30.2m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-426": { "value": "Retirement benefit obligations 2022 2021 \u00a3000 \u00a3000 Fair value of plan scheme assets 266,991 428,331 Present value of funded obligations (232,740) (383,013) Recognised asset for defined benefit obligations 34,251 45,318 Movements in the net asset for defined benefit obligations recognised in the balance sheet 2022 2021 \u00a3000 \u00a3000 Net asset for defined benefit obligations at 1 January 45,318 9,077 Contributions received 4,733 3,765 Expense recognised in the income statement 574 (1,362) (Losses) / gains recognised in the statement of comprehensive income (16,374) 33,838 Net asset for defined benefit obligations at 31 December 34,251 45,318 Change in defined benefit obligation over the year 2022 2021 \u00a3000 \u00a3000 Defined benefit obligation at 1 January (383,013) (420,108) Net interest cost (6,785) (5,383) Past service credit 1,152 - Actual benefit payments by the Schemes 13,071 12,147 Gain / (loss) on change of assumptions: Actuarial (loss) / gain : experience differing from that assumed (9,485) 13,414 Actuarial gain: changes in demographic assumptions 7,910 1,162 Actuarial gain: changes in financial assumptions 144,410 15,755 Defined benefit obligation at 31 December (232,740) (383,013 Change in scheme assets over the year 2022 2021 \u00a3000 \u00a3000 Fair value of scheme assets at 1 January 428,331 429,185 Interest income 7,639 5,515 Actual benefit payments by the scheme (13,071) (12,147) Actual Group contributions 4,733 3,765 Return on assets (159,209) 3,507 Administration costs (1,432) (1,494) Fair value of scheme assets at 31 December 266,991 428,331 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-427": { "value": "26.8 Sensitivity analysis The sensitivity analysis is illustrative only and is provided to demonstrate the degree of sensitivity of results to key assumptions. Generally, estimates are made by re-performing calculations with one assumption modified and all others held constant.
Change in Change in defined
Assumption assumption benefit obligation
Discount rate
+0.5%pa / -0.5%pa
-6% / +7%
RPI and CPI inflation
+0.5%pa / -0.5%pa
+4% / -4%
Assumed life expectancy
+1 year
+3%
Limitations of the sensitivity analysis The Trustees of each scheme are required to carry out triennial actuarial valuations. The most recent actuarial valuation for the Bovis Homes Pension Scheme was carried out as at 30 June 2022 by the Scheme Actuary. The results have highlighted a technical funding surplus of \u00a37.5m. The most recent actuarial valuation for the Galliford Try Final Salary Pension Scheme (\u201cGT scheme\u201d) was at 30 June 2022 and was carried out by the Scheme Actuary. The valuation highlighted a technical funding surplus of \u00a37.3m. The most recent actuarial valuation for the Kendall Cross (Holdings) Limited Pension & Life Assurance Scheme (\u201cKC scheme\u201d) was as at 30 June 2022 and was carried out by the Scheme Actuary. The valuation highlighted a technical funding deficit of \u00a30.1m. Due to the quantum of the deficit, it has been agreed that no additional contributions will be made. All three Schemes are closed to accrual and therefore no further contributions are required to cover the cost of future service accrual. Alongside the latest valuation the Group has also agreed the principles of a longer-term plan to bring the schemes to buy out status. At the valuation date (30 June 2022), the Scheme Actuary estimated a buy-out shortfall (i.e. an estimate of the cash injection needed to secure benefits with an insurer) of \u00a312.8m for the GT Scheme, \u00a30.9m for the Bovis Scheme and \u00a30.5m for the KC Scheme. The shortfalls are expected to be removed through investment returns only, although the Group has committed to making a payment of up to \u00a32m to the Bovis Scheme in the event of a transactable buy-out quotation being available. Expected contributions to post-employment benefit plans for the year ending 31 December 2023 are \u00a30.2m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-428": { "value": "5.11 Related party transactions Transactions between fellow subsidiaries, which are related parties, have been eliminated on consolidation, as have transactions between the Company and its subsidiaries during this year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-429": { "value": "Transactions between the Group, Company and key management personnel in the year ended 31 December 2022 were limited to those relating to remuneration, which are disclosed on page 171 within the \u2018Directors and employees\u2019 note. Mr. Greg Fitzgerald, Group Chief Executive, is non-executive Chairman of Ardent Hire Solutions Limited (\u201cArdent\u201d). The Group hires forklift trucks from Ardent. Mr. Graham Prothero, former Chief Operating Officer who ceased to be a Director of the Group from 11 November 2022 but remained as an employee until 31 December 2022, is non-executive Director and Chair of the Audit Committee of Marshalls PLC. The Group incurred costs with Marshalls PLC in relation to landscaping services. Ms. Katherine Innes Ker, Non-Executive Director, is Non-Executive Director of Forterra PLC. The Group incurred costs with Forterra PLC in relation to the supply of bricks. Mr. Ian Tyler, former non-executive Chairman who resigned in 2022, was also the Chairman of Affinity Water Limited and a non-executive Director of BAE Systems PLC. The Group received water services and incurred car parking charges with these companies, respectively, during the prior year. Mr Stephen Teagle, Chief Executive of Vistry Partnerships, is the Chair of The Housing Forum. The Group paid for a subscription to The Housing Forum during the year. Mr Greg Fitzgerald is a shareholder and Director of Baker Estates Limited. Baker Estates Limited purchased 893,348 shares in the Group in October 2022 at a price of \u00a35.57 