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The address of the registered office is Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, UK. The main activities of the Company and its subsidiaries (together, the Group) are those of retailing and related services. Basis of preparation The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS. The consolidated Group financial statements are presented in Pounds Sterling, generally rounded to the nearest million. They are prepared on the historical cost basis, except for certain financial instruments, share-based payments and pension assets that have been measured at fair value. The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, which reflects a period of 18 months from the date of approval of the financial statements, and have concluded that there are no material uncertainties relating to going concern. Thus, they continue to adopt the going concern basis of accounting in preparing the consolidated Group financial statements. The scenarios considered as part of the going concern assessment are consistent with those used in the Longer-term viability statement. Further information on the Group\u2019s strong liquidity position is given in the Summary of Net Debt section of the Financial review, and information on committed facilities is provided in Note 27. Unless otherwise stated, the accounting policies set out below have been applied consistently to all periods presented in these consolidated Group financial statements. Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028, subject to UK endorsement. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. Discontinued operations During the prior financial year, the Board approved a plan to dispose of the Group\u2019s regulated Banking operations, which formed the major part of the previous Tesco Bank segment. The disposal of the Banking operations completed on 1 November 2024. The net results of the Banking operations are presented as a discontinued operation in the Group income statement. For further details, refer to Note 8.
Segmental reporting
Following the disposal of the Group\u2019s Banking operations, the Group no longer presents Tesco Bank
as a separate reportable segment. The remaining Insurance and Money Services business previously
reported within the Tesco Bank segment have been reclassified to the UK and the Republic of Ireland
(UK & ROI) segment, with comparative segmental reporting restated (refer to Note 2).
Basis of consolidation
The consolidated Group financial statements consist of the financial statements of the ultimate
Parent Company (Tesco PLC), all entities controlled by the Company (its subsidiaries) and the Group\u2019s
share of its interests in joint ventures and associates, accounted for using the equity method.
The financial year represents the 52 weeks ended 22 February 2025 (prior financial year 52 weeks
ended 24 February 2024). For the UK & ROI, the results are for the 52 weeks ended 22 February 2025
(prior financial year 52 weeks ended 24 February 2024), with the exception of Insurance and Money
Services. For all other operations (including Insurance and Money Services), the results are for the
calendar year ended 28 February 2025 (prior calendar year ended 29 February 2024).
Revenue
Revenue is income arising from the sale of goods and services in the ordinary course of the Group\u2019s
activities, net of value added taxes. Revenue is recognised when performance obligations are satisfied
and control has transferred to the customer. For the majority of revenue streams, there is a low level
of judgement applied in determining the transaction price or the timing of transfer of control.
Revenue from sale of goods and services
Sale of goods
The sale of goods represents the vast majority of the Group\u2019s revenue. For goods sold in store, and
fuel, revenue is recognised at the point of sale. For online or wholesale sales of goods, revenue is
recognised on collection by, or delivery to, the customer. Revenue is reduced by a provision for
expected returns (refund liability). An asset and corresponding adjustment to cost of sales is
recognised for the Group\u2019s right to recover goods from customers.
Clubcard (customer loyalty programme)
Clubcard points issued by Tesco when a customer purchases goods are a separate performance
obligation providing a material right to a future discount. The total transaction price (sales price of
goods) is allocated to the Clubcard points and the goods sold based on their relative standalone
selling prices, with the Clubcard points\u2019 standalone price based on the value of the points to the
customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard
points is deferred as a contract liability within trade and other payables.
Revenue is recognised as the points are redeemed by the customer. Revenue related to breakage is
recognised in line with redemptions, subject to the variable consideration constraint (i.e. provided it is
highly probable not to result in a significant reversal of the cumulative revenue recognised), with the
remainder recognised on expiry of the points.
Data science services The Group generates revenue from the provision of consultancy services (customer data science and analytics), software access and media services through its data science business dunnhumby. Revenue is recognised either over time or at a point in time, with a low level of judgement typically required to determine the transaction price or timing of transfer of benefit to the customer. The Group recognises revenue over time if the customer simultaneously receives and consumes the benefits provided as the service is performed, or performance of the service does not create an asset with an alternative use and the Group has an enforceable right to payment for work to date. For services performed over time, revenue is recognised based on progress in fulfilling the service unless it is provided on a \u2018stand-ready\u2019 basis, in which case revenue is recognised over the period the service is expected to be utilised. Revenue recognised at a point in time is recognised when the relevant performance obligation is satisfied. Money services The majority of the fees in respect of money services (including ATMs, travel money and gift cards) are recognised at the point in time at which the transaction with the customer takes place and the service is performed. For services performed over time, payment is generally due and revenue is generally recognised monthly in line with the satisfaction of performance obligations. Insurance brokerage commission The Group generates commission income from the sale of white label pet and travel insurance products underwritten by third-party providers, which is recognised on a net basis as such policies are sold, in line with the satisfaction of performance obligations to customers. This is based on commission rates which are independent of the profitability of underlying insurance policies. The Group also recognises commission income from certain policy renewals at the point the original policies are sold. This is when the Group has satisfied all of its performance obligations in relation to the policy sold and it is considered highly probable that a significant reversal in the amount of revenue recognised will not occur in future periods. This calculation takes into account both estimates of future renewal volumes and renewal commission rates. A contract asset is recognised in relation to this revenue. This is unwound over the remainder of the contract with the customer, in this case being the third-party insurance provider. The end policyholders have the right to cancel an insurance policy at any time. Therefore, a contract liability is recognised for the amount of any expected refunds due and the revenue recognised in relation to these sales is reduced accordingly. This contract refund liability is estimated using prior experience of customer refunds. The appropriateness of the assumptions used in this calculation is reassessed at each reporting date. Insurance revenue Insurance revenue relates to motor and home insurance policies underwritten by the Group\u2019s subsidiary, Tesco Underwriting Limited. Refer to the Insurance section below. Commercial income Consistent with standard industry practice, the Group has agreements with suppliers whereby volume-related allowances, promotional and marketing allowances and various other fees and discounts are received in connection with the purchase of goods for resale from those suppliers. Most of the income received from suppliers relates to adjustments to a core cost price of a product, and as such is considered part of the purchase price for that product. Sometimes receipt of the income is conditional on the Group performing specified actions or satisfying certain performance conditions associated with the purchase of the product. These include achieving agreed purchases or sales volume targets and providing promotional or marketing materials and activities or promotional product positioning. While there is no standard industry definition, these amounts receivable from suppliers in connection with the purchase of goods for resale are generally termed commercial income. Commercial income is recognised when earned by the Group, which occurs when all obligations conditional for earning income have been discharged, and the income can be measured reliably based on the terms of the contract. The income is recognised as a credit within cost of sales. Where the income earned relates to inventories which are held by the Group at the reporting date, the income is included within the cost of those inventories and recognised in cost of sales upon sale of those inventories. Finance income Finance income is recognised in the Group income statement in the period to which it relates using the effective interest rate method. Finance costs Borrowing costs are recognised in the Group income statement in the period in which they occur using the effective interest rate method. Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition- related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired business are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred, plus the amount of any non-controlling interest in the acquiree and the fair value of any previously held equity interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the Group\u2019s share of the net assets and liabilities acquired (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date, goodwill is recognised as an asset and is allocated to each of the cash- generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. When disposing of or reorganising part of a cash-generating unit or group of cash- generating units to which goodwill has been allocated, the goodwill is reallocated between the affected operations on the basis of their relative values. On disposal of a business, subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Group income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Group income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised.
Intangible assets
Intangible assets with finite useful lives are carried at cost less accumulated amortisation and
accumulated impairment losses. They are amortised on a straight-line basis over their estimated
useful lives of three to 10 years for software and up to 10 years for customer relationships. Intangible
assets with indefinite useful lives, such as pharmacy licences, are not amortised.
Research costs are expensed as incurred. Development expenditure incurred on an individual project
is capitalised only if specific criteria are met.
Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated depreciation and accumulated
impairment losses. Property, plant and equipment is depreciated on a straight-line basis to its residual
value over its anticipated useful economic life:
\u2013 freehold buildings \u2013 10 to 40 years; and
\u2013 fixtures and fittings, office equipment, and motor vehicles \u2013 three to 20 years.
Impairment of non-financial assets
Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each
cash-generating unit, or group of cash-generating units, to which the goodwill relates. For all other
non-financial assets, the Group performs impairment testing where there are indicators of
impairment. Where the asset does not generate cash flows that are independent from other assets,
the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs.
When the recoverable amount is less than the carrying amount, an impairment loss is recognised
immediately in the Group income statement.
Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial
assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased
to the revised estimate of the recoverable amount, but so that the increased carrying amount does
not exceed the carrying amount that would have been determined if no impairment loss had been
recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is
recognised immediately as a credit to the Group income statement.
Inventories
Inventories comprise goods and development properties held for resale. Inventories are valued at the
lower of cost and net realisable value using the weighted average cost basis.
Cash and cash equivalents
Cash and cash equivalents in the Group balance sheet consist of cash at bank and on hand, credit and
debit card receivables, demand deposits with banks and short-term highly liquid investments with an
original maturity of three months or less, for example short-term deposits, loans and advances to
banks, commercial paper and certificates of deposit. Overdrafts are presented in borrowings as they
are held under notional pooling arrangements and do not meet the offsetting criteria to be presented
net of cash on the balance sheet. Cash and cash equivalents in the Group cash flow statement include
overdrafts repayable on demand as they form an integral part of the Group\u2019s cash management.
Non-current assets held for sale and discontinued operations
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying
amount is to be recovered principally through a sale transaction and a sale is considered highly
probable. They are measured at the lower of carrying amount and fair value less costs to sell, with the
exception of assets which are scoped out of the measurement requirements of IFRS 5 \u2018Non-current
assets held for sale and discontinued operations\u2019, for example financial assets, which continue to be
measured in accordance with IFRS 9 \u2018Financial instruments\u2019.
Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair
value less costs to sell, a loss is recognised. This is allocated firstly against any goodwill attributable to
the disposal group, and then to other non-current assets in the disposal group that are in scope of
IFRS 5\u2019s measurement requirements. Any excess loss remaining is recognised against the remaining
assets of the disposal group as a whole.
A component of the Group that is held for sale or disposed of is presented as a discontinued
operation either when it is a subsidiary acquired exclusively with a view to resale; or it represents, or
is part of a coordinated plan to dispose of, a separate major line of business or geographical area of
operations. The net results of discontinued operations are presented separately in the Group income
statement (and the comparatives restated).
Leases
The Group assesses whether a contract is, or contains, a lease at inception of the contract.
The Group as a lessee
A right of use asset and corresponding lease liability are recognised at commencement of the lease.
The lease liability is measured at the present value of the lease payments, discounted at the rate
implicit in the lease, or if that cannot be readily determined, at the lessee\u2019s incremental borrowing
rate specific to the term, country, currency and start date of the lease.
The lease liability is subsequently measured at amortised cost using the effective interest rate
method. It is remeasured, with a corresponding adjustment to the right of use asset, when there is
a change in future lease payments resulting from a rent review, change in an index or rate such as
inflation, or change in the Group\u2019s assessment of whether it is reasonably certain to exercise a
purchase, extension or break option.
The right of use asset is initially measured at cost, comprising: the initial lease liability; any lease
payments already made less any lease incentives received; initial direct costs; and any dilapidation or
restoration costs. The right of use asset is subsequently depreciated on a straight-line basis over the
shorter of the lease term or the useful life of the underlying asset, and tested for impairment.
Leases of low value assets (value when new less than \u00a35,000) and short-term leases of 12 months
or less are expensed to the Group income statement, as are variable payments dependent on
performance or usage not arising on a sale and leaseback transaction, \u2018out of contract\u2019 payments
and non-lease service components.
The Group as a lessor
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the
risks and rewards of ownership to the lessee. All other leases are classified as operating leases, for
which rental income is recognised on a straight-line basis over the term of the lease.
Sale and leaseback
Where the Group sells an asset and immediately reacquires use of it by entering into a lease with
the buyer, a lease liability is recognised, the associated property, plant and equipment asset is
derecognised, and a right of use asset is recognised at the proportion of the carrying value relating
to the right retained. Any gain or loss arising relates to the rights transferred to the buyer.
In the cash flow statement, sale and leaseback proceeds received are classified as investing cash
flows, unless the proceeds exceed the fair value of the asset sold, in which case the excess proceeds
are classified as financing cash flows.
Property buybacks
A property buyback is where a property that is currently leased is bought back from the landlord.
Property buybacks that are a direct purchase of the underlying asset, outside of a corporate wrapper,
are viewed as the modification of the lease to include a purchase option, followed by the immediate
exercise of that purchase option. The lease liability is settled and the right of use asset forms part of
the cost of the property, plant and equipment acquired, and no gain or loss is recognised in the
income statement from the property buyback.
Property buybacks inside a corporate wrapper (such as a special purpose vehicle or joint venture
structure) that do not meet the definition of a business combination are asset acquisitions. The cost
of the asset acquisition includes the cash consideration paid and the carrying values of pre-existing
lease contracts and any previously held interests. No gain or loss is recognised in the income
statement from the property buyback.
In the cash flow statement, property buyback net proceeds paid are classified as investing cash flows,
unless the proceeds exceed the incremental asset purchased (difference between property, plant
and equipment recognised and right of use asset derecognised), in which case the excess proceeds
are classified as financing cash flows.
Post-employment benefit obligations
For defined benefit plans, obligations are measured at discounted present value and plan assets are
recorded at fair value.
The operating and financing costs of such plans are recognised separately in the Group income
statement. Service costs are spread systematically over the expected service lives of employees and
financing costs are recognised in the periods in which they arise. Actuarial gains and losses are
recognised immediately in the Group statement of comprehensive income/(loss).
Payments to defined contribution schemes are recognised as an expense as they fall due.
Taxation
The tax expense included in the Group income statement consists of current and deferred tax.
Current tax is the expected tax payable on the taxable income for the financial year, using tax rates
enacted or substantively enacted by the balance sheet date.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for financial reporting purposes and the
amounts used for taxation purposes.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is
settled or the asset realised, based on the tax rates that have been enacted or substantively enacted
by the balance sheet date.
The tax expense is recognised in the Group income statement, except when it relates to items
recognised directly in the Group statement of changes in equity or the Group statement of
comprehensive income/(loss), in which case the tax follows the same treatment.
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.
Deferred tax assets and liabilities are offset against each other when there is a legally enforceable
right to set off current tax assets against current tax liabilities and they relate to income taxes levied
by the same taxation authority on either the same taxable entity or different taxable entities which
intend to settle current tax assets and liabilities on a net basis.
The Group has applied the Pillar Two income taxes exception in IAS 12, so neither recognises nor
discloses information about deferred tax assets and liabilities related to Pillar Two income taxes.
Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has
been identified and it is probable that the Group will be required to settle that tax. Measurement is
dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the
various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using
in-house tax experts, professional firms, and previous experience. Refer to Note 7.
Foreign currencies
At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies
are retranslated to the functional currency at the rates prevailing at the balance sheet date. Exchange
differences are recognised in the Group income statement in the period in which they arise, apart
from exchange differences on transactions entered into to hedge certain foreign currency risks, and
exchange differences on monetary items forming part of the net investment in a foreign operation.
The assets and liabilities of the Group\u2019s foreign operations are translated into Pounds Sterling at
exchange rates prevailing at the balance sheet date. Profits and losses are translated at average
exchange rates for the relevant accounting periods. Exchange differences arising are recognised in
the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation
reserve. Such translation differences are recognised as income or expenses in the period in which
the operation is disposed of.
Financial instruments
Financial assets and financial liabilities are recognised in the Group balance sheet when the Group
becomes party to the contractual provisions of the instrument. Classification and subsequent
remeasurement depends on the Group\u2019s business model for managing the financial asset and its cash
flow characteristics. Financial assets that are held for collection of contractual cash flows, where
those cash flows represent solely payments of principal and interest, are measured at amortised cost,
and all other financial assets are measured either at fair value through profit or loss or fair value
through other comprehensive income.
Trade receivables
Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction
price if there is not a significant financing component. They are subsequently held at amortised cost
using the effective interest rate method, less allowance for expected credit losses (ECLs).
Investments
Investments in debt instruments at amortised cost are measured at amortised cost, using the
effective interest rate method less allowance for ECLs.
Gains and losses on investments in debt instruments held at fair value through other comprehensive
income are recognised directly in other comprehensive income, except for impairment gains and
losses, interest income, and foreign exchange gains and losses, which are recognised in the Group
income statement. When the debt instrument is derecognised, cumulative amounts in other
comprehensive income are reclassified to the Group income statement.
Investments in equity instruments have been irrevocably designated at fair value through other
comprehensive income.
Property fund and other investments held at fair value through profit or loss are measured at fair
value, with changes in fair value recognised in the Group income statement.
Short-term investments
Short-term investments are liquid financial assets which have an original maturity of 12 months or less.
Short-term investments are typically readily available for conversion to cash, but do not meet the
criteria for classification as cash equivalents because either their maturity is greater than three
months, for example short-term deposits, reverse repurchase agreements, commercial paper, and
certificates of deposit, or the risk of changes in value is more than insignificant, for example money
market funds.
Impairment of financial assets
The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried
at amortised cost and debt instruments carried at fair value through other comprehensive income.
The ECLs are updated at each reporting date to reflect changes in credit risk.
The three-stage model for impairment has been applied to investments in debt instruments at
amortised cost, investments in debt instruments at fair value through other comprehensive income,
short-term investments, and loan receivables from joint ventures and associates. The credit risk is
determined through modelling a range of possible outcomes for different loss scenarios, using
reasonable and supportable information about past events, current conditions and forecasts of
future events and economic conditions and taking into account the time value of money. A 12-month
ECL is recognised, unless the credit risk on the financial asset increases significantly after initial
recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally
the contractual term.
For trade receivables, contract assets, and lease receivables, the Group applies the simplified
approach permitted by IFRS 9, with lifetime ECLs recognised from initial recognition of the receivable.
These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs
for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for
factors specific to each receivable, general economic conditions and expected changes in forecast
conditions.
Borrowings
Borrowings and overdrafts are initially recorded at fair value, net of attributable transaction costs.
Subsequent to initial recognition, borrowings are held at amortised cost with any difference between
proceeds and redemption value being recognised in the Group income statement over the period of
the borrowings on an effective interest basis.
Trade payables
Trade payables are non interest-bearing and are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest method.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue
costs.
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation,
interest rate, and commodity risks arising from operating, financing and investing activities.
Derivative financial instruments are recognised and stated at fair value. Where derivatives do not
qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the
Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant
gain or loss depends on the nature of the hedge relationship and the item being hedged.
Fair value hedging
Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s
exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of
derivatives that are designated as fair value hedges are recognised in the Group income statement
within finance income or costs, together with any changes in the fair value of the hedged item that
is attributable to the hedged risk.
If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount
of a hedged item is amortised to the Group income statement over the remaining period to maturity.
Cash flow hedging
Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s
exposure to variability in cash flows that is either attributable to a particular risk associated with a
recognised asset or liability, or a highly probable forecast transaction. The effective element of any
gain or loss from remeasuring the derivative designated as the hedging instrument is recognised
directly in other comprehensive income and accumulated in the hedging reserve. The ineffective
element is recognised immediately in the Group income statement.
Where the hedged item subsequently results in the recognition of a non-financial asset such as
inventory, the amounts accumulated in the hedging reserve are included in the initial cost of the
asset. For all other cash flow hedges, the amounts accumulated are recognised in the Group income
statement when the hedged item or transaction affects the Group income statement.
Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or
exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in
the hedging reserve remains until the forecast transaction occurs or the original hedged item affects
the Group income statement.
If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the
hedging reserve is reclassified to the Group income statement.
Net investment hedging
Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net
investment in an overseas operation. The effective element of any foreign exchange gain or loss from
remeasuring the instrument is recognised directly in other comprehensive income and accumulated
in the translation reserve in equity. Any ineffective element is recognised immediately in the Group
income statement. Gains and losses accumulated in the translation reserve are reclassified to the
Group income statement when the foreign operation is disposed of.
Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the Group balance sheet
when there is a current legally enforceable right to offset the recognised amounts and there is an
intention to settle on a net basis or realise the asset and settle the liability simultaneously.
Provisions
Provisions are measured at the present value of the risk-adjusted expenditures expected to be
required to settle the obligation using a pre-tax discount rate that reflects current market
assessments of the time value of money.
Supplier financing arrangements
Management reviews supplier financing arrangements to determine the appropriate presentation
of balances outstanding as trade payables or borrowings, dependent on the nature of each
arrangement. Factors considered in determining the appropriate presentation include the
commercial rationale for the arrangement, impact on the Group\u2019s working capital positions,
credit enhancements or other benefits provided to the bank and recourse exposures.
Balances outstanding under the Group\u2019s supplier financing arrangements are classified as trade
payables, and cash flows are included in operating cash flows, since the financing arrangements
are agreed between the supplier and the banks, and the Group does not provide additional credit
enhancement nor obtain any working capital benefit from the arrangements. Refer to Note 20.
Insurance
Classification of insurance contracts
Contracts under which the Group accepts significant insurance risk from another party (the
policyholder) by agreeing to compensate the policyholder or other beneficiary if a specified uncertain
future event (the insured event) adversely affects the policyholder or other beneficiary are classified
as insurance contracts. These contracts remain insurance contracts until all rights and obligations are
extinguished or expire. Insurance contracts may also transfer some financial risk.
Level of aggregation
The level of aggregation for the Group is determined firstly by dividing the business written into motor
and home portfolios. Portfolios comprise groups of contracts with similar risks which are managed
together. At initial recognition the Group assesses whether the motor and home portfolios are divided
further into groups of contracts that are onerous, have no significant possibility of becoming onerous,
or are neither.
In determining the level of aggregation, the Group identifies a contract as the smallest \u2018unit\u2019, i.e. the
lowest common denominator. No group for level of aggregation purposes shall contain contracts
issued more than one year apart.
The Group divides portfolios of reinsurance contracts held applying the same principles.
Insurance contracts issued
Insurance contract liabilities include both a liability for incurred claims (LIC), which represents
outstanding claims and incurred but not reported claims and other incurred insurance expenses;
and a liability for remaining coverage (LRC), which represents the Group\u2019s obligation for insured events
related to the unexpired portion of the coverage period. The LRC is measured either using the general
measurement model (GMM) or a simplified premium allocation approach (PAA).
The Group applies the PAA to all insurance contracts issued since the acquisition of Tesco
Underwriting (TU) in May 2021. The Group qualifies to use this approach as the coverage period of
each contract in the group is one year or less. There is no allowance for the time value of money
as the premiums are due within one year of the coverage period.
The Group applies the GMM to all issued insurance contracts acquired on the acquisition of TU,
as the settlement of these claims and their associated insurance risk will spread over multiple
years. The Group has recognised an acquired claims liability as part of the LRC, which is measured
at the probability-weighted average of discounted cash flows plus a risk adjustment for non-financial
risk, plus any contractual service margin (CSM) if the fulfilment cash flows result in a net inflow.
If the fulfilment cash flows result in a net outflow, an onerous loss is recognised in the Group income
statement. The risk adjustment reflects the compensation that the Group requires for bearing
uncertainty in respect of the amount and timing of the cash flows from non-financial risk, whilst the
CSM represents the unearned profit in the contracts relating to services that will be provided under
the contracts in the future.
Commission payable to agents and other acquisition costs, which are incurred for acquiring new and
renewal insurance business that is primarily related to the production of that business, are deferred
and presented as part of the LRC. Such deferred acquisition costs are amortised over the period of
insurance contract services on the basis of the passage of time.
The carrying amount of the LRC measured under the GMM is updated at the end of each reporting
period to reflect current estimates of the amounts, timing and uncertainty of future cash flows, as
well as discount rates and other financial variables.
The Group estimates the LIC as the discounted value of expected fulfilment cash flows related to
incurred claims and other incurred insurance expenses, plus an explicit adjustment for non-financial
risk. The fulfilment cash flows incorporate, in an unbiased way, all reasonable and supportable
information available about the amount, timing and uncertainty of those future cash flows. Estimates
of the present value of future cash flows reflect current expectations as at the end of the reporting
period and are adjusted for events which have occurred since actuarial valuation.
Future cash flows are assessed by reviewing individual claims data and making an allowance for claims
incurred but not yet reported, adjusted for the effect on the claims incurred of both internal and
external foreseeable events, such as changes in claims handling procedures, inflation, judicial trends,
substantively enacted legislative changes and past experience and trends.
Reinsurance
The Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss
potential through the diversification of its risks. Reinsurance ceded includes quota share, excess of
loss and adverse development cover contracts. Reinsurance arrangements do not relieve the Group
from its direct obligations to its policyholders. Only contracts that give rise to a significant transfer of
insurance risk are accounted for as reinsurance contracts.
Reinsurance assets include balances due from reinsurance companies for reinsurance claims.
Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding
claims provision or settled claims associated with the reinsured policy.
The Group applies the PAA to all reinsurance contracts that it holds, except for contracts held prior
to the acquisition of TU. The PAA is applicable for all reinsurance contracts purchased since the
acquisition of TU as the contracts either qualify automatically in having a coverage period of one
year or less, or because there is no material difference in their measurement between the PAA and
the GMM.
Modification and derecognition of insurance and reinsurance contracts
The Group derecognises insurance and reinsurance contracts when the rights and obligations relating
to the contract are extinguished (i.e. discharged, cancelled or expired). When a modification is not
treated as a derecognition, the Group recognises amounts paid or received for the modification with
the contract as an adjustment to the relevant LRC or asset for remaining coverage.
Presentation of insurance contracts issued and reinsurance contracts held
The Group classifies all insurance contract liabilities as current as it does not have the right to defer
settlement beyond 12 months after the reporting date. The Group classifies its reinsurance portfolio
as non-current as it does not reasonably expect to realise its reinsurance assets within 12 months of
the reporting date.
Insurance revenue
The insurance revenue recognised is the amount of expected premium receipts allocated to the
period. For insurance contracts issued after the acquisition of TU in May 2021, the Group allocates
the expected premium receipts to each period of insurance contract services based on the passage
of time.
The insurance revenue recognised for insurance contracts acquired as part of the acquisition of
TU comprises:
\u2013 claims costs incurred in the period measured at the amounts expected at the beginning of
the period;
\u2013 changes in the risk adjustment for non-financial risk; and
\u2013 the amount of the CSM recognised for services provided in the period.
Insurance service expenses
Insurance service expenses include total claims cost for the period, as well as all directly attributable
insurance expenses. There are no acquisition costs for acquired claims. Insurance acquisition cash
flows arising from the costs of selling, underwriting and starting a group of insurance contracts are
allocated to insurance service expenses based on the passage of time.
Net income or expenses from reinsurance contracts held
The Group separately presents income or expenses from reinsurance contracts held from the
expenses or income from insurance contracts issued. The Group presents the income or expenses
from a group of reinsurance contracts held as a single amount.
Insurance finance income and expenses
Insurance finance income and expenses comprise the change in the carrying amount of the group
of insurance contracts arising from the effect of the time value of money, financial risk and changes
in financial risk.
The impact of changes in market interest rates on the carrying value of insurance assets and liabilities
is reflected in the Group statement of other comprehensive income in order to minimise accounting
mismatches between the accounting for financial assets and insurance assets and liabilities. The
Group\u2019s financial assets backing both the motor and home insurance portfolios are predominantly
measured at fair value through other comprehensive income.
The amount of insurance finance income and expenses recognised in the Group income statement
is calculated using the discount rate curve determined at the date of the incurred claim.
Alternative performance measures (APMs)
In the reporting of financial information, the Directors have adopted various APMs. Refer to the
Glossary for a full list of the Group\u2019s APMs, including comprehensive definitions, their purpose,
reconciliations to IFRS measures and details of any changes to APMs.
Judgements and sources of estimation uncertainty
The preparation of the consolidated Group financial statements requires management to make
judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine
the reported amounts of assets, 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. Actual results may differ from these estimates. The estimates
and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting estimates
applied prospectively.
Critical accounting judgements
Critical judgements, apart from those involving estimations, which are applied in the preparation of
the consolidated Group financial statements are discussed below:
Leases
Management exercises judgement in determining the likelihood of exercising break or extension
options in determining the lease term. Break and extension options are included to provide
operational flexibility should the economic outlook for an asset be different to expectations, and
hence at commencement of the lease, break or extension options are not typically considered
reasonably certain to be exercised, unless there is a valid business reason otherwise.
The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily
determined, or the lessee\u2019s incremental borrowing rate if not. Management uses the rate implicit in
the lease where the lessor is a related party (such as leases from joint ventures) and the lessee\u2019s
incremental borrowing rate for all other leases. Incremental borrowing rates are determined monthly
and depend on the term, country, currency and start date of the lease. The incremental borrowing
rate is determined based on a series of inputs including: the risk-free rate based on government bond
rates; a country-specific risk adjustment; a credit risk adjustment based on Tesco bond yields; and an
entity-specific adjustment where the entity risk profile is different to that of the Group.
Refer to Note 13 for additional disclosures relating to leases.
Joint ventures and associates
The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and
determined them to be joint ventures. These assessments required the exercise of judgement as set
out in Note 14.
APMs \u2013 Adjusting items
Adjusting items relate to certain costs or incomes that derive from events or transactions that fall
within the normal activities of the Group but which, individually or, if of a similar type, in aggregate,
are excluded from the Group\u2019s APMs by virtue of their size and nature in order to provide a helpful
alternative perspective of the year-on-year trends, performance and position of the Group\u2019s trading
business that is more comparable over time. This alternative view is consistent with how management
views the business, and how it is reported internally to the Board and Executive Committee for
performance analysis, planning, reporting, decision-making and incentive-setting purposes.
Management exercises judgement in determining the adjustments to apply to IFRS measurements, and
this assessment covers the nature of the item, cause of occurrence and the scale of impact of that
item on reported performance and individual financial statement line items, as well as consistency
with prior periods. Reversals of previous adjusting items are assessed based on the same criteria to
ensure an even-handed treatment of gains and losses. The amount and timing of adjusting items can
be unpredictable and subject to a higher level of scrutiny by users of the accounts. Adjusting items
can include, but are not limited to: litigation costs; certain impairment charges and reversals; property
transactions such as disposals; amortisation of acquired intangibles; changes in uncertain tax
positions; restructuring and redundancy costs; profits or losses on disposal of businesses; net pension
finance costs; and fair value remeasurements of financial instruments. The tax effect of such items is
also classified as adjusting.
The Group income statement is presented in a columnar format to enable users of the accounts to
see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a
line-by-line basis. An analysis of the adjusting items included in the Group income statement, together
with the impact of these items on the Group cash flow statement, is disclosed in Note 5.
Refer to pages 228 to 234 for further details on the Group\u2019s APMs.
Key sources of estimation uncertainty
The key assumptions about the future, and other key sources of estimation uncertainty at the
reporting period end, that may have a significant risk of causing a material adjustment to the carrying
amount of assets and liabilities within the next financial year are discussed below:
Post-employment benefit obligations
The present value of post-employment benefit obligations is determined on an actuarial basis
using various assumptions, including the discount rate, inflation rate and mortality assumptions.
Any changes in these assumptions will impact the carrying amount as well as the net pension
cost/(income). Key assumptions and sensitivities for post-employment benefit obligations are
disclosed in Note 29.
Impairment of non-financial assets
The Group evaluates non-current assets for impairment as set out in Note 15. The key assumptions
and estimates to which the recoverable amounts are most sensitive, the methodology for calculating
them and sensitivities are also disclosed in Note 15.
Other significant estimates
Other estimates for which management believes there is a limited risk of a material change in the
amounts recognised or disclosed in the next financial year are discussed below:
Commercial income
Management is required to make estimates in determining the amount and timing of recognition of
commercial income for some transactions with suppliers. In determining the amount of volume-
related allowances recognised in any period, management estimates the probability that the Group
will meet contractual target volumes, based on historical and forecast performance. There is limited
estimation involved in recognising income for promotional and other allowances.
Management assesses its performance against the obligations conditional on earning the income, with
the income recognised either over time as the obligations are met, or recognised at the point when all
obligations are met, dependent on the contractual requirements. Management views that the cost of
inventories sold (which is inclusive of commercial income) provides a consistent and complete
measure of the Group income statement impact of the overall supplier relationships.
Management considers the best indicator of the estimation undertaken is by reference to commercial
income balances not settled at the balance sheet date, and has therefore provided additional
disclosures of commercial income amounts reflected in the Group balance sheet. Refer to Note 21 for
commercial income disclosures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-862": { "value": "
General information
Tesco PLC (the Company) is a public limited company incorporated and domiciled in England and
Wales under the Companies Act 2006 (registration number 00445790). The address of the registered
office is Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, UK.
The main activities of the Company and its subsidiaries (together, the Group) are those of retailing
and related services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-2": { "value": "Tesco PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-702": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-5": { "value": "Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, UK", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-6": { "value": "The main activities of the Company and its subsidiaries (together, the Group) are those of retailing and related services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-728": { "value": "
Basis of preparation
The consolidated Group financial statements have been prepared in accordance with UK-adopted
IFRS. The consolidated Group financial statements are presented in Pounds Sterling, generally
rounded to the nearest million. They are prepared on the historical cost basis, except for certain
financial instruments, share-based payments and pension assets that have been measured at
fair value.
The Directors have, at the time of approving the financial statements, a reasonable expectation that
the Company and the Group have adequate resources to continue in operational existence for the
foreseeable future, which reflects a period of 18 months from the date of approval of the financial
statements, and have concluded that there are no material uncertainties relating to going concern.
Thus, they continue to adopt the going concern basis of accounting in preparing the consolidated
Group financial statements. The scenarios considered as part of the going concern assessment are
consistent with those used in the Longer-term viability statement. Further information on the Group\u2019s
strong liquidity position is given in the Summary of Net Debt section of the Financial review, and
information on committed facilities is provided in Note 27.
Unless otherwise stated, the accounting policies set out below have been applied consistently to all
periods presented in these consolidated Group financial statements.
Standards, interpretations and amendments that became effective in the current financial year have
not had a material impact on the consolidated Group financial statements.
The Group has not applied any standards, interpretations or amendments that have been issued but
are not yet effective.
The impact of the following is under assessment:
\u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the
consolidated Group financial statements for the financial year ending 26 February 2028, subject to
UK endorsement.