each on the open market. The total net value of transactions with related parties excluding joint ventures and associate have been made at arms length and were as follows: Expenses paid to related parties Amounts payable to related parties Amounts owed by related parties 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Trading transactions Ardent 5,319 5,598 774 426 - - Marshalls PLC 1 16 91 - - - Forterra PLC 67 579 48 115 - - Affinity Water Limited 4 31 2 - - 1 BAE Systems PLC - 1 - - - - The Housing Forum 13 - - - - - Transactions between the Group and its joint ventures and associate are disclosed as follows: Interest income and dividend Sales to related parties distributions from related parties 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Trading transactions* 134,817 142,606 - - Non-trading transactions - - 46,564 40,183 * Trading transactions with joint ventures in the year ended 31 December 2021 has been restated within this note to include \u00a3100.6m of sales to Gallions LLP, Opal Silvertown LLP and Enfield LLP. Amounts owed by related parties Amounts owed to related parties 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Balances with joint ventures and associate 391,382 308,217 139,672 46,010 Sales to related parties including joint ventures and associate are based on normal commercial payment terms available to unrelated third parties, without security. The loans made to joint ventures bear interest at rates of between 0.0% and 6.1% and are all repayable at the end of the contract term; all balances with related parties will be settled in cash. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-430": { "value": "Transactions between the Group, Company and key management personnel in the year ended 31 December 2022 were limited to those relating to remuneration, which are disclosed on page 171 within the \u2018Directors and employees\u2019 note. Mr. Greg Fitzgerald, Group Chief Executive, is non-executive Chairman of Ardent Hire Solutions Limited (\u201cArdent\u201d). The Group hires forklift trucks from Ardent. Mr. Graham Prothero, former Chief Operating Officer who ceased to be a Director of the Group from 11 November 2022 but remained as an employee until 31 December 2022, is non-executive Director and Chair of the Audit Committee of Marshalls PLC. The Group incurred costs with Marshalls PLC in relation to landscaping services. Ms. Katherine Innes Ker, Non-Executive Director, is Non-Executive Director of Forterra PLC. The Group incurred costs with Forterra PLC in relation to the supply of bricks. Mr. Ian Tyler, former non-executive Chairman who resigned in 2022, was also the Chairman of Affinity Water Limited and a non-executive Director of BAE Systems PLC. The Group received water services and incurred car parking charges with these companies, respectively, during the prior year. Mr Stephen Teagle, Chief Executive of Vistry Partnerships, is the Chair of The Housing Forum. The Group paid for a subscription to The Housing Forum during the year. Mr Greg Fitzgerald is a shareholder and Director of Baker Estates Limited. Baker Estates Limited purchased 893,348 shares in the Group in October 2022 at a price of \u00a35.57 each on the open market. The total net value of transactions with related parties excluding joint ventures and associate have been made at arms length and were as follows: Expenses paid to related parties Amounts payable to related parties Amounts owed by related parties 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Trading transactions Ardent 5,319 5,598 774 426 - - Marshalls PLC 1 16 91 - - - Forterra PLC 67 579 48 115 - - Affinity Water Limited 4 31 2 - - 1 BAE Systems PLC - 1 - - - - The Housing Forum 13 - - - - - Transactions between the Group and its joint ventures and associate are disclosed as follows: Interest income and dividend Sales to related parties distributions from related parties 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Trading transactions* 134,817 142,606 - - Non-trading transactions - - 46,564 40,183 * Trading transactions with joint ventures in the year ended 31 December 2021 has been restated within this note to include \u00a3100.6m of sales to Gallions LLP, Opal Silvertown LLP and Enfield LLP. Amounts owed by related parties Amounts owed to related parties 31 Dec 2022 31 Dec 2021 31 Dec 2022 31 Dec 2021 \u00a3000 \u00a3000 \u00a3000 \u00a3000 Balances with joint ventures and associate 391,382 308,217 139,672 46,010 Sales to related parties including joint ventures and associate are based on normal commercial payment terms available to unrelated third parties, without security. The loans made to joint ventures bear interest at rates of between 0.0% and 6.1% and are all repayable at the end of the contract term; all balances with related parties will be settled in cash. As at the reporting date, 3 (2021: 3) of the Group\u2019s employees have a close family member on the Executive Committee. These individuals were recruited through the normal interview process and are employed at salaries commensurate with their experience and roles. The combined annual salary and benefits of these individuals is less than \u00a30.4m (2021: \u00a30.3m). There have been no other related party transactions in the financial year which have materially affected the financial performance or position of the Group, and which have not been disclosed", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-431": { "value": "5.13 Business combinations The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary, is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition costs are expensed as incurred as required by IFRS 3 \u201cBusiness combinations\u201d", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-432": { "value": "
On 11 November 2022, the Group completed the Combination with Countryside Partnerships (\u201cCountryside\u201d) for a consideration of \u00a31,137.0m.