Other standards, interpretations and amendments issued but not yet effective are not expected to
have a material impact on the consolidated Group financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-777": { "value": "The consolidated Group financial statements have been prepared in accordance with UK-adopted IFRS.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-820": { "value": "The consolidated Group financial statements are presented in Pounds Sterling, generally rounded to the nearest million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-778": { "value": "The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future, which reflects a period of 18 months from the date of approval of the financial statements, and have concluded that there are no material uncertainties relating to going concern. Thus, they continue to adopt the going concern basis of accounting in preparing the consolidated Group financial statements. The scenarios considered as part of the going concern assessment are consistent with those used in the Longer-term viability statement. Further information on the Group\u2019s strong liquidity position is given in the Summary of Net Debt section of the Financial review, and information on committed facilities is provided in Note 27. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-878": { "value": "Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028, subject to UK endorsement. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-821": { "value": "Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028, subject to UK endorsement. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-863": { "value": "Standards, interpretations and amendments that became effective in the current financial year have not had a material impact on the consolidated Group financial statements. The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028, subject to UK endorsement. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-849": { "value": "The Group has not applied any standards, interpretations or amendments that have been issued but are not yet effective. The impact of the following is under assessment: \u2013 IFRS 18 \u2018Presentation and disclosure in financial statements\u2019, which will become effective in the consolidated Group financial statements for the financial year ending 26 February 2028, subject to UK endorsement. Other standards, interpretations and amendments issued but not yet effective are not expected to have a material impact on the consolidated Group financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-779": { "value": "
Discontinued operations
During the prior financial year, the Board approved a plan to dispose of the Group\u2019s regulated Banking
operations, which formed the major part of the previous Tesco Bank segment. The disposal of the
Banking operations completed on 1 November 2024. The net results of the Banking operations are
presented as a discontinued operation in the Group income statement. For further details, refer
to Note 8.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-864": { "value": "Discontinued operations During the prior financial year, the Board approved a plan to dispose of the Group\u2019s regulated Banking operations, which formed the major part of the previous Tesco Bank segment. The disposal of the Banking operations completed on 1 November 2024. The net results of the Banking operations are presented as a discontinued operation in the Group income statement. For further details, refer to Note 8. Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are measured at the lower of carrying amount and fair value less costs to sell, with the exception of assets which are scoped out of the measurement requirements of IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019, for example financial assets, which continue to be measured in accordance with IFRS 9 \u2018Financial instruments\u2019. Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair value less costs to sell, a loss is recognised. This is allocated firstly against any goodwill attributable to the disposal group, and then to other non-current assets in the disposal group that are in scope of IFRS 5\u2019s measurement requirements. Any excess loss remaining is recognised against the remaining assets of the disposal group as a whole. A component of the Group that is held for sale or disposed of is presented as a discontinued operation either when it is a subsidiary acquired exclusively with a view to resale; or it represents, or is part of a coordinated plan to dispose of, a separate major line of business or geographical area of operations. The net results of discontinued operations are presented separately in the Group income statement (and the comparatives restated). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-865": { "value": "Segmental reporting Following the disposal of the Group\u2019s Banking operations, the Group no longer presents Tesco Bank as a separate reportable segment. The remaining Insurance and Money Services business previously reported within the Tesco Bank segment have been reclassified to the UK and the Republic of Ireland (UK & ROI) segment, with comparative segmental reporting restated (refer to Note 2). Note 2 Segmental reporting The Group\u2019s operating segments are determined based on the Group\u2019s organisational structure and internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be the Group Chief Executive, with support from the Executive Committee, as the function primarily responsible for the allocation of resources to segments and assessment of performance of the segments. As a result of the disposal of the Group\u2019s Banking operations, the Group\u2019s organisational structure and internal reporting to the CODM have changed and Tesco Bank is no longer presented as a separate reportable segment. The remaining Insurance and Money Services business, previously part of the Tesco Bank segment, is now reported as part of the UK business within the UK & ROI segment. The comparative segmental disclosures have been restated. The activities of the Group are presented in the following reportable segments: \u2013 UK & ROI \u2013 the United Kingdom and Republic of Ireland; and \u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia. The CODM uses adjusted operating profit, as reviewed at periodic Executive Committee meetings, as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance and aids comparability over time. Adjusted operating profit is a consistent measure within the Group as defined within the Glossary. Refer to Note 5 for adjusting items. Inter-segment revenue is not material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-729": { "value": "Basis of consolidation The consolidated Group financial statements consist of the financial statements of the ultimate Parent Company (Tesco PLC), all entities controlled by the Company (its subsidiaries) and the Group\u2019s share of its interests in joint ventures and associates, accounted for using the equity method. The financial year represents the 52 weeks ended 22 February 2025 (prior financial year 52 weeks ended 24 February 2024). For the UK & ROI, the results are for the 52 weeks ended 22 February 2025 (prior financial year 52 weeks ended 24 February 2024), with the exception of Insurance and Money Services. For all other operations (including Insurance and Money Services), the results are for the calendar year ended 28 February 2025 (prior calendar year ended 29 February 2024). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-730": { "value": "Revenue Revenue is income arising from the sale of goods and services in the ordinary course of the Group\u2019s activities, net of value added taxes. Revenue is recognised when performance obligations are satisfied and control has transferred to the customer. For the majority of revenue streams, there is a low level of judgement applied in determining the transaction price or the timing of transfer of control. Revenue from sale of goods and services Sale of goods The sale of goods represents the vast majority of the Group\u2019s revenue. For goods sold in store, and fuel, revenue is recognised at the point of sale. For online or wholesale sales of goods, revenue is recognised on collection by, or delivery to, the customer. Revenue is reduced by a provision for expected returns (refund liability). An asset and corresponding adjustment to cost of sales is recognised for the Group\u2019s right to recover goods from customers. Clubcard (customer loyalty programme) Clubcard points issued by Tesco when a customer purchases goods are a separate performance obligation providing a material right to a future discount. The total transaction price (sales price of goods) is allocated to the Clubcard points and the goods sold based on their relative standalone selling prices, with the Clubcard points\u2019 standalone price based on the value of the points to the customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Revenue related to breakage is recognised in line with redemptions, subject to the variable consideration constraint (i.e. provided it is highly probable not to result in a significant reversal of the cumulative revenue recognised), with the remainder recognised on expiry of the points.
Data science services
The Group generates revenue from the provision of consultancy services (customer data science
and analytics), software access and media services through its data science business dunnhumby.
Revenue is recognised either over time or at a point in time, with a low level of judgement typically
required to determine the transaction price or timing of transfer of benefit to the customer. The
Group recognises revenue over time if the customer simultaneously receives and consumes the
benefits provided as the service is performed, or performance of the service does not create an
asset with an alternative use and the Group has an enforceable right to payment for work to date.
For services performed over time, revenue is recognised based on progress in fulfilling the service
unless it is provided on a \u2018stand-ready\u2019 basis, in which case revenue is recognised over the period the
service is expected to be utilised. Revenue recognised at a point in time is recognised when the
relevant performance obligation is satisfied.
Money services
The majority of the fees in respect of money services (including ATMs, travel money and gift cards)
are recognised at the point in time at which the transaction with the customer takes place and the
service is performed. For services performed over time, payment is generally due and revenue is
generally recognised monthly in line with the satisfaction of performance obligations.
Insurance brokerage commission
The Group generates commission income from the sale of white label pet and travel insurance
products underwritten by third-party providers, which is recognised on a net basis as such policies
are sold, in line with the satisfaction of performance obligations to customers. This is based on
commission rates which are independent of the profitability of underlying insurance policies.
The Group also recognises commission income from certain policy renewals at the point the original
policies are sold. This is when the Group has satisfied all of its performance obligations in relation to
the policy sold and it is considered highly probable that a significant reversal in the amount of revenue
recognised will not occur in future periods. This calculation takes into account both estimates of
future renewal volumes and renewal commission rates. A contract asset is recognised in relation to
this revenue. This is unwound over the remainder of the contract with the customer, in this case being
the third-party insurance provider.
The end policyholders have the right to cancel an insurance policy at any time. Therefore, a contract
liability is recognised for the amount of any expected refunds due and the revenue recognised in
relation to these sales is reduced accordingly. This contract refund liability is estimated using prior
experience of customer refunds. The appropriateness of the assumptions used in this calculation is
reassessed at each reporting date.
Insurance revenue
Insurance revenue relates to motor and home insurance policies underwritten by the Group\u2019s
subsidiary, Tesco Underwriting Limited. Refer to the Insurance section below.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-780": { "value": "Clubcard (customer loyalty programme) Clubcard points issued by Tesco when a customer purchases goods are a separate performance obligation providing a material right to a future discount. The total transaction price (sales price of goods) is allocated to the Clubcard points and the goods sold based on their relative standalone selling prices, with the Clubcard points\u2019 standalone price based on the value of the points to the customer, adjusted for expected redemption rates (breakage). The amount allocated to Clubcard points is deferred as a contract liability within trade and other payables. Revenue is recognised as the points are redeemed by the customer. Revenue related to breakage is recognised in line with redemptions, subject to the variable consideration constraint (i.e. provided it is highly probable not to result in a significant reversal of the cumulative revenue recognised), with the remainder recognised on expiry of the points. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-781": { "value": "The majority of the fees in respect of money services (including ATMs, travel money and gift cards) are recognised at the point in time at which the transaction with the customer takes place and the service is performed. For services performed over time, payment is generally due and revenue is generally recognised monthly in line with the satisfaction of performance obligations. Finance income Finance income is recognised in the Group income statement in the period to which it relates using the effective interest rate method. Finance costs Borrowing costs are recognised in the Group income statement in the period in which they occur using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-731": { "value": "Commercial income Consistent with standard industry practice, the Group has agreements with suppliers whereby volume-related allowances, promotional and marketing allowances and various other fees and discounts are received in connection with the purchase of goods for resale from those suppliers. Most of the income received from suppliers relates to adjustments to a core cost price of a product, and as such is considered part of the purchase price for that product. Sometimes receipt of the income is conditional on the Group performing specified actions or satisfying certain performance conditions associated with the purchase of the product. These include achieving agreed purchases or sales volume targets and providing promotional or marketing materials and activities or promotional product positioning. While there is no standard industry definition, these amounts receivable from suppliers in connection with the purchase of goods for resale are generally termed commercial income. Commercial income is recognised when earned by the Group, which occurs when all obligations conditional for earning income have been discharged, and the income can be measured reliably based on the terms of the contract. The income is recognised as a credit within cost of sales. Where the income earned relates to inventories which are held by the Group at the reporting date, the income is included within the cost of those inventories and recognised in cost of sales upon sale of those inventories. ", "dimensions": { "concept": "tescoplc:DescriptionOfAccountingPolicyForCommercialIncome", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-732": { "value": "
Finance income
Finance income is recognised in the Group income statement in the period to which it relates using
the effective interest rate method.
Finance costs
Borrowing costs are recognised in the Group income statement in the period in which they occur
using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-850": { "value": "Finance costs Borrowing costs are recognised in the Group income statement in the period in which they occur using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-822": { "value": "Finance costs Borrowing costs are recognised in the Group income statement in the period in which they occur using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-782": { "value": "
Business combinations and goodwill
The Group accounts for all business combinations by applying the acquisition method. All acquisition-
related costs are expensed.
On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an
acquired business are measured at their fair values. Non-controlling interests are stated at the
non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised.
Goodwill arising on consolidation represents the excess of the consideration transferred, plus the
amount of any non-controlling interest in the acquiree and the fair value of any previously held equity
interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities
assumed. If the consideration is less than the fair value of the Group\u2019s share of the net assets and
liabilities acquired (i.e. a bargain purchase), the difference is credited to the Group income statement
in the period of acquisition.
At the acquisition date, goodwill is recognised as an asset and is allocated to each of the cash-
generating units or groups of cash-generating units expected to benefit from the business
combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill
arising on the acquisition of joint ventures and associates is included within the carrying value of the
investment. When disposing of or reorganising part of a cash-generating unit or group of cash-
generating units to which goodwill has been allocated, the goodwill is reallocated between the
affected operations on the basis of their relative values. On disposal of a business, subsidiary, joint
venture or associate, the attributable amount of goodwill is included in the determination of the profit
or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-733": { "value": "Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition- related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired business are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred, plus the amount of any non-controlling interest in the acquiree and the fair value of any previously held equity interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the Group\u2019s share of the net assets and liabilities acquired (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date, goodwill is recognised as an asset and is allocated to each of the cash- generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. When disposing of or reorganising part of a cash-generating unit or group of cash- generating units to which goodwill has been allocated, the goodwill is reallocated between the affected operations on the basis of their relative values. On disposal of a business, subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-823": { "value": "Business combinations and goodwill The Group accounts for all business combinations by applying the acquisition method. All acquisition- related costs are expensed. On acquisition, the assets (including intangible assets), liabilities and contingent liabilities of an acquired business are measured at their fair values. Non-controlling interests are stated at the non-controlling interests\u2019 proportion of the fair values of the assets and liabilities recognised. Goodwill arising on consolidation represents the excess of the consideration transferred, plus the amount of any non-controlling interest in the acquiree and the fair value of any previously held equity interest in the acquiree, over the fair value of the net identifiable assets acquired and liabilities assumed. If the consideration is less than the fair value of the Group\u2019s share of the net assets and liabilities acquired (i.e. a bargain purchase), the difference is credited to the Group income statement in the period of acquisition. At the acquisition date, goodwill is recognised as an asset and is allocated to each of the cash- generating units or groups of cash-generating units expected to benefit from the business combination\u2019s synergies and to the lowest level at which management monitors the goodwill. Goodwill arising on the acquisition of joint ventures and associates is included within the carrying value of the investment. When disposing of or reorganising part of a cash-generating unit or group of cash- generating units to which goodwill has been allocated, the goodwill is reallocated between the affected operations on the basis of their relative values. On disposal of a business, subsidiary, joint venture or associate, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash-generating units, to which the goodwill relates. For all other non-financial assets, the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-734": { "value": "
Cloud software licence agreements
Licence agreements to use cloud software are treated as service contracts and expensed in the Group
income statement, unless the Group has both a contractual right to take possession of the software at
any time without significant penalty, and the ability to run the software independently of the host
vendor. In such cases the licence agreement is capitalised as software within intangible assets.
Costs to configure or customise a cloud software licence are expensed alongside the related service
contract in the Group income statement, unless they create a separately identifiable resource
controlled by the Group, in which case they are capitalised.
Intangible assets Intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over their estimated useful lives of three to 10 years for software and up to 10 years for customer relationships. Intangible assets with indefinite useful lives, such as pharmacy licences, are not amortised. Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-824": { "value": "Cloud software licence agreements Licence agreements to use cloud software are treated as service contracts and expensed in the Group income statement, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Costs to configure or customise a cloud software licence are expensed alongside the related service contract in the Group income statement, unless they create a separately identifiable resource controlled by the Group, in which case they are capitalised. Intangible assets Intangible assets with finite useful lives are carried at cost less accumulated amortisation and accumulated impairment losses. They are amortised on a straight-line basis over their estimated useful lives of three to 10 years for software and up to 10 years for customer relationships. Intangible assets with indefinite useful lives, such as pharmacy licences, are not amortised. Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-866": { "value": "Research costs are expensed as incurred. Development expenditure incurred on an individual project is capitalised only if specific criteria are met. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-783": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated useful economic life: \u2013 freehold buildings \u2013 10 to 40 years; and \u2013 fixtures and fittings, office equipment, and motor vehicles \u2013 three to 20 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-735": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Property, plant and equipment is depreciated on a straight-line basis to its residual value over its anticipated useful economic life: \u2013 freehold buildings \u2013 10 to 40 years; and \u2013 fixtures and fittings, office equipment, and motor vehicles \u2013 three to 20 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-851": { "value": "Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash-generating units, to which the goodwill relates. For all other non-financial assets, the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-736": { "value": "Impairment of non-financial assets Goodwill is reviewed for impairment at least annually by assessing the recoverable amount of each cash-generating unit, or group of cash-generating units, to which the goodwill relates. For all other non-financial assets, the Group performs impairment testing where there are indicators of impairment. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When the recoverable amount is less than the carrying amount, an impairment loss is recognised immediately in the Group income statement. Goodwill impairments are not subsequently reversed. Where an impairment loss on other non-financial assets subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of the recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately as a credit to the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-737": { "value": "Inventories Inventories comprise goods and development properties held for resale. Inventories are valued at the lower of cost and net realisable value using the weighted average cost basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-738": { "value": "Cash and cash equivalents Cash and cash equivalents in the Group balance sheet consist of cash at bank and on hand, credit and debit card receivables, demand deposits with banks and short-term highly liquid investments with an original maturity of three months or less, for example short-term deposits, loans and advances to banks, commercial paper and certificates of deposit. Overdrafts are presented in borrowings as they are held under notional pooling arrangements and do not meet the offsetting criteria to be presented net of cash on the balance sheet. Cash and cash equivalents in the Group cash flow statement include overdrafts repayable on demand as they form an integral part of the Group\u2019s cash management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-873": { "value": "Non-current assets held for sale and discontinued operations Non-current assets (or disposal groups) are classified as assets held for sale when their carrying amount is to be recovered principally through a sale transaction and a sale is considered highly probable. They are measured at the lower of carrying amount and fair value less costs to sell, with the exception of assets which are scoped out of the measurement requirements of IFRS 5 \u2018Non-current assets held for sale and discontinued operations\u2019, for example financial assets, which continue to be measured in accordance with IFRS 9 \u2018Financial instruments\u2019. Where the carrying amount of a non-current asset or disposal group held for sale exceeds its fair value less costs to sell, a loss is recognised. This is allocated firstly against any goodwill attributable to the disposal group, and then to other non-current assets in the disposal group that are in scope of IFRS 5\u2019s measurement requirements. Any excess loss remaining is recognised against the remaining assets of the disposal group as a whole. A component of the Group that is held for sale or disposed of is presented as a discontinued operation either when it is a subsidiary acquired exclusively with a view to resale; or it represents, or is part of a coordinated plan to dispose of, a separate major line of business or geographical area of operations. The net results of discontinued operations are presented separately in the Group income statement (and the comparatives restated). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-739": { "value": "Leases The Group assesses whether a contract is, or contains, a lease at inception of the contract. The Group as a lessee A right of use asset and corresponding lease liability are recognised at commencement of the lease. The lease liability is measured at the present value of the lease payments, discounted at the rate implicit in the lease, or if that cannot be readily determined, at the lessee\u2019s incremental borrowing rate specific to the term, country, currency and start date of the lease. The lease liability is subsequently measured at amortised cost using the effective interest rate method. It is remeasured, with a corresponding adjustment to the right of use asset, when there is a change in future lease payments resulting from a rent review, change in an index or rate such as inflation, or change in the Group\u2019s assessment of whether it is reasonably certain to exercise a purchase, extension or break option. The right of use asset is initially measured at cost, comprising: the initial lease liability; any lease payments already made less any lease incentives received; initial direct costs; and any dilapidation or restoration costs. The right of use asset is subsequently depreciated on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset, and tested for impairment. Leases of low value assets (value when new less than \u00a35,000) and short-term leases of 12 months or less are expensed to the Group income statement, as are variable payments dependent on performance or usage not arising on a sale and leaseback transaction, \u2018out of contract\u2019 payments and non-lease service components. The Group as a lessor Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases, for which rental income is recognised on a straight-line basis over the term of the lease. Sale and leaseback Where the Group sells an asset and immediately reacquires use of it by entering into a lease with the buyer, a lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. In the cash flow statement, sale and leaseback proceeds received are classified as investing cash flows, unless the proceeds exceed the fair value of the asset sold, in which case the excess proceeds are classified as financing cash flows. Property buybacks A property buyback is where a property that is currently leased is bought back from the landlord. Property buybacks that are a direct purchase of the underlying asset, outside of a corporate wrapper, are viewed as the modification of the lease to include a purchase option, followed by the immediate exercise of that purchase option. The lease liability is settled and the right of use asset forms part of the cost of the property, plant and equipment acquired, and no gain or loss is recognised in the income statement from the property buyback. Property buybacks inside a corporate wrapper (such as a special purpose vehicle or joint venture structure) that do not meet the definition of a business combination are asset acquisitions. The cost of the asset acquisition includes the cash consideration paid and the carrying values of pre-existing lease contracts and any previously held interests. No gain or loss is recognised in the income statement from the property buyback. In the cash flow statement, property buyback net proceeds paid are classified as investing cash flows, unless the proceeds exceed the incremental asset purchased (difference between property, plant and equipment recognised and right of use asset derecognised), in which case the excess proceeds are classified as financing cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-784": { "value": "Sale and leaseback Where the Group sells an asset and immediately reacquires use of it by entering into a lease with the buyer, a lease liability is recognised, the associated property, plant and equipment asset is derecognised, and a right of use asset is recognised at the proportion of the carrying value relating to the right retained. Any gain or loss arising relates to the rights transferred to the buyer. In the cash flow statement, sale and leaseback proceeds received are classified as investing cash flows, unless the proceeds exceed the fair value of the asset sold, in which case the excess proceeds are classified as financing cash flows. Property buybacks A property buyback is where a property that is currently leased is bought back from the landlord. Property buybacks that are a direct purchase of the underlying asset, outside of a corporate wrapper, are viewed as the modification of the lease to include a purchase option, followed by the immediate exercise of that purchase option. The lease liability is settled and the right of use asset forms part of the cost of the property, plant and equipment acquired, and no gain or loss is recognised in the income statement from the property buyback. Property buybacks inside a corporate wrapper (such as a special purpose vehicle or joint venture structure) that do not meet the definition of a business combination are asset acquisitions. The cost of the asset acquisition includes the cash consideration paid and the carrying values of pre-existing lease contracts and any previously held interests. No gain or loss is recognised in the income statement from the property buyback. In the cash flow statement, property buyback net proceeds paid are classified as investing cash flows, unless the proceeds exceed the incremental asset purchased (difference between property, plant and equipment recognised and right of use asset derecognised), in which case the excess proceeds are classified as financing cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-740": { "value": "Post-employment benefit obligations For defined benefit plans, obligations are measured at discounted present value and plan assets are recorded at fair value. The operating and financing costs of such plans are recognised separately in the Group income statement. Service costs are spread systematically over the expected service lives of employees and financing costs are recognised in the periods in which they arise. Actuarial gains and losses are recognised immediately in the Group statement of comprehensive income/(loss). Payments to defined contribution schemes are recognised as an expense as they fall due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-743": { "value": "Taxation The tax expense included in the Group income statement consists of current and deferred tax. Current tax is the expected tax payable on the taxable income for the financial year, using tax rates enacted or substantively enacted by the balance sheet date. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. The tax expense is recognised in the Group income statement, except when it relates to items recognised directly in the Group statement of changes in equity or the Group statement of comprehensive income/(loss), in which case the tax follows the same treatment. 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. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to set off current tax assets against current tax liabilities and they relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to settle current tax assets and liabilities on a net basis. The Group has applied the Pillar Two income taxes exception in IAS 12, so neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional firms, and previous experience. Refer to Note 7. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-786": { "value": "Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on the tax rates that have been enacted or substantively enacted by the balance sheet date. The tax expense is recognised in the Group income statement, except when it relates to items recognised directly in the Group statement of changes in equity or the Group statement of comprehensive income/(loss), in which case the tax follows the same treatment. 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. Deferred tax assets and liabilities are offset against each other when there is a legally enforceable right to set off current tax assets against current tax liabilities and they relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend to settle current tax assets and liabilities on a net basis. The Group has applied the Pillar Two income taxes exception in IAS 12, so neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. Tax provisions are recognised for uncertain tax positions where a risk of an additional tax liability has been identified and it is probable that the Group will be required to settle that tax. Measurement is dependent on management\u2019s expectation of the outcome of decisions by tax authorities in the various tax jurisdictions in which the Group operates. This is assessed on a case-by-case basis using in-house tax experts, professional firms, and previous experience. Refer to Note 7. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-741": { "value": "Foreign currencies At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated to the functional currency at the rates prevailing at the balance sheet date. Exchange differences are recognised in the Group income statement in the period in which they arise, apart from exchange differences on transactions entered into to hedge certain foreign currency risks, and exchange differences on monetary items forming part of the net investment in a foreign operation. The assets and liabilities of the Group\u2019s foreign operations are translated into Pounds Sterling at exchange rates prevailing at the balance sheet date. Profits and losses are translated at average exchange rates for the relevant accounting periods. Exchange differences arising are recognised in the Group statement of comprehensive income/(loss) and are included in the Group\u2019s translation reserve. Such translation differences are recognised as income or expenses in the period in which the operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-825": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the Group balance sheet when the Group becomes party to the contractual provisions of the instrument. Classification and subsequent remeasurement depends on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost, and all other financial assets are measured either at fair value through profit or loss or fair value through other comprehensive income. Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for expected credit losses (ECLs). Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income, and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper, and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds. Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and debt instruments carried at fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments, and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets, and lease receivables, the Group applies the simplified approach permitted by IFRS 9, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-742": { "value": "Financial instruments Financial assets and financial liabilities are recognised in the Group balance sheet when the Group becomes party to the contractual provisions of the instrument. Classification and subsequent remeasurement depends on the Group\u2019s business model for managing the financial asset and its cash flow characteristics. Financial assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortised cost, and all other financial assets are measured either at fair value through profit or loss or fair value through other comprehensive income. Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for expected credit losses (ECLs). Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income, and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper, and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds. Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and debt instruments carried at fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments, and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets, and lease receivables, the Group applies the simplified approach permitted by IFRS 9, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. Borrowings Borrowings and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, borrowings are held at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Equity instruments Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate, and commodity risks arising from operating, financing and investing activities. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction. The effective element of any gain or loss from remeasuring the derivative designated as the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. The ineffective element is recognised immediately in the Group income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-785": { "value": "Trade receivables Trade receivables are non interest-bearing and are recognised initially at fair value, or at transaction price if there is not a significant financing component. They are subsequently held at amortised cost using the effective interest rate method, less allowance for expected credit losses (ECLs). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-787": { "value": "Investments Investments in debt instruments at amortised cost are measured at amortised cost, using the effective interest rate method less allowance for ECLs. Gains and losses on investments in debt instruments held at fair value through other comprehensive income are recognised directly in other comprehensive income, except for impairment gains and losses, interest income, and foreign exchange gains and losses, which are recognised in the Group income statement. When the debt instrument is derecognised, cumulative amounts in other comprehensive income are reclassified to the Group income statement. Investments in equity instruments have been irrevocably designated at fair value through other comprehensive income. Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Short-term investments Short-term investments are liquid financial assets which have an original maturity of 12 months or less. Short-term investments are typically readily available for conversion to cash, but do not meet the criteria for classification as cash equivalents because either their maturity is greater than three months, for example short-term deposits, reverse repurchase agreements, commercial paper, and certificates of deposit, or the risk of changes in value is more than insignificant, for example money market funds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-867": { "value": "Property fund and other investments held at fair value through profit or loss are measured at fair value, with changes in fair value recognised in the Group income statement. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-874": { "value": "Impairment of financial assets The Group assesses on a forward-looking basis the ECLs associated with its financial assets carried at amortised cost and debt instruments carried at fair value through other comprehensive income. The ECLs are updated at each reporting date to reflect changes in credit risk. The three-stage model for impairment has been applied to investments in debt instruments at amortised cost, investments in debt instruments at fair value through other comprehensive income, short-term investments, and loan receivables from joint ventures and associates. The credit risk is determined through modelling a range of possible outcomes for different loss scenarios, using reasonable and supportable information about past events, current conditions and forecasts of future events and economic conditions and taking into account the time value of money. A 12-month ECL is recognised, unless the credit risk on the financial asset increases significantly after initial recognition, when the lifetime ECL is recognised. The expected lifetime of a financial asset is generally the contractual term. For trade receivables, contract assets, and lease receivables, the Group applies the simplified approach permitted by IFRS 9, with lifetime ECLs recognised from initial recognition of the receivable. These assets are grouped, based on shared credit risk characteristics and days past due, with ECLs for each grouping determined based on the Group\u2019s historical credit loss experience, adjusted for factors specific to each receivable, general economic conditions and expected changes in forecast conditions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-826": { "value": "Borrowings Borrowings and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, borrowings are held at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-789": { "value": "Borrowings Borrowings and overdrafts are initially recorded at fair value, net of attributable transaction costs. Subsequent to initial recognition, borrowings are held at amortised cost with any difference between proceeds and redemption value being recognised in the Group income statement over the period of the borrowings on an effective interest basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-788": { "value": "Trade payables Trade payables are non interest-bearing and are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-852": { "value": "Equity instruments Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-853": { "value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate, and commodity risks arising from operating, financing and investing activities. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-827": { "value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate, and commodity risks arising from operating, financing and investing activities. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction. The effective element of any gain or loss from remeasuring the derivative designated as the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. The ineffective element is recognised immediately in the Group income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-790": { "value": "Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to hedge its exposure to foreign exchange, inflation, interest rate, and commodity risks arising from operating, financing and investing activities. Derivative financial instruments are recognised and stated at fair value. Where derivatives do not qualify for hedge accounting, any gains or losses on remeasurement are immediately recognised in the Group income statement. Where derivatives qualify for hedge accounting, recognition of any resultant gain or loss depends on the nature of the hedge relationship and the item being hedged. Fair value hedging Derivative financial instruments are classified as fair value hedges when they hedge the Group\u2019s exposure to changes in the fair value of a recognised asset or liability. Changes in the fair value of derivatives that are designated as fair value hedges are recognised in the Group income statement within finance income or costs, together with any changes in the fair value of the hedged item that is attributable to the hedged risk. If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item is amortised to the Group income statement over the remaining period to maturity. Cash flow hedging Derivative financial instruments are classified as cash flow hedges when they hedge the Group\u2019s exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction. The effective element of any gain or loss from remeasuring the derivative designated as the hedging instrument is recognised directly in other comprehensive income and accumulated in the hedging reserve. The ineffective element is recognised immediately in the Group income statement. Where the hedged item subsequently results in the recognition of a non-financial asset such as inventory, the amounts accumulated in the hedging reserve are included in the initial cost of the asset. For all other cash flow hedges, the amounts accumulated are recognised in the Group income statement when the hedged item or transaction affects the Group income statement. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated or exercised or no longer meets the Group\u2019s risk management objective. The cumulative gain or loss in the hedging reserve remains until the forecast transaction occurs or the original hedged item affects the Group income statement. If a forecast hedged transaction is no longer expected to occur, the cumulative gain or loss in the hedging reserve is reclassified to the Group income statement. Net investment hedging Financial instruments are classified as net investment hedges when they hedge the Group\u2019s net investment in an overseas operation. The effective element of any foreign exchange gain or loss from remeasuring the instrument is recognised directly in other comprehensive income and accumulated in the translation reserve in equity. Any ineffective element is recognised immediately in the Group income statement. Gains and losses accumulated in the translation reserve are reclassified to the Group income statement when the foreign operation is disposed of. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-791": { "value": "Offsetting financial instruments Financial assets and liabilities are offset and the net amount reported in the Group balance sheet when there is a current legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-744": { "value": "Provisions Provisions are measured at the present value of the risk-adjusted expenditures expected to be required to settle the obligation using a pre-tax discount rate that reflects current market assessments of the time value of money. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-745": { "value": "Supplier financing arrangements Management reviews supplier financing arrangements to determine the appropriate presentation of balances outstanding as trade payables or borrowings, dependent on the nature of each arrangement. Factors considered in determining the appropriate presentation include the commercial rationale for the arrangement, impact on the Group\u2019s working capital positions, credit enhancements or other benefits provided to the bank and recourse exposures. Balances outstanding under the Group\u2019s supplier financing arrangements are classified as trade payables, and cash flows are included in operating cash flows, since the financing arrangements are agreed between the supplier and the banks, and the Group does not provide additional credit enhancement nor obtain any working capital benefit from the arrangements. Refer to Note 20. ", "dimensions": { "concept": "tescoplc:DescriptionOfAccountingPolicyForSupplierFinancingArrangements", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-746": { "value": "Insurance Classification of insurance contracts Contracts under which the Group accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder or other beneficiary if a specified uncertain future event (the insured event) adversely affects the policyholder or other beneficiary are classified as insurance contracts. These contracts remain insurance contracts until all rights and obligations are extinguished or expire. Insurance contracts may also transfer some financial risk. Level of aggregation The level of aggregation for the Group is determined firstly by dividing the business written into motor and home portfolios. Portfolios comprise groups of contracts with similar risks which are managed together. At initial recognition the Group assesses whether the motor and home portfolios are divided further into groups of contracts that are onerous, have no significant possibility of becoming onerous, or are neither. In determining the level of aggregation, the Group identifies a contract as the smallest \u2018unit\u2019, i.e. the lowest common denominator. No group for level of aggregation purposes shall contain contracts issued more than one year apart. The Group divides portfolios of reinsurance contracts held applying the same principles. Insurance contracts issued Insurance contract liabilities include both a liability for incurred claims (LIC), which represents outstanding claims and incurred but not reported claims and other incurred insurance expenses; and a liability for remaining coverage (LRC), which represents the Group\u2019s obligation for insured events related to the unexpired portion of the coverage period. The LRC is measured either using the general measurement model (GMM) or a simplified premium allocation approach (PAA). The Group applies the PAA to all insurance contracts issued since the acquisition of Tesco Underwriting (TU) in May 2021. The Group qualifies to use this approach as the coverage period of each contract in the group is one year or less. There is no allowance for the time value of money as the premiums are due within one year of the coverage period. The Group applies the GMM to all issued insurance contracts acquired on the acquisition of TU, as the settlement of these claims and their associated insurance risk will spread over multiple years. The Group has recognised an acquired claims liability as part of the LRC, which is measured at the probability-weighted average of discounted cash flows plus a risk adjustment for non-financial risk, plus any contractual service margin (CSM) if the fulfilment cash flows result in a net inflow. If the fulfilment cash flows result in a net outflow, an onerous loss is recognised in the Group income statement. The risk adjustment reflects the compensation that the Group requires for bearing uncertainty in respect of the amount and timing of the cash flows from non-financial risk, whilst the CSM represents the unearned profit in the contracts relating to services that will be provided under the contracts in the future. Commission payable to agents and other acquisition costs, which are incurred for acquiring new and renewal insurance business that is primarily related to the production of that business, are deferred and presented as part of the LRC. Such deferred acquisition costs are amortised over the period of insurance contract services on the basis of the passage of time. The carrying amount of the LRC measured under the GMM is updated at the end of each reporting period to reflect current estimates of the amounts, timing and uncertainty of future cash flows, as well as discount rates and other financial variables. The Group estimates the LIC as the discounted value of expected fulfilment cash flows related to incurred claims and other incurred insurance expenses, plus an explicit adjustment for non-financial risk. The fulfilment cash flows incorporate, in an unbiased way, all reasonable and supportable information available about the amount, timing and uncertainty of those future cash flows. Estimates of the present value of future cash flows reflect current expectations as at the end of the reporting period and are adjusted for events which have occurred since actuarial valuation. Future cash flows are assessed by reviewing individual claims data and making an allowance for claims incurred but not yet reported, adjusted for the effect on the claims incurred of both internal and external foreseeable events, such as changes in claims handling procedures, inflation, judicial trends, substantively enacted legislative changes and past experience and trends. Reinsurance The Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss potential through the diversification of its risks. Reinsurance ceded includes quota share, excess of loss and adverse development cover contracts. Reinsurance arrangements do not relieve the Group from its direct obligations to its policyholders. Only contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance contracts. Reinsurance assets include balances due from reinsurance companies for reinsurance claims. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsured policy. The Group applies the PAA to all reinsurance contracts that it holds, except for contracts held prior to the acquisition of TU. The PAA is applicable for all reinsurance contracts purchased since the acquisition of TU as the contracts either qualify automatically in having a coverage period of one year or less, or because there is no material difference in their measurement between the PAA and the GMM. Modification and derecognition of insurance and reinsurance contracts The Group derecognises insurance and reinsurance contracts when the rights and obligations relating to the contract are extinguished (i.e. discharged, cancelled or expired). When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification with the contract as an adjustment to the relevant LRC or asset for remaining coverage. Presentation of insurance contracts issued and reinsurance contracts held The Group classifies all insurance contract liabilities as current as it does not have the right to defer settlement beyond 12 months after the reporting date. The Group classifies its reinsurance portfolio as non-current as it does not reasonably expect to realise its reinsurance assets within 12 months of the reporting date. Insurance revenue The insurance revenue recognised is the amount of expected premium receipts allocated to the period. For insurance contracts issued after the acquisition of TU in May 2021, the Group allocates the expected premium receipts to each period of insurance contract services based on the passage of time. The insurance revenue recognised for insurance contracts acquired as part of the acquisition of TU comprises: \u2013 claims costs incurred in the period measured at the amounts expected at the beginning of the period; \u2013 changes in the risk adjustment for non-financial risk; and \u2013 the amount of the CSM recognised for services provided in the period. Insurance service expenses Insurance service expenses include total claims cost for the period, as well as all directly attributable insurance expenses. There are no acquisition costs for acquired claims. Insurance acquisition cash flows arising from the costs of selling, underwriting and starting a group of insurance contracts are allocated to insurance service expenses based on the passage of time. Net income or expenses from reinsurance contracts held The Group separately presents income or expenses from reinsurance contracts held from the expenses or income from insurance contracts issued. The Group presents the income or expenses from a group of reinsurance contracts held as a single amount. Insurance finance income and expenses Insurance finance income and expenses comprise the change in the carrying amount of the group of insurance contracts arising from the effect of the time value of money, financial risk and changes in financial risk. The impact of changes in market interest rates on the carrying value of insurance assets and liabilities is reflected in the Group statement of other comprehensive income in order to minimise accounting mismatches between the accounting for financial assets and insurance assets and liabilities. The Group\u2019s financial assets backing both the motor and home insurance portfolios are predominantly measured at fair value through other comprehensive income. The amount of insurance finance income and expenses recognised in the Group income statement is calculated using the discount rate curve determined at the date of the incurred claim. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-828": { "value": "Commission payable to agents and other acquisition costs, which are incurred for acquiring new and renewal insurance business that is primarily related to the production of that business, are deferred and presented as part of the LRC. Such deferred acquisition costs are amortised over the period of insurance contract services on the basis of the passage of time. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-792": { "value": "Reinsurance The Group cedes reinsurance in the normal course of business for the purpose of limiting its net loss potential through the diversification of its risks. Reinsurance ceded includes quota share, excess of loss and adverse development cover contracts. Reinsurance arrangements do not relieve the Group from its direct obligations to its policyholders. Only contracts that give rise to a significant transfer of insurance risk are accounted for as reinsurance contracts. Reinsurance assets include balances due from reinsurance companies for reinsurance claims. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsured policy. The Group applies the PAA to all reinsurance contracts that it holds, except for contracts held prior to the acquisition of TU. The PAA is applicable for all reinsurance contracts purchased since the acquisition of TU as the contracts either qualify automatically in having a coverage period of one year or less, or because there is no material difference in their measurement between the PAA and the GMM. Modification and derecognition of insurance and reinsurance contracts The Group derecognises insurance and reinsurance contracts when the rights and obligations relating to the contract are extinguished (i.e. discharged, cancelled or expired). When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification with the contract as an adjustment to the relevant LRC or asset for remaining coverage. Presentation of insurance contracts issued and reinsurance contracts held The Group classifies all insurance contract liabilities as current as it does not have the right to defer settlement beyond 12 months after the reporting date. The Group classifies its reinsurance portfolio as non-current as it does not reasonably expect to realise its reinsurance assets within 12 months of the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-829": { "value": "Reinsurance assets include balances due from reinsurance companies for reinsurance claims. Amounts recoverable from reinsurers are estimated in a manner consistent with the outstanding claims provision or settled claims associated with the reinsured policy. The Group applies the PAA to all reinsurance contracts that it holds, except for contracts held prior to the acquisition of TU. The PAA is applicable for all reinsurance contracts purchased since the acquisition of TU as the contracts either qualify automatically in having a coverage period of one year or less, or because there is no material difference in their measurement between the PAA and the GMM. Modification and derecognition of insurance and reinsurance contracts The Group derecognises insurance and reinsurance contracts when the rights and obligations relating to the contract are extinguished (i.e. discharged, cancelled or expired). When a modification is not treated as a derecognition, the Group recognises amounts paid or received for the modification with the contract as an adjustment to the relevant LRC or asset for remaining coverage. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-747": { "value": "Alternative performance measures (APMs) In the reporting of financial information, the Directors have adopted various APMs. Refer to the Glossary for a full list of the Group\u2019s APMs, including comprehensive definitions, their purpose, reconciliations to IFRS measures and details of any changes to APMs. ", "dimensions": { "concept": "tescoplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMs", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-748": { "value": "Judgements and sources of estimation uncertainty The preparation of the consolidated Group financial statements requires management to make judgements, estimates and assumptions in applying the Group\u2019s accounting policies to determine the reported amounts of assets, 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. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, with revisions to accounting estimates applied prospectively. Critical accounting judgements Critical judgements, apart from those involving estimations, which are applied in the preparation of the consolidated Group financial statements are discussed below: Leases Management exercises judgement in determining the likelihood of exercising break or extension options in determining the lease term. Break and extension options are included to provide operational flexibility should the economic outlook for an asset be different to expectations, and hence at commencement of the lease, break or extension options are not typically considered reasonably certain to be exercised, unless there is a valid business reason otherwise. The discount rate used to calculate the lease liability is the rate implicit in the lease, if it can be readily determined, or the lessee\u2019s incremental borrowing rate if not. Management uses the rate implicit in the lease where the lessor is a related party (such as leases from joint ventures) and the lessee\u2019s incremental borrowing rate for all other leases. Incremental borrowing rates are determined monthly and depend on the term, country, currency and start date of the lease. The incremental borrowing rate is determined based on a series of inputs including: the risk-free rate based on government bond rates; a country-specific risk adjustment; a credit risk adjustment based on Tesco bond yields; and an entity-specific adjustment where the entity risk profile is different to that of the Group. Refer to Note 13 for additional disclosures relating to leases. Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 14. APMs \u2013 Adjusting items Adjusting items relate to certain costs or incomes that derive from events or transactions that fall within the normal activities of the Group but which, individually or, if of a similar type, in aggregate, are excluded from the Group\u2019s APMs by virtue of their size and nature in order to provide a helpful alternative perspective of the year-on-year trends, performance and position of the Group\u2019s trading business that is more comparable over time. This alternative view is consistent with how management views the business, and how it is reported internally to the Board and Executive Committee for performance analysis, planning, reporting, decision-making and incentive-setting purposes. Management exercises judgement in determining the adjustments to apply to IFRS measurements, and this assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. Reversals of previous adjusting items are assessed based on the same criteria to ensure an even-handed treatment of gains and losses. The amount and timing of adjusting items can be unpredictable and subject to a higher level of scrutiny by users of the accounts. Adjusting items can include, but are not limited to: litigation costs; certain impairment charges and reversals; property transactions such as disposals; amortisation of acquired intangibles; changes in uncertain tax positions; restructuring and redundancy costs; profits or losses on disposal of businesses; net pension finance costs; and fair value remeasurements of financial instruments. The tax effect of such items is also classified as adjusting. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. An analysis of the adjusting items included in the Group income statement, together with the impact of these items on the Group cash flow statement, is disclosed in Note 5. Refer to pages 228 to 234 for further details on the Group\u2019s APMs. Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension cost/(income). Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 29. Impairment of non-financial assets The Group evaluates non-current assets for impairment as set out in Note 15. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 15. Other significant estimates Other estimates for which management believes there is a limited risk of a material change in the amounts recognised or disclosed in the next financial year are discussed below: Commercial income Management is required to make estimates in determining the amount and timing of recognition of commercial income for some transactions with suppliers. In determining the amount of volume- related allowances recognised in any period, management estimates the probability that the Group will meet contractual target volumes, based on historical and forecast performance. There is limited estimation involved in recognising income for promotional and other allowances. Management assesses its performance against the obligations conditional on earning the income, with the income recognised either over time as the obligations are met, or recognised at the point when all obligations are met, dependent on the contractual requirements. Management views that the cost of inventories sold (which is inclusive of commercial income) provides a consistent and complete measure of the Group income statement impact of the overall supplier relationships. Management considers the best indicator of the estimation undertaken is by reference to commercial income balances not settled at the balance sheet date, and has therefore provided additional disclosures of commercial income amounts reflected in the Group balance sheet. Refer to Note 21 for commercial income disclosures.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-883": { "value": "Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 14. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-882": { "value": "Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-868": { "value": "Joint ventures and associates The Group has assessed the nature of its joint arrangements under IFRS 11 \u2018Joint arrangements\u2019 and determined them to be joint ventures. These assessments required the exercise of judgement as set out in Note 14. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-830": { "value": "APMs \u2013 Adjusting items Adjusting items relate to certain costs or incomes that derive from events or transactions that fall within the normal activities of the Group but which, individually or, if of a similar type, in aggregate, are excluded from the Group\u2019s APMs by virtue of their size and nature in order to provide a helpful alternative perspective of the year-on-year trends, performance and position of the Group\u2019s trading business that is more comparable over time. This alternative view is consistent with how management views the business, and how it is reported internally to the Board and Executive Committee for performance analysis, planning, reporting, decision-making and incentive-setting purposes. Management exercises judgement in determining the adjustments to apply to IFRS measurements, and this assessment covers the nature of the item, cause of occurrence and the scale of impact of that item on reported performance and individual financial statement line items, as well as consistency with prior periods. Reversals of previous adjusting items are assessed based on the same criteria to ensure an even-handed treatment of gains and losses. The amount and timing of adjusting items can be unpredictable and subject to a higher level of scrutiny by users of the accounts. Adjusting items can include, but are not limited to: litigation costs; certain impairment charges and reversals; property transactions such as disposals; amortisation of acquired intangibles; changes in uncertain tax positions; restructuring and redundancy costs; profits or losses on disposal of businesses; net pension finance costs; and fair value remeasurements of financial instruments. The tax effect of such items is also classified as adjusting. The Group income statement is presented in a columnar format to enable users of the accounts to see the Group\u2019s performance before adjusting items, the adjusting items, and the statutory total on a line-by-line basis. An analysis of the adjusting items included in the Group income statement, together with the impact of these items on the Group cash flow statement, is disclosed in Note 5. Refer to pages 228 to 234 for further details on the Group\u2019s APMs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-831": { "value": "Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension cost/(income). Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 29. Impairment of non-financial assets The Group evaluates non-current assets for impairment as set out in Note 15. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-793": { "value": "Key sources of estimation uncertainty The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end, that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below: Post-employment benefit obligations The present value of post-employment benefit obligations is determined on an actuarial basis using various assumptions, including the discount rate, inflation rate and mortality assumptions. Any changes in these assumptions will impact the carrying amount as well as the net pension cost/(income). Key assumptions and sensitivities for post-employment benefit obligations are disclosed in Note 29. Impairment of non-financial assets The Group evaluates non-current assets for impairment as set out in Note 15. The key assumptions and estimates to which the recoverable amounts are most sensitive, the methodology for calculating them and sensitivities are also disclosed in Note 15. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-749": { "value": "
Note 2 Segmental reporting
The Group\u2019s operating segments are determined based on the Group\u2019s organisational structure and
internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined
to be the Group Chief Executive, with support from the Executive Committee, as the function
primarily responsible for the allocation of resources to segments and assessment of performance
of the segments.
As a result of the disposal of the Group\u2019s Banking operations, the Group\u2019s organisational structure and
internal reporting to the CODM have changed and Tesco Bank is no longer presented as a separate
reportable segment. The remaining Insurance and Money Services business, previously part of the
Tesco Bank segment, is now reported as part of the UK business within the UK & ROI segment. The
comparative segmental disclosures have been restated.
The activities of the Group are presented in the following reportable segments:
\u2013 UK & ROI \u2013 the United Kingdom and Republic of Ireland; and
\u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia.
The CODM uses adjusted operating profit, as reviewed at periodic Executive Committee meetings,
as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance and
aids comparability over time. Adjusted operating profit is a consistent measure within the Group as
defined within the Glossary. Refer to Note 5 for adjusting items. Inter-segment revenue is not material.
Income statement
The segment results and the reconciliation of the segment measures to the respective statutory items
included in the Group income statement are as follows:
Continuing Continuing
operations operations
Central at constant Foreign at actual
52 weeks ended 22 February 2025
UK & ROI
Europe exchange exchange exchange
At constant exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
65,667
4,580
70,247
(331)
69,916
Less: Fuel sales
(6,133)
(155)
(6,288)
8
(6,280)
Sales
59,534
4,425
63,959
(323)
63,636
Adjusted operating profit
3,022
116
3,138
(10)
3,128
Adjusting items
5
(287)
(137)
(424)
7
(417)
Operating profit
2,735
(21)
2,714
(3)
2,711
Adjusted operating margin
4.6%
2.5%
4.5%
4.5%
Included within the UK & ROI segment is \u00a3155m (2024: \u00a369m) of adjusted operating profit related to the
Insurance and Money Services business. After adjusting items of \u00a3(14)m (2024: \u00a3(3)m), operating profit
is \u00a3141m (2024: \u00a366m).
Continuing
operations
Central at actual
52 weeks ended 22 February 2025
UK & ROI
Europe exchange
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue
3
65,583
4,333
69,916
Less: Fuel sales
(6,133)
(147)
(6,280)
Sales
59,450
4,186
63,636
Adjusted operating profit
3,016
112
3,128
Adjusting items
5
(287)
(130)
(417)
Operating profit
2,729
(18)
2,711
Adjusted operating margin
4.6%
2.6%
4.5%
Share of post-tax profit/(loss) of joint ventures and associates
14
(4)
Finance income
6
254
Finance costs
6
(746)
Profit/(loss) before tax
2,215
Continuing
operations
UK & ROI Central at actual
52 weeks ended 24 February 2024 (restated*) Europe exchange
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue
3
63,691
4,496
68,187
Less: Fuel sales
(6,536)
(174)
(6,710)
Sales
57,155
4,322
61,477
Adjusted operating profit
2,739
90
2,829
Adjusting items
5
16
(24)
(8)
Operating profit
2,755
66
2,821
Adjusted operating margin
4.3%
2.0%
4.1%
Share of post-tax profit/(loss) of joint ventures and associates
14
6
Finance income
6
267
Finance costs
6
(805)
Profit/(loss) before tax
2,289
* Comparatives have been restated to reflect the reclassification of Insurance and Money Services from the former Tesco Bank
segment to the UK & ROI segment.
Other segment information
The tables below show the Group\u2019s total capital expenditure, depreciation and amortisation for
continuing operations:
Central Total
UK & ROI Europe segments
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through business
combinations):
Property, plant and equipment
(a)
1,264
98
1,362
Goodwill and other intangible assets
(b)
332
10
342
Depreciation and amortisation:
Property, plant and equipment
(850)
(87)
(937)
Right of use assets
(501)
(49)
(550)
Other intangible assets
(276)
(11)
(287)
(a) Includes \u00a31m (2024: \u00a3nil) of property, plant and equipment acquired through business combinations. The prior year includes \u00a365m
of land and buildings related to obtaining control of The Tesco Coral Limited Partnership.
(b) Includes \u00a356m (2024: \u00a317m) of goodwill and other intangible assets acquired through business combinations.
UK & ROI Central Total
(restated
(c)
)
Europe segments
52 weeks ended 24 February 2024
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through business
combinations):
Property, plant and equipment
(a)
1,099
99
1,198
Goodwill and other intangible
assets
(b)
258
12
270
Depreciation and amortisation:
Property, plant and equipment
(810)
(86)
(896)
Right of use assets
(497)
(46)
(543)
Other intangible assets
(243)
(12)
(255)
(a)-(b) Refer to previous table for footnotes.
(c) Comparatives have been restated to reflect the reclassification of Insurance and Money Services from the former Tesco Bank
segment to the UK & ROI segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-875": { "value": "Note 2 Segmental reporting The Group\u2019s operating segments are determined based on the Group\u2019s organisational structure and internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be the Group Chief Executive, with support from the Executive Committee, as the function primarily responsible for the allocation of resources to segments and assessment of performance of the segments. As a result of the disposal of the Group\u2019s Banking operations, the Group\u2019s organisational structure and internal reporting to the CODM have changed and Tesco Bank is no longer presented as a separate reportable segment. The remaining Insurance and Money Services business, previously part of the Tesco Bank segment, is now reported as part of the UK business within the UK & ROI segment. The comparative segmental disclosures have been restated. The activities of the Group are presented in the following reportable segments: \u2013 UK & ROI \u2013 the United Kingdom and Republic of Ireland; and \u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia. The CODM uses adjusted operating profit, as reviewed at periodic Executive Committee meetings, as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance and aids comparability over time. Adjusted operating profit is a consistent measure within the Group as defined within the Glossary. Refer to Note 5 for adjusting items. Inter-segment revenue is not material. Income statement The segment results and the reconciliation of the segment measures to the respective statutory items included in the Group income statement are as follows:
Continuing Continuing
operations operations
Central at constant Foreign at actual
52 weeks ended 22 February 2025
UK & ROI
Europe exchange exchange exchange
At constant exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
65,667
4,580
70,247
(331)
69,916
Less: Fuel sales
(6,133)
(155)
(6,288)
8
(6,280)
Sales
59,534
4,425
63,959
(323)
63,636
Adjusted operating profit
3,022
116
3,138
(10)
3,128
Adjusting items
5
(287)
(137)
(424)
7
(417)
Operating profit
2,735
(21)
2,714
(3)
2,711
Adjusted operating margin
4.6%
2.5%
4.5%
4.5%
Included within the UK & ROI segment is \u00a3155m (2024: \u00a369m) of adjusted operating profit related to the Insurance and Money Services business. After adjusting items of \u00a3(14)m (2024: \u00a3(3)m), operating profit is \u00a3141m (2024: \u00a366m).
Continuing
operations
Central at actual
52 weeks ended 22 February 2025
UK & ROI
Europe exchange
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue
3
65,583
4,333
69,916
Less: Fuel sales
(6,133)
(147)
(6,280)
Sales
59,450
4,186
63,636
Adjusted operating profit
3,016
112
3,128
Adjusting items
5
(287)
(130)
(417)
Operating profit
2,729
(18)
2,711
Adjusted operating margin
4.6%
2.6%
4.5%
Share of post-tax profit/(loss) of joint ventures and associates
14
(4)
Finance income
6
254
Finance costs
6
(746)
Profit/(loss) before tax
2,215
Continuing
operations
UK & ROI Central at actual
52 weeks ended 24 February 2024 (restated*) Europe exchange
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue
3
63,691
4,496
68,187
Less: Fuel sales
(6,536)
(174)
(6,710)
Sales
57,155
4,322
61,477
Adjusted operating profit
2,739
90
2,829
Adjusting items
5
16
(24)
(8)
Operating profit
2,755
66
2,821
Adjusted operating margin
4.3%
2.0%
4.1%
Share of post-tax profit/(loss) of joint ventures and associates
14
6
Finance income
6
267
Finance costs
6
(805)
Profit/(loss) before tax
2,289
* Comparatives have been restated to reflect the reclassification of Insurance and Money Services from the former Tesco Bank segment to the UK & ROI segment. Other segment information The tables below show the Group\u2019s total capital expenditure, depreciation and amortisation for continuing operations:
Central Total
UK & ROI Europe segments
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through business
combinations):
Property, plant and equipment
(a)
1,264
98
1,362
Goodwill and other intangible assets
(b)
332
10
342
Depreciation and amortisation:
Property, plant and equipment
(850)
(87)
(937)
Right of use assets
(501)
(49)
(550)
Other intangible assets
(276)
(11)
(287)
(a) Includes \u00a31m (2024: \u00a3nil) of property, plant and equipment acquired through business combinations. The prior year includes \u00a365m of land and buildings related to obtaining control of The Tesco Coral Limited Partnership. (b) Includes \u00a356m (2024: \u00a317m) of goodwill and other intangible assets acquired through business combinations.
UK & ROI Central Total
(restated
(c)
)
Europe segments
52 weeks ended 24 February 2024
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through business
combinations):
Property, plant and equipment
(a)
1,099
99
1,198
Goodwill and other intangible
assets
(b)
258
12
270
Depreciation and amortisation:
Property, plant and equipment
(810)
(86)
(896)
Right of use assets
(497)
(46)
(543)
Other intangible assets
(243)
(12)
(255)
(a)-(b) Refer to previous table for footnotes. (c) Comparatives have been restated to reflect the reclassification of Insurance and Money Services from the former Tesco Bank segment to the UK & ROI segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-854": { "value": "Note 2 Segmental reporting The Group\u2019s operating segments are determined based on the Group\u2019s organisational structure and internal reporting to the Chief Operating Decision Maker (CODM). The CODM has been determined to be the Group Chief Executive, with support from the Executive Committee, as the function primarily responsible for the allocation of resources to segments and assessment of performance of the segments. As a result of the disposal of the Group\u2019s Banking operations, the Group\u2019s organisational structure and internal reporting to the CODM have changed and Tesco Bank is no longer presented as a separate reportable segment. The remaining Insurance and Money Services business, previously part of the Tesco Bank segment, is now reported as part of the UK business within the UK & ROI segment. The comparative segmental disclosures have been restated. The activities of the Group are presented in the following reportable segments: \u2013 UK & ROI \u2013 the United Kingdom and Republic of Ireland; and \u2013 Central Europe \u2013 Czech Republic, Hungary and Slovakia. The CODM uses adjusted operating profit, as reviewed at periodic Executive Committee meetings, as the key measure of the segments\u2019 results as it reflects the segments\u2019 trading performance and aids comparability over time. Adjusted operating profit is a consistent measure within the Group as defined within the Glossary. Refer to Note 5 for adjusting items. Inter-segment revenue is not material. Income statement The segment results and the reconciliation of the segment measures to the respective statutory items included in the Group income statement are as follows:
Continuing Continuing
operations operations
Central at constant Foreign at actual
52 weeks ended 22 February 2025
UK & ROI
Europe exchange exchange exchange
At constant exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
65,667
4,580
70,247
(331)
69,916
Less: Fuel sales
(6,133)
(155)
(6,288)
8
(6,280)
Sales
59,534
4,425
63,959
(323)
63,636
Adjusted operating profit
3,022
116
3,138
(10)
3,128
Adjusting items
5
(287)
(137)
(424)
7
(417)
Operating profit
2,735
(21)
2,714
(3)
2,711
Adjusted operating margin
4.6%
2.5%
4.5%
4.5%
Included within the UK & ROI segment is \u00a3155m (2024: \u00a369m) of adjusted operating profit related to the Insurance and Money Services business. After adjusting items of \u00a3(14)m (2024: \u00a3(3)m), operating profit is \u00a3141m (2024: \u00a366m).
Continuing
operations
Central at actual
52 weeks ended 22 February 2025
UK & ROI
Europe exchange
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue
3
65,583
4,333
69,916
Less: Fuel sales
(6,133)
(147)
(6,280)
Sales
59,450
4,186
63,636
Adjusted operating profit
3,016
112
3,128
Adjusting items
5
(287)
(130)
(417)
Operating profit
2,729
(18)
2,711
Adjusted operating margin
4.6%
2.6%
4.5%
Share of post-tax profit/(loss) of joint ventures and associates
14
(4)
Finance income
6
254
Finance costs
6
(746)
Profit/(loss) before tax
2,215
Continuing
operations
UK & ROI Central at actual
52 weeks ended 24 February 2024 (restated*) Europe exchange
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue
3
63,691
4,496
68,187
Less: Fuel sales
(6,536)
(174)
(6,710)
Sales
57,155
4,322
61,477
Adjusted operating profit
2,739
90
2,829
Adjusting items
5
16
(24)
(8)
Operating profit
2,755
66
2,821
Adjusted operating margin
4.3%
2.0%
4.1%
Share of post-tax profit/(loss) of joint ventures and associates
14
6
Finance income
6
267
Finance costs
6
(805)
Profit/(loss) before tax
2,289
* Comparatives have been restated to reflect the reclassification of Insurance and Money Services from the former Tesco Bank segment to the UK & ROI segment. Other segment information The tables below show the Group\u2019s total capital expenditure, depreciation and amortisation for continuing operations:
Central Total
UK & ROI Europe segments
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through business
combinations):
Property, plant and equipment
(a)
1,264
98
1,362
Goodwill and other intangible assets
(b)
332
10
342
Depreciation and amortisation:
Property, plant and equipment
(850)
(87)
(937)
Right of use assets
(501)
(49)
(550)
Other intangible assets
(276)
(11)
(287)
(a) Includes \u00a31m (2024: \u00a3nil) of property, plant and equipment acquired through business combinations. The prior year includes \u00a365m of land and buildings related to obtaining control of The Tesco Coral Limited Partnership. (b) Includes \u00a356m (2024: \u00a317m) of goodwill and other intangible assets acquired through business combinations.
UK & ROI Central Total
(restated
(c)
)
Europe segments
52 weeks ended 24 February 2024
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through business
combinations):
Property, plant and equipment
(a)
1,099
99
1,198
Goodwill and other intangible
assets
(b)
258
12
270
Depreciation and amortisation:
Property, plant and equipment
(810)
(86)
(896)
Right of use assets
(497)
(46)
(543)
Other intangible assets
(243)
(12)
(255)
(a)-(b) Refer to previous table for footnotes. (c) Comparatives have been restated to reflect the reclassification of Insurance and Money Services from the former Tesco Bank segment to the UK & ROI segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-794": { "value": "Income statement The segment results and the reconciliation of the segment measures to the respective statutory items included in the Group income statement are as follows:
Continuing Continuing
operations operations
Central at constant Foreign at actual
52 weeks ended 22 February 2025
UK & ROI
Europe exchange exchange exchange
At constant exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Revenue
3
65,667
4,580
70,247
(331)
69,916
Less: Fuel sales
(6,133)
(155)
(6,288)
8
(6,280)
Sales
59,534
4,425
63,959
(323)
63,636
Adjusted operating profit
3,022
116
3,138
(10)
3,128
Adjusting items
5
(287)
(137)
(424)
7
(417)
Operating profit
2,735
(21)
2,714
(3)
2,711
Adjusted operating margin
4.6%
2.5%
4.5%
4.5%
Included within the UK & ROI segment is \u00a3155m (2024: \u00a369m) of adjusted operating profit related to the Insurance and Money Services business. After adjusting items of \u00a3(14)m (2024: \u00a3(3)m), operating profit is \u00a3141m (2024: \u00a366m).
Continuing
operations
Central at actual
52 weeks ended 22 February 2025
UK & ROI
Europe exchange
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue
3
65,583
4,333
69,916
Less: Fuel sales
(6,133)
(147)
(6,280)
Sales
59,450
4,186
63,636
Adjusted operating profit
3,016
112
3,128
Adjusting items
5
(287)
(130)
(417)
Operating profit
2,729
(18)
2,711
Adjusted operating margin
4.6%
2.6%
4.5%
Share of post-tax profit/(loss) of joint ventures and associates
14
(4)
Finance income
6
254
Finance costs
6
(746)
Profit/(loss) before tax
2,215
Continuing
operations
UK & ROI Central at actual
52 weeks ended 24 February 2024 (restated*) Europe exchange
At actual exchange rates
Notes
\u00a3m
\u00a3m
\u00a3m
Revenue
3
63,691
4,496
68,187
Less: Fuel sales
(6,536)
(174)
(6,710)
Sales
57,155
4,322
61,477
Adjusted operating profit
2,739
90
2,829
Adjusting items
5
16
(24)
(8)
Operating profit
2,755
66
2,821
Adjusted operating margin
4.3%
2.0%
4.1%
Share of post-tax profit/(loss) of joint ventures and associates
14
6
Finance income
6
267
Finance costs
6
(805)
Profit/(loss) before tax
2,289
* Comparatives have been restated to reflect the reclassification of Insurance and Money Services from the former Tesco Bank segment to the UK & ROI segment.
Note 3 Revenue
52 weeks
52 weeks
2025
2024
Continuing operations
Notes
\u00a3m
\u00a3m
UK
53,619
51,718
ROI
2,974
2,891
Booker
8,990
9,082
UK & ROI
2
65,583
63,691
Hungary
1,445
1,512
Czech Republic
1,471
1,554
Slovakia
1,417
1,430
Central Europe
2
4,333
4,496
Total Group
2
69,916
68,187
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-795": { "value": "Other segment information The tables below show the Group\u2019s total capital expenditure, depreciation and amortisation for continuing operations:
Central Total
UK & ROI Europe segments
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through business
combinations):
Property, plant and equipment
(a)
1,264
98
1,362
Goodwill and other intangible assets
(b)
332
10
342
Depreciation and amortisation:
Property, plant and equipment
(850)
(87)
(937)
Right of use assets
(501)
(49)
(550)
Other intangible assets
(276)
(11)
(287)
(a) Includes \u00a31m (2024: \u00a3nil) of property, plant and equipment acquired through business combinations. The prior year includes \u00a365m of land and buildings related to obtaining control of The Tesco Coral Limited Partnership. (b) Includes \u00a356m (2024: \u00a317m) of goodwill and other intangible assets acquired through business combinations.
UK & ROI Central Total
(restated
(c)
)
Europe segments
52 weeks ended 24 February 2024
\u00a3m
\u00a3m
\u00a3m
Capital expenditure (including acquisitions through business
combinations):
Property, plant and equipment
(a)
1,099
99
1,198
Goodwill and other intangible
assets
(b)
258
12
270
Depreciation and amortisation:
Property, plant and equipment
(810)
(86)
(896)
Right of use assets
(497)
(46)
(543)
Other intangible assets
(243)
(12)
(255)
(a)-(b) Refer to previous table for footnotes. (c) Comparatives have been restated to reflect the reclassification of Insurance and Money Services from the former Tesco Bank segment to the UK & ROI segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-855": { "value": "Note 4 Operating expenses Auditor\u2019s remuneration
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company and Group financial statements
4.1
4.3
The audit of the accounts of the Company\u2019s subsidiaries
10.8
10.4
Total audit services
14.9
14.7
Audit-related assurance services
0.9
0.9
Non-audit services
0.8
0.3
Total non-audit services
1.7
1.2
Total auditor\u2019s remuneration
16.6
15.9
Audit-related assurance services of \u00a30.9m (2024: \u00a30.9m) comprise: review of the Group\u2019s interim report \u00a30.6m (2024: \u00a30.6m) and other services \u00a30.3m (2024: \u00a30.3m). In addition to the amounts shown above, the auditor received fees of \u00a30.2m (2024: \u00a30.3m) for the audit of the main Group pension schemes, and fees of \u00a30.5m (2024: \u00a30.4m) for the audit of joint ventures. Non-audit services are subject to approval by the Chief Audit and Risk Officer and the Audit Committee. Additional information on the non-audit services provided by the auditor is provided in the Audit Committee report on page 88, including how objectivity and independence are safeguarded. Employment costs, including Directors\u2019 remuneration
52 weeks
52 weeks
2025
2024
Notes
\u00a3m
\u00a3m
Wages and salaries
7,473
6,999
Social security costs
609
548
Post-employment defined benefit charges
29
17
15
Post-employment defined contribution charges
29
454
415
Share-based payments expense
28
136
128
Termination benefits
37
56
Total
8,726
8,161
Less: Discontinued operations
(110)
(157)
Total continuing operations
8,616
8,004
Post-employment defined contribution charges include \u00a3181m (2024: \u00a3166m) of salaries paid as pension contributions. The table below shows the average number of employees by segment during the financial year.
Average number of Average number of full-time
employees equivalents
2025
2024
2025
2024
(restated
(a)
)
(restated
(a)
)
UK & ROI
318,756
313,033
208,650
203,107
Central Europe
22,352
22,359
20,490
20,529
Total continuing operations
341,108
335,392
229,140
223,636
Discontinued operations
(b)
2,363
2,126
2,253
2,023
(a) Comparatives for UK & ROI have been restated to include employees of the continuing Insurance and Money Services business, previously part of the Tesco Bank segment. Refer to Note 2. (b) Discontinued operations for the current year represents the average for eight months to the date of disposal of Banking operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-796": { "value": "
Auditor\u2019s remuneration
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Fees payable to the Company\u2019s auditor and its associates for the audit of the
Company and Group financial statements
4.1
4.3
The audit of the accounts of the Company\u2019s subsidiaries
10.8
10.4
Total audit services
14.9
14.7
Audit-related assurance services
0.9
0.9
Non-audit services
0.8
0.3
Total non-audit services
1.7
1.2
Total auditor\u2019s remuneration
16.6
15.9
Audit-related assurance services of \u00a30.9m (2024: \u00a30.9m) comprise: review of the Group\u2019s interim
report \u00a30.6m (2024: \u00a30.6m) and other services \u00a30.3m (2024: \u00a30.3m). In addition to the amounts shown
above, the auditor received fees of \u00a30.2m (2024: \u00a30.3m) for the audit of the main Group pension
schemes, and fees of \u00a30.5m (2024: \u00a30.4m) for the audit of joint ventures. Non-audit services are
subject to approval by the Chief Audit and Risk Officer and the Audit Committee. Additional
information on the non-audit services provided by the auditor is provided in the Audit Committee
report on page 88, including how objectivity and independence are safeguarded.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-797": { "value": "
Employment costs, including Directors\u2019 remuneration
52 weeks
52 weeks
2025
2024
Notes
\u00a3m
\u00a3m
Wages and salaries
7,473
6,999
Social security costs
609
548
Post-employment defined benefit charges
29
17
15
Post-employment defined contribution charges
29
454
415
Share-based payments expense
28
136
128
Termination benefits
37
56
Total
8,726
8,161
Less: Discontinued operations
(110)
(157)
Total continuing operations
8,616
8,004
Post-employment defined contribution charges include \u00a3181m (2024: \u00a3166m) of salaries paid as
pension contributions.