The Combination has positioned the Group as the largest national housebuilder by volume, expanded the Group\u2019s presence across the UK and
established the Group as the industry leader in the highly attractive, high-growth partnerships business. The acquisition was of 100% of the
share capital and control of Countryside Partnerships PLC and all of its subsidiaries, which are included in note 5.17. Details of the purchase
consideration, the net assets acquired and goodwill at 11 November 2022 are as follows:
Purchase consideration
\u00a3000
Cash consideration
299,876
Shares in Vistry Group PLC issued
837,967
Replacement of SAYE schemes
852
Less: shares issued to acquired employee benefit trust
(1,651)
Total purchase consideration
1,137,044
The share consideration included 127,447,399 Vistry Group PLC shares with nominal value of \u00a30.50 per share and a fair value of \u00a36.58, being the opening share price on 14 November 2022, the first time the consideration shares could have been traded. \u00a3774.2m was recognised within the merger reserve in relation to these consideration shares issued, being the excess of the share price on the date of issue over nominal value of the shares. The consideration related to the replacement of SAYE schemes is calculated based on the fair value of the various options granted to former Countryside employees multiplied by the number of options and the estimated likelihood of vesting. The provisional fair values of the assets and liabilities recognised as a result of the Combination are as follows:
Provisional Fair value
11 November 2022
\u00a3000
Cash and cash equivalents
224,702
Property, plant and equipment
18,101
Right-of-use assets
60,849
Intangible assets
349,102
Investments
61,617
Inventories
792,329
Amounts owed by joint ventures and associate
108,380
Trade and other receivables
122,108
Trade and other payables
(608,741)
Borrowings
(2,493)
Lease liabilities
(64,230)
Provisions
(208,706)
Net deferred tax asset
26,793
Net identifiable assets acquired
879,811
Goodwill
257,233
Total net assets acquired
1,137,044
I n line with IFRS 3 Business Combinations the Group has the later of 12 months from the date of acquisition, or when all information is available, to finalise the fair valuation of the acquired assets and liabilities. As such, the fair values presented within these financial statements are provisional. Key balances where management continue to assess the fair value at acquisition date include intangible assets, inventories, provisions, trade and other receivables, trade and other payables and the deferred tax thereon, however there are no individually significant estimates remaining to be made. The acquisition accounting for these balances is incomplete at the date of these financial statements as management continues to collate and review the related information. Prior to performing the fair valuation exercise, the accounting policies of Countryside first had to be aligned to those of the Group. The policies differ in the treatment of the capitalisation of certain personnel and pre-development costs, which has resulted in an \u00a386m write down, net of deferred tax, to Countryside\u2019s assets at acquisition date. Simply put, on an assumption the level of activity remained the same as prior years, the reduction in future cost of sales arising from the write-down of these assets is expected to be broadly offset by the increase in period costs arising from the non-capitalisation of such costs going forward. The provisional fair value exercise has allocated the purchase price of Countryside of \u00a31,137.0m as follows: inventories of \u00a3792m, investments, right of use assets and PP&E of \u00a3140m, intangibles such as brands and relationships of \u00a3349m and goodwill of \u00a3257m, less \u00a3209m of provisions and \u00a3184m of net working capital and other items, including cash and deferred tax. The total fair value adjustments which will unwind to underlying earnings is a credit of \u00a3107m and this will unwind predominantly in cost of sales over the next 6 to 8 years. One of the key fair value adjustments included is in relation to inventories, where fair valuation resulted in a reduction to the opening balance of \u00a3192.6m. The acquired intangibles include the Countryside Partnerships brand name, the customer relationships and the secured contracts of the acquired business. The acquired intangible assets have estimated useful lives of between 5 and 25 years. Management were supported by an external professional services organisation in the fair valuation of the acquired intangible assets and preparation of the purchase price allocation. The goodwill for the acquired business reflects intangible assets which do not qualify for separate recognition including the strong position in the market and future prospects, as well as the assembled workforce and synergies that will be achieved as an enlarged business . None of the goodwill is expected to be deductible for tax purposes. There have been no further business combinations in 2022. Other impacts of the Combination on the current period (i) Acquisition-related costs Acquisition-related costs of \u00a356.9m are included within exceptional administrative expenses in the Group income statement. ( ii) Acquired receivables The fair value of trade and other receivables in Countryside is \u00a3122,108k. The gross contractual amount for trade receivables due is \u00a3122,108k, this full balance is expected to be collectible. (iii) Revenue and profit contribution The 100% owned development sites acquired with the Countryside business contributed reported revenues of \u00a3135.2m and reported an operating loss of \u00a311.9m to the Group for the period from 11 November 2022 to 31 December 2022. If the Combination had occurred on 1 January 2022, the Group\u2019s revenue would have been \u00a31,386.5m higher for the year and operating profit would have been \u00a3202m lower for the year. (iv) Consideration Consideration was fully paid at 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-433": { "value": "On 11 November 2022, the Group completed the Combination with Countryside Partnerships (\u201cCountryside\u201d) for a consideration of \u00a31,137.0m. The Combination has positioned the Group as the largest national housebuilder by volume, expanded the Group\u2019s presence across the UK and established the Group as the industry leader in the highly attractive, high-growth partnerships business. The acquisition was of 100% of the share capital and control of Countryside Partnerships PLC and all of its subsidiaries, which are included in note 5.17. Details of the purchase consideration, the net assets acquired and goodwill at 11 November 2022 are as follows: Purchase consideration
\u00a3000
Cash consideration
299,876
Shares in Vistry Group PLC issued
837,967
Replacement of SAYE schemes
852
Less: shares issued to acquired employee benefit trust
(1,651)
Total purchase consideration
1,137,044
The share consideration included 127,447,399 Vistry Group PLC shares with nominal value of \u00a30.50 per share and a fair value of \u00a36.58, being the opening share price on 14 November 2022, the first time the consideration shares could have been traded. \u00a3774.2m was recognised within the merger reserve in relation to these consideration shares issued, being the excess of the share price on the date of issue over nominal value of the shares. The consideration related to the replacement of SAYE schemes is calculated based on the fair value of the various options granted to former Countryside employees multiplied by the number of options and the estimated likelihood of vesting. The provisional fair values of the assets and liabilities recognised as a result of the Combination are as follows:
Provisional Fair value
11 November 2022
\u00a3000
Cash and cash equivalents
224,702
Property, plant and equipment
18,101
Right-of-use assets
60,849
Intangible assets
349,102
Investments
61,617
Inventories
792,329
Amounts owed by joint ventures and associate
108,380
Trade and other receivables
122,108
Trade and other payables
(608,741)
Borrowings
(2,493)
Lease liabilities
(64,230)
Provisions
(208,706)
Net deferred tax asset
26,793
Net identifiable assets acquired
879,811
Goodwill
257,233
Total net assets acquired
1,137,044
I n line with IFRS 3 Business Combinations the Group has the later of 12 months from the date of acquisition, or when all information is available, to finalise the fair valuation of the acquired assets and liabilities. As such, the fair values presented within these financial statements are provisional. Key balances where management continue to assess the fair value at acquisition date include intangible assets, inventories, provisions, trade and other receivables, trade and other payables and the deferred tax thereon, however there are no individually significant estimates remaining to be made. The acquisition accounting for these balances is incomplete at the date of these financial statements as management continues to collate and review the related information. Prior to performing the fair valuation exercise, the accounting policies of Countryside first had to be aligned to those of the Group. The policies differ in the treatment of the capitalisation of certain personnel and pre-development costs, which has resulted in an \u00a386m write down, net of deferred tax, to Countryside\u2019s assets at acquisition date. Simply put, on an assumption the level of activity remained the same as prior years, the reduction in future cost of sales arising from the write-down of these assets is expected to be broadly offset by the increase in period costs arising from the non-capitalisation of such costs going forward. The provisional fair value exercise has allocated the purchase price of Countryside of \u00a31,137.0m as follows: inventories of \u00a3792m, investments, right of use assets and PP&E of \u00a3140m, intangibles such as brands and relationships of \u00a3349m and goodwill of \u00a3257m, less \u00a3209m of provisions and \u00a3184m of net working capital and other items, including cash and deferred tax. The total fair value adjustments which will unwind to underlying earnings is a credit of \u00a3107m and this will unwind predominantly in cost of sales over the next 6 to 8 years. One of the key fair value adjustments included is in relation to inventories, where fair valuation resulted in a reduction to the opening balance of \u00a3192.6m. The acquired intangibles include the Countryside Partnerships brand name, the customer relationships and the secured contracts of the acquired business. The acquired intangible assets have estimated useful lives of between 5 and 25 years. Management were supported by an external professional services organisation in the fair valuation of the acquired intangible assets and preparation of the purchase price allocation. The goodwill for the acquired business reflects intangible assets which do not qualify for separate recognition including the strong position in the market and future prospects, as well as the assembled workforce and synergies that will be achieved as an enlarged business . None of the goodwill is expected to be deductible for tax purposes. There have been no further business combinations in 2022. Other impacts of the