The table below shows the average number of employees by segment during the financial year.
Average number of Average number of full-time
employees equivalents
2025
2024
2025
2024
(restated
(a)
)
(restated
(a)
)
UK & ROI
318,756
313,033
208,650
203,107
Central Europe
22,352
22,359
20,490
20,529
Total continuing operations
341,108
335,392
229,140
223,636
Discontinued operations
(b)
2,363
2,126
2,253
2,023
(a) Comparatives for UK & ROI have been restated to include employees of the continuing Insurance and Money Services business,
previously part of the Tesco Bank segment. Refer to Note 2.
(b) Discontinued operations for the current year represents the average for eight months to the date of disposal of Banking operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-832": { "value": "Employment costs, including Directors\u2019 remuneration
52 weeks
52 weeks
2025
2024
Notes
\u00a3m
\u00a3m
Wages and salaries
7,473
6,999
Social security costs
609
548
Post-employment defined benefit charges
29
17
15
Post-employment defined contribution charges
29
454
415
Share-based payments expense
28
136
128
Termination benefits
37
56
Total
8,726
8,161
Less: Discontinued operations
(110)
(157)
Total continuing operations
8,616
8,004
Post-employment defined contribution charges include \u00a3181m (2024: \u00a3166m) of salaries paid as pension contributions. The table below shows the average number of employees by segment during the financial year.
Average number of Average number of full-time
employees equivalents
2025
2024
2025
2024
(restated
(a)
)
(restated
(a)
)
UK & ROI
318,756
313,033
208,650
203,107
Central Europe
22,352
22,359
20,490
20,529
Total continuing operations
341,108
335,392
229,140
223,636
Discontinued operations
(b)
2,363
2,126
2,253
2,023
(a) Comparatives for UK & ROI have been restated to include employees of the continuing Insurance and Money Services business, previously part of the Tesco Bank segment. Refer to Note 2. (b) Discontinued operations for the current year represents the average for eight months to the date of disposal of Banking operations.
Note 29 Post-employment benefits
Pensions
The Group operates a variety of post-employment benefit arrangements, covering both funded and
unfunded defined benefit schemes and defined contribution schemes.
Defined contribution
Defined contribution schemes are open to all Tesco employees in the UK and ROI.
Under the Group\u2019s defined contribution pension schemes, employees of the Group pay contributions
to an independently administered fund, into which the Group also pays contributions based upon a
fixed percentage of the employee\u2019s contributions. The Group has no further payment obligations once
its contributions have been paid. Contributions paid for defined contribution schemes in continuing
operations of \u00a3454m (2024: \u00a3415m) have been recognised in the Group income statement. This
includes \u00a3181m (2024: \u00a3166m) of salaries paid as pension contributions.
Defined benefit schemes
The Group has a defined benefit pension deficit of \u00a3307m (2024: \u00a3657m), and a defined benefit
pension surplus of \u00a356m (2024: \u00a322m), comprising a number of schemes. The most significant
schemes are for the Group\u2019s employees in the UK and ROI, which are closed to future accrual.
The defined benefit pension deficit in the UK represents 122% (2024: 104%) of the net Group deficit.
United Kingdom
The principal scheme within the Group is the Tesco PLC Pension Scheme (the Scheme), the assets of
which are held as a segregated fund and administered by the Trustee.
The Scheme is established under trust law and has a corporate trustee (the Trustee) that is required
to run the Scheme in accordance with the Scheme\u2019s Trust Deed and Rules and to comply with all
relevant legislation. Responsibility for the governance of the Scheme lies with the Trustee. The Trustee
is a company whose directors comprise:
1. representatives of the Group;
2. independent trustees; and
3. representatives of the Scheme participants, in accordance with its articles of association and
UK pension law.
On completion of a comprehensive strategic review of the Scheme\u2019s long-term needs, the Trustee
appointed Schroders with effect from 28 June 2024 as the Scheme\u2019s principal Outsourced Chief
Investment Officer (OCIO), under an investment management agreement. Schroders works with the
Trustee to implement the Scheme\u2019s investment strategy and deliver security for the Scheme\u2019s members.
As set out in the Annual Report and Group financial statements for 2024, the Group has continued to
monitor the Virgin Media vs NTL Pension Trustees and other related court cases. Following the Court
of Appeal\u2019s decision to uphold the ruling of the High Court against Virgin Media, the Group has
continued to assess the extent to which the defined benefit schemes may be impacted by the
outcome of these cases. For the Group\u2019s main scheme (Tesco PLC Pension Scheme), there are no
findings from the work undertaken to date that would require any adjustment to the Group\u2019s financial
statements. Work is ongoing with regards to the smaller schemes within the UK (Booker & Budgens),
however given their comparable size, the Group does not anticipate any material findings.
Management will continue to monitor developments of the associated court cases and will assess any
change in risk and potential impact on the Group as required.
Scheme funding
The Group considers two measures of the pension surplus/deficit. The accounting position is shown
on the Group balance sheet. The funding position, calculated at the triennial funding valuation, is used
to agree contributions made to the schemes. The two measures will vary because they are for
different purposes and are calculated at different dates and in different ways. The key calculation
difference is that the funding position considers the expected returns of scheme assets when
calculating the liability, whereas the accounting position calculated under IAS 19 discounts liabilities
based on high quality corporate bond yields.
The most recent completed triennial funding valuation of the Scheme was performed as at 31 March
2022 using the projected unit credit method. The funding position was a surplus of \u00a30.9bn. The
Scheme remained in a funding surplus as at 22 February 2025.
Subsequent to this triennial funding valuation it was agreed that no further pension deficit
contributions would be required, with contributions next expected to be assessed at the 31 March
2025 triennial review. The Group paid \u00a317m per annum (2024: \u00a317m) to meet expenses of the Scheme,
including the Pension Protection Fund levy.
The most recent triennial funding valuation of the Booker Pension Scheme showed a deficit of \u00a349m at
31 March 2024, with agreement for the current deficit contributions of \u00a317m per annum to reduce to
\u00a35m per annum from April 2026. The most recent triennial funding valuation of the Budgens Pension
Scheme showed a surplus of \u00a32m at 31 March 2024. The Company and the Trustee have agreed that
no deficit contributions are currently required.
IFRIC 14
For schemes in an accounting surplus position, these surpluses are recognised on the balance sheet
in line with IFRIC 14, as the Group has an unconditional legal right to any future economic benefits by
way of future refunds following a gradual settlement.
Maturity profile of the defined benefit obligation
The estimated duration of the Scheme defined benefit obligation is an indicator of the weighted
average term of benefit payments after discounting. For the Scheme, this is 15 years.
Around 34% of the undiscounted benefits are due to be paid beyond 30 years\u2019 time, with the last
payments expected to be over 80 years from now. The table below sets out the estimated
undiscounted benefit payments expected to be paid out over the life of the Scheme:
2025
2024
\u00a3m
\u00a3m
Within the next 12 months
393
363
Between one and 15 years
8,888
8,361
Between 15 and 30 years
13,000
12,774
Between 30 and 45 years
8,736
8,893
Over 45 years
2,530
2,802
Total expected undiscounted benefit payments
33,547
33,193
The defined benefit obligation held by the Scheme is broken down as follows:
%
Deferred members
66
Current pensioners
34
Risks
The Group bears a number of risks in relation to the Scheme, which are described below:
Risk
Description of risk
Mitigation
Investment The Scheme\u2019s defined benefit The Trustee and the Group regularly monitor the funding
obligation is calculated using a position and operate a diversified investment strategy.
discount rate set with reference The Trustee and the Group take a balanced approach to
to corporate bond yields. If the investment risk and have a long-term plan to significantly
return on the Scheme\u2019s assets reduce the investment risk within the Scheme.
underperforms this rate, the
accounting deficit will increase. The Trustee considers climate risk as one of the key
If the Scheme\u2019s assets investment risks faced by the Scheme and has set up a
underperform the expected Responsible Investment Committee to consider
return for the funding valuation, climate-related issues relating to the Scheme.
this may require additional The Scheme has also made a commitment to aim for
contributions to be made by investments to be net-zero by 2050. Further details on the
the Group. metrics, targets and actions taken in relation to climate risk
can be seen in the Scheme\u2019s Climate Change Report.
Inflation The Scheme\u2019s defined benefit As part of the investment strategy, the Trustee aims to
obligation is linked to inflation. mitigate this risk through investment in a liability-driven
A higher rate of expected investment (LDI) portfolio.
long-term inflation will therefore The portfolio invests in assets which increase in value as
lead to higher liabilities, both for inflation expectations increase. This mitigates the impact
the IAS 19 and funding liability. of any adverse movement in long-term inflation
If the Scheme\u2019s funding liability expectations.
increases, this may require The Scheme\u2019s holdings are designed to hedge against
additional contributions to be inflation risk for most of the funded liabilities.
made by the Group.
Interest A decrease in corporate bond As part of the investment strategy, the Trustee aims to
rate yields in isolation is expected mitigate this risk through investment in an LDI portfolio.
to increase the accounting The portfolio invests in assets which increase in value as
deficit. Similarly, a decrease in interest rates decrease. The Scheme\u2019s holdings are
gilt yields in isolation is designed to hedge against interest rate risk for most of
expected to have an adverse the funded liabilities.
impact on the funding position
of the Scheme. This may lead Because the aim of the portfolio is to mitigate risk for the
to additional contributions funding position, ineffectiveness in hedging for the
being made by the Group. accounting deficit can arise where corporate bond and
gilt yields diverge. This is partially offset by the Scheme\u2019s
holdings in corporate bonds.
Using an LDI portfolio means a rise in interest rates can
lead to collateral calls. The Trustee and the Group
regularly monitor and manage the level of liquidity to
ensure it remains appropriate.
Life The Scheme\u2019s obligations are To reduce this risk, changes to future benefits were
expectancy to provide benefits for the life introduced in June 2012 to increase the age at which
of the member and so members can take their full pension by around two years.
increases in life expectancy The Trustee and the Group regularly monitor the impact
will lead to a higher defined of changes in longevity on the Scheme defined benefit
benefit obligation.
obligation.
The Group operates an operations and audit pensions committee to further strengthen the Scheme\u2019s
Trustee governance and provide greater oversight and stronger internal control over the Group\u2019s risks.
A second committee, the Group pensions committee provides an additional layer of governance and
risk management. Further mitigation of the risks is provided by external advisors and the Trustee who
considers the funding position, fund performance and impacts of any regulatory changes.
Scheme principal assumptions
Financial assumptions
The principal assumptions, on a weighted average basis, used by external actuaries to value the
defined benefit obligation of the Scheme were as follows:
2025
2024
%
%
Discount rate
5.7
5.1
Price inflation
3.0
2.9
Rate of increase in deferred pensions*
2.6
2.5
Rate of increase in pensions in payment*
Benefits accrued before 1 June 2012
2.9
2.8
Benefits accrued after 1 June 2012
2.6
2.5
* In excess of any guaranteed minimum pension (GMP) element.
Discount rate
The discount rate for the Scheme is determined by reference to market yields of high-quality
corporate bonds of suitable currency and term to the Scheme cash flows and extrapolated based on
the trend observable in corporate bond yields.
Inflation
The inflation assumption is used to determine increases in pensions linked to RPI and CPI inflation
within sections of the Scheme, subject to relevant maximum and minimum increases.
RPI inflation is derived by reference to the difference between fixed-interest and index-linked
long-term government bonds. To account for the premium that investors are willing to pay to mitigate
the risk that inflation is higher than expected, the inflation assumption incorporates an inflation risk
premium. CPI inflation is set by reference to RPI.
The Group uses a bifurcated approach to pre- and post-2030 assumptions, reflecting the impact of
the RPI reforms from 2030 onwards. In consultation with external actuaries, the inflation risk premium
has been set at 0.3% p.a. pre-2030 and 0.5% p.a. post-2030, which is a weighted average of 0.44%
(2024: 0.44%). The CPI differential has been set as 1.0% p.a. pre-2030 and 0.1% p.a. post-2030, which is
a weighted average of 0.43% lower than RPI (2024: 0.46%).
Mortality assumptions
The Trustee\u2019s actuary conducted a mortality analysis of the Scheme as part of the triennial funding
valuation process. Subsequent to this analysis, the Group adopted the best estimate assumptions for
the calculation of the defined benefit obligation for the main UK scheme.
The mortality assumptions used are based on tables that have been projected to 2018 with CMI 2020
improvements. In addition, the allowance for future mortality improvements from 2018 has been
updated to be in line with CMI 2023, with a long-term improvement rate of 1.00% p.a., a 0% weighting
applied to both 2020 and 2021 data and a 25% weighting applied to 2022 and 2023, reflecting the
expectation that the COVID-19 pandemic has had an impact on future life expectancies.
The base tables used in calculating the mortality assumptions are different for various categories of
members, as shown below:
Pensioner
Non-Pensioner
Male
Staff
96% of SAPS S3 normal heavy
100% of SAPS S3 normal heavy
Senior Manager
112% of SAPS S3 normal light
113% of SAPS S3 normal light
Female
Staff
105% of SAPS S3 normal heavy
109% of SAPS S3 normal heavy
Senior Manager
87% of SAPS S3 all middle
87% of SAPS S3 all middle
The following table illustrates the life expectancy of an average member retiring at age 65 at the
balance sheet date and a member reaching age 65 at the balance sheet date +25 years. A comparison
between the two retiree dates illustrates the expected improvements in mortality over the next
25 years.
2025
2024
Years
Years
Retiring at the balance sheet date at age 65:
Male
19.6
19.5
Female
22.2
22.1
Retiring at the balance sheet date +25 years at age 65:
Male
20.6
20.6
Female
23.4
23.3
Sensitivity analysis of significant actuarial assumptions
The sensitivity of significant assumptions upon the Scheme defined benefit obligation are detailed below:
2025
2024
Financial assumptions \u2013 Increase/(decrease) in UK defined Discount rate Inflation Rate Discount rate Inflation Rate
benefit obligation \u00a3m \u00a3m \u00a3m \u00a3m
Impact of 0.1% increase of the assumption
(157)
146
(191)
167
Impact of 0.1% decrease of the assumption
168
(135)
191
(167)
Impact of 1.0% increase of the assumption
(1,459)
1,492
(1,686)
1,770
Impact of 1.0% decrease of the assumption
1,829
(1,279)
2,153
(1,483)
2025
2024
Mortality assumptions \u2013 Increase/(decrease) in UK defined benefit obligation
\u00a3m
\u00a3m
Impact of 1 year increase in longevity
292
335
Impact of 1 year decrease in longevity
(325)
(371)
The sensitivities reflect the range of recent assumption movements and illustrate that the financial
assumption sensitivities do not move in a linear fashion. Movements in the defined benefit obligation
from discount rate and inflation rate changes may be partially offset by movements in assets.
Overseas
The Group operates defined benefit schemes in ROI, which are closed to future accrual. An external
actuary, using the projected unit credit method, carried out the latest assessment of the ROI
schemes as at 22 February 2025. At the financial year end, the accounting surplus relating to ROI was
\u00a346m (2024: \u00a316m).
Post-employment benefits other than pensions
The Group operates a scheme offering post-retirement healthcare benefits. The cost of providing these benefits has been accounted for on a similar basis to that used for defined benefit pension schemes.
The accounting deficit as at 22 February 2025 of \u00a33m (24 February 2024: \u00a34m) was determined in accordance with the advice of external actuaries. During both the current and prior year, \u00a3nil was charged to
the Group income statement and no benefits were paid.
Plan assets
The Group\u2019s pension schemes hold assets that both provide returns and mitigate risk, including the volatility of future pension payments.
As a result of reviewing the Group\u2019s strategic objectives, the Group transitioned the management of assets from Tesco Pension Investment Limited (TPI) to Schroders plc (Schroders) at the end of June 2024.
There has been no impact on the value of the assets as a result of the transfer of ownership.
The table below shows a breakdown of the combined investments held by the Group\u2019s schemes:
2025
2024
Quoted
Unquoted
Total
Quoted
Unquoted
Total
\u00a3m
\u00a3m
\u00a3m
%
\u00a3m
\u00a3m
\u00a3m
%
Equities
UK
47
- 47 - 58 - 58 -
Europe
190
-
190
2
55
- 55 -
Rest of the world
1,421
-
1,421
12
1,303
-
1,303
12
1,658 -
1,658
14
1,416
-
1,416
12
Bonds
Government
259
-
259
2
570
-
570
5
Corporates \u2013 investment grade
888
-
888
8
875
-
875
7
Corporates \u2013 non-investment grade
433
-
433
4
155
-
155
1
1,580 -
1,580
14
1,600
-
1,600
13
Property
UK -
666
666
6
-
854
854
7
Rest of the world -
392
392
3
-
521
521
4
-
1,058
1,058
9
-
1,375
1,375
11
Alternative assets
Hedge funds
-
-
-
-
-
30
30
-
Private equity -
864
864
7
-
982
982
8
Other
119
1,679
1,798
15
93
1,701
1,794
15
119
2,543
2,662
22
93
2,713
2,806
23
LDI portfolio
6,327
(2,509)
3,818
33
5,723
(1,527)
4,196
35
Cash
939
-
939
8
763
-
763
6
Total fair value of plan assets
10,623
1,092
11,715
100
9,595
2,561
12,156
100
Quoted assets are those with a quoted price in an active market. Unquoted assets are valued in accordance with IFRS 13 \u2018Fair value measurement\u2019, using the most appropriate level within the fair value
hierarchy based on the specifics of the asset class, and in line with industry standard guidelines, including the RICS methodology for property and the IPEV guidelines for private equity.
The LDI portfolio consists of assets, including gilts and index-linked gilts and money market funds, of the value of \u00a37,102m (2024: \u00a36,556m) and associated repurchase agreements and swaps of \u00a3(3,284)m
(2024: \u00a3(2,360)m). Other alternative assets include infrastructure and private credit investments. Other derivatives are included in the asset category to which they relate, reflecting the underlying nature and
exposure of the derivative. The fall in fair value is primarily attributable to the increase in gilt yields during the year.
The plan assets include \u00a3185m (2024: \u00a3239m) relating to property used by the Group. Group property with net carrying value of \u00a3820m (2024: \u00a3829m) (refer to Note 12) and a value to the Scheme of at least
\u00a3775m (2024: \u00a3775m) is held as security in favour of the Scheme.
Movement in the Group pension surplus/(deficit) during the financial period
Fair value of plan assets
Defined benefit obligation
Net defined benefit surplus/(deficit)
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
12,156
13,025
(12,787)
(13,416)
(631)
(391)
Current service cost
-
-
(17)
(15)
(17)
(15)
Finance income/(cost)
601
619
(633)
(637)
(32)
(18)
Included in the Group income statement
601
619
(650)
(652)
(49)
(33)
Remeasurement gain/(loss):
Financial assumptions gain/(loss)
-
-
981
720
981
720
Demographic assumptions gain/(loss)
-
-
17
261
17
261
Experience gain/(loss)
-
-
(62)
(182)
(62)
(182)
Return on plan assets excluding finance income
(550)
(1,050)
-
-
(550)
(1,050)
Foreign currency translation
(9)
(10)
8
10
(1)
-
Included in the Group statement of comprehensive income/(loss)
(559)
(1,060)
944
809
385
(251)
Employer contributions
17
15
-
-
17
15
Additional employer contributions
23
24
-
-
23
24
Benefits paid
(523)
(467)
530
472
7
5
Other movements
(483)
(428)
530
472
47
44
Closing balance
11,715
12,156
(11,963)
(12,787)
(248)
(631)
Withholding tax on surplus
(a)
(3)
(4)
Closing balance, net of withholding tax
(251)
(635)
Consisting of:
Schemes in deficit
(307)
(657)
Schemes in surplus
(b)
56
22
Deferred tax asset/(liability)
(c)
71
162
Surplus/(deficit) in schemes at the end of the year, net of deferred tax
(180)
(473)
(a) The movement in the year is recognised through other comprehensive income in remeasurements of defined benefit pension schemes.
(b) Schemes in surplus in the UK are presented on the balance sheet net of a 25% (2024: 35%) withholding tax.
(c) Including \u00a3(6)m deferred tax liability relating to the ROI scheme in surplus where no withholding tax is applicable (2024: \u00a3(2)m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-750": { "value": "
Note 5 Adjusting items
Group income statement
Refer to Note 1 for further details regarding the assessment of items as adjusting.
52 weeks ended 22 February 2025
Profit/(loss) for the year included the following adjusting items:
Total adjusting Adjusting items
items included included within
Administrative within operating Finance income/ discontinued Total adjusting
Cost of sales expenses profit
(costs)
Taxation
operations items
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property transactions
(a)
1
1
2
-
-
-
2
Net impairment (loss)/reversal of non-current assets
(b)
(274)
(12)
(286)
- 57 - (229)
Restructuring
(c)
(38)
(5)
(43)
- 11 - (32)
Amortisation of acquired intangible assets
(d)
-
(76)
(76)
- 19 - (57)
Banking operations disposal costs
(e)
(8)
(6)
(14)
- 4 - (10)
Net pension finance income/(costs)
(f)
-
-
-
(32)
8
- (24)
Fair value remeasurements of financial instruments
(f)
-
-
-
76
(20)
- 56
Total adjusting items from continuing operations
(319)
(98)
(417)
44
79
- (294)
Adjusting items relating to discontinued operations
(g)
-
-
-
-
-
(65)
(65)
Total adjusting items
(319)
(98)
(417)
44
79
(65)
(359)
(a) Includes profit of \u00a33m relating to the sale of four malls and the leaseback of the four associated stores in Central Europe. Refer to Note 8. In the prior year, predominantly related to the disposal of surplus properties generating a profit before tax of \u00a363m.
(b) Refer to Note 15 for further details on net impairment (loss)/reversal of non-current assets.
(c) Provisions relating to operational restructuring changes announced as part of \u2018Save to invest\u2019, a multi-year programme which commenced in June 2022. The total cost of the programme recognised as adjusting since its start date is \u00a3(275)m (2024: \u00a3(232)m). Future cost
savings will not be reported within adjusting items.
(d) Amortisation of acquired intangibles relates to inorganic business combinations and does not reflect the Group\u2019s ongoing trading performance.
(e) Costs incurred within the continuing Group in relation to the sale of Banking operations.
(f) Net pension finance costs and fair value remeasurements of financial instruments are included within adjusting items, as they can fluctuate significantly due to external market factors that are outside management\u2019s control. Refer to Note 6 for details of finance income
and costs. Refer to Note 29 for details of pension schemes.
(g) Comprises fair value remeasurement of the disposal group of \u00a3(64)m (2024: \u00a3(732)m) (refer to Note 8), separation costs incurred within the disposal Group in relation to the sale of Banking operations of \u00a3(23)m (2024: \u00a3(11)m) and the associated tax of \u00a322m (2024: \u00a3115m).
52 weeks ended 24 February 2024
Profit/(loss) for the year included the following adjusting items:
Total adjusting Adjusting items
items included included within
Administrative within operating Finance income/ discontinued Total adjusting
Cost of sales expenses profit
(costs)
Taxation
operations items
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property transactions
6
69
75
- (18) - 57
Disposal of China associate in a prior year -
9
9
- 23 - 32
Net impairment (loss)/reversal of non-current assets
35
(7)
28
- 38 - 66
Restructuring
(45)
(5)
(50)
- 12 - (38)
Amortisation of acquired intangible assets -
(74)
(74)
- 18 - (56)
Disposal of subsidiary -
12
12
-
-
-
12
Banking operations disposal costs -
(8)
(8)
-
-
-
(8)
Net pension finance income/(costs)
-
-
-
(18)
5
- (13)
Fair value remeasurements of financial instruments
-
-
-
38
(10)
- 28
Total adjusting items from continuing operations
(4)
(4)
(8)
20
68
- 80
Adjusting items relating to discontinued operations
-
-
-
-
-
(628)
(628)
Total adjusting items
(4)
(4)
(8)
20
68
(628)
(548)
Group cash flow statement
The table below shows the impact of adjusting items on the Group cash flow statement:
Cash flows from Cash flows from Cash flows from
operating activities investing activities financing activities
52 weeks
52 weeks
52 weeks
52 weeks
52 weeks
52 weeks
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property transactions
(a)
-
-
130
53
-
-
Disposal of subsidiaries
(b)
-
-
-
15
-
-
Restructuring
(c)
(55)
(100)
-
-
-
-
Disposal of China associate
-
-
-
9
-
-
Acquisition of property
-
-
-
7
-
-
joint venture
Special dividend
-
-
-
-
-
(1)
Disposal of Banking (26) - 586
-
-
-
operations
(d)
Total adjusting items from
continuing operations
(81)
(100)
716
84
- (1)
Adjusting items relating to
discontinued operations
(e)
-
(1)
(429)
-
-
-
Total
(81)
(101)
287
84
- (1)
(a) Property transactions include \u00a366m proceeds from the sale of four malls and the leaseback of the four associated stores in
Central Europe, previously classified as assets held for sale. Refer to Note 8. In the prior year, \u00a314m related to the sale of stores
in Poland not included in the sale of the corporate business.
(b) In the prior year, the Group disposed of its Booker subsidiary Ritter-Courivaud Limited, part of the UK & ROI segment.
(c) Cash outflows relating to operational restructuring changes as part of the multi-year \u2018Save to invest\u2019 programme, which
commenced in June 2022.
(d) Net proceeds from the sale and costs incurred within the continuing Group in relation to the disposal of the Group\u2019s Banking
operations. Refer to Note 8.
(e) The Banking operations disposal group held \u00a3429m in cash and cash equivalents at the date of disposal. Refer to Note 8 for the
net book value of assets disposed.
", "dimensions": { "concept": "tescoplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-879": { "value": "Group cash flow statement The table below shows the impact of adjusting items on the Group cash flow statement:
Cash flows from Cash flows from Cash flows from
operating activities investing activities financing activities
52 weeks
52 weeks
52 weeks
52 weeks
52 weeks
52 weeks
2025
2024
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property transactions
(a)
-
-
130
53
-
-
Disposal of subsidiaries
(b)
-
-
-
15
-
-
Restructuring
(c)
(55)
(100)
-
-
-
-
Disposal of China associate
-
-
-
9
-
-
Acquisition of property
-
-
-
7
-
-
joint venture
Special dividend
-
-
-
-
-
(1)
Disposal of Banking (26) - 586
-
-
-
operations
(d)
Total adjusting items from
continuing operations
(81)
(100)
716
84
- (1)
Adjusting items relating to
discontinued operations
(e)
-
(1)
(429)
-
-
-
Total
(81)
(101)
287
84
- (1)
(a) Property transactions include \u00a366m proceeds from the sale of four malls and the leaseback of the four associated stores in Central Europe, previously classified as assets held for sale. Refer to Note 8. In the prior year, \u00a314m related to the sale of stores in Poland not included in the sale of the corporate business. (b) In the prior year, the Group disposed of its Booker subsidiary Ritter-Courivaud Limited, part of the UK & ROI segment. (c) Cash outflows relating to operational restructuring changes as part of the multi-year \u2018Save to invest\u2019 programme, which commenced in June 2022. (d) Net proceeds from the sale and costs incurred within the continuing Group in relation to the disposal of the Group\u2019s Banking operations. Refer to Note 8. (e) The Banking operations disposal group held \u00a3429m in cash and cash equivalents at the date of disposal. Refer to Note 8 for the net book value of assets disposed. Cash flow statement of discontinued operations
2025
2024
Banking Banking
operations operations
\u00a3m
\u00a3m
Net cash flows from operating activities
171
162
Net cash flows from investing activities
(436)
(22)
Net cash flows from financing activities
(2)
548
Net cash flows from discontinued operations
(267)
688
The total cash inflows of \u00a3157m presented in the investing category of the Group cash flow statement in the \u2018Disposal of Banking operations, net of cash disposed\u2019 line comprise gross proceeds of \u00a3614m, less cost incurred of \u00a3(28)m and cash and cash equivalents disposed of \u00a3(429)m. Amounts recognised in the Group cash flow statement
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Total cash outflow for leases
980
1,000
The table below shows amounts included in the Group cash flow statement in relation to share-based payments and own shares purchased for share schemes:
2025
2024
\u00a3m
\u00a3m
Share-based payment charge included in operating profit/(loss)
(136)
(128)
Share-based payments non-cash movement
37
78
Increase/(decrease) in trade and other payables*
99
50
Included in Group operating cash flows
-
-
Cash paid to purchase own shares including related fees and taxes
(123)
(146)
Cash received from employees exercising SAYE options
69
53
Included in Group financing cash flows
(54)
(93)
* Shares withheld from employees in order to settle their tax liability and National Insurance. The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and the Group cash flow statement:
2025
2024
Own shares purchased for share schemes
\u00a3m
\u00a3m
Included in the Group statement of changes in equity
(204)
(140)
Payments in relation to prior year financial liabilities - (55)
Shares withheld to settle employee tax
81
49
Cash received from employees exercising SAYE options
69
53
Included in the Group cash flow statement
(54)
(93)
Note 32 Analysis of changes in net debt
The Group\u2019s Net debt APM is defined in the Glossary.
2025
2024
\u00a3m
\u00a3m
Borrowings, excluding overdrafts
(6,094)
(6,407)
Lease liabilities
(7,716)
(7,622)
Net financing derivatives
602
544
Liabilities from financing activities
(13,208)
(13,485)
Cash and cash equivalents in the balance sheet
2,255
2,340
Overdrafts
(a)
(856)
(812)
Cash and cash equivalents (including overdrafts) in the cash flow statement
1,399
1,528
Short-term investments
2,223
2,128
Joint venture loans
97
96
Interest and other receivables
19
23
Net operating and investing derivatives
16
26
Net debt APM
(b)
(9,454)
(9,684)
(a) Overdraft balances are included within borrowings in the Group balance sheet, and within cash and cash equivalents in the Group cash flow statement. Refer to Note 19.
(b) Following the disposal of the Group\u2019s Banking operations, Net debt is now presented on a Group continuing operations basis including Insurance and Money Services, rather than on a Retail basis including Retail discontinued operations. The comparative has been restated.
The tables below set out the movements in liabilities arising from financing activities:
Borrowings, Net financing Liabilities from
excluding derivative financial Share purchase Group financing
overdrafts
Lease liabilities
instruments
(a)
obligations
(b)
activities
(a)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
(6,407)
(7,622)
544
- (13,485)
Cash flows arising from financing activities
347
600
(32)
1,016
1,931
Cash flows arising from operating activities:
Interest paid
210
377
85
- 672
Non-cash movements:
Fair value gains/(losses)
(92)
- 96 - 4
Foreign exchange
58
25
-
-
83
Interest income/(charge)
(210)
(377)
(91)
- (678)
Acquisitions and disposals - (5)
-
-
(5)
Lease additions, terminations, modifications and reassessments - (714)
-
-
(714)
Share purchase agreements
-
-
-
(1,016)
(1,016)
At 22 February 2025
(6,094)
(7,716)
602
- (13,208)
(a) Net financing derivatives comprise those derivatives which hedge the Group\u2019s exposures in respect of lease liabilities and borrowings. Net operating and investing derivatives of \u00a316m (2024: \u00a326m), which form part of the Group\u2019s Net debt APM, are not included in liabilities
from Group financing activities.
(b) Share purchase obligations form part of the liabilities arising from the Group\u2019s financing activities, but do not form part of Net debt. Cash flows arising from financing activities exclude \u00a3(91)m (2024: \u00a3(91)m) cash outflows relating to other cancellable arrangements and
prepayments, and \u00a369m (2024: \u00a353m) cash received from employees exercising SAYE options.
Borrowings, Net financing Liabilities from
excluding derivative financial Share purchase Group financing
overdrafts
Lease liabilities
instruments
(a)
obligations
(b)
activities
(a)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
(6,451)
(7,727)
472
(55)
(13,761)
Cash flows arising from financing activities
(457)
627
4
807
981
Cash flows arising from operating activities:
Interest paid
(c)
192
373
125
- 690
Non-cash movements:
Fair value gains/(losses)
(124)
- 50 - (74)
Foreign exchange
101
46
-
-
147
Interest income/(charge)
(c)
(217)
(373)
(108)
- (698)
Acquisitions and disposals - 3
-
-
3
Lease additions, terminations, modifications and reassessments - (588)
-
-
(588)
Share purchase agreements
-
-
-
(752)
(752)
Transfer to disposal group
549
17
1
- 567
At 24 February 2024
(6,407)
(7,622)
544
- (13,485)
(a)-(b) Refer to previous table for footnotes.
(c) Interest paid and Interest income/(charge) have been re-presented in the prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-751": { "value": "
Note 6 Finance income and costs
52 weeks
52 weeks
2025
2024
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on bank balances
113
133
Interest income on short-term investments
119
117
Interest income on loans to joint ventures and associates
7
2
Interest income on other investments
12
12
Interest income on net investment in leases
1
2
Finance income on reinsurance contracts held
2
1
Total finance income
254
267
Finance costs
GBP MTNs and loans
(204)
(190)
EUR MTNs
(82)
(113)
USD bonds
(16)
(15)
Interest expense on lease liabilities*
(370)
(373)
Finance expense on insurance contracts issued
(11)
(7)
Interest expense on bank overdrafts
(97)
(116)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(5)
(6)
Total finance costs before adjusting items
(790)
(825)
Fair value remeasurements of financial instruments
76
38
Net pension finance income/(costs)
29
(32)
(18)
Total finance costs
(746)
(805)
Net finance costs
(492)
(538)
* Interest expense on lease liabilities is presented net of \u00a37m hedging impact (2024: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-876": { "value": "Note 6 Finance income and costs
52 weeks
52 weeks
2025
2024
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on bank balances
113
133
Interest income on short-term investments
119
117
Interest income on loans to joint ventures and associates
7
2
Interest income on other investments
12
12
Interest income on net investment in leases
1
2
Finance income on reinsurance contracts held
2
1
Total finance income
254
267
Finance costs
GBP MTNs and loans
(204)
(190)
EUR MTNs
(82)
(113)
USD bonds
(16)
(15)
Interest expense on lease liabilities*
(370)
(373)
Finance expense on insurance contracts issued
(11)
(7)
Interest expense on bank overdrafts
(97)
(116)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(5)
(6)
Total finance costs before adjusting items
(790)
(825)
Fair value remeasurements of financial instruments
76
38
Net pension finance income/(costs)
29
(32)
(18)
Total finance costs
(746)
(805)
Net finance costs
(492)
(538)
* Interest expense on lease liabilities is presented net of \u00a37m hedging impact (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-869": { "value": "Note 6 Finance income and costs
52 weeks
52 weeks
2025
2024
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on bank balances
113
133
Interest income on short-term investments
119
117
Interest income on loans to joint ventures and associates
7
2
Interest income on other investments
12
12
Interest income on net investment in leases
1
2
Finance income on reinsurance contracts held
2
1
Total finance income
254
267
Finance costs
GBP MTNs and loans
(204)
(190)
EUR MTNs
(82)
(113)
USD bonds
(16)
(15)
Interest expense on lease liabilities*
(370)
(373)
Finance expense on insurance contracts issued
(11)
(7)
Interest expense on bank overdrafts
(97)
(116)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(5)
(6)
Total finance costs before adjusting items
(790)
(825)
Fair value remeasurements of financial instruments
76
38
Net pension finance income/(costs)
29
(32)
(18)
Total finance costs
(746)
(805)
Net finance costs
(492)
(538)
* Interest expense on lease liabilities is presented net of \u00a37m hedging impact (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-856": { "value": "Note 6 Finance income and costs
52 weeks
52 weeks
2025
2024
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on bank balances
113
133
Interest income on short-term investments
119
117
Interest income on loans to joint ventures and associates
7
2
Interest income on other investments
12
12
Interest income on net investment in leases
1
2
Finance income on reinsurance contracts held
2
1
Total finance income
254
267
Finance costs
GBP MTNs and loans
(204)
(190)
EUR MTNs
(82)
(113)
USD bonds
(16)
(15)
Interest expense on lease liabilities*
(370)
(373)
Finance expense on insurance contracts issued
(11)
(7)
Interest expense on bank overdrafts
(97)
(116)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(5)
(6)
Total finance costs before adjusting items
(790)
(825)
Fair value remeasurements of financial instruments
76
38
Net pension finance income/(costs)
29
(32)
(18)
Total finance costs
(746)
(805)
Net finance costs
(492)
(538)
* Interest expense on lease liabilities is presented net of \u00a37m hedging impact (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-833": { "value": "Note 6 Finance income and costs
52 weeks
52 weeks
2025
2024
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on bank balances
113
133
Interest income on short-term investments
119
117
Interest income on loans to joint ventures and associates
7
2
Interest income on other investments
12
12
Interest income on net investment in leases
1
2
Finance income on reinsurance contracts held
2
1
Total finance income
254
267
Finance costs
GBP MTNs and loans
(204)
(190)
EUR MTNs
(82)
(113)
USD bonds
(16)
(15)
Interest expense on lease liabilities*
(370)
(373)
Finance expense on insurance contracts issued
(11)
(7)
Interest expense on bank overdrafts
(97)
(116)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(5)
(6)
Total finance costs before adjusting items
(790)
(825)
Fair value remeasurements of financial instruments
76
38
Net pension finance income/(costs)
29
(32)
(18)
Total finance costs
(746)
(805)
Net finance costs
(492)
(538)
* Interest expense on lease liabilities is presented net of \u00a37m hedging impact (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-798": { "value": "Note 6 Finance income and costs
52 weeks
52 weeks
2025
2024
Continuing operations
Notes
\u00a3m
\u00a3m
Finance income
Interest income on bank balances
113
133
Interest income on short-term investments
119
117
Interest income on loans to joint ventures and associates
7
2
Interest income on other investments
12
12
Interest income on net investment in leases
1
2
Finance income on reinsurance contracts held
2
1
Total finance income
254
267
Finance costs
GBP MTNs and loans
(204)
(190)
EUR MTNs
(82)
(113)
USD bonds
(16)
(15)
Interest expense on lease liabilities*
(370)
(373)
Finance expense on insurance contracts issued
(11)
(7)
Interest expense on bank overdrafts
(97)
(116)
Undrawn committed facility fee
(5)
(5)
Unwind of discount on provision
(5)
(6)
Total finance costs before adjusting items
(790)
(825)
Fair value remeasurements of financial instruments
76
38
Net pension finance income/(costs)
29
(32)
(18)
Total finance costs
(746)
(805)
Net finance costs
(492)
(538)
* Interest expense on lease liabilities is presented net of \u00a37m hedging impact (2024: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-752": { "value": "
Note 7 Taxation
Recognised in the Group income statement
52 weeks
52 weeks
2025
2024
Continuing operations
\u00a3m
\u00a3m
Current tax (credit)/charge
UK corporation tax
394
351
Overseas tax
88
71
Adjustments in respect of prior years
(18)
(29)
464
393
Deferred tax (credit)/charge
Origination and reversal of temporary differences
137
133
Adjustments in respect of prior years
6
(4)
Change in tax rate
4
3
147
132
Total income tax (credit)/charge
611
525
Reconciliation of effective tax charge
52 weeks
52 weeks
2025
2024
Continuing operations
\u00a3m
\u00a3m
Profit/(loss) before tax
2,215
2,289
Tax credit/(charge) at the UK corporation tax rate of 25% (2024: 24.45%)
(554)
(560)
Effect of:
Non-qualifying depreciation
(41)
(39)
Expenses not deductible
(20)
(24)
Property items taxed on a different basis to accounting entries - 6
Net impairment (loss)/reversal of non-current assets
(8)
46
Unrecognised tax losses
(3)
-
Differences in overseas taxation rates
11
15
Adjustments in respect of prior years
12
33
Share of profits/(losses) of joint ventures and associates
(1)
2
Change in tax rate
(4)
(3)
Irrecoverable withholding tax
(3)
(1)
Total income tax credit/(charge)
(611)
(525)
Effective tax rate (statutory)
27.6%
22.9%
Reconciliation of effective tax charge on adjusted profit before tax
52 weeks
52 weeks
2025
2024
Continuing operations
\u00a3m
\u00a3m
Profit/(loss) before tax
2,215
2,289
Exclude: Adjusting items
373
(12)
Adjusted profit before tax
2,588
2,277
Tax credit/(charge) at the UK corporation tax rate of 25% (2024: 24.45%)
(647)
(557)
Effect of:
Non-qualifying depreciation
(41)
(39)
Expenses not deductible
(21)
(23)
Unrecognised tax losses
(3)
-
Differences in overseas taxation rates
20
19
Adjustments in respect of prior years
12
10
Share of profits/(losses) of joint ventures and associates
(1)
2
Change in tax rate
(6)
(4)
Irrecoverable withholding tax
(3)
(1)
Total income tax credit/(charge) before adjusting items
(690)
(593)
Adjusted effective tax rate
26.7%
26.0%
Tax on items credited directly to the Group statement of changes in equity
52 weeks
52 weeks
2025
2024
Continuing operations
\u00a3m
\u00a3m
Current tax credit/(charge) on:
Share-based payments
14
-
Deferred tax credit/(charge) on:
Share-based payments
22
10
Total tax on items credited/(charged) to the Group statement of changes
36
10
in equity
52 weeks
52 weeks
2025
2024
Continuing operations
\u00a3m
\u00a3m
Current tax credit/(charge) on:
Pensions - 159
Deferred tax credit/(charge) on:
Pensions
(93)
(95)
Fair value of movement on financial assets at fair value through other comprehensive income
(3)
(4)
Finance income/expenses on insurance contracts issued and reinsurance contracts held - 1
Fair value movements on cash flow hedges
7
(5)
Total tax on items credited/(charged) to Group statement of comprehensive income/(loss)
(89)
56
Deferred tax
The following are the major deferred tax (liabilities)/assets recognised by the Group and movements thereon during the current and prior financial years, measured using the tax rates that are expected to
apply when the liability is settled, or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable
sufficient taxable profits will be available to utilise deductible temporary differences or unused tax losses. This assessment is based on the Group\u2019s three-year long-term plan which is updated and approved
annually by the Board and is consistent with the Group\u2019s longer-term viability statement and impairment assessments.
Property-related Acquired Post-employment Share-based Short-term timing Financial
items
(a)
intangibles
benefits
(b)
payments
differences
Tax losses
instruments
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
(434)
(95)
255
39
63
146
(9)
(35)
(Charge)/credit to the Group income statement
(85)
18
2
-
11
(73)
(5)
(132)
(Charge)/credit to the Group statement of changes in equity
-
-
-
10
-
-
-
10
(Charge)/credit to the Group statement of comprehensive income/(loss)
-
-
(95)
-
-
-
(8)
(103)
Discontinued operations
27
-
-
-
-
-
(3)
24
Foreign exchange and other movements
(1)
-
-
-
-
-
-
(1)
At 24 February 2024
(493)
(77)
162
49
74
73
(25)
(237)
(Charge)/credit to the Group income statement
(100)
19
2
(5)
8
(68)
(3)
(147)
(Charge)/credit to the Group statement of changes in equity
-
-
-
22
-
-
-
22
(Charge)/credit to the Group statement of comprehensive income/(loss)
-
-
(93)
-
-
-
4
(89)
Acquisition - (5)
-
-
-
-
-
(5)
At 22 February 2025
(593)
(63)
71
66
82
5
(24)
(456)
(a) Property-related items are a deferred tax liability on accelerated tax depreciation of \u00a3610m (2024: \u00a3510m), deferred tax liability on rolled-over gains of \u00a3422m (2024: \u00a3424m), deferred tax asset on capital losses of \u00a3239m (2024: \u00a3242m) and deferred tax asset on IFRS 16
balances of \u00a3200m (2024: \u00a3199m).
(b) Post-employment benefits include a tax (charge)/credit to the Group statement of comprehensive income/(loss) relating to remeasurement gain/(loss). The closing deferred tax relates to a deferred tax asset on pension schemes in deficit or a deferred tax liability on
schemes in surplus if no withholding tax applies. Refer to Note 29 for further details.
The following is the analysis of the deferred tax balances after offset:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
47
32
Deferred tax liabilities
(503)
(269)
(456)
(237)
Unrecognised deferred tax assets and liabilities
Deferred tax assets in relation to continuing operations have not been recognised in respect of the
following items because it is not probable that future taxable profits will be available against which the
Group can utilise the benefits:
2025
2024
\u00a3m
\u00a3m
Deductible temporary differences
40
38
Tax losses
180
180
220
218
As at 22 February 2025, the Group has unused trading tax losses from continuing operations of
\u00a3630m (2024: \u00a3881m) available for offset against future profits. A deferred tax asset has been
recognised in respect of \u00a319m (2024: \u00a3310m) of such losses, with \u00a3nil (2024: \u00a3258m) arising in the UK,
\u00a3nil (2024: \u00a329m) in Hungary, \u00a311m (2024: \u00a311m) in USA and \u00a38m (2024: \u00a312m) in other jurisdictions.
No deferred tax asset has been recognised in respect of the remaining overseas trading tax losses of
\u00a3611m (2024: \u00a3571m) due to the uncertainty of future taxable profits with \u00a3514m (2024: \u00a3532m) in the
Netherlands, \u00a332m (2024: \u00a333m) in Germany, \u00a359m (2024: \u00a3nil) in Hungary and \u00a36m (2024: \u00a36m) in
Slovakia. Capital losses of \u00a389m (2024: \u00a392m) in ROI have not been recognised as it is not expected
they will be utilised. A deferred tax asset has not been recognised in respect of deductible temporary
differences of \u00a340m (2024: \u00a338m) as it is not expected they will be utilised. Of these unrecognised tax
losses and temporary differences, \u00a370m (2024: \u00a311m) will expire within five years and the remainder
are available indefinitely.
No deferred tax liability is recognised on temporary differences relating to the unremitted earnings
of overseas subsidiaries and joint ventures of \u00a34.1bn (2024: \u00a34.1bn) as the Group is able to control the
timing of the reversal of these temporary differences and it is probable that they will not reverse in
the foreseeable future. The deferred tax on unremitted earnings at 22 February 2025 is estimated
to be \u00a38m (2024: \u00a37m) which relates to taxes payable on repatriation and dividend withholding taxes
levied by overseas tax jurisdictions. UK tax legislation relating to company distributions provides for
exemption from tax for most repatriated profits, subject to certain exceptions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-799": { "value": "Deferred tax The following are the major deferred tax (liabilities)/assets recognised by the Group and movements thereon during the current and prior financial years, measured using the tax rates that are expected to apply when the liability is settled, or the asset realised based on the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax assets are recognised when it is probable sufficient taxable profits will be available to utilise deductible temporary differences or unused tax losses. This assessment is based on the Group\u2019s three-year long-term plan which is updated and approved annually by the Board and is consistent with the Group\u2019s longer-term viability statement and impairment assessments.
Property-related Acquired Post-employment Share-based Short-term timing Financial
items
(a)
intangibles
benefits
(b)
payments
differences
Tax losses
instruments
Total
Continuing operations
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
(434)
(95)
255
39
63
146
(9)
(35)
(Charge)/credit to the Group income statement
(85)
18
2
-
11
(73)
(5)
(132)
(Charge)/credit to the Group statement of changes in equity
-
-
-
10
-
-
-
10
(Charge)/credit to the Group statement of comprehensive income/(loss)
-
-
(95)
-
-
-
(8)
(103)
Discontinued operations
27
-
-
-
-
-
(3)
24
Foreign exchange and other movements
(1)
-
-
-
-
-
-
(1)
At 24 February 2024
(493)
(77)
162
49
74
73
(25)
(237)
(Charge)/credit to the Group income statement
(100)
19
2
(5)
8
(68)
(3)
(147)
(Charge)/credit to the Group statement of changes in equity
-
-
-
22
-
-
-
22
(Charge)/credit to the Group statement of comprehensive income/(loss)
-
-
(93)
-
-
-
4
(89)
Acquisition - (5)
-
-
-
-
-
(5)
At 22 February 2025
(593)
(63)
71
66
82
5
(24)
(456)
(a) Property-related items are a deferred tax liability on accelerated tax depreciation of \u00a3610m (2024: \u00a3510m), deferred tax liability on rolled-over gains of \u00a3422m (2024: \u00a3424m), deferred tax asset on capital losses of \u00a3239m (2024: \u00a3242m) and deferred tax asset on IFRS 16 balances of \u00a3200m (2024: \u00a3199m). (b) Post-employment benefits include a tax (charge)/credit to the Group statement of comprehensive income/(loss) relating to remeasurement gain/(loss). The closing deferred tax relates to a deferred tax asset on pension schemes in deficit or a deferred tax liability on schemes in surplus if no withholding tax applies. Refer to Note 29 for further details. The following is the analysis of the deferred tax balances after offset:
2025
2024
\u00a3m
\u00a3m
Deferred tax assets
47
32
Deferred tax liabilities
(503)
(269)
(456)
(237)
Unrecognised deferred tax assets and liabilities Deferred tax assets in relation to continuing operations have not been recognised in respect of the following items because it is not probable that future taxable profits will be available against which the Group can utilise the benefits:
2025
2024
\u00a3m
\u00a3m
Deductible temporary differences
40
38
Tax losses
180
180
220
218
As at 22 February 2025, the Group has unused trading tax losses from continuing operations of \u00a3630m (2024: \u00a3881m) available for offset against future profits. A deferred tax asset has been recognised in respect of \u00a319m (2024: \u00a3310m) of such losses, with \u00a3nil (2024: \u00a3258m) arising in the UK, \u00a3nil (2024: \u00a329m) in Hungary, \u00a311m (2024: \u00a311m) in USA and \u00a38m (2024: \u00a312m) in other jurisdictions. No deferred tax asset has been recognised in respect of the remaining overseas trading tax losses of \u00a3611m (2024: \u00a3571m) due to the uncertainty of future taxable profits with \u00a3514m (2024: \u00a3532m) in the Netherlands, \u00a332m (2024: \u00a333m) in Germany, \u00a359m (2024: \u00a3nil) in Hungary and \u00a36m (2024: \u00a36m) in Slovakia. Capital losses of \u00a389m (2024: \u00a392m) in ROI have not been recognised as it is not expected they will be utilised. A deferred tax asset has not been recognised in respect of deductible temporary differences of \u00a340m (2024: \u00a338m) as it is not expected they will be utilised. Of these unrecognised tax losses and temporary differences, \u00a370m (2024: \u00a311m) will expire within five years and the remainder are available indefinitely. No deferred tax liability is recognised on temporary differences relating to the unremitted earnings of overseas subsidiaries and joint ventures of \u00a34.1bn (2024: \u00a34.1bn) as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future. The deferred tax on unremitted earnings at 22 February 2025 is estimated to be \u00a38m (2024: \u00a37m) which relates to taxes payable on repatriation and dividend withholding taxes levied by overseas tax jurisdictions. UK tax legislation relating to company distributions provides for exemption from tax for most repatriated profits, subject to certain exceptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-753": { "value": "
Note 8 Discontinued operations and assets classified as held for sale
The following table presents a breakdown of the assets and liabilities of disposal groups and
non-current assets classified as held for sale:
2025
2024
Banking
Other*
operations
Other*
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets of the disposal group - 7,698 - 7,698
Non-current assets classified as held for sale
50
-
85
85
Total assets of the disposal group and non-current
50
7,698
85
7,783
assets classified as held for sale
Liabilities of the disposal group - (7,122) - (7,122)
Total net assets of the disposal group and
non-current assets classified as held for sale
50
576
85
661
* Other non-current assets classified as held for sale consist of properties in the UK (2024: UK and Central Europe) due to be sold
within one year. Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy.
Assets classified as held for sale
During the year the Group sold four mall properties in Central Europe, leasing back four stores within
those sites. Net proceeds from the sale and leaseback transactions were \u00a366m. As the sale and
leaseback proceeds did not exceed the fair value of the stores sold, the proceeds are presented in
the investing category in the Group cash flow statement. The profit on disposal was \u00a33m, refer to
Note 5. Refer to Note 13 for details on the leaseback of the stores.
Disposal of Banking operations
In February 2024, the Group agreed to sell its banking operations, comprising personal loans, credit
cards, customer deposits, and associated operational capabilities (Banking operations). The related
assets and liabilities were classified as held for sale in the prior year.
Upon classification as held for sale in the prior year, the Group recognised a loss of \u00a3(732)m on
remeasuring the disposal group to fair value less costs to sell. Of this loss, \u00a3(314)m was allocated to
goodwill and other assets of the disposal group within the scope of the measurement requirements of
IFRS 5 which were fully written off. The excess loss of \u00a3(418)m remaining was recognised as a reduction
in the total assets of the disposal group, which primarily comprise loans and advances to customers
measured under IFRS 9. In the current year and up until the date of disposal, an additional \u00a3(7)m
impairment of non-current assets and excess loss of \u00a3(57)m were recognised, giving rise to a total loss
on remeasuring the disposal group to fair value less costs to sell of \u00a3(64)m.
In October 2024, the Group received approval from the High Court of Justice of England and Wales
for the disposal which subsequently completed on 1 November 2024. The net results of Banking
operations and the profit/(loss) on disposal are presented in profit/(loss) for the year from
discontinued operations in the Group income statement.
Income statement of discontinued operations
2025
2024
Banking Banking
operations operations
\u00a3m
\u00a3m
Revenue
547
710
Operating costs
(448)
(637)
Operating profit
(a)
99
73
Net finance costs
(1)
(6)
Profit before tax
98
67
Taxation
(24)
(19)
Profit after tax
74
48
Remeasurement of the disposal group to fair value less costs to sell
(a)(b)
(64)
(732)
Tax on remeasurement of the disposal group to fair value less costs to sell
(c)
16
112
Profit after tax of discontinued operations
26
(572)
(a) Operating profit/(loss) of discontinued operations in the Group cash flow statement of \u00a335m (2024: \u00a3(659)m) comprises operating
profit above of \u00a399m (2024: \u00a373m) and fair value remeasurement of assets of the disposal group of \u00a3(64)m (2024: \u00a3(732)m).
(b) Remeasurement of the disposal group to fair value less costs to sell includes \u00a3nil goodwill impairment (2024: \u00a3(211)m), \u00a3(7)m
remeasurements on non-current assets (2024: \u00a3(96)m), \u00a3(57)m loss in excess of the carrying amount of the non-current assets
(2024: \u00a3(418)m), and in the prior year, \u00a3(7)m of costs already incurred in relation to the sale. This is treated as an adjusting item.
Refer to Note 5.
(c) Tax on remeasurement of the disposal group to fair value less costs to sell is included within adjusting items. Refer to Note 5.
The profit/(loss) on disposal of the Group\u2019s Banking operations comprises the following:
2025
\u00a3m
Gross proceeds
614
Costs to sell*
(28)
Proceeds less costs to sell
586
Net book value of assets disposed
Loans and advances to customers
(8,071)
Derivative financial instruments
(34)
Trade and other receivables
(87)
Cash and cash equivalents
(429)
Trade and other payables
38
Borrowings
550
Provisions
17
Lease liabilities
15
Deposits from customers
6,926
Derivative financial instruments
14
Excess loss on remeasurement of the disposal group
475
Net book value of assets disposed
(586)
Profit/(loss) on disposal of Banking operations -
* Total costs associated with the sale of the Banking operations amounted to \u00a3(35)m, of which \u00a3(7)m was expensed in the prior
financial year.
Expected credit losses (ECLs) of the Banking operations disposal group
The opening ECL balance was \u00a3433m. During the period prior to disposal of the Group\u2019s Banking
operations, there was a \u00a3(53)m net decrease in ECLs on loans and advances to customers, principally
in relation to write-offs and asset disposals. During that period, there were no material transfers
between the classification of loans based on the risk levels stages 1, 2 or 3. The total ECL balance of
\u00a3380m was derecognised on completion of the sale.
Cash flow statement of discontinued operations
2025
2024
Banking Banking
operations operations
\u00a3m
\u00a3m
Net cash flows from operating activities
171
162
Net cash flows from investing activities
(436)
(22)
Net cash flows from financing activities
(2)
548
Net cash flows from discontinued operations
(267)
688
The total cash inflows of \u00a3157m presented in the investing category of the Group cash flow statement
in the \u2018Disposal of Banking operations, net of cash disposed\u2019 line comprise gross proceeds of \u00a3614m,
less cost incurred of \u00a3(28)m and cash and cash equivalents disposed of \u00a3(429)m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-834": { "value": "Note 8 Discontinued operations and assets classified as held for sale The following table presents a breakdown of the assets and liabilities of disposal groups and non-current assets classified as held for sale:
2025
2024
Banking
Other*
operations
Other*
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets of the disposal group - 7,698 - 7,698
Non-current assets classified as held for sale
50
-
85
85
Total assets of the disposal group and non-current
50
7,698
85
7,783
assets classified as held for sale
Liabilities of the disposal group - (7,122) - (7,122)
Total net assets of the disposal group and
non-current assets classified as held for sale
50
576
85
661
* Other non-current assets classified as held for sale consist of properties in the UK (2024: UK and Central Europe) due to be sold within one year. Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy. Assets classified as held for sale During the year the Group sold four mall properties in Central Europe, leasing back four stores within those sites. Net proceeds from the sale and leaseback transactions were \u00a366m. As the sale and leaseback proceeds did not exceed the fair value of the stores sold, the proceeds are presented in the investing category in the Group cash flow statement. The profit on disposal was \u00a33m, refer to Note 5. Refer to Note 13 for details on the leaseback of the stores. Disposal of Banking operations In February 2024, the Group agreed to sell its banking operations, comprising personal loans, credit cards, customer deposits, and associated operational capabilities (Banking operations). The related assets and liabilities were classified as held for sale in the prior year. Upon classification as held for sale in the prior year, the Group recognised a loss of \u00a3(732)m on remeasuring the disposal group to fair value less costs to sell. Of this loss, \u00a3(314)m was allocated to goodwill and other assets of the disposal group within the scope of the measurement requirements of IFRS 5 which were fully written off. The excess loss of \u00a3(418)m remaining was recognised as a reduction in the total assets of the disposal group, which primarily comprise loans and advances to customers measured under IFRS 9. In the current year and up until the date of disposal, an additional \u00a3(7)m impairment of non-current assets and excess loss of \u00a3(57)m were recognised, giving rise to a total loss on remeasuring the disposal group to fair value less costs to sell of \u00a3(64)m. In October 2024, the Group received approval from the High Court of Justice of England and Wales for the disposal which subsequently completed on 1 November 2024. The net results of Banking operations and the profit/(loss) on disposal are presented in profit/(loss) for the year from discontinued operations in the Group income statement. Income statement of discontinued operations
2025
2024
Banking Banking
operations operations
\u00a3m
\u00a3m
Revenue
547
710
Operating costs
(448)
(637)
Operating profit
(a)
99
73
Net finance costs
(1)
(6)
Profit before tax
98
67
Taxation
(24)
(19)
Profit after tax
74
48
Remeasurement of the disposal group to fair value less costs to sell
(a)(b)
(64)
(732)
Tax on remeasurement of the disposal group to fair value less costs to sell
(c)
16
112
Profit after tax of discontinued operations
26
(572)
(a) Operating profit/(loss) of discontinued operations in the Group cash flow statement of \u00a335m (2024: \u00a3(659)m) comprises operating profit above of \u00a399m (2024: \u00a373m) and fair value remeasurement of assets of the disposal group of \u00a3(64)m (2024: \u00a3(732)m). (b) Remeasurement of the disposal group to fair value less costs to sell includes \u00a3nil goodwill impairment (2024: \u00a3(211)m), \u00a3(7)m remeasurements on non-current assets (2024: \u00a3(96)m), \u00a3(57)m loss in excess of the carrying amount of the non-current assets (2024: \u00a3(418)m), and in the prior year, \u00a3(7)m of costs already incurred in relation to the sale. This is treated as an adjusting item. Refer to Note 5. (c) Tax on remeasurement of the disposal group to fair value less costs to sell is included within adjusting items. Refer to Note 5. The profit/(loss) on disposal of the Group\u2019s Banking operations comprises the following:
2025
\u00a3m
Gross proceeds
614
Costs to sell*
(28)
Proceeds less costs to sell
586
Net book value of assets disposed
Loans and advances to customers
(8,071)
Derivative financial instruments
(34)
Trade and other receivables
(87)
Cash and cash equivalents
(429)
Trade and other payables
38
Borrowings
550
Provisions
17
Lease liabilities
15
Deposits from customers
6,926
Derivative financial instruments
14
Excess loss on remeasurement of the disposal group
475
Net book value of assets disposed
(586)
Profit/(loss) on disposal of Banking operations -
* Total costs associated with the sale of the Banking operations amounted to \u00a3(35)m, of which \u00a3(7)m was expensed in the prior financial year. Expected credit losses (ECLs) of the Banking operations disposal group The opening ECL balance was \u00a3433m. During the period prior to disposal of the Group\u2019s Banking operations, there was a \u00a3(53)m net decrease in ECLs on loans and advances to customers, principally in relation to write-offs and asset disposals. During that period, there were no material transfers between the classification of loans based on the risk levels stages 1, 2 or 3. The total ECL balance of \u00a3380m was derecognised on completion of the sale. Cash flow statement of discontinued operations
2025
2024
Banking Banking
operations operations
\u00a3m
\u00a3m
Net cash flows from operating activities
171
162
Net cash flows from investing activities
(436)
(22)
Net cash flows from financing activities
(2)
548
Net cash flows from discontinued operations
(267)
688
The total cash inflows of \u00a3157m presented in the investing category of the Group cash flow statement in the \u2018Disposal of Banking operations, net of cash disposed\u2019 line comprise gross proceeds of \u00a3614m, less cost incurred of \u00a3(28)m and cash and cash equivalents disposed of \u00a3(429)m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-800": { "value": "Note 8 Discontinued operations and assets classified as held for sale The following table presents a breakdown of the assets and liabilities of disposal groups and non-current assets classified as held for sale:
2025
2024
Banking
Other*
operations
Other*
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets of the disposal group - 7,698 - 7,698
Non-current assets classified as held for sale
50
-
85
85
Total assets of the disposal group and non-current
50
7,698
85
7,783
assets classified as held for sale
Liabilities of the disposal group - (7,122) - (7,122)
Total net assets of the disposal group and
non-current assets classified as held for sale
50
576
85
661
* Other non-current assets classified as held for sale consist of properties in the UK (2024: UK and Central Europe) due to be sold within one year. Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy. Assets classified as held for sale During the year the Group sold four mall properties in Central Europe, leasing back four stores within those sites. Net proceeds from the sale and leaseback transactions were \u00a366m. As the sale and leaseback proceeds did not exceed the fair value of the stores sold, the proceeds are presented in the investing category in the Group cash flow statement. The profit on disposal was \u00a33m, refer to Note 5. Refer to Note 13 for details on the leaseback of the stores. Disposal of Banking operations In February 2024, the Group agreed to sell its banking operations, comprising personal loans, credit cards, customer deposits, and associated operational capabilities (Banking operations). The related assets and liabilities were classified as held for sale in the prior year. Upon classification as held for sale in the prior year, the Group recognised a loss of \u00a3(732)m on remeasuring the disposal group to fair value less costs to sell. Of this loss, \u00a3(314)m was allocated to goodwill and other assets of the disposal group within the scope of the measurement requirements of IFRS 5 which were fully written off. The excess loss of \u00a3(418)m remaining was recognised as a reduction in the total assets of the disposal group, which primarily comprise loans and advances to customers measured under IFRS 9. In the current year and up until the date of disposal, an additional \u00a3(7)m impairment of non-current assets and excess loss of \u00a3(57)m were recognised, giving rise to a total loss on remeasuring the disposal group to fair value less costs to sell of \u00a3(64)m. In October 2024, the Group received approval from the High Court of Justice of England and Wales for the disposal which subsequently completed on 1 November 2024. The net results of Banking operations and the profit/(loss) on disposal are presented in profit/(loss) for the year from discontinued operations in the Group income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-754": { "value": "
Note 9 Dividends
2025
2024
Pence/share
\u00a3m
Pence/share
\u00a3m
Paid prior financial year final dividend
(a)
8.25
576
7.05
506
Paid interim dividend
(b)
4.25
289
3.85
271
Amounts recognised through equity as distributions
12.5 0
865
10.9 0
777
to owners
(Increase)/decrease in unclaimed dividends - (1)
-
-
Paid 2021 special dividend
-
-
50.93
1
Dividends paid in the financial year
864
778
Proposed final dividend at financial year end
9.4 5
637
8.25
581
(a) Excludes \u00a35m prior financial year final dividend waived (2024: \u00a36m) and includes the write-back of unclaimed dividends and
forfeited shares of \u00a3nil (2024: \u00a34m).
(b) Excludes \u00a32m interim dividend waived (2024: \u00a32m).
The proposed final dividend was approved by the Board of Directors on 9 April 2025 and is subject to
the approval of shareholders at the AGM. The proposed dividend has not been included as a liability as
at 22 February 2025. If approved by shareholders, it will be paid on 27 June 2025 to shareholders who
are on the register of members at close of business on 16 May 2025.
A dividend reinvestment plan (DRIP) is available to shareholders who would prefer to invest their
dividends in the shares of the Company. For those shareholders electing to receive the DRIP, the last
date for receipt of a new election is 6 June 2025.
For all dividends, including the 2021 special dividend paid following the disposal of the Thai and
Malaysia businesses, the Group has a share forfeiture programme following the completion of a
tracing and notification exercise to any shareholders who have not had contact with Tesco PLC over
the past 12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association.
\u00a3nil (2024: \u00a32m) of unclaimed dividends in relation to these shares have been adjusted for in retained
earnings. Refer to Note 30 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-838": { "value": "0.125", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-835": { "value": "0.109", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2023-02-26T00:00:00/2024-02-25T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-839": { "value": "0.0945", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-840": { "value": "637000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00", "unit": "iso4217:GBP" } }, "fact-836": { "value": "0.0825", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2023-02-26T00:00:00/2024-02-25T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-837": { "value": "581000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2023-02-26T00:00:00/2024-02-25T00:00:00", "unit": "iso4217:GBP" } }, "fact-755": { "value": "
Note 10 Earnings/(losses) per share and diluted earnings/(losses) per share
For the 52 weeks ended 22 February 2025 there were 83 million (2024: 79 million) potentially dilutive
share options and awards. As the Group has recognised a profit for the year from its continuing
operations, dilutive effects have been considered in calculating diluted earnings per share.
52 weeks ended 22 February 2025
52 weeks ended 24 February 2024
Dilutive share Dilutive share
options and options and
Basic
awards
Diluted
Basic
awards
Diluted
Profit/(loss) (\u00a3m)
Continuing operations*
1,600
-
1,600
1,760
- 1,760
Discontinued operations
26
-
26
(572)
- (572)
Total
1,626
-
1,626
1,188
- 1,188
Weighted average number
6,835
83
6,918
7,097
79
7,176
of shares (millions)
Earnings/(losses) per share
(pence)
Continuing operations
23.41
(0.28)
23.13
24.80
(0.27)
24.53
Discontinued operations
0.38
-
0.38
(8.06)
0.09
(7.97)
Total
23.79
(0.28)
23.51
16.74
(0.18)
16.56
* Excludes profits/(losses) attributable to non-controlling interests of \u00a34m (2024: \u00a34m).
APM: Adjusted diluted earnings/(losses) per share
52 weeks
52 weeks
Continuing operations
Notes
2025
2024
Profit before tax (\u00a3m)
2,215
2,289
Exclude: Adjusting items (\u00a3m)
5
373
(12)
Adjusted profit before tax (\u00a3m)
2,588
2,277
Adjusted profit before tax attributable to the owners of the parent (\u00a3m)*
2,584
2,273
Taxation on adjusted profit before tax attributable to the owners of the
parent (\u00a3m)
7
(690)
(593)
Adjusted profit after tax attributable to the owners of the parent (\u00a3m)
1,894
1,680
Basic weighted average number of shares (millions)
6,835
7,097
Adjusted basic earnings per share (pence)
27.71
23.67
Diluted weighted average number of shares (millions)
6,918
7,176
Adjusted diluted earnings per share APM (pence)
27.38
23.41
Refer to previous table for footnote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-756": { "value": "
Note 11 Goodwill and other intangible assets
2025
2024
Other Other
Customer intangible Customer intangible
Goodwill
Software
(a)
relationships
assets
(b)
Total
Goodwill
Software
(a)
relationships
assets
(b)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Opening balance
4,515
1,837
718
383
7,453
4,785
2,034
718
384
7,921
Foreign currency translation
(4)
(5)
-
-
(9)
(8)
(19)
-
(1)
(28)
Additions - 285 -
1
286
- 275
-
-
275
Acquired through business combinations
38
- 18 -
56
17
-
-
-
17
Reclassification
-
-
-
-
-
-
(10)
-
-
(10)
Transfer to disposal group classified as held for sale
-
-
-
-
-
(211)
(266)
-
-
(477)
Disposals - (398) -
(11)
(409)
(68)
(177)
-
-
(245)
Closing balance
4,549
1,719
736
373
7,377
4,515
1,837
718
383
7,453
Accumulated amortisation and impairment losses
Opening balance
387
1,238
450
312
2,387
458
1,410
376
302
2,546
Foreign currency translation
(2)
(3)
-
-
(5)
(3)
(17)
-
-
(20)
Amortisation charge for the year
(c)
-
210
76
1
287
-
205
74
1
280
Impairment losses
(d)
- 35
-
-
35 - 24 -
2
26
Reversal of impairment losses
(d)
- (8)
-
-
(8) - (13)
-
-
(13)
Reclassification
-
-
-
-
-
-
(16) -
7
(9)
Transfer to disposal group classified as held for sale
-
-
-
-
-
-
(183)
-
-
(183)
Disposals - (395) -
(11)
(406)
(68)
(172)
-
-
(240)
Closing balance
385
1,077
526
302
2,290
387
1,238
450
312
2,387
Net carrying value
4,164
642
210
71
5,087
4,128
599
268
71
5,066
(a) Software includes \u00a3576m (2024: \u00a3522m) net carrying value of internally generated development costs.