Combination on the current period (i) Acquisition-related costs Acquisition-related costs of \u00a356.9m are included within exceptional administrative expenses in the Group income statement. ( ii) Acquired receivables The fair value of trade and other receivables in Countryside is \u00a3122,108k. The gross contractual amount for trade receivables due is \u00a3122,108k, this full balance is expected to be collectible. (iii) Revenue and profit contribution The 100% owned development sites acquired with the Countryside business contributed reported revenues of \u00a3135.2m and reported an operating loss of \u00a311.9m to the Group for the period from 11 November 2022 to 31 December 2022. If the Combination had occurred on 1 January 2022, the Group\u2019s revenue would have been \u00a31,386.5m higher for the year and operating profit would have been \u00a3202m lower for the year. (iv) Consideration Consideration was fully paid at 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-434": { "value": "n line with IFRS 3 Business Combinations the Group has the later of 12 months from the date of acquisition, or when all information is available, to finalise the fair valuation of the acquired assets and liabilities. As such, the fair values presented within these financial statements are provisional. Key balances where management continue to assess the fair value at acquisition date include intangible assets, inventories, provisions, trade and other receivables, trade and other payables and the deferred tax thereon, however there are no individually significant estimates remaining to be made. The acquisition accounting for these balances is incomplete at the date of these financial statements as management continues to collate and review the related information. Prior to performing the fair valuation exercise, the accounting policies of Countryside first had to be aligned to those of the Group. The policies differ in the treatment of the capitalisation of certain personnel and pre-development costs, which has resulted in an \u00a386m write down, net of deferred tax, to Countryside\u2019s assets at acquisition date. Simply put, on an assumption the level of activity remained the same as prior years, the reduction in future cost of sales arising from the write-down of these assets is expected to be broadly offset by the increase in period costs arising from the non-capitalisation of such costs going forward. The provisional fair value exercise has allocated the purchase price of Countryside of \u00a31,137.0m as follows: inventories of \u00a3792m, investments, right of use assets and PP&E of \u00a3140m, intangibles such as brands and relationships of \u00a3349m and goodwill of \u00a3257m, less \u00a3209m of provisions and \u00a3184m of net working capital and other items, including cash and deferred tax. The total fair value adjustments which will unwind to underlying earnings is a credit of \u00a3107m and this will unwind predominantly in cost of sales over the next 6 to 8 years. One of the key fair value adjustments included is in relation to inventories, where fair valuation resulted in a reduction to the opening balance of \u00a3192.6m. The acquired intangibles include the Countryside Partnerships brand name, the customer relationships and the secured contracts of the acquired business. The acquired intangible assets have estimated useful lives of between 5 and 25 years. Management were supported by an external professional services organisation in the fair valuation of the acquired intangible assets and preparation of the purchase price allocation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-435": { "value": "
The provisional fair value exercise has allocated the purchase price of Countryside of \u00a31,137.0m as follows: inventories of \u00a3792m, investments,
right of use assets and PP&E of \u00a3140m, intangibles such as brands and relationships of \u00a3349m and goodwill of \u00a3257m, less \u00a3209m of provisions
and \u00a3184m of net working capital and other items, including cash and deferred tax. The total fair value adjustments which will unwind to
underlying earnings is a credit of \u00a3107m and this will unwind predominantly in cost of sales over the next 6 to 8 years. One of the key fair value
adjustments included is in relation to inventories, where fair valuation resulted in a reduction to the opening balance of \u00a3192.6m.
The acquired intangibles include the Countryside Partnerships brand name, the customer relationships and the secured contracts of the
acquired business. The acquired intangible assets have estimated useful lives of between 5 and 25 years. Management were supported by an
external professional services organisation in the fair valuation of the acquired intangible assets and preparation of the purchase price allocation.