(b) Other intangible assets include pharmacy licences with a net carrying value of \u00a328m (2024: \u00a327m) and various other individually immaterial balances.
(c) Amortisation of customer relationships of \u00a376m (2024: \u00a374m) has been included within adjusting items and primarily relates to customer relationships recognised on the Booker acquisition in March 2018.
(d) Refer to Note 15.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-841": { "value": "Note 11 Goodwill and other intangible assets
2025
2024
Other Other
Customer intangible Customer intangible
Goodwill
Software
(a)
relationships
assets
(b)
Total
Goodwill
Software
(a)
relationships
assets
(b)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Opening balance
4,515
1,837
718
383
7,453
4,785
2,034
718
384
7,921
Foreign currency translation
(4)
(5)
-
-
(9)
(8)
(19)
-
(1)
(28)
Additions - 285 -
1
286
- 275
-
-
275
Acquired through business combinations
38
- 18 -
56
17
-
-
-
17
Reclassification
-
-
-
-
-
-
(10)
-
-
(10)
Transfer to disposal group classified as held for sale
-
-
-
-
-
(211)
(266)
-
-
(477)
Disposals - (398) -
(11)
(409)
(68)
(177)
-
-
(245)
Closing balance
4,549
1,719
736
373
7,377
4,515
1,837
718
383
7,453
Accumulated amortisation and impairment losses
Opening balance
387
1,238
450
312
2,387
458
1,410
376
302
2,546
Foreign currency translation
(2)
(3)
-
-
(5)
(3)
(17)
-
-
(20)
Amortisation charge for the year
(c)
-
210
76
1
287
-
205
74
1
280
Impairment losses
(d)
- 35
-
-
35 - 24 -
2
26
Reversal of impairment losses
(d)
- (8)
-
-
(8) - (13)
-
-
(13)
Reclassification
-
-
-
-
-
-
(16) -
7
(9)
Transfer to disposal group classified as held for sale
-
-
-
-
-
-
(183)
-
-
(183)
Disposals - (395) -
(11)
(406)
(68)
(172)
-
-
(240)
Closing balance
385
1,077
526
302
2,290
387
1,238
450
312
2,387
Net carrying value
4,164
642
210
71
5,087
4,128
599
268
71
5,066
(a) Software includes \u00a3576m (2024: \u00a3522m) net carrying value of internally generated development costs. (b) Other intangible assets include pharmacy licences with a net carrying value of \u00a328m (2024: \u00a327m) and various other individually immaterial balances. (c) Amortisation of customer relationships of \u00a376m (2024: \u00a374m) has been included within adjusting items and primarily relates to customer relationships recognised on the Booker acquisition in March 2018. (d) Refer to Note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-801": { "value": "Note 11 Goodwill and other intangible assets
2025
2024
Other Other
Customer intangible Customer intangible
Goodwill
Software
(a)
relationships
assets
(b)
Total
Goodwill
Software
(a)
relationships
assets
(b)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Opening balance
4,515
1,837
718
383
7,453
4,785
2,034
718
384
7,921
Foreign currency translation
(4)
(5)
-
-
(9)
(8)
(19)
-
(1)
(28)
Additions - 285 -
1
286
- 275
-
-
275
Acquired through business combinations
38
- 18 -
56
17
-
-
-
17
Reclassification
-
-
-
-
-
-
(10)
-
-
(10)
Transfer to disposal group classified as held for sale
-
-
-
-
-
(211)
(266)
-
-
(477)
Disposals - (398) -
(11)
(409)
(68)
(177)
-
-
(245)
Closing balance
4,549
1,719
736
373
7,377
4,515
1,837
718
383
7,453
Accumulated amortisation and impairment losses
Opening balance
387
1,238
450
312
2,387
458
1,410
376
302
2,546
Foreign currency translation
(2)
(3)
-
-
(5)
(3)
(17)
-
-
(20)
Amortisation charge for the year
(c)
-
210
76
1
287
-
205
74
1
280
Impairment losses
(d)
- 35
-
-
35 - 24 -
2
26
Reversal of impairment losses
(d)
- (8)
-
-
(8) - (13)
-
-
(13)
Reclassification
-
-
-
-
-
-
(16) -
7
(9)
Transfer to disposal group classified as held for sale
-
-
-
-
-
-
(183)
-
-
(183)
Disposals - (395) -
(11)
(406)
(68)
(172)
-
-
(240)
Closing balance
385
1,077
526
302
2,290
387
1,238
450
312
2,387
Net carrying value
4,164
642
210
71
5,087
4,128
599
268
71
5,066
(a) Software includes \u00a3576m (2024: \u00a3522m) net carrying value of internally generated development costs. (b) Other intangible assets include pharmacy licences with a net carrying value of \u00a328m (2024: \u00a327m) and various other individually immaterial balances. (c) Amortisation of customer relationships of \u00a376m (2024: \u00a374m) has been included within adjusting items and primarily relates to customer relationships recognised on the Booker acquisition in March 2018. (d) Refer to Note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-757": { "value": "
Note 12 Property, plant and equipment
2025
2024
Land and Land and
buildings
(a)
Other
(b)
Total
buildings
(a)
Other
(b)
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
Opening balance
22,966
6,130
29,096
22,650
5,844
28,494
Foreign currency translation
(129)
(40)
(169)
(200)
(69)
(269)
Additions
(c)(d)
504
857
1,361
445
753
1,198
Acquired through business combinations -
1
1
-
-
-
Reclassification
(2)
2
-
10
32
42
Transfers (to)/from assets classified as held for sale
(55)
-
(55)
161
8
169
Transfer to disposal group classified as held for sale
-
-
-
(10)
(10)
(20)
Disposals
(190)
(627)
(817)
(90)
(428)
(518)
Closing balance
23,094
6,323
29,417
22,966
6,130
29,096
Accumulated depreciation and impairment losses
Opening balance
7,969
3,906
11,875
7,780
3,852
11,632
Foreign currency translation
(52)
(26)
(78)
(76)
(48)
(124)
Depreciation charge for the year
464
473
937
449
450
899
Impairment losses
(e)
292
119
411
236
95
331
Reversal of impairment losses
(e)
(197)
(37)
(234)
(395)
(61)
(456)
Reclassification
-
-
-
(1)
39
38
Transfers (to)/from assets classified as held for sale
(21)
-
(21)
58
3
61
Transfer to disposal group classified as held for sale
-
-
-
(9)
(7)
(16)
Disposals
(120)
(615)
(735)
(73)
(417)
(490)
Closing balance
8,335
3,820
12,155
7,969
3,906
11,875
Net carrying value
(f)
14,759
2,503
17,262
14,997
2,224
17,221
Construction in progress included above
(g)
155
361
516
109
280
389
(a) The estimated fair value of land and buildings is \u00a315.0bn (2024: \u00a315.0bn). Refer to Note 15 for details of the methodology applied to determine fair value.
(b) Other assets consist of fixtures and fittings with a net carrying value of \u00a31,874m (2024: \u00a31,679m), office equipment with a net carrying value of \u00a3269m (2024: \u00a3234m) and motor vehicles with a net carrying value of \u00a3360m (2024: \u00a3311m). Depreciation charge for the year is
\u00a3(306)m (2024: \u00a3(291)m), \u00a3(75)m (2024: \u00a3(69)m) and \u00a3(92)m (2024: \u00a3(90)m), respectively.
(c) Prior year includes \u00a365m of land and buildings related to obtaining control of The Tesco Coral Limited Partnership, which was not impaired on acquisition.
(d) Includes \u00a3199m (2024: \u00a3107m) relating to store buybacks, direct store purchases and refits associated with both direct store purchases and business combinations.
(e) Refer to Note 15.
(f) Includes \u00a33,128m (2024: \u00a33,129m) of assets pledged as security for secured bonds (refer to Note 22) and \u00a3820m (2024: \u00a3829m) of property held as security in favour of the Tesco PLC Pension Scheme (refer to Note 29).
(g) Construction in progress does not include land.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-758": { "value": "
Note 13 Leases
Group as lessee
Lease liabilities represent rentals payable by the Group for certain retail, distribution and office properties and other assets such as motor vehicles. The leases have varying terms, purchase options, escalation
clauses and renewal rights. Purchase options and renewal rights, where they occur, are at market value. Escalation clauses are in line with market practices and include inflation-linked, fixed rates, resets to
market rents and hybrids of these.
Right of use assets
2025
2024
Land and buildings
Other
Total
Land and buildings
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net carrying value
Opening balance
5,365
113
5,478
5,387
113
5,500
Additions (including sale and leaseback transactions)
476
66
542
305
39
344
Acquired through business combinations
5
- 5
-
-
-
Depreciation charge for the year
(512)
(38)
(550)
(508)
(36)
(544)
Impairment losses
(a)
(223)
(2)
(225)
(213)
(1)
(214)
Reversal of impairment losses
(a)
 130 -
130
131
- 131
Derecognition on acquisition of property joint venture
-
-
-
(17) - (17)
Transfer to disposal group classified as held for sale
-
-
-
(9) - (9)
Other movements
(b)
190
(1)
189
289
(2)
287
Closing balance
5,431
138
5,569
5,365
113
5,478
(a) Refer to Note 15.
(b) Other movements include lease terminations, modifications and reassessments, foreign exchange, reclassifications between asset classes and entering into finance subleases.
Lease liabilities
The following tables show the discounted lease liabilities included in the Group balance sheet and a
maturity analysis of the contractual undiscounted lease payments. A reconciliation of the Group\u2019s
opening to closing lease liabilities balance is presented in Note 32.
2025
2024
\u00a3m
\u00a3m
Current
618
584
Non-current
7,098
7,038
Total lease liabilities
7,716
7,622
2025
2024
Maturity analysis \u2013 contractual undiscounted lease payments
\u00a3m
\u00a3m
Within one year
995
944
Greater than one year but less than two years
973
928
Greater than two years but less than three years
940
903
Greater than three years but less than four years
896
872
Greater than four years but less than five years
855
831
Greater than five years but less than 10 years
3,489
3,444
Greater than 10 years but less than 15 years
1,951
1,954
After 15 years
777
881
Total undiscounted lease payments
10,876
10,757
Amounts recognised in the Group income statement
52 weeks
52 weeks
2025
2024
Continuing operations
\u00a3m
\u00a3m
Interest expense on lease liabilities*
377
373
Variable payment expenses not included in lease liabilities - 1
Expenses relating to short-term leases
24
26
Expenses relating to leases of low value assets (excluding amounts
1
1
already included in short-term leases above)
* Interest expense on lease liabilities is presented gross of \u00a37m hedging impact (2024: \u00a3nil).
Sale and leaseback related to assets previously classified as held for sale
During the year, the Group sold four mall properties previously classified as held for sale in Central
Europe, leasing back four stores within those sites. Refer to Note 8 for details of the net proceeds and
profit from the transaction. The stores are being leased back over 30-year lease terms at market
rentals with options to extend. These store leases have resulted in lease liability additions of \u00a323m.
The sale and leaseback transaction allows the Group to relinquish control over the malls while
continuing to operate the stores within those sites.
Amounts recognised in the Group cash flow statement
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Total cash outflow for leases
980
1,000
Future possible cash outflows not included in the lease liability
Some leases contain break clauses or extension options to provide operational flexibility. Potential
future undiscounted lease payments not included in the reasonably certain lease term, and hence
not included in lease liabilities, total \u00a313.4bn.
Future increases or decreases in rentals linked to an index or rate (not arising on a sale and leaseback
transaction) are not included in the lease liability until the change in cash flows takes effect.
Approximately 76% (2024: 76%) of the Group\u2019s lease liabilities are subject to inflation-linked rentals, of
which 89% (2024: 85%) have inflation caps, with a weighted average cap of 4.3% (2024: 4.3%). A further
17% (2024: 17%) are subject to rent reviews. Rental changes linked to inflation or rent reviews typically
occur on an annual or five-yearly basis. Of the inflation-linked leases with caps, 33% (2024: 31%) of the
lease liability value was hedged through index-linked swaps. Refer to Note 27.
The Group is committed to payments totalling \u00a3125m (2024: \u00a3181m) in relation to leases that have been
signed but have not yet commenced.
Group as lessor
The Group leases out owned properties and sublets leased properties under operating and finance
leases. Such properties include malls, mall units, stores, units within stores, distribution centres and
residential properties.
Amounts recognised in the Group income statement
52 weeks
52 weeks
2025
2024
Continuing operations
\u00a3m
\u00a3m
Finance lease \u2013 interest income
(a)
1
2
Operating lease \u2013 rental income
(b)
100
96
(a) Comprises \u00a31m (2024: \u00a32m) of sublease interest income.
(b) Includes \u00a328m (2024: \u00a326m) of sublease rental income.
Finance lease payments receivable
The finance lease receivable (net investment in the lease) included in the Group balance sheet is
\u00a323m (2024: \u00a327m).
Operating lease payments receivable maturity analysis
2025
2024
\u00a3m
\u00a3m
Within one year
61
63
Greater than one year but less than two years
35
33
Greater than two years but less than three years
28
30
Greater than three years but less than four years
27
23
Greater than four years but less than five years
18
23
Greater than five years but less than 10 years
30
33
Greater than 10 years but less than 15 years
9
11
After 15 years
29
28
Total undiscounted operating lease payments receivable
237
244
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-759": { "value": "
Note 14 Group entities
The Group consists of the ultimate Parent Company, Tesco PLC, and a number of subsidiaries, joint
ventures and associates held directly or indirectly by Tesco PLC. See pages 220 to 225 for a complete
list of Group entities.
Interests in joint ventures and associates
Principal joint ventures and associates
The Group\u2019s principal joint ventures and associates are:
Nature of Business Share of issued share capital, loan Principal area
relationship activity
capital and debt securities
Country of incorporation
of operation
Included in \u2018UK property joint ventures\u2019:
The Tesco Blue Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Tesco Passaic Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Tesco Navona Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Arena Unit Trust
Joint venture
Property investment
50%
Jersey
United Kingdom
Included in \u2018Other joint ventures and associates\u2019:
Tesco Mobile Limited
Joint venture
Telecommunications
50%
England
United Kingdom
Booker India Limited
Joint venture
Retail
49%
India
India
Trent Hypermarket Private Limited
Joint venture
Retail
50%
India
India
W23 Global GP LLP
Associate
Investment management
20%
England
International
The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2024 to 22 February 2025. The accounting period end dates of joint
ventures and associates differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture or associate partner(s) as well as those of the Group.
There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations.
The UK property joint ventures involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks
associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures.
These leases provide the Group with some rights over alterations and adjacent land developments. In some cases, the Group has the ability to substitute properties in the joint ventures with alternative
properties of similar value, subject to strict eligibility criteria. In other cases the Group carries out property management activities for third-party rentals of shopping centre units.
The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and
any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only
rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities.
The Group made a number of judgements in arriving at this determination, the key ones being:
\u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be
agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture;
\u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor
do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures;
\u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time;
\u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and
\u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements,
and do not provide the Group with additional powers over the joint venture.
Summarised financial information for joint ventures and associates
The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts.
These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to
provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market.
UK property joint ventures
2025
2024
\u00a3m
\u00a3m
Summarised balance sheet
Non-current assets
(a)
1,794
1,829
Current assets (excluding cash and cash equivalents)
8
8
Cash and cash equivalents
12
12
Current liabilities
(b)
(68)
(65)
Non-current liabilities
(b)
(2,247)
(2,265)
Net liabilities
(501)
(481)
Group\u2019s share in ownership
50%
50%
Group\u2019s share of net liabilities
(251)
(241)
Deferred property profits offset against carrying amounts
(57)
(56)
Cumulative unrecognised losses
(c)
134
138
Cumulative unrecognised hedge reserves
(c)
174
159
Carrying amount
-
-
Summarised income statement
Revenue
184
188
Profit and total comprehensive income
(d)
-
-
Dividend received by the Group
(e)
1
7
(a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate of the fair values in the financial statements of the UK property joint ventures is \u00a32,670m (2024: \u00a32,717m).
(b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(1,939)m (2024: \u00a3(1,985)m) and derivative swap balances of \u00a3(347)m (2024: \u00a3(317)m) entered into to hedge the cash flow variability exposures of the joint ventures.
(c) \u00a36m of profit (2024: \u00a311m) and \u00a315m of increase (2024: \u00a315m of increase) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves respectively.
(d) Profit and total comprehensive income includes \u00a362m (2024: \u00a359m) of interest cost.
(e) As the carrying value of the joint ventures is \u00a3nil, the dividends received are recognised directly in the income statement and presented in the Share of post-tax profits of joint ventures and associates.
As at 22 February 2025, the Group had \u00a397m (2024: \u00a396m) loans to UK property joint ventures.
Other joint ventures and associates
The Group also has interests in a number of individually immaterial joint ventures and associates excluding UK property joint ventures.
Joint ventures
Associates
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Aggregate carrying amount of individually immaterial joint ventures and associates
105
102
5
-
Group\u2019s share of losses for the year
(5)
(1)
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-857": { "value": "Note 14 Group entities The Group consists of the ultimate Parent Company, Tesco PLC, and a number of subsidiaries, joint ventures and associates held directly or indirectly by Tesco PLC. See pages 220 to 225 for a complete list of Group entities. Subsidiaries The accounting year ends of the subsidiaries consolidated in these financial statements are on or around 22 February 2025. Unconsolidated structured entities In prior years, the Group sponsored a number of structured entities. The Group led the formation of the entities and its name appears in the name of the entities and/or on the debt issued by the entities. The structured entities were set up to finance property purchases by some of the UK property joint ventures in which the Group typically holds a 50% equity interest. The structured entities obtain debt financing from third-party investors and lend the funds to these joint ventures, who use the funds to purchase the properties. The liabilities of the UK property joint ventures include the loans due to these structured entities. The Group\u2019s exposure to the structured entities is limited to the extent of the Group\u2019s interests in the joint ventures. The liabilities of the structured entities are non-recourse to the Group. The Group concluded that it does not control, and therefore should not consolidate, these structured entities since it does not have power over the relevant activities of the structured entities, or exposure to variable returns from these entities. Consolidated structured entities The Group has a number of financing structured entities controlled as a result of the acquisition of former UK property joint ventures. Although none of the equity of these entities is owned by the Group, the Group has rights to variable returns from its involvement with these entities and has the ability to affect those returns through its power over them under contractual agreements. These entities are controlled by the Group, and are therefore accounted for as subsidiaries. The financial year ends of the financing structured entities align to the Group financial year end. The Group previously had a number of securitisation structured entities established in connection with Tesco Bank\u2019s credit card securitisation transactions, which have been disposed of as part of the Banking operations disposal group. Interests in joint ventures and associates Principal joint ventures and associates The Group\u2019s principal joint ventures and associates are:
Nature of Business Share of issued share capital, loan Principal area
relationship activity
capital and debt securities
Country of incorporation
of operation
Included in \u2018UK property joint ventures\u2019:
The Tesco Blue Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Tesco Passaic Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Tesco Navona Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Arena Unit Trust
Joint venture
Property investment
50%
Jersey
United Kingdom
Included in \u2018Other joint ventures and associates\u2019:
Tesco Mobile Limited
Joint venture
Telecommunications
50%
England
United Kingdom
Booker India Limited
Joint venture
Retail
49%
India
India
Trent Hypermarket Private Limited
Joint venture
Retail
50%
India
India
W23 Global GP LLP
Associate
Investment management
20%
England
International
The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2024 to 22 February 2025. The accounting period end dates of joint ventures and associates differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture or associate partner(s) as well as those of the Group. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The UK property joint ventures involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases, the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market.
UK property joint ventures
2025
2024
\u00a3m
\u00a3m
Summarised balance sheet
Non-current assets
(a)
1,794
1,829
Current assets (excluding cash and cash equivalents)
8
8
Cash and cash equivalents
12
12
Current liabilities
(b)
(68)
(65)
Non-current liabilities
(b)
(2,247)
(2,265)
Net liabilities
(501)
(481)
Group\u2019s share in ownership
50%
50%
Group\u2019s share of net liabilities
(251)
(241)
Deferred property profits offset against carrying amounts
(57)
(56)
Cumulative unrecognised losses
(c)
134
138
Cumulative unrecognised hedge reserves
(c)
174
159
Carrying amount
-
-
Summarised income statement
Revenue
184
188
Profit and total comprehensive income
(d)
-
-
Dividend received by the Group
(e)
1
7
(a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate of the fair values in the financial statements of the UK property joint ventures is \u00a32,670m (2024: \u00a32,717m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(1,939)m (2024: \u00a3(1,985)m) and derivative swap balances of \u00a3(347)m (2024: \u00a3(317)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) \u00a36m of profit (2024: \u00a311m) and \u00a315m of increase (2024: \u00a315m of increase) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves respectively. (d) Profit and total comprehensive income includes \u00a362m (2024: \u00a359m) of interest cost. (e) As the carrying value of the joint ventures is \u00a3nil, the dividends received are recognised directly in the income statement and presented in the Share of post-tax profits of joint ventures and associates. As at 22 February 2025, the Group had \u00a397m (2024: \u00a396m) loans to UK property joint ventures. Other joint ventures and associates The Group also has interests in a number of individually immaterial joint ventures and associates excluding UK property joint ventures.
Joint ventures
Associates
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Aggregate carrying amount of individually immaterial joint ventures and associates
105
102
5
-
Group\u2019s share of losses for the year
(5)
(1)
-
-
Related undertakings of the Tesco Group In accordance with section 409 of the Companies Act 2006 and Schedule 4 of The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, a full list of related undertakings, together with the registered office address, class of share held and the percentage of share class owned, as at 22 February 2025 is disclosed below. Changes to the list of related undertakings since the year end date are detailed in the footnotes below. All undertakings are indirectly owned by Tesco PLC unless otherwise stated. Subsidiary undertakings incorporated in the United Kingdom
Registered % held by
Name of undertaking
address
Class of share held
Group
Armitage Finance Unlimited
1
GBP0.90 Ordinary
100
BF Limited
8
GBP0.000000011111111
Ordinary
100
Bishop\u2019s Group Limited
8
GBP0.01 Ordinary
100
Booker Cash & Carry Limited
8
GBP1.00 Ordinary
100
Booker Direct Limited
8
GBP0.01 Ordinary
100
Booker Group Limited
8
GBP0.00000000055625
Ordinary
100
Booker Limited
8
GBP1.00 Ordinary
100
Booker Retail Partners (GB) Limited
8
GBP1.00 Ordinary
100
Booker Retail Limited
8
GBP0.10 Ordinary
100
Booker Pension Trustees Limited
8
Limited by Guarantee
\u2013
Booker Wholesale Holdings Limited
8
GBP0.01 A1 Ordinary
100
Booker Unapproved Scheme Trustees Ltd
8
Limited by Guarantee
\u2013
Bourne End Residential Management
1
Limited by Guarantee
\u2013
Company Limited
Broughton Retail Park Nominee 1 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 2 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 3 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 4 Limited
1
GBP1.00 Ordinary
100
Budgen Holdings Limited
8
GBP1.00 Ordinary
100
Budgens Pension Trustees No.2 Limited
8
GBP1.00 Ordinary
100
Budgens Property Investments Limited
8
GBP1.00 Ordinary
100
Budgens Stores Limited
8
GBP1.00 Ordinary
100
Buttoncase Limited
\u2020
1
GBP1.00 2% Cumulative
100
Redeemable Preference
GBP1.00 Ordinary
100
Cardiff Cathays Terrace Management
1
Limited by Guarantee
\u2013
Company Limited
(a)
Day And Nite Stores Limited
2
GBP1.00 Cumulative Convertible
100
Participating Preferred Ordinary
GBP1.00 Cumulative 100
Redeemable Preference
GBP1.00 Ordinary
100
Dillons Newsagents Limited*
2
GBP0.25 Non\u2013Voting Ordinary
100
dunnhumby International Limited
4
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
dunnhumby Limited
4
GBP0.05 Ordinary 100
GBP0.10 A Ordinary 100
100
GBP0.10 Deferred
dunnhumby Overseas Limited
4
GBP1.00 Ordinary
100
dunnhumby Trustees Limited
4
GBP1.00 Ordinary
100
Giant Bidco Limited
8
GBP1.00 Ordinary
100
Giant Booker Limited
8
GBP0.0025
Ordinary
100
Giant Midco Limited
8
GBP1.00 Ordinary
100
Highams Green Management Company
1
Limited by Guarantee
\u2013
Limited
IRTH (15) Limited
8
GBP1.00 Ordinary
100
IRTH (19) Limited
8
USD0.000000052383172
Ordinary
100
Launchgrain Limited
\u2020
1
GBP1.00 Ordinary
100
Linnco Limited
8
GBP1.00 Ordinary
100
Londis (Holdings) Limited
8
GBP50.00 Ordinary
100
Londis Pension Trustees Limited
8
GBP1.00 Ordinary
100
Makro Holding Limited
8
GBP1.00 Ordinary
100
Makro Properties Limited
8
GBP1.00 Ordinary
100
Makro Self Service Wholesalers Limited
8
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary 100
Maldon Finance Limited
1
GBP0.01 Ordinary
100
GBP0.000000000592
A Preference
100
GBP0.000000000222
B Preference
100
GBP0.000000000740
C Preference
100
Murdoch Norton Limited
8
GBP0.05 Ordinary
100
Oakwood Distribution Limited
1
GBP1.00 Ordinary
100
One Stop Community Stores Limited
2
GBP0.00001200004
Ordinary
100
One Stop Convenience Stores Limited
2
GBP1.00 Ordinary
100
One Stop Stores Limited
\u2020(b)
2
GBP1.00 Ordinary
100
One Stop Stores Trustee Services Limited
2
GBP1.00 Ordinary
100
Orpington (Station Road) Limited
1
GBP1.00 Ordinary
100
PTLL Limited
1
GBP1.00 Ordinary
100
Reskammel Property Company Limited
1
GBP1.00 Ordinary
100
Seacroft Green Nominee 1 Ltd
1
GBP1.00 Ordinary
100
Seacroft Green Nominee 2 Ltd
1
GBP1.00 Ordinary
100
Spen Hill Developments Limited
1
GBP1.00 Ordinary
100
Spen Hill Management Limited
\u2020(c)
1
GBP1.00 Ordinary
100
Spen Hill Properties (Holdings) plc
\u2020
1
GBP1.00 Ordinary
100
Spen Hill Regeneration Limited
1
GBP1.00 Ordinary
100
Spen Hill Residential No 1 Limited
1
GBP1.00 Ordinary
100
Spen Hill Residential No 2 Limited
1
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Station House Welling Management Limited
1
Limited by Guarantee
\u2013
Statusfloat Limited
1
GBP1.00 Ordinary
100
Supermarket Income Investments UK
1
GBP1.00 Ordinary
100
(NO16) Limited
T&S Stores Limited
\u2020
2
GBP0.05 Ordinary
100
Tapesilver Limited
\u2020
1
GBP1.00 Ordinary
100
Teesport (GP) Limited
1
GBP1.00 Ordinary
100
The Teesport Unit Trust
33
\u2013
100
Tesco (Overseas) Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Atrato (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Atrato (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato Depot Propco Limited
1
GBP1.00 Ordinary
100
Tesco Atrato Unit Trust
33
\u2013
100
Tesco Blue (3LP) Limited
1
GBP1.00 Ordinary
100
Tesco Blue (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Blue (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Blue (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Blue (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Blue Unit Trust
33
\u2013
100
Tesco Breakfast Unit Trust
33
\u2013
100
Tesco Brislington Limited
1
GBP1.00 Ordinary
100
Tesco Bury Limited
1
GBP1.00 Ordinary
100
Tesco Coral (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary 100
Tesco Coral (Nominee) Limited
1
GBP1.00 Ordinary
100
Tesco Corporate Treasury Services PLC
\u2020
1
GBP1.00 Ordinary
100
Tesco Depot Propco Limited
1
GBP1.00 Ordinary
100
Tesco Distribution Holdings Limited
1
GBP1.00 Ordinary
100
Tesco Distribution Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (GP) Limited 1 GBP1.00 A Ordinary 100
GBP1.00 B Ordinary 100
Tesco Dorney (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Employees\u2019 Share Scheme Trustees
1
GBP1.00 Ordinary
100
Limited
\u2020(d)
Tesco Family Dining Limited
1
GBP1.00 Ordinary
100
Tesco Food Sourcing Limited
1
GBP1.00 Ordinary
100
Tesco Freetime Limited
1
GBP1.00 Ordinary
100
Tesco Fuchsia (3LP) Limited
1
GBP1.00 Ordinary
100
Tesco Gateshead Property Limited
1
GBP1.00 Ordinary
100
Tesco Holdings Limited
\u2020
1
GBP0.10 Ordinary
100
GBP10 Preference
Tesco International Services Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Maintenance Limited
1
GBP1.00 Ordinary
100
Tesco Mobile Communications Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Mobile Services Limited
1
GBP1.00 Ordinary
100
Tesco Navona (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Navona (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Navona (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Navona (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Navona (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Navona PL Propco Limited
1
GBP1.00 Ordinary
100
Tesco Overseas Investments Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Passaic (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Passaic (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Passaic (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Passaic (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Passaic (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Passaic PL Propco Limited
1
GBP1.00 Ordinary
100
Tesco Pension Investment Limited
(e)
1
GBP1.00 Ordinary
100
Tesco Pension Trustees Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Personal Finance Group Limited
\u2020
6
GBP0.10 A Ordinary
100
Tesco Personal Finance Limited
6
GBP0.10 Ordinary
100
Tesco Property (Nominees) Limited
11
GBP1.00 Ordinary
100
Tesco Property (Nominees) (No.1) Limited
11
GBP1.00 Ordinary
100
Tesco Property (Nominees) (No.2) Limited
11
GBP1.00 Ordinary
100
Tesco Property Finance 1 Holdco Limited
1
GBP1.00 Ordinary
100
Tesco Property Finance 1 PLC
1
GBP1.00 Ordinary
100
GBP0.25 Ordinary
(f)
100
Tesco Property Holdings (No.2) Limited
1
GBP1.00 Ordinary
100
Tesco Property Holdings Limited
1
GBP1.00 Ordinary
100
Tesco Property Nominees (No.5) Limited
1
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Property Nominees (No.6) Limited
1
GBP1.00 Ordinary
100
Tesco Property Partner (GP) Limited
\u2020
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary 100
Tesco Property Partner (No.1) Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Sarum (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Sarum (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Seacroft Ltd
1
GBP1.00 Ordinary
100
Tesco Secretaries Limited
1
GBP1.00 Ordinary
100
Tesco Services Limited
1
GBP1.00 Ordinary
100
Tesco Stores Limited
1
GBP1.00 Ordinary
100
GBP1.00 A Preference
100
GBP1.00 B Preference
100
Tesco Underwriting Limited
31
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary 100
The Big Food Group Limited
8
GBP0.10 Ordinary
100
The Teesport Limited Partnership
1
Limited Partnership
100
The Tesco Atrato Limited Partnership
1
Limited Partnership
100
The Tesco Blue Limited Partnership
1
Limited Partnership
100
The Tesco Coral Limited Partnership
1
Limited Partnership
100
The Tesco Dorney Limited Partnership
1
Limited Partnership
100
The Tesco Navona Limited Partnership
1
Limited Partnership
100
The Tesco Passaic Limited Partnership
1
Limited Partnership
100
The Tesco Property Limited Partnership
1
Limited Partnership
100
The Tesco Sarum Limited Partnership
1
Limited Partnership
100
TPI Fund Managers Limited
1
GBP1.00 Ordinary
100
TPT Holdco No.1 Limited
1
GBP1.00 Ordinary
100
Transcend Retail Solutions Limited
1
GBP1.00 Ordinary
100
TSFM Limited
1
GBP1.00 Ordinary
100
Venus Wine & Spirit Merchants PLC
8
GBP1.00 Ordinary
100
Weymouth Avenue (Dorchester) Limited
1
GBP1.00 Ordinary
100
International subsidiary undertakings
Registered % held by
Name of undertaking
address
Class of share held
Group
Arena (Jersey) Management Limited
\u2020
33
GBP1.00 Ordinary
100
Cheshunt Holdings Guernsey Limited
27
GBP1.00 Ordinary
100
dunnhumby (Malaysia) Sdn Bhd
10
MYR1.00 Ordinary
100
dunnhumby (Thailand) Limited
19
THB100 Ordinary
100
dunnhumby Australia Pty Ltd
64
AUD1.00 Ordinary
100
dunnhumby Brasil Consultoria Ltda
16
BRL1.00 Ordinary
100
dunnhumby Canada Limited
58
CAD1.00 Ordinary
100
dunnhumby Chile SpA
48
CLP500,000
Ordinary
100
dunnhumby Colombia S.A.S.
29
COP1,000
Ordinary
100
dunnhumby Consulting Services India
59
INR10 Ordinary
100
Private Limited
dunnhumby Czech s.r.o.
7
CZK1.00 Ordinary
100
dunnhumby Denmark ApS
56
DKK1.00 Ordinary
100
dunnhumby Finland Oy
30
EUR1.00 Ordinary
100
dunnhumby France SAS
18
EUR2.00 Ordinary
100
dunnhumby Germany GmbH
14
EUR1.00 Ordinary
100
dunnhumby Hungary Kft
32
HUF1.00 Ordinary
100
dunnhumby Inc.
35
No Par Value Stock
100
dunnhumby Information Technology
61
USD1.00 Common Stock
100
Consulting (Shanghai) Company Limited
dunnhumby Ireland Limited
66
EUR1.00 Ordinary
100
dunnhumby IT Services India Private
36
INR10 Ordinary
100
Limited
dunnhumby Italia s.r.l
37
EUR1.00 Ordinary
100
dunnhumby Japan K.K.
38
JPY10,000
Ordinary
100
dunnhumby M\u00e9xico S. de R.L. de C.V.
68
MXN1.00 Quota
100
dunnhumby Netherlands B.V.
69
EUR100 Ordinary
100
dunnhumby New Zealand
63
NZD1.00 Ordinary
100
dunnhumby Poland sp. z.o.o.
42
PLN50,000
Ordinary
100
dunnhumby SARL
18
EUR100 Ordinary
100
dunnhumby Servi\u00e7os de Promo\u00e7\u00e3o
16
BRL1.00 Ordinary
100
Digital Ltda
dunnhumby Slovakia s.r.o.
57
No Par Value Ordinary
100
dunnhumby Spain S.L.
50
EUR1.00 Ordinary
100
dunnhumby South Africa (Pty) Ltd
43
ZAR1.00 Ordinary
100
dunnhumby Ventures LLC
44
USD1.00 Capital
100
Edson Properties Limited
24
EUR1.00 Ordinary
100
ELH Insurance Limited
70
GBP1.00 Ordinary
100
Gresham Properties Limited
24
EUR1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Joyce\u2019s Supermarkets (Oranmore)
24
EUR1.00 Ordinary
100
Unlimited Company
Monread Developments Limited
24
EUR0.001
Ordinary
100
Nabola Development Limited
24
EUR1.25 A Ordinary
100
EUR1.25 B Ordinary 100
Omnisol Private Limited
41
INR10 Equity
100
Shopping Mall Eden s.r.o.
7
CZK1.00 Ordinary
100
Sociomantic Labs Private Limited
46
INR10 Ordinary
100
Tesco Akad\u00e9mia K\u00e9pz\u00e9si \u00e9s Fejleszt\u00e9si
32
HUF1.00 Business Share
100
Kor\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Tesco Angel Foundation
32
HUF1.00 Ordinary
100
Tesco Bengaluru Private Limited
41
INR10 Ordinary
100
Tesco Capital No. 1 Limited
\u2020
28
GBP0.50 A Ordinary
100
GBP0.50 B Ordinary 100
GBP0.01 Guaranteed Cumulative Fixed 100
Rate Preference 100
GBP0.01 Preferred Ordinary
Tesco Corporate Treasury Services
24
EUR1.00 Ordinary
100
Europe Designated Activity Company
Tesco Franchise Stores \u010cR s.r.o.
7
CZK2,000,000
Ordinary
100
Tesco-Global Stores Privately Held
32
HUF10 Common
100
Company Limited HUF10 Registered Preference 100
Liquidation
Tesco Holdings B.V.
40
EUR1.00 Ordinary
100
Tesco International Clothing Brand s.r.o.
57
EUR1.00 Ordinary
100
Tesco International Franchising s.r.o.
57
EUR1.00 Ordinary
100
Tesco International Sourcing Limited
20
HKD10 Ordinary
100
Tesco Ireland Holdings Limited
24
EUR0.00008
Ordinary
100
Tesco Ireland Limited
24
EUR1.25 Ordinary
100
Tesco Ireland Pension Trustees
24
EUR1.25 Ordinary
100
Designated Activity Company
Tesco Joint Buying Service (Shanghai)
17
USD1.00 Ordinary
100
Co. Limited
Tesco Mobile Ireland Limited
24
EUR1.00 Ordinary
100
Tesco Sourcing India Private Limited
41
INR10 Ordinary
100
Tesco Stores \u010cR a.s.
7
CZK250 Ordinary
100
Tesco Stores SR, a.s.
57
EUR33,193.92 Ordinary
100
Tesco Technology and Services Europe
3
PLN50 Ordinary
100
sp. zo.o.
Tesco Trustee Company of Ireland Limited
\u2020
24
EUR1.25 Ordinary
100
TESCO-BST \u00dczleti \u00e9s Technol\u00f3giai
25
HUF10,000
Ordinary
100
Szolg\u00e1ltat\u00e1sok Z\u00e2rtk\u00f6ruen M\u00fak\u00f6d\u00f3
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
Subsidiary undertakings in liquidation The following subsidiary undertakings were incorporated in the United Kingdom
Registered
Name of undertaking address Class of share held
Acklam Management Company Limited
9
Limited by Guarantee \u2013
Berry Lane Management Company Limited
9
Limited by Guarantee \u2013
Oxford Fox and Hounds Management
9
Limited by Guarantee \u2013
Company Limited
Tesco Aqua (GP) Limited
(g)
1
GBP0.0001 A Ordinary 100
Tesco Aqua (FinCo2) Limited
9 GBP1.00 Ordinary 100
Tesco Lagoon GP Limited
5 GBP1.00 Ordinary 100
Tesco Property Partner (GP No.2) Limited
(g)
1 GBP1.00 A Ordinary
Tesco Red (GP) Limited
(g)
1
GBP0.00001 A Ordinary 100
GBP0.00001 B Ordinary 100
Tesco TLB Properties Limited
(g)
1
GBP0.0000001 A Ordinary
GBP0.0000001 B Ordinary
% held by Group GBP1.00 B Ordinary 100 100 100 100 The following subsidiary undertakings were incorporated outside of the United Kingdom
Registered % held by
Name of undertaking
address
Class of share held
Group
Patrick C. Joyce Supermarket (Headford) ULC
24
EUR1.25 Ordinary
100
Associated undertakings
The following associated undertakings were incorporated in the United Kingdom
Registered % held by
Name of undertaking
address
Class of share held
Group
Broadfields Management Limited
12
GBP0.10 Ordinary
35.33
Drift East Management Limited
65
GBP0.01 B Ordinary
17.50
Holmscroft H.C. Limited
23
GBP0.10 Ordinary
14.29
Latitude Management Company Limited
71
GBP1.00 Ordinary
0.95
Shire Park Limited
15
GBP1.00 Ordinary
46.00
Tesco Jade (Nominee) Limited
29
GBP1.00 Ordinary
30
Tesco Mobile Limited*
1
GBP0.10 A Ordinary
100
GBP0.90 B Ordinary
100
W23 Global Fund LP
67
Limited Partnership
20
W23 Global GP LLP
67
Limited Liability Partnership
20
W23 Global Limited
67
GBP1.00 Ordinary
20
WBD (Chesterfield Management) Limited
53
GBP1.00 Ordinary
16.67
The following associated undertakings were incorporated outside of the United Kingdom
Registered % held by
Name of undertaking
address
Class of share held
Group
Booker India Limited
72
INR5 Equity
49
dunnhumby Mitsui Bussan Customer
54
JPY50,000
Ordinary
50
Science Co., Ltd
dunnhumby Norge A.S.
55
NOK1,000
Ordinary
50
Fiora Hypermarket Limited
26
INR10 Equity
49
Fiora Online Limited
76
INR10 10% Non-Convertible
49
Redeemable Preference
INR10 0.01% Non-Cumulative 49
Redeemable Preference
INR10 Equity 49
Longford Centre Management Services
74
EUR1.25 Ordinary
53.23
Limited
Marketplacer Holdings Ltd
73
AUD1.37334
Preference
5.47
Merrion Shopping Centre Ltd
24
EUR0.012697
Ordinary
51.88
Tesco Mobile \u010cR s.r.o.
7
CZK100,000
Ordinary
50
Tesco Mobile Slovakia s.r.o.
54
EUR1.00 Ordinary
50
The Arena Unit Trust
33
\u2013
50
The Blackpool Unit Trust
33
\u2013
50
The Broadstairs Unit Trust
33
\u2013
50
The Coventry Unit Trust
33
\u2013
50
THPL Support Services Limited
72
INR100 Equity
50
Trent Hypermarket Private Limited
13
INR10 Equity
50
W23 Global Manager Pty Ltd
75
AUD1.00 Ordinary
20
Consolidated structured entities
Name of undertaking
Registered address
Nature of business
Delamare Finance PLC
11
Securitisation entity
Delamare Group Holdings Limited
11
Securitisation entity
Tesco Property Finance 2 PLC
11
Securitisation entity
Tesco Property Finance 5 PLC
11
Securitisation entity
Tesco Property Finance 6 PLC
11
Securitisation entity
* Undertaking where other share classes are held by a third party.
\u2020 Interest held directly by Tesco PLC.
(a) Company sold on 28 February 2025.
(b) 95% held by Tesco PLC.
(c) 66.6% held by Tesco PLC.
(d) 50% held by Tesco PLC.
(e) Shares held by Tesco Pension Trustees Limited (TPTL), the corporate trustee of the Tesco PLC Pension Scheme (the Scheme).
On behalf of the Scheme, TPTL holds a 50% shareholding in three property joint ventures with Tesco, and is the sole shareholder
of TPT Holdco No.1 Limited and Tesco Pension Investment Limited.
(f) One ordinary share of the same class partly paid.
(g) Company dissolved on 3 March 2025.
1 Tesco House, Shire Park, Kestrel Way, Welwyn Garden City, AL7 1GA, United Kingdom
2 Apex Road, Brownhills, Walsall, West Midlands, WS8 7HU, United Kingdom
3 ul. Przy Rondzie 4, 31-547 Krak\u00f3w, Poland
4 184 Shepherds Bush Road, London, W6 7NL, United Kingdom
5 Atria One, 144 Morrison Street, Edinburgh, EH3 8EX, Scotland
6 2 South Gyle Crescent, Edinburgh, EH12 9FQ, United Kingdom
7 Vr\u0161ovick\u00e1 1527/68b, Vr\u0161ovice, 100 00 Prague 10, Czech Republic
8 Equity House, Irthlingborough Road, Wellingborough, Northamptonshire, NN8 1LT, United Kingdom
9 Ernst & Young LLP, 1 More London Place, London, SE1 2AF, United Kingdom
10 Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Lumpur, Malaysia
11 1 Bartholomew Lane, London, EC2N 2AX, United Kingdom
12 2 Paris Parklands, Railton Road, Guildford, Surrey, GU2 9JX, United Kingdom
13 26th Floor, Vios Tower, New Cuffe Parade, Sewri-Chembur Road, Near Imax Dome Theatre, Wadala, Antop Hill, Mumbai,
Maharashtra, India, 400037, India
14 Ritterstra\u00dfe 6, 10969 Berlin, Germany
15 Riverside House, 3 Place Farm, Wheathampstead, St. Albans, AL4 8SB, United Kingdom
16 Avenida Brigadeiro Lu\u00eds Ant\u00f4nio, No. 3530, CJ, 51 and 52 Jardim Paulista S\u00e3o Paulo 01402-001, Brazil
17 Unit 01, 02, 06, 07, 08, 09, Floor 17, No. 610 Xujiahui Road, Huangpu District, Shanghai, People\u2019s Republic of China
18 Rue du Louvre, Spaces les Halles, Spaces 40, Paris 75001, France
19 No 319 Chamchuri Square Building, 24th Floor, Office no. 24116, Phayathai road, Pathumwan sub district, Pathumwan District,
Bangkok 10330, Thailand
20 2604-2605 AXA Tower, Landmark East, No. 100 How Ming Street, Kowloon, Hong Kong
21 5 Esperidon Street, 4th Floor, 2001 Strovolos, Nicosia, Cyprus
22 Avenida Santa Mar\u00eda 5888, Piso 2 Zona A, Oficina 4, Vitacura, Santiago, 7660268, Chile
23 73 Union Street, Greenock, PA16 8BG, Ireland
24 Gresham House, Marine Road, Dun Laoghaire, Co. Dublin A96 HX70, Ireland
25 1138, Budapest, V\u00e1ci \u00fat, 187, Hungary
26 Trent House, Plot No. C-60, G-Block, Besides Citi Bank, Bandra Kurla Complex, Bandra (East), Mumbai 400051, India
27 PO Box 25, Regency Court, Glategny Esplanade, St. Peter Port, Guernsey, GY1 3AP
28 Level 1, IFC1 Esplanade, St Helier, Jersey, JE2 3BX
29 Carrera 48, No 32B Sur 139, OF 909 P. 9, Envigado, Antioquia, Medelin 055428, Colombia
30 c/o Rantalainen Oy, Helsinki Rajatorpantie 8, 01600 Vantaa, Finland
31 The Omnibus Building, Lesbourne Road, Reigate, Surrey, RH2 7LD, United Kingdom
32 2040 Buda\u00f6rs, Kinizsi \u00fat 1-3, Budapest, Hungary
33 47 Esplanade, St Helier, Jersey, JE1 0BD
34 No. 725 Metropolis Building, Level 20, Suite 161, Sukhumvit Road, Klongtan Nua
Sub-District, Wattana District, BANGKOK 10110, Thailand
35 c/o The Corporation Trust Company, 1209 Orange Street, Corporation Trust Center, Wilmington, DE 19801, United States
36 Ground Floor and First Floor, Worldmark 1, Asset Area 11, Aerocity, Hospitality District, Indira Ghandi Int. Airport, New Delhi,
South West Delhi DL 110037, India
37 Via Tiziano 32, Milan 20145, Italy
38 9th Floor, Shiroyama Trust Tower, 4-3-1, Toranomon 4-chome, Minato-ku, Tokyo 105-6009, Japan
39 38/39 Fitzwilliam Square, Dublin 2, Ireland
40 Willemsparkweg 150H, 1071 HS, Amsterdam, The Netherlands
41 81 & 82, Tesco Bengaluru Campus, EPIP Area, Whitefield, Bangalore, Karnataka 560066, India
42 ul. Grzybowska 2/29, 00-131 Warsaw, Poland
43 237 Aloe Ridge 2, Stoneridge Drive Greenstone Hill, Gauteng, Johannesburg 1610, South Africa
44 3300 Great American Tower, 301 East Fourth Street, Cincinnati, OH, 45202, United States
45 Windward 1, Regatta Office Park, PO Box 897, Grand Cayman KY1 \u2013 1103, Cayman Islands
46 c/o Vaish Associates, 106, Peninsula Centre, Dr. S. S. Rao Road, Parel Mumbai 400012, India
47 6th Floor, 125 London Wall, London, EC2Y 5AS, United Kingdom
48 Antonio Bellet 444 Oficina 504 Comuna de Las Condes, Ciudad de Santiago, 7500025, Chile
49 163 Tras Street, #03-01, Lian Huat Building, 079024, Singapore
50 48, 1D, Calle de Hermosilla 1\u00aa, Madrid 28001, Spain
51 Centre de Commerces et de, Loisirs, Cite Europe, 62231 Coquelles, France
52 27/F One Taikoo Place, 979 King\u2019s Road, Quarry Bay, Hong Kong
53 Barratt House, Cartwright Way Forest Business Park, Bardon Hill, Coalville, Leicestershire, LE67 1UF, United Kingdom
54 Pribinova 40, Bratislava 811 09, Slovakia
55 Rosenkrantzgate 16, Oslo O160, Norway
56 C/O GALST Advokataktieselskab, Gammel Strand 44, Kobenhavn K, 1202, Denmark
57 Cesta na Senec 2, Bratislava, 821 04, Slovakia
58 1400-340 Albert Street, Ottawa, Ontario K1R 0A5, Canada
59 4th Floor, Tower B, Paras Twin Towers, DLF Golf Course Road, Sector 54, Gurgaon, Haryana-HR, 122002, India
60 48 Rue Cambon, 75001, Paris, France
61 Room 1001, Enterprise Development Tower, Unit 01 \u2013 10th Floor, No 398, Jiangsu Road, Changning District, Shanghai 200050,
People\u2019s Republic of China
62 Room 2393, 2/F, No.3 Xuanhua Road, Changning District, Shanghai, People\u2019s Republic of China
63 RSM New Zealand, Level 2, 60 Highbrook Drive, East Tamaki, Auckland, 2013, New Zealand
64 c/o RSM Australia Pty Ltd, Level 21, 55 Collins Street, Melbourne, VIC 3000, Australia
65 Prologis House, Blythe Gate, Blythe Valley Park, Solihull, England, B90 8AH
66 Floor 3, 2 Harbour Square, Crofton Road, Dun Laoghaire, Dublin A96D6R0, Ireland
67 8 Sackville Street, London, W1S 3DG, United Kingdom
68 Av President Masarik No. 111, Piso 1, Colina Polance V Seccion Delegacion Miguel Hidalgo, Mexico 11560, Mexico
69 Kingsfordweg 151, 1043 GR Amsterdam, The Netherlands
70 Dorey Court, Admiral Park, St. Peter Port, GY1 4AT, Guernsey
71 Queensway House, 11 Queensway, New Milton, Hampshire, England, BH25 5NR
72 C-60/G Block, Trent House, BKC, Near Citi Bank, Bandra (East), Mumbai 400051, India
73 c/o Automic Pty Ltd, Suite 5, Level 12, 530 Collins Street, Melbourne VIC 3000, Australia
74 Longford Shopping Centre, Longford Town, Co. Longford, Longford, N39 R7R6, Ireland
75 Suite 502, 80 Cooper Street, Surry Hills, New South Wales 2010, Australia
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-802": { "value": "Subsidiaries The accounting year ends of the subsidiaries consolidated in these financial statements are on or around 22 February 2025.
Subsidiary undertakings incorporated in the United Kingdom
Registered % held by
Name of undertaking
address
Class of share held
Group
Armitage Finance Unlimited
1
GBP0.90 Ordinary
100
BF Limited
8
GBP0.000000011111111
Ordinary
100
Bishop\u2019s Group Limited
8
GBP0.01 Ordinary
100
Booker Cash & Carry Limited
8
GBP1.00 Ordinary
100
Booker Direct Limited
8
GBP0.01 Ordinary
100
Booker Group Limited
8
GBP0.00000000055625
Ordinary
100
Booker Limited
8
GBP1.00 Ordinary
100
Booker Retail Partners (GB) Limited
8
GBP1.00 Ordinary
100
Booker Retail Limited
8
GBP0.10 Ordinary
100
Booker Pension Trustees Limited
8
Limited by Guarantee
\u2013
Booker Wholesale Holdings Limited
8
GBP0.01 A1 Ordinary
100
Booker Unapproved Scheme Trustees Ltd
8
Limited by Guarantee
\u2013
Bourne End Residential Management
1
Limited by Guarantee
\u2013
Company Limited
Broughton Retail Park Nominee 1 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 2 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 3 Limited
1
GBP1.00 Ordinary
100
Broughton Retail Park Nominee 4 Limited
1
GBP1.00 Ordinary
100
Budgen Holdings Limited
8
GBP1.00 Ordinary
100
Budgens Pension Trustees No.2 Limited
8
GBP1.00 Ordinary
100
Budgens Property Investments Limited
8
GBP1.00 Ordinary
100
Budgens Stores Limited
8
GBP1.00 Ordinary
100
Buttoncase Limited
\u2020
1
GBP1.00 2% Cumulative
100
Redeemable Preference
GBP1.00 Ordinary
100
Cardiff Cathays Terrace Management
1
Limited by Guarantee
\u2013
Company Limited
(a)
Day And Nite Stores Limited
2
GBP1.00 Cumulative Convertible
100
Participating Preferred Ordinary
GBP1.00 Cumulative 100
Redeemable Preference
GBP1.00 Ordinary
100
Dillons Newsagents Limited*
2
GBP0.25 Non\u2013Voting Ordinary
100
dunnhumby International Limited
4
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
dunnhumby Limited
4
GBP0.05 Ordinary 100
GBP0.10 A Ordinary 100
100
GBP0.10 Deferred
dunnhumby Overseas Limited
4
GBP1.00 Ordinary
100
dunnhumby Trustees Limited
4
GBP1.00 Ordinary
100
Giant Bidco Limited
8
GBP1.00 Ordinary
100
Giant Booker Limited
8
GBP0.0025
Ordinary
100
Giant Midco Limited
8
GBP1.00 Ordinary
100
Highams Green Management Company
1
Limited by Guarantee
\u2013
Limited
IRTH (15) Limited
8
GBP1.00 Ordinary
100
IRTH (19) Limited
8
USD0.000000052383172
Ordinary
100
Launchgrain Limited
\u2020
1
GBP1.00 Ordinary
100
Linnco Limited
8
GBP1.00 Ordinary
100
Londis (Holdings) Limited
8
GBP50.00 Ordinary
100
Londis Pension Trustees Limited
8
GBP1.00 Ordinary
100
Makro Holding Limited
8
GBP1.00 Ordinary
100
Makro Properties Limited
8
GBP1.00 Ordinary
100
Makro Self Service Wholesalers Limited
8
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary 100
Maldon Finance Limited
1
GBP0.01 Ordinary
100
GBP0.000000000592
A Preference
100
GBP0.000000000222
B Preference
100
GBP0.000000000740
C Preference
100
Murdoch Norton Limited
8
GBP0.05 Ordinary
100
Oakwood Distribution Limited
1
GBP1.00 Ordinary
100
One Stop Community Stores Limited
2
GBP0.00001200004
Ordinary
100
One Stop Convenience Stores Limited
2
GBP1.00 Ordinary
100
One Stop Stores Limited
\u2020(b)
2
GBP1.00 Ordinary
100
One Stop Stores Trustee Services Limited
2
GBP1.00 Ordinary
100
Orpington (Station Road) Limited
1
GBP1.00 Ordinary
100
PTLL Limited
1
GBP1.00 Ordinary
100
Reskammel Property Company Limited
1
GBP1.00 Ordinary
100
Seacroft Green Nominee 1 Ltd
1
GBP1.00 Ordinary
100
Seacroft Green Nominee 2 Ltd
1
GBP1.00 Ordinary
100
Spen Hill Developments Limited
1
GBP1.00 Ordinary
100
Spen Hill Management Limited
\u2020(c)
1
GBP1.00 Ordinary
100
Spen Hill Properties (Holdings) plc
\u2020
1
GBP1.00 Ordinary
100
Spen Hill Regeneration Limited
1
GBP1.00 Ordinary
100
Spen Hill Residential No 1 Limited
1
GBP1.00 Ordinary
100
Spen Hill Residential No 2 Limited
1
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Station House Welling Management Limited
1
Limited by Guarantee
\u2013
Statusfloat Limited
1
GBP1.00 Ordinary
100
Supermarket Income Investments UK
1
GBP1.00 Ordinary
100
(NO16) Limited
T&S Stores Limited
\u2020
2
GBP0.05 Ordinary
100
Tapesilver Limited
\u2020
1
GBP1.00 Ordinary
100
Teesport (GP) Limited
1
GBP1.00 Ordinary
100
The Teesport Unit Trust
33
\u2013
100
Tesco (Overseas) Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Atrato (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Atrato (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Atrato Depot Propco Limited
1
GBP1.00 Ordinary
100
Tesco Atrato Unit Trust
33
\u2013
100
Tesco Blue (3LP) Limited
1
GBP1.00 Ordinary
100
Tesco Blue (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Blue (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Blue (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Blue (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Blue Unit Trust
33
\u2013
100
Tesco Breakfast Unit Trust
33
\u2013
100
Tesco Brislington Limited
1
GBP1.00 Ordinary
100
Tesco Bury Limited
1
GBP1.00 Ordinary
100
Tesco Coral (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary 100
Tesco Coral (Nominee) Limited
1
GBP1.00 Ordinary
100
Tesco Corporate Treasury Services PLC
\u2020
1
GBP1.00 Ordinary
100
Tesco Depot Propco Limited
1
GBP1.00 Ordinary
100
Tesco Distribution Holdings Limited
1
GBP1.00 Ordinary
100
Tesco Distribution Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (GP) Limited 1 GBP1.00 A Ordinary 100
GBP1.00 B Ordinary 100
Tesco Dorney (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Dorney (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Employees\u2019 Share Scheme Trustees
1
GBP1.00 Ordinary
100
Limited
\u2020(d)
Tesco Family Dining Limited
1
GBP1.00 Ordinary
100
Tesco Food Sourcing Limited
1
GBP1.00 Ordinary
100
Tesco Freetime Limited
1
GBP1.00 Ordinary
100
Tesco Fuchsia (3LP) Limited
1
GBP1.00 Ordinary
100
Tesco Gateshead Property Limited
1
GBP1.00 Ordinary
100
Tesco Holdings Limited
\u2020
1
GBP0.10 Ordinary
100
GBP10 Preference
Tesco International Services Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Maintenance Limited
1
GBP1.00 Ordinary
100
Tesco Mobile Communications Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Mobile Services Limited
1
GBP1.00 Ordinary
100
Tesco Navona (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Navona (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Navona (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Navona (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Navona (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Navona PL Propco Limited
1
GBP1.00 Ordinary
100
Tesco Overseas Investments Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Passaic (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Passaic (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Passaic (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Passaic (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Passaic (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Passaic PL Propco Limited
1
GBP1.00 Ordinary
100
Tesco Pension Investment Limited
(e)
1
GBP1.00 Ordinary
100
Tesco Pension Trustees Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Personal Finance Group Limited
\u2020
6
GBP0.10 A Ordinary
100
Tesco Personal Finance Limited
6
GBP0.10 Ordinary
100
Tesco Property (Nominees) Limited
11
GBP1.00 Ordinary
100
Tesco Property (Nominees) (No.1) Limited
11
GBP1.00 Ordinary
100
Tesco Property (Nominees) (No.2) Limited
11
GBP1.00 Ordinary
100
Tesco Property Finance 1 Holdco Limited
1
GBP1.00 Ordinary
100
Tesco Property Finance 1 PLC
1
GBP1.00 Ordinary
100
GBP0.25 Ordinary
(f)
100
Tesco Property Holdings (No.2) Limited
1
GBP1.00 Ordinary
100
Tesco Property Holdings Limited
1
GBP1.00 Ordinary
100
Tesco Property Nominees (No.5) Limited
1
GBP1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Tesco Property Nominees (No.6) Limited
1
GBP1.00 Ordinary
100
Tesco Property Partner (GP) Limited
\u2020
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary 100
Tesco Property Partner (No.1) Limited
\u2020
1
GBP1.00 Ordinary
100
Tesco Sarum (1LP) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (GP) Limited
1
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary
100
Tesco Sarum (Nominee 1) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (Nominee 2) Limited
1
GBP1.00 Ordinary
100
Tesco Sarum (Nominee Holdco) Limited
1
GBP1.00 Ordinary
100
Tesco Seacroft Ltd
1
GBP1.00 Ordinary
100
Tesco Secretaries Limited
1
GBP1.00 Ordinary
100
Tesco Services Limited
1
GBP1.00 Ordinary
100
Tesco Stores Limited
1
GBP1.00 Ordinary
100
GBP1.00 A Preference
100
GBP1.00 B Preference
100
Tesco Underwriting Limited
31
GBP1.00 A Ordinary
100
GBP1.00 B Ordinary 100
The Big Food Group Limited
8
GBP0.10 Ordinary
100
The Teesport Limited Partnership
1
Limited Partnership
100
The Tesco Atrato Limited Partnership
1
Limited Partnership
100
The Tesco Blue Limited Partnership
1
Limited Partnership
100
The Tesco Coral Limited Partnership
1
Limited Partnership
100
The Tesco Dorney Limited Partnership
1
Limited Partnership
100
The Tesco Navona Limited Partnership
1
Limited Partnership
100
The Tesco Passaic Limited Partnership
1
Limited Partnership
100
The Tesco Property Limited Partnership
1
Limited Partnership
100
The Tesco Sarum Limited Partnership
1
Limited Partnership
100
TPI Fund Managers Limited
1
GBP1.00 Ordinary
100
TPT Holdco No.1 Limited
1
GBP1.00 Ordinary
100
Transcend Retail Solutions Limited
1
GBP1.00 Ordinary
100
TSFM Limited
1
GBP1.00 Ordinary
100
Venus Wine & Spirit Merchants PLC
8
GBP1.00 Ordinary
100
Weymouth Avenue (Dorchester) Limited
1
GBP1.00 Ordinary
100
International subsidiary undertakings
Registered % held by
Name of undertaking
address
Class of share held
Group
Arena (Jersey) Management Limited
\u2020
33
GBP1.00 Ordinary
100
Cheshunt Holdings Guernsey Limited
27
GBP1.00 Ordinary
100
dunnhumby (Malaysia) Sdn Bhd
10
MYR1.00 Ordinary
100
dunnhumby (Thailand) Limited
19
THB100 Ordinary
100
dunnhumby Australia Pty Ltd
64
AUD1.00 Ordinary
100
dunnhumby Brasil Consultoria Ltda
16
BRL1.00 Ordinary
100
dunnhumby Canada Limited
58
CAD1.00 Ordinary
100
dunnhumby Chile SpA
48
CLP500,000
Ordinary
100
dunnhumby Colombia S.A.S.
29
COP1,000
Ordinary
100
dunnhumby Consulting Services India
59
INR10 Ordinary
100
Private Limited
dunnhumby Czech s.r.o.
7
CZK1.00 Ordinary
100
dunnhumby Denmark ApS
56
DKK1.00 Ordinary
100
dunnhumby Finland Oy
30
EUR1.00 Ordinary
100
dunnhumby France SAS
18
EUR2.00 Ordinary
100
dunnhumby Germany GmbH
14
EUR1.00 Ordinary
100
dunnhumby Hungary Kft
32
HUF1.00 Ordinary
100
dunnhumby Inc.
35
No Par Value Stock
100
dunnhumby Information Technology
61
USD1.00 Common Stock
100
Consulting (Shanghai) Company Limited
dunnhumby Ireland Limited
66
EUR1.00 Ordinary
100
dunnhumby IT Services India Private
36
INR10 Ordinary
100
Limited
dunnhumby Italia s.r.l
37
EUR1.00 Ordinary
100
dunnhumby Japan K.K.
38
JPY10,000
Ordinary
100
dunnhumby M\u00e9xico S. de R.L. de C.V.
68
MXN1.00 Quota
100
dunnhumby Netherlands B.V.
69
EUR100 Ordinary
100
dunnhumby New Zealand
63
NZD1.00 Ordinary
100
dunnhumby Poland sp. z.o.o.
42
PLN50,000
Ordinary
100
dunnhumby SARL
18
EUR100 Ordinary
100
dunnhumby Servi\u00e7os de Promo\u00e7\u00e3o
16
BRL1.00 Ordinary
100
Digital Ltda
dunnhumby Slovakia s.r.o.
57
No Par Value Ordinary
100
dunnhumby Spain S.L.
50
EUR1.00 Ordinary
100
dunnhumby South Africa (Pty) Ltd
43
ZAR1.00 Ordinary
100
dunnhumby Ventures LLC
44
USD1.00 Capital
100
Edson Properties Limited
24
EUR1.00 Ordinary
100
ELH Insurance Limited
70
GBP1.00 Ordinary
100
Gresham Properties Limited
24
EUR1.00 Ordinary
100
Registered % held by
Name of undertaking
address
Class of share held
Group
Joyce\u2019s Supermarkets (Oranmore)
24
EUR1.00 Ordinary
100
Unlimited Company
Monread Developments Limited
24
EUR0.001
Ordinary
100
Nabola Development Limited
24
EUR1.25 A Ordinary
100
EUR1.25 B Ordinary 100
Omnisol Private Limited
41
INR10 Equity
100
Shopping Mall Eden s.r.o.
7
CZK1.00 Ordinary
100
Sociomantic Labs Private Limited
46
INR10 Ordinary
100
Tesco Akad\u00e9mia K\u00e9pz\u00e9si \u00e9s Fejleszt\u00e9si
32
HUF1.00 Business Share
100
Kor\u00e1tolt Felel\u0151ss\u00e9g\u0171 T\u00e1rsas\u00e1g
Tesco Angel Foundation
32
HUF1.00 Ordinary
100
Tesco Bengaluru Private Limited
41
INR10 Ordinary
100
Tesco Capital No. 1 Limited
\u2020
28
GBP0.50 A Ordinary
100
GBP0.50 B Ordinary 100
GBP0.01 Guaranteed Cumulative Fixed 100
Rate Preference 100
GBP0.01 Preferred Ordinary
Tesco Corporate Treasury Services
24
EUR1.00 Ordinary
100
Europe Designated Activity Company
Tesco Franchise Stores \u010cR s.r.o.
7
CZK2,000,000
Ordinary
100
Tesco-Global Stores Privately Held
32
HUF10 Common
100
Company Limited HUF10 Registered Preference 100
Liquidation
Tesco Holdings B.V.
40
EUR1.00 Ordinary
100
Tesco International Clothing Brand s.r.o.
57
EUR1.00 Ordinary
100
Tesco International Franchising s.r.o.
57
EUR1.00 Ordinary
100
Tesco International Sourcing Limited
20
HKD10 Ordinary
100
Tesco Ireland Holdings Limited
24
EUR0.00008
Ordinary
100
Tesco Ireland Limited
24
EUR1.25 Ordinary
100
Tesco Ireland Pension Trustees
24
EUR1.25 Ordinary
100
Designated Activity Company
Tesco Joint Buying Service (Shanghai)
17
USD1.00 Ordinary
100
Co. Limited
Tesco Mobile Ireland Limited
24
EUR1.00 Ordinary
100
Tesco Sourcing India Private Limited
41
INR10 Ordinary
100
Tesco Stores \u010cR a.s.
7
CZK250 Ordinary
100
Tesco Stores SR, a.s.
57
EUR33,193.92 Ordinary
100
Tesco Technology and Services Europe
3
PLN50 Ordinary
100
sp. zo.o.
Tesco Trustee Company of Ireland Limited
\u2020
24
EUR1.25 Ordinary
100
TESCO-BST \u00dczleti \u00e9s Technol\u00f3giai
25
HUF10,000
Ordinary
100
Szolg\u00e1ltat\u00e1sok Z\u00e2rtk\u00f6ruen M\u00fak\u00f6d\u00f3
R\u00e9szv\u00e9nyt\u00e1rsas\u00e1g
Subsidiary undertakings in liquidation
The following subsidiary undertakings were incorporated in the United Kingdom
Registered
Name of undertaking address Class of share held
Acklam Management Company Limited
9
Limited by Guarantee \u2013
Berry Lane Management Company Limited
9
Limited by Guarantee \u2013
Oxford Fox and Hounds Management
9
Limited by Guarantee \u2013
Company Limited
Tesco Aqua (GP) Limited
(g)
1
GBP0.0001 A Ordinary 100
Tesco Aqua (FinCo2) Limited
9 GBP1.00 Ordinary 100
Tesco Lagoon GP Limited
5 GBP1.00 Ordinary 100
Tesco Property Partner (GP No.2) Limited
(g)
1 GBP1.00 A Ordinary
Tesco Red (GP) Limited
(g)
1
GBP0.00001 A Ordinary 100
GBP0.00001 B Ordinary 100
Tesco TLB Properties Limited
(g)
1
GBP0.0000001 A Ordinary
GBP0.0000001 B Ordinary
% held by
Group
GBP1.00 B Ordinary
100
100
100
100
The following subsidiary undertakings were incorporated outside of the United Kingdom
Registered % held by
Name of undertaking
address
Class of share held
Group
Patrick C. Joyce Supermarket (Headford) ULC
24
EUR1.25 Ordinary
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-880": { "value": "Interests in joint ventures and associates Principal joint ventures and associates The Group\u2019s principal joint ventures and associates are:
Nature of Business Share of issued share capital, loan Principal area
relationship activity
capital and debt securities
Country of incorporation
of operation
Included in \u2018UK property joint ventures\u2019:
The Tesco Blue Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Tesco Passaic Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Tesco Navona Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Arena Unit Trust
Joint venture
Property investment
50%
Jersey
United Kingdom
Included in \u2018Other joint ventures and associates\u2019:
Tesco Mobile Limited
Joint venture
Telecommunications
50%
England
United Kingdom
Booker India Limited
Joint venture
Retail
49%
India
India
Trent Hypermarket Private Limited
Joint venture
Retail
50%
India
India
W23 Global GP LLP
Associate
Investment management
20%
England
International
The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2024 to 22 February 2025. The accounting period end dates of joint ventures and associates differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture or associate partner(s) as well as those of the Group. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The UK property joint ventures involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases, the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market.