ii) Acquired receivables The fair value of trade and other receivables in Countryside is \u00a3122,108k. The gross contractual amount for trade receivables due is \u00a3122,108k, this full balance is expected to be collectible. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAcquiredReceivablesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-436": { "value": "The goodwill for the acquired business reflects intangible assets which do not qualify for separate recognition including the strong position in the market and future prospects, as well as the assembled workforce and synergies that will be achieved as an enlarged business ", "dimensions": { "concept": "ifrs-full:DescriptionOfFactorsThatMakeUpGoodwillRecognised", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-437": { "value": "5.15 Contingent liabilities The Group is subject to various claims, audits and investigations that have arisen in the ordinary course of business. These matters include but are not limited to employment and commercial matters. The outcome of all these matters is subject to future resolution, including the uncertainties of litigation. Based on information currently known to the Group and after consultation with external lawyers, the Directors believe that the ultimate resolution of these matters, individually and in aggregate, will not have a material adverse impact on the Group\u2019s financial condition. Where necessary, applicable costs are included within the cost to complete estimates for individual developments or are otherwise accrued in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-438": { "value": "The Directors note that as Government legislation, regulation and guidance further evolves in relation to fire safety and required remediation works, this may result in additional liabilities for the Group that cannot currently be reliably estimated. There may also be changes concerning the use of materials currently undergoing fire safety tests instructed by product manufacturers. If such materials are no longer considered safe, this could result in an increase in the number of buildings requiring remediation works as well as an increase in the estimated cost to remediate the buildings currently provided for. We may however expect further Government intervention if such circumstances arise. In respect of the remediation costs noted above, the Directors believe that the Group may be able to recover some of these costs through insurance claims or, in the case of defective workmanship, from subcontractors or other third parties. However, any such recoveries are not deemed to be virtually certain and therefore these contingent assets have not been recognised during the year. No formal claims have been received by the Group relating to the Defective Premises Act (DPA). The Group cannot reliably estimate the expected liabilities stemming from the DPA and as such no provision has been recognised at the balance sheet date. The Group maintains a register of buildings constructed over the last 30 years; if the Group is formally notified of potentially defective works through communications from building owners, leaseholders or managing agents on these buildings and the unfit for habitation test has been established, an appropriate provision would be recognised", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-439": { "value": "5.16 Post balance sheet events Since the year ended 31 December 2022 there have been several significant post balance sheet events, the first being the integration of the acquired Countryside business into the Housebuilding and Partnerships operating segments. As a result, Vistry have identified two operating segments for 2023, with no continuing Countryside segment. 2022 will be restated on this basis in future reports. On 13 March 2023 the Group became a signatory to the Developer Remediation Contract which they were committed to signing at the year end, and as such this has been treated an adjusting post-balance sheet event. This contract clarifies the extent of the obligations of the Group regarding fire safety remedial works. Management assessed the quantum of the commitments and a further \u00a324.7m has been provided in relation to the Developer Remediation Contract. The second significant post balance sheet event was the scheduled repayment of the \u00a350m bilateral loan on 17 March 2023. A final dividend of 32p per share has been recommended and, subject to shareholder approval at the AGM, will be paid on 1 June 2023 in respect of 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-440": { "value": "Since the year ended 31 December 2022 there have been several significant post balance sheet events, the first being the integration of the acquired Countryside business into the Housebuilding and Partnerships operating segments. As a result, Vistry have identified two operating segments for 2023, with no continuing Countryside segment. 2022 will be restated on this basis in future reports. The second significant post balance sheet event was the scheduled repayment of the \u00a350m bilateral loan on 17 March 2023. A final dividend of 32p per share has been recommended and, subject to shareholder approval at the AGM, will be paid on 1 June 2023 in respect of 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNonadjustingEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-441": { "value": "5.17 Group undertakings The subsidiaries, joint ventures and associate in which the Group has interests are all incorporated in the United Kingdom. In each case for the majority of companies their principal activity is related to housebuilding and estate development but there are a small number of entities whose role is to support housebuilding and estate development through corporate ownership. As at 31 December 2022, the Group had 205 wholly owned subsidiaries, plus two majority owned, which are listed on the following pages (with the company names as at 22 March 2023).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-442": { "value": "
Ownership interest in
Registered Country of ordinary shares
office incorporation
2022 %
2021 %
Arlesey East LLP
1
UK
100
-
Blythe Park LLP
1
UK
100
100
Bovis Country Homes Limited
1
UK
100
100
Bovis Homes (Broadbridge Heath) Limited*
1
UK
100
100
Bovis Homes (Quest) Company Limited
1
UK
100
100
Bovis Homes BVC Limited
1
UK
100
100
Bovis Homes Cornwall Limited
1
UK
100
100
Bovis Homes Eastern Limited
1
UK
100
100
Bovis Homes Freeholds Limited
1
UK
100
100
Bovis Homes Insulation Limited
1
UK
100
100
Bovis Homes Limited
1
UK
100
100
Bovis Homes Midlands & Northern Limited
1
UK
100
100
Bovis Homes North Whiteley LLP*
1
UK
100
100
Bovis Homes Pension Scheme Trustee Limited\u2020
1
UK
100
100
Bovis Homes Projects Limited
1
UK
100
100
Bovis Homes South East Limited
1
UK
100
100
Bovis Homes Southern Limited
1
UK
100
100
Bovis Homes Wessex Limited
1
UK
100
100
Brunel Street Works Energy Services Limited*
1
UK
100
100
Chartdale Limited*
1
UK
100
100
Countryside Partnerships Southern No.1
1
UK
100
100
Limited (formerly Drew Smith Homes Limited)*
Countryside Partnerships Southern Limited
1
UK
100
100
(formerly Drew Smith Limited)*
Elite Homes (North West) Limited*
1
UK
100
100
Elite Homes (Yorkshire) Limited*
1
UK
100
100
Elite Homes Group Limited*
1
UK
100
100
Emerald (Ealing) LLP\u2020*
1
UK
100
100
Enhance Interiors Limited\u2020
1
UK
100
100
Fairfield Redevelopments Limited*
1
UK
100
100
Gigg Lane Limited
1
UK
100
100
Graylingwell Energy Services Limited*
1
UK
100
100
Greyhound Regeneration LLP
1
UK
100
100
H.Newbury & Son (Builders) Limited
1
UK
100
100
Hall Green JV LLP\u2020
1
UK
100
100
Hill Place Farm Developments Limited
1
UK
100
100
Ink Homes Limited
1
UK
100
-
Kendall Cross Limited\u2020
1
UK
100
100
Kenilworth Woodside Conference Centre
1
UK
100
-
JV LLP
Kilbride Tavistock Limited*
1
UK
100
100
Linden (Ashlar Court) Limited\u2020
1
UK
100
100
Linden (Beverley 2) LLP
1
UK
100
100
Linden (Beverley 3) LLP
1
UK
100
100
Linden (Beverley 4) LLP
1
UK
100
100
Linden (Beverley 5) LLP
1
UK
100
100
Linden (Beverley) LLP
1
UK
100
100
Linden (Cawston) LLP
1
UK
100
100
Linden (Highfields Caldecote) LLP
1
UK
100
100
Linden (Houghton) LLP
1
UK
100
100
Linden (St Bernard\u2018s) Limited\u2020
1
UK
100
100
Linden (Summerstown) LLP
1
UK
100
100
Linden (Thurston) LLP
1
UK
100
100
Linden Barnet LLP
1
UK
100
100
Linden Cornwall Limited\u2020
1
UK
100
100
Linden Devon Limited\u2020
1
UK
100
100
Linden First Limited
1
UK
100
100
Linden Guildford Limited\u2020*
1
UK
100
100
rk Developments LLP
1
UK
100
-
Vistry Linden Limited*
1
UK
100
100
Vistry Partnerships (Wolverhampton) Limited*
1
UK
100
100
Vistry Partnerships Investments Limited
1
UK
100
100
Vistry Partnerships JV NO17 LLP
1
UK
100
100
Vistry Partnerships Limited
1
UK
100
100
Vistry Partnerships North Limited\u2020
1
UK
100
100
Vistry Partnerships Yorkshire Holdings Limited*
1
UK
100
100
Vistry Partnerships Yorkshire Limited*
1
UK
100
100
Vistry Pension Trustee Ltd\u2020
1
UK
100
100
Vistry Secretary Limited\u2020
1
UK
100
100
Vistry Ventures Limited
1
UK
100
100
Westcountry Land (Perranporth) Ltd*
1
UK
100
100
Bovis Homes Scotland Limited
2
UK
100
100
Rissington Management Company Limited
3
UK
100
100
Knights Mount Management Company Limited\u2020
9
UK
100
100
Vistry (Jersey) Limited
10
UK
100
100
Alma Estate (Enfield) Management Company Limited
16
UK
100
-
Beechgrove (Sunninghill) Management Company Limited
16
UK
100
-
Berrywood Estates Ltd
16
UK
100
-
Breedon Place Management Company Limited
16
UK
100
-
Brenthall Park (One) Limited
16
UK
100
-
Copthorn Holdings Limited
16
UK
100
-
Countryside (UK) Limited
16
UK
100
-
Countryside 26 Limited
16
UK
100
-
Countryside 28 Limited
16
UK
100
-
Countryside Cambridge One Limited
16
UK
100
-
Countryside Cambridge Two Limited
16
UK
100
-
Countryside Developments Limited
16
UK
100
-
Countryside Four Limited
16
UK
100
-
Countryside Partnerships Limited (formerly Countryside
16
UK
100
-
Partnerships PLC)
Countryside Properties (Commercial) Limited
16
UK
100
-
Countryside Properties (Housebuilding) Limited\u2020
16
UK
100
-
Countryside Properties (In Partnership) Limited
16
UK
100
-
Countryside Properties (Joint Ventures) Limited
16
UK
100
-
Countryside Properties
16
UK
100
-
(London & Thames Gateway) Limited
Countryside Properties (Northern) Limited
16
UK
100
-
Countryside Properties (Salford Quays) Limited
16
UK
100
-
Countryside Properties (Southern) Limited
16
UK
100
-
Countryside Properties (Special Projects) Limited
16
UK
100
-
Countryside Properties (Springhead) Limited
16
UK
100
-
Countryside Properties (Strategic Land) Limited
16
UK
100
-
Countryside Properties (Uberior) Limited
16
UK
100
-
Countryside Properties (UK) Limited
16
UK
100
-
Countryside Properties (WGL) Limited
16
UK
100
-
Countryside Properties (WHL) Limited
16
UK
100
-
Countryside Properties (WPL) Limited
16
UK
100
-
Countryside Properties Land (One) Limited
16
UK
100
-
Countryside Properties Land (Two) Limited
16
UK
100
-
Countryside Residential (South Thames) Limited
16
UK
100
-
Countryside Residential (South West) Limited
16
UK
100
-
Countryside Residential Limited
16
UK
100
-
Countryside Seven Limited
16
UK
100
-
Countryside Sigma Limited
16
UK
100
-
Countryside Thirteen Limited
16
UK
100
-
Countryside Timber Frame Limited
16
UK
100
-
Ownership interest in
Registered Country of ordinary shares
office incorporation
2022 %
2021 %
Linden Holdings Limited\u2020*
1
UK
100
100
Linden Homes (Bath Road) LLP
1
UK
100
100
Linden Homes (Blackberry Hill) LLP\u2020
1
UK
100
100
Linden Homes (Marksbury) LLP
1
UK
100
100
Linden Homes (Sherford) LLP*
1
UK
100
100
Linden Homes Chiltern Limited\u2020
1
UK
100
100
Linden Homes Eastern LLP\u2020
1
UK
100
100
Linden Homes South-East Limited\u2020
1
UK
100
100
Linden Homes Southern Limited\u2020
1
UK
100
100
Linden Homes Western Limited\u2020
1
UK
100
100
Linden JV No12 LLP
1
UK
100
100
Linden JV No17 LLP
1
UK
100
100
Linden JV No18 LLP
1
UK
100
100
Linden JV No19 LLP
1
UK
100
100
Linden JV No20 LLP\u2020
1
UK
100
100
Linden JVCo No8 Limited
1
UK
100
100
Linden JVCo No9 Limited
1
UK
100
100
Linden Limited*
1
UK
100
100
Linden London (Hammersmith) Limited\u2020
1