UK property joint ventures
2025
2024
\u00a3m
\u00a3m
Summarised balance sheet
Non-current assets
(a)
1,794
1,829
Current assets (excluding cash and cash equivalents)
8
8
Cash and cash equivalents
12
12
Current liabilities
(b)
(68)
(65)
Non-current liabilities
(b)
(2,247)
(2,265)
Net liabilities
(501)
(481)
Group\u2019s share in ownership
50%
50%
Group\u2019s share of net liabilities
(251)
(241)
Deferred property profits offset against carrying amounts
(57)
(56)
Cumulative unrecognised losses
(c)
134
138
Cumulative unrecognised hedge reserves
(c)
174
159
Carrying amount
-
-
Summarised income statement
Revenue
184
188
Profit and total comprehensive income
(d)
-
-
Dividend received by the Group
(e)
1
7
(a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate of the fair values in the financial statements of the UK property joint ventures is \u00a32,670m (2024: \u00a32,717m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(1,939)m (2024: \u00a3(1,985)m) and derivative swap balances of \u00a3(347)m (2024: \u00a3(317)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) \u00a36m of profit (2024: \u00a311m) and \u00a315m of increase (2024: \u00a315m of increase) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves respectively. (d) Profit and total comprehensive income includes \u00a362m (2024: \u00a359m) of interest cost. (e) As the carrying value of the joint ventures is \u00a3nil, the dividends received are recognised directly in the income statement and presented in the Share of post-tax profits of joint ventures and associates. As at 22 February 2025, the Group had \u00a397m (2024: \u00a396m) loans to UK property joint ventures. Other joint ventures and associates The Group also has interests in a number of individually immaterial joint ventures and associates excluding UK property joint ventures.
Joint ventures
Associates
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Aggregate carrying amount of individually immaterial joint ventures and associates
105
102
5
-
Group\u2019s share of losses for the year
(5)
(1)
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-842": { "value": "Interests in joint ventures and associates Principal joint ventures and associates The Group\u2019s principal joint ventures and associates are:
Nature of Business Share of issued share capital, loan Principal area
relationship activity
capital and debt securities
Country of incorporation
of operation
Included in \u2018UK property joint ventures\u2019:
The Tesco Blue Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Tesco Passaic Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Tesco Navona Limited Partnership
Joint venture
Property investment
50%
England
United Kingdom
The Arena Unit Trust
Joint venture
Property investment
50%
Jersey
United Kingdom
Included in \u2018Other joint ventures and associates\u2019:
Tesco Mobile Limited
Joint venture
Telecommunications
50%
England
United Kingdom
Booker India Limited
Joint venture
Retail
49%
India
India
Trent Hypermarket Private Limited
Joint venture
Retail
50%
India
India
W23 Global GP LLP
Associate
Investment management
20%
England
International
The accounting period end dates of the joint ventures and associates consolidated in these financial statements range from 31 December 2024 to 22 February 2025. The accounting period end dates of joint ventures and associates differ from those of the Group for commercial reasons and depend upon the requirements of the joint venture or associate partner(s) as well as those of the Group. There are no significant restrictions on the ability of joint ventures and associates to transfer funds to the parents, other than those imposed by the Companies Act 2006 or equivalent local regulations. The UK property joint ventures involve the Group partnering with third parties in carrying out some property investments in order to enhance returns from property and access funding, while reducing risks associated with sole ownership. These property investments generally cover shopping centres and standalone stores. The Group enters into leases for some or all of the properties held in the joint ventures. These leases provide the Group with some rights over alterations and adjacent land developments. In some cases, the Group has the ability to substitute properties in the joint ventures with alternative properties of similar value, subject to strict eligibility criteria. In other cases the Group carries out property management activities for third-party rentals of shopping centre units. The property investment activities are carried out in separate entities, usually partnerships or limited liability companies. The Group has assessed its ability to direct the relevant activities of these entities and any impact on Group returns and concluded that the entities qualify as joint ventures since decisions regarding them require the unanimous consent of both equity holders. This assessment included not only rights within the joint venture agreements, but also any rights within other contractual arrangements between the Group and the entities. The Group made a number of judgements in arriving at this determination, the key ones being: \u2013 since the provisions of the joint venture agreements require the relevant decisions impacting investor returns to be either unanimously agreed by both joint venturers at the same time, or in some cases to be agreed sequentially by each venturer at different stages, there is joint decision making within the joint venture; \u2013 since the Group\u2019s leases are priced at fair value, and any rights embedded in the leases are consistent with market practice, they do not provide the Group with additional control over the joint ventures nor do they infer an obligation by the Group to fund the settlement of liabilities of the joint ventures; \u2013 any options to purchase the other joint venturers\u2019 equity stakes are priced at market value, and only exercisable at future dates, hence they do not provide control to the Group at the current time; \u2013 where the Group has a right to substitute properties in the joint ventures, the rights are strictly limited and are at fair value, hence do not provide control to the Group; and \u2013 where the Group carries out property management activities for third-party rentals in shopping centres, these additional activities are controlled through joint venture agreements or lease agreements, and do not provide the Group with additional powers over the joint venture. Summarised financial information for joint ventures and associates The summarised financial information below reflects the amounts presented in the financial statements of the relevant joint ventures and associates, and not the Group\u2019s share of those amounts. These amounts have been adjusted to conform to the Group\u2019s accounting policies where required. The summarised financial information for UK property joint ventures has been aggregated in order to provide useful information to users without excessive detail, since these entities have similar characteristics and risk profiles largely based on their nature of activities and geographic market.
UK property joint ventures
2025
2024
\u00a3m
\u00a3m
Summarised balance sheet
Non-current assets
(a)
1,794
1,829
Current assets (excluding cash and cash equivalents)
8
8
Cash and cash equivalents
12
12
Current liabilities
(b)
(68)
(65)
Non-current liabilities
(b)
(2,247)
(2,265)
Net liabilities
(501)
(481)
Group\u2019s share in ownership
50%
50%
Group\u2019s share of net liabilities
(251)
(241)
Deferred property profits offset against carrying amounts
(57)
(56)
Cumulative unrecognised losses
(c)
134
138
Cumulative unrecognised hedge reserves
(c)
174
159
Carrying amount
-
-
Summarised income statement
Revenue
184
188
Profit and total comprehensive income
(d)
-
-
Dividend received by the Group
(e)
1
7
(a) The non-current asset balances of UK property joint ventures are reflected at historical depreciated cost to conform to the Group\u2019s accounting policies. The aggregate of the fair values in the financial statements of the UK property joint ventures is \u00a32,670m (2024: \u00a32,717m). (b) The current and non-current liabilities of UK property joint ventures largely comprise loan balances of \u00a3(1,939)m (2024: \u00a3(1,985)m) and derivative swap balances of \u00a3(347)m (2024: \u00a3(317)m) entered into to hedge the cash flow variability exposures of the joint ventures. (c) \u00a36m of profit (2024: \u00a311m) and \u00a315m of increase (2024: \u00a315m of increase) in the fair values of derivatives arising from these entities have been included in cumulative unrecognised losses and cumulative unrecognised hedge reserves respectively. (d) Profit and total comprehensive income includes \u00a362m (2024: \u00a359m) of interest cost. (e) As the carrying value of the joint ventures is \u00a3nil, the dividends received are recognised directly in the income statement and presented in the Share of post-tax profits of joint ventures and associates. As at 22 February 2025, the Group had \u00a397m (2024: \u00a396m) loans to UK property joint ventures. Other joint ventures and associates The Group also has interests in a number of individually immaterial joint ventures and associates excluding UK property joint ventures.
Joint ventures
Associates
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Aggregate carrying amount of individually immaterial joint ventures and associates
105
102
5
-
Group\u2019s share of losses for the year
(5)
(1)
-
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-760": { "value": "
Note 15 Impairment of non-current assets
Impairment losses and reversals
Goodwill
There was no impairment of goodwill balances in the current year (2024: \u00a3211m related to the sale of the Group\u2019s Banking operations).
Other non-current assets
The tables below summarise the Group\u2019s pre-tax impairment losses and reversals on other non-current assets, aggregated by segment due to the large number of individually immaterial cash-generating units.
This includes any (losses)/reversals recognised immediately prior to classifying an asset or disposal group as held for sale but excludes any changes in fair value less costs to sell post classification as held for
sale. There were no impairment losses or reversals in the year (2024: \u00a3nil) with respect to investments in joint ventures and associates. Impairments are typically treated as adjusting where there is significant
volatility arising from inputs outside the control of management.
UK & ROI
Central Europe
Total
Net
Impairment Impairment Impairment Impairment Impairment Impairment Impairment
loss reversal loss reversal loss reversal (loss)/reversal
52 weeks ended 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Group balance sheet
Other intangible assets
(35)
8
-
-
(35)
8
(27)
Property, plant and equipment
(336)
233
(75)
1
(411)
234
(177)
Right of use assets
(165)
125
(60)
5
(225)
130
(95)
Investment property - 1
-
-
-
1
1
Total impairment (loss)/reversal of other non-current assets
(536)
367
(135)
6
(671)
373
(298)
Group income statement
Cost of sales
(a)
(517)
360
(134)
5
(651)
365
(286)
Administrative expenses
(b)
(19)
7
(1)
1
(20)
8
(12)
Total impairment (loss)/reversal from continuing operations
(536)
367
(135)
6
(671)
373
(298)
(a) Of which \u00a3(274)m is adjusting (2024: \u00a335m).
(b) Of which \u00a3(12)m is adjusting (2024: \u00a3(7)m).
UK & ROI
Central Europe
Total
Net
Impairment Impairment Impairment Impairment Impairment Impairment Impairment
loss reversal loss reversal loss reversal (loss)/reversal
52 weeks ended 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Group balance sheet
Other intangible assets
(26)
13
-
-
(26)
13
(13)
Property, plant and equipment
(306)
449
(25)
7
(331)
456
125
Right of use assets
(187)
122
(27)
9
(214)
131
(83)
Investment property
-
-
(1) - (1) - (1)
Total impairment (loss)/reversal of other non-current assets
(519)
584
(53)
16
(572)
600
28
Group income statement
Cost of sales
(a)
(518)
584
(46)
15
(564)
599
35
Administrative expenses
(b)
(1) -
(7)
1
(8)
1
(7)
Total impairment (loss)/reversal from continuing operations
(519)
584
(53)
16
(572)
600
28
Refer to previous table for footnotes.
The net impairment loss is primarily due to increases in discount rates, as a result of the continued upward trend in government bond rates, as well as future cost pressures. The gross non-current asset
impairment losses and reversals largely reflect normal fluctuations expected from store-level performance, as well as any specific store closures.
Net carrying value of non-current assets
The net carrying values of other non-current assets and the recoverable amounts of impaired other
non-current assets, for which an impairment loss has been recognised or reversed, have been
aggregated by segment due to the large number of individually immaterial cash-generating units.
UK & ROI
Central Europe
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
Net carrying value
Other intangible assets
892
31
923
Property, plant and equipment
15,951
1,311
17,262
Right of use assets
5,094
475
5,569
Investment property
15
9
24
Other non-current assets
21,952
1,826
23,778
Goodwill
(a)
4,164 - 4,164
Investments in joint ventures and associates
(b)
110 - 110
Net carrying value of non-current assets
26,226
1,826
28,052
Recoverable amount of impaired other non-current
assets for which an impairment loss has been
recognised or reversed, supported by:
Value in use
2,703
145
2,848
Fair value less costs of disposal
(c)
1,570
357
1,927
4,273
502
4,775
(a) Goodwill of \u00a34,164m (2024: \u00a34,128m) consists of UK \u00a33,702m (2024: \u00a33,664m), dunnhumby \u00a3141m (2024: \u00a3142m), money services
\u00a3171m (2024: \u00a3171m), insurance \u00a3118m (2024: \u00a3118m) and ROI \u00a332m (2024: \u00a333m).
(b) The carrying value of the Group\u2019s investments includes Trent Hypermarket Private Limited \u00a360m (2024: \u00a363m).
(c) Due to the individual nature of each property, fair values are classified as Level 3 within the fair value hierarchy. Certain store
cash-generating units are supported by fair value less costs of disposal where their current use is for trading. This use is
consistent with the Group\u2019s property strategy and expected future investment in these store cash-generating units.
UK & ROI Total continuing
(restated
(d)
)
Central Europe
operations
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
Net carrying value
Other intangible assets
905
33
938
Property, plant and equipment
15,755
1,466
17,221
Right of use assets
5,039
439
5,478
Investment property
15
9
24
Other non-current assets
21,714
1,947
23,661
Goodwill
(a)
4,128 - 4,128
Investments in joint ventures and associates
(b)
102 - 102
Net carrying value of non-current assets
25,944
1,947
27,891
Recoverable amount of impaired other non-current
assets for which an impairment loss has been
recognised or reversed, supported by:
Value in use
3,284
143
3,427
Fair value less costs of disposal
(c)
1,531
216
1,747
4,815
359
5,174
(a)-(c) Refer to previous table for footnotes. (d) Comparatives have been restated to reflect the reclassification of Insurance and Money Services from the former Tesco Bank segment to the UK & ROI segment. Refer to Note 2. Impairment methodology Cash-generating units For impairment testing of other intangible assets, property, plant and equipment, right of use assets and investment property, the Group treats each store as a separate cash-generating unit. dunnhumby, insurance and money services each represent separate cash-generating units. The Group allocates goodwill to groups of cash-generating units based on the lowest level at which goodwill is monitored by management. Each country represents a group of cash-generating units for the Group\u2019s retail operations. dunnhumby, insurance and money services each represent separate groups. The recoverable amount of each store cash-generating unit is the higher of its value in use and its fair value less costs of disposal. The recoverable amount of a group of cash-generating units to which goodwill has been allocated is determined based on value in use calculations. Central assets such as distribution centres and associated costs are allocated to store cash-generating units based on level of use, estimated with reference to sales. Urban fulfilment centres and associated costs that are part of a store are included in the store cash\u2013generating unit. Standalone customer fulfilment centres and associated costs are each treated as a separate cash-generating unit.
Value in use
Retail
Estimates for value in use calculations include discount rates, long-term growth rates, expected
changes to future cash flows, including volumes and prices, and the probabilities assigned to cash flow
scenarios. Estimates are based on past experience and expectations of future changes in the market,
including the prevailing economic climate and global economy, competitor activity, market dynamics,
changing customer behaviours, structural challenges facing retail and the resilience afforded by the
Group\u2019s operational scale.
Cash flow projections are based on the Group\u2019s three-year internal forecasts, the results of which are
reviewed by the Board. The forecasts include best estimate assumptions on inflation, which differ by
both country and revenue and cost categories. These cash flows are then extrapolated to five years
based on management\u2019s expectations, and beyond five years based on estimated long-term average
growth rates. Long-term growth rates are based on inflation forecasts by recognised bodies.
Group-level cash flow forecasts are allocated to store-level cash-generating units based on their
relative current year actual sales performance, after adjusting for one-off cash flows affecting
particular stores.
The Group applies an expected cash flow approach by probability-weighting different cash flow
scenarios. The greatest probability weighting is applied to the cash flows derived from the three-year
internal forecasts. One downside scenario takes account of the risks presented by ongoing geopolitical
events triggering global supply chain challenges and resurgent inflation, leading to weak consumer
confidence and further intensifying competition in the sector. A second downside scenario takes
account of climate change impacts. These are consistent with the viability statement scenarios (see
the Longer term viability statement in the Strategic report). The viability statement scenarios reflect
\u2018severe but plausible\u2019 risks, to which management applies probability weightings in order to reflect
management\u2019s best estimate of future economic conditions. There is also an upside scenario which
assumes a moderate outperformance of the three-year internal forecasts.
In addition to the climate change scenario included within the probability-weighted cash flows,
the Group incorporates other climate change related assumptions into the impairment modelling,
including, but not limited to, investments in technology to aid the Group\u2019s net zero commitments,
the costs associated with replacing end-of-life assets with more environmentally-friendly alternatives,
and assumptions over the cash flow profile of the Group\u2019s fuel business.
Pre-tax nominal discount rates that reflect the current market assessment of the time value of money
are derived from the Group\u2019s post-tax weighted average cost of capital, adjusted for specific risks
relating to each geographical region or cash-generating unit for which the cash flows have not been
adjusted. The Group engages independent valuation specialists to determine appropriate discount
rates. Risk-free rates are based on government bond rates, adjusted for each geographical region,
and equity risk premia and equity betas are based on data from recognised bodies. The capital asset
pricing model is used to calculate the cost of equity.
Insurance and Money Services
Value in use is calculated by discounting post-tax free cash flows. Cash flow projections are based on
the three-year internal forecasts approved by the Board. The forecasts are extrapolated to five years
based on management\u2019s expectations and beyond five years based on estimated long-term average
growth rates. The long-term growth rates are based on inflation and GDP growth forecasts by
recognised bodies. The post-tax discount rate is the cost of equity, which is calculated using the
capital asset pricing model. The Group engages independent valuation specialists to determine
appropriate discount rates. Risk-free rates are based on government bond rates and equity risk
premia and equity betas are based on data from recognised bodies.
Fair value less costs of disposal
Fair values of owned properties are determined with regard to the market rent for the stores or for
alternative uses with investment yields appropriate to reflect the physical characteristics of the
property, location, performance, infrastructure, energy efficiency rating, redevelopment potential
and other factors. Fair values of leased properties are determined with regard to the discounted
market rent for the property over the remaining period of the lease, reflecting the condition and
location of the property and the local rental market, adjusted for a suitable void period. Fair values of
the Group\u2019s properties were determined with the assistance of independent professional valuers where
appropriate. Costs of disposal are estimated based on past experience in each geographical region.
Investments in joint ventures and associates
The recoverable values of investments in joint ventures and associates are estimated taking into
account forecast cash flows, equity valuations of comparable entities and/or recent transactions
for comparable businesses.
Key assumptions and sensitivity
Key assumptions
For value in use calculations, the key assumptions to which the recoverable amounts are most sensitive are discount rates, long-term growth rates and future cash flows (incorporating sales volumes, prices
and costs). For fair value less costs of disposal calculations, the key assumption is property fair values.
The discount rates and long-term growth rates relating to the goodwill carrying values that are
significant to the Group\u2019s total goodwill are:
UK
2025
2024
%
%
Pre-tax discount rates
9.1
8.6
Post-tax discount rates
6.8
6.4
Long-term growth rates
2.0
2.0
The discount rates and long-term growth rates for the Group\u2019s portfolio of store cash-generating
units, aggregated by segment due to the large number of individually immaterial store cash-generating
units, are:
UK & ROI
Central Europe
2025
2024
2025
2024
%
%
%
%
Pre-tax discount rates
8.2
-
9.1
7.8
-
8.5
8.9
-
12.9
8.2
-
12.6
Post-tax discount rates
6.8
-
7.2
6.4
-
6.8
7.0
-
8.5
6.5
-
8.3
Long-term growth rates
2.0
2.0
2.0
-
3.0
1.8
-
3.1
Sensitivity
The Group has carried out sensitivity analyses on the reasonably possible changes in key assumptions in the impairment tests for (a) the goodwill carrying values that are significant compared to the Group\u2019s
total goodwill and (b) for its portfolio of store cash-generating units.
(a) Neither a reasonably possible increase of 1.0%pt in discount rates, a 5.0% decrease in future cash flows nor a 0.5%pt decrease in long-term growth rates would indicate impairment in the goodwill carrying
values that are significant compared to the Group\u2019s total goodwill.
(b) While there is not a significant risk of an adjustment to the carrying amount of any one store cash-generating unit that would be material to the Group as a whole in the next financial year, the table below
summarises the reasonably possible changes in key assumptions which most impact the impairment of the Group\u2019s entire portfolio of store cash-generating units, presented in aggregate due to the large
number of individually immaterial store cash-generating units. For the probability-weighted cash flow scenarios, the impairment is most sensitive to the downside scenario relating to geopolitical and global
supply issues (weighting 6.5%). Impairment is not highly sensitive to the climate or upside scenarios. The reasonably possible change below applies the corresponding change to the base scenario.
2025
Key assumption
Reasonably possible change Impact on impairment
\u00a3m
Post-tax discount rates*
Increase of 1.0%pt for each geographic region
Increase
(342)
Decrease of 1.0%pt for each geographic region
Decrease
316
Future cash flows
Increase of 5.0% for each geographic region
Decrease
138
Decrease of 5.0% for each geographic region
Increase
(142)
Long-term growth rates
Increase of 0.5%pt for each geographic region
Decrease
94
Decrease of 0.5%pt for each geographic region
Increase
(92)
Property fair values
Increase of 10.0% for each geographic region
Decrease
190
Decrease of 10.0% for each geographic region
Increase
(200)
Geopolitical and global supply downside scenario weighting
Increase of 5.0%pt for each geographic region
Increase
(127)
Decrease of 2.5%pt for each geographic region
Decrease
63
* Sensitivities are applied to post-tax discount rates used to derive the pre-tax discount rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-761": { "value": "
Note 16 Other investments
2025
2024
Fair value
Fair value
Fair value
through other
Fair value
through other
At amortised
through
comprehensive At amortised
through
comprehensive
cost
(a)
profit/loss
income
Total
cost
(a)
profit/loss
income
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments in debt instruments
(b)(c)
196 -
855
1,051
1,033
-
682
1,715
Investments in equity instruments
-
-
19
19
-
-
19
19
Property fund and other investments
(d)
- 15 - 15 - 18 - 18
Other investments
196
15
874
1,085
1,033
18
701
1,752
Of which:
Current
7
15
129
151
81
17
108
206
Non-current
189
-
745
934
952
1
593
1,546
196
15
874
1,085
1,033
18
701
1,752
(a) The ECLs in the year are immaterial (2024: immaterial).
(b) Investments in debt instruments at amortised cost includes secured bond assets of \u00a3192m (2024: \u00a3196m) related to the purchase of debt held in UK property joint ventures. Included within Investments in debt instruments at amortised cost at 24 February 2024 was
\u00a3832m which the Group sold prior to the sale of Banking operations.
(c) Investments in debt instruments held at fair value through other comprehensive income primarily relate to \u00a3679m (2024: \u00a3555m) of fixed-interest corporate bonds and \u00a3168m (2024: \u00a3118m) of government-backed investment securities held in the Insurance business.
(d) Includes \u00a315m (2024: \u00a317m) of property fund investments in the Insurance business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-803": { "value": "
2025
2024
Fair value
Fair value
Fair value
through other
Fair value
through other
At amortised
through
comprehensive At amortised
through
comprehensive
cost
(a)
profit/loss
income
Total
cost
(a)
profit/loss
income
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Investments in debt instruments
(b)(c)
196 -
855
1,051
1,033
-
682
1,715
Investments in equity instruments
-
-
19
19
-
-
19
19
Property fund and other investments
(d)
- 15 - 15 - 18 - 18
Other investments
196
15
874
1,085
1,033
18
701
1,752
Of which:
Current
7
15
129
151
81
17
108
206
Non-current
189
-
745
934
952
1
593
1,546
196
15
874
1,085
1,033
18
701
1,752
Note 22 Borrowings Borrowings are classified as current and non-current based on their scheduled repayment date, and not their maturity date. Repayments of principal amounts are classified as current if the repayment is scheduled to be made within one year of the balance sheet date.
2025
2024
Par value
Maturity
\u00a3m
\u00a3m
Bank loans and overdrafts
(a)
-
-
882
838
Tesco Bank Senior MREL Notes
(b)
\u00a3145m
Jul 2025
- 143
Secured bonds
(c)
5.5457% Secured Bond
\u00a3169m
Feb 2029
162
195
6.067% Secured Bond
\u00a3200m
Feb 2029
197
196
SONIA + 1.3193% Secured Bond
\u00a350m
Feb 2029
49
49
6.0517% Secured Bond
\u00a3247m
Oct 2039
304
321
5.6611% Secured Bond
\u00a3277m
Oct 2041
353
366
5.4111% Secured Bond
\u00a3178m
Jul 2044
152
155
Unsecured bonds
Fixed rate bonds
2.5% MTN
\u20ac473m
Jul 2024
- 410
2.5% MTN
\u00a3400m
May 2025
405
390
0.875% MTN
\u20ac750m
May 2026
624
643
6% MTN
\u00a338m
Dec 2029
42
42
2.75% MTN
\u00a3450m
Apr 2030
380
369
4.25% MTN
\u20ac500m
Feb 2031
447
454
5.5% MTN
\u00a367m
Jan 2033
75
76
5.13% MTN
\u00a3350m
May 2034
356
-
5.5% MTN
\u00a3250m
Feb 2035
253
258
6.15% USD Bond
$355m
Nov 2037
341
346
4.875% MTN
\u00a314m
Mar 2042
14
14
5.125% MTN
\u20ac147m
Apr 2047
125
206
5.2% MTN
\u00a314m
Mar 2057
14
14
LPI and RPI-linked bonds
(d)
3.322% LPI MTN
\u00a3210m
Nov 2025
429
415
1.982% RPI MTN
\u00a3196m
Mar 2036
397
382
Sustainability-linked bonds
(e)
1.875% MTN
\u00a3400m
Nov 2028
400
399
0.375% MTN
\u20ac750m
Jul 2029
549
538
6,950
7,219
Of which:
Current
1,861
1,536
Non-current
5,089
5,683
6,950
7,219
(a) Bank loans and overdrafts includes \u00a3856m (2024: \u00a3812m) of bank overdrafts. \u00a3851m (2024: \u00a3806m) is held under a notional pooling arrangement which does not meet the criteria to be presented net of cash on the balance sheet. Refer to Note 19. (b) These notes were redeemed on their scheduled call date in July 2024. (c) The bonds are secured by a charge over the property, plant and equipment held within The Tesco Property Limited Partnership, The Tesco Atrato Limited Partnership, The Tesco Sarum Limited Partnership and The Tesco Dorney Limited Partnership respectively, all of which are 100% owned subsidiaries of Tesco PLC. The carrying amounts of assets pledged as security for secured bonds is \u00a3807m, \u00a31,198m, \u00a3857m and \u00a3266m (2024: \u00a3810m, \u00a31,197m, \u00a3854m and \u00a3268m) respectively. \u00a360m (2024: \u00a355m) is the total principal repayment due within the next 12 months and the remainder is payable in quarterly instalments until the maturity date. (d) These bonds are redeemable at par, indexed for increases in the RPI over the life of the MTN. However, for the LPI-linked bond, the maximum indexation of the principal in any one year is 5%, with a minimum of 0%. (e) The sustainability-linked bonds are linked to the Group\u2019s KPI for Group Greenhouse Gas (GHG) Emissions reduction (Scope 1 and 2, in tCO 2 e) to reduce these emissions by 60% by 2025/26 with respect to a 2015/16 baseline. Not achieving the target would result in a coupon step up for the period starting after the interest payment following the reporting of the target not being reached.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-762": { "value": "
Note 17 Inventories
2025
2024
\u00a3m
\u00a3m
Goods held for resale
2,765
2,632
Development properties
3
3
2,768
2,635
Goods held for resale are net of commercial income. Refer to Note 21.
Cost of inventories from continuing operations recognised as an expense for the 52 weeks ended 22 February 2025 was \u00a350,920m (52 weeks ended 24 February 2024: \u00a350,191m). In addition, inventory losses
and provisions from continuing operations recognised as an expense for the 52 weeks ended 22 February 2025 were \u00a31,440m (52 weeks ended 24 February 2024: \u00a31,355m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-763": { "value": "
Note 18 Trade and other receivables
2025
2024
\u00a3m
\u00a3m
Trade receivables
652
576
Prepayments
136
129
Accrued income
(a)
243
230
Other receivables
(b)
183
274
Amounts owed by joint ventures and associates
(c)
154
176
Total trade and other receivables
1,368
1,385
Of which:
Current
1,210
1,349
Non-current
158
36
1,368
1,385
(a) Accrued income includes contract assets of \u00a367m (2024: \u00a325m) including items relating to commission income on certain
insurance policies renewals managed and underwritten by a third party. The ECLs were immaterial as at 22 February 2025
(2024: immaterial).
(b) Consists of individually immaterial balances.
(c) ECLs on amounts owed by joint ventures and associates are immaterial (2024: immaterial). Refer to Note 31.
Trade receivables include commercial income. Refer to Note 21. Trade receivables are generally
non interest-bearing. Credit terms vary by country and the nature of the debt, ranging from seven
to 120 days (2024: seven to 60 days).
The tables below present the ageing of receivables and related allowances for expected credit losses:
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
623
49
6
8
686
Other receivables
150
17
10
27
204
Trade and other receivables
773
66
16
35
890
Allowance for expected credit losses:
At the beginning of the year
(22)
(5)
(5)
(27)
(59)
(Increase)/decrease in allowance, including
3
(3)
1
2
3
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(18)
(8)
(4)
(25)
(55)
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
540
62
6
9
617
Other receivables
242
17
6
27
292
Trade and other receivables
782
79
12
36
909
Allowance for expected credit losses:
At the beginning of the year
(24)
(6)
(6)
(26)
(62)
(Increase)/decrease in allowance, including
1
1
1
(1)
2
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(22)
(5)
(5)
(27)
(59)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-804": { "value": "Note 18 Trade and other receivables
2025
2024
\u00a3m
\u00a3m
Trade receivables
652
576
Prepayments
136
129
Accrued income
(a)
243
230
Other receivables
(b)
183
274
Amounts owed by joint ventures and associates
(c)
154
176
Total trade and other receivables
1,368
1,385
Of which:
Current
1,210
1,349
Non-current
158
36
1,368
1,385
(a) Accrued income includes contract assets of \u00a367m (2024: \u00a325m) including items relating to commission income on certain insurance policies renewals managed and underwritten by a third party. The ECLs were immaterial as at 22 February 2025 (2024: immaterial). (b) Consists of individually immaterial balances. (c) ECLs on amounts owed by joint ventures and associates are immaterial (2024: immaterial). Refer to Note 31. Trade receivables include commercial income. Refer to Note 21. Trade receivables are generally non interest-bearing. Credit terms vary by country and the nature of the debt, ranging from seven to 120 days (2024: seven to 60 days). The tables below present the ageing of receivables and related allowances for expected credit losses:
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
623
49
6
8
686
Other receivables
150
17
10
27
204
Trade and other receivables
773
66
16
35
890
Allowance for expected credit losses:
At the beginning of the year
(22)
(5)
(5)
(27)
(59)
(Increase)/decrease in allowance, including
3
(3)
1
2
3
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(18)
(8)
(4)
(25)
(55)
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
540
62
6
9
617
Other receivables
242
17
6
27
292
Trade and other receivables
782
79
12
36
909
Allowance for expected credit losses:
At the beginning of the year
(24)
(6)
(6)
(26)
(62)
(Increase)/decrease in allowance, including
1
1
1
(1)
2
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(22)
(5)
(5)
(27)
(59)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-877": { "value": "Trade receivables include commercial income. Refer to Note 21. Trade receivables are generally non interest-bearing. Credit terms vary by country and the nature of the debt, ranging from seven to 120 days (2024: seven to 60 days). The tables below present the ageing of receivables and related allowances for expected credit losses:
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
623
49
6
8
686
Other receivables
150
17
10
27
204
Trade and other receivables
773
66
16
35
890
Allowance for expected credit losses:
At the beginning of the year
(22)
(5)
(5)
(27)
(59)
(Increase)/decrease in allowance, including
3
(3)
1
2
3
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(18)
(8)
(4)
(25)
(55)
Up to six Six to 12 Greater than
months past months past 12 months
Not past due due due
past due
Total
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Trade receivables
540
62
6
9
617
Other receivables
242
17
6
27
292
Trade and other receivables
782
79
12
36
909
Allowance for expected credit losses:
At the beginning of the year
(24)
(6)
(6)
(26)
(62)
(Increase)/decrease in allowance, including
1
1
1
(1)
2
recoveries, (charged)/released to the
Group income statement
Amounts written off
1
-
-
-
1
At the end of the year
(22)
(5)
(5)
(27)
(59)
Expected credit losses (ECLs) The Group applies either the simplified approach or the three-stage model for ECLs, depending on the nature of the financial asset. The ECL is determined by multiplying together the probability of default (PD), exposure at default (EAD) and the loss given default (LGD) for the relevant time period and for each specific loan and by discounting back to the balance sheet date. The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a balance under local legislation. The ECLs are immaterial. Gross loans to related parties of \u00a397m (2024: \u00a396m) are presented net of loss allowances of \u00a3nil (2024: \u00a3nil) on the Group balance sheet. For reinsurance contract assets the maximum exposure to credit risk is their carrying amount, refer to Note 24. Refer to page 195 for the credit rating of the reinsurers. The low credit risk exemption has been applied to cash and cash equivalents, money market funds, deposits and similar investments, investments in debt instruments at fair value through other comprehensive income (FVOCI), investments at fair value through profit or loss (FVPL) and investments in debt instruments at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-764": { "value": "
Note 19 Cash and cash equivalents and short-term investments
Cash and cash equivalents
2025
2024
\u00a3m
\u00a3m
Cash at bank and on hand
2,190
2,300
Short-term deposits
65
40
Cash and cash equivalents in the Group balance sheet
2,255
2,340
Bank overdrafts
(856)
(812)
Cash and cash equivalents in the Group cash flow statement
1,399
1,528
Short-term investments
2025
2024
\u00a3m
\u00a3m
Money market funds, deposits and similar instruments
2,223
2,128
Cash and cash equivalents include \u