UK
100
100
Linden London Developments Limited\u2020*
1
UK
100
100
Linden London LLP*
1
UK
100
100
Linden Midlands Limited\u2020
1
UK
100
100
Linden North Limited\u2020
1
UK
100
100
Linden Partnerships Limited\u2020
1
UK
100
100
Linden Properties Western Limited
1
UK
100
100
Linden South West Limited\u2020
1
UK
100
100
Linden St Albans LLP
1
UK
100
100
Linden Wates (Hungerford) Limited\u2020
1
UK
100
100
Mountsorrel JV LLP
1
UK
100
100
Nether Hall Park Open Space Management
1
UK
100
100
Company Limited
Olive Farm LLP
1
UK
100
100
Orchard Homes (Pitt Manor) Limited
1
UK
100
100
Oxford Land Limited\u2020
1
UK
67
67
Page Johnson Properties Limited
1
UK
100
100
Peel Hall JV LLP
1
UK
100
-
R.T.Warren (Builders, St.Albans) Limited
1
UK
100
100
Rasen Estates Limited\u2020
1
UK
100
100
Redplay Limited\u2020
1
UK
100
100
Redplay Partnerships Limited
1
UK
100
100
Rosemullion Homes Limited
1
UK
100
100
The Ricardo Community Foundation\u2020\u2021
1
UK
100
100
Unitpage Limited
1
UK
100
100
Vista Portsmouth Limited*
1
UK
100
100
Vistry Affordable Homes Limited*
1
UK
100
100
Vistry Developments Limited
1
UK
100
100
Vistry Homes Central Limited\u2020*
1
UK
100
100
Vistry Homes Limited
1
UK
100
100
Vistry Limited
1
UK
100
100
Vistry Linden Homes Limited*
1
UK
100
100
Ownership interest in
ordinary shares
Registered Country of
office incorporation
2022 %
2021 %
Dunton Garden Suburb Limited
16
UK
100
-
Fresh Wharf Residents Management Company Limited
16
UK
100
-
Harold Wood Management Limited
16
UK
100
-
Hilborn Management Company Limited
16
UK
100
-
Knight Strategic Land Limited
16
UK
100
-
Mandeville Place (Radwinter) Management Limited
16
UK
100
-
Marlowe Road Management Company Limited
16
UK
100
-
Millgate (UK) Holdings Limited
16
UK
100
-
Millgate Developments Limited
16
UK
100
-
Mulberry Green Management Company Limited
16
UK
100
-
New Avenue (Cockfosters) Management Company Limited
16
UK
100
-
Newhall Land Limited
16
UK
100
-
Newhall Resident Management Company Limited
16
UK
100
-
Parklands Manor Management Company Limited
16
UK
100
-
Skyline 120 Management Limited
16
UK
100
-
Skyline 120 Nexus Management Limited
16
UK
100
-
Springhead Resident Management Company Limited
16
UK
100
-
Urban Hive Hackney Management Limited
16
UK
100
-
Watersplash Lane Management Company Limited
16
UK
100
-
Westleigh Construction Limited
16
UK
100
-
Westleigh Homes Limited
16
UK
100
-
Westleigh LNT Limited
16
UK
100
-
York Road (Maidenhead) Management Limited
16
UK
100
-
Allium Park Management Company Limited
16
UK
100
-
Ashmere Resident (2) Management Company Limited
16
UK
100
-
Ashmere Resident Management Company Limited
16
UK
100
-
Barnwood Place (Smarden) Management
16
UK
100
-
Company Limited
Beaulieu Park E (Chelmsford) Management Limited
16
UK
100
-
Beaulieu Park M&N (Chelmsford) Management Company
16
UK
100
-
Beaulieu Park O&P (Chelmsford) Management
16
UK
100
-
Company Limited
Charlton Gardens Residents Management
16
UK
100
-
Company Limited
Chatham Maritime Sector 15 Residential Man Co Ltd
16
UK
100
-
Countryside Places for People (Cowley Hill) LLP
16
UK
100
-
Countryside Properties Residential (ABC) Limited
16
UK
100
-
Countryside Properties Residential (Chelmsford) Ltd
16
UK
100
-
Countryside Properties Residential (Dartford) Limited
16
UK
100
-
Dracan Village Residents Management Company Limited
16
UK
100
-
Houghton Regis Parcel 8 Residents Management
16
UK
100
-
Company Limited
Millfields (Hall Green) Management Company Limited
16
UK
100
-
Moat Farm Management Company Limited
16
UK
100
-
North West Quartet Estate Management
16
UK
100
-
Company Limited
Oakhurst Residents Management Company Limited
16
UK
100
-
Regency Grange Residents Management Company Limited
16
UK
100
-
Rosewood (Maidstone) Management Company Limited
16
UK
100
-
Saint Cloud Way Management Company Limited
16
UK
100
-
Tattenhoe Park Residents Management Company Limited
16
UK
100
-
The Burrows (Paddock Wood) Management Limited
16
UK
100
-
The Paddocks Tye Green Management Company Limited
16
UK
100
-
C.C.B.(Stevenage) Limited
6
UK
67
33
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-443": { "value": "The Group holds 28.5% of the ordinary share capital with pro-rata voting rights in Countryside Properties (Bicester) Limited (the associate entity referred throughout the document) , a company incorporated and domiciled in the UK, whose principal activity is the sale of serviced parcels of land, and for segmental purposes is disclosed within Countryside.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-444": { "value": "The Group holds 28.5% of the ordinary share capital with pro-rata voting rights in Countryside Properties (Bicester) Limited (the associate entity referred throughout the document) , a company incorporated and domiciled in the UK, whose principal activity is the sale of serviced parcels of land, and for segmental purposes is disclosed within Countryside. It is accounted for using the equity method. Countryside Properties (Bicester) Limited has one wholly owned subsidiary, Kingsmere Estate Management Limited.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-445": { "value": "Significant holdings in undertakings other than subsidiary, joint venture and associate undertakings egistered officeCountry of incorporationOwnership interest in ordinary shares 2022 % 2021 % Berkshire Land Limited 1United Kingdom 33 33 Bishop's Stortford North Consortium Limited\u2020 5United Kingdom 33 33 Haydon Development Company Limited\u2020 7United Kingdom 39 39 Oxfordshire Land Limited 8United Kingdom 25 25", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138001KOWN7CG9SLK53", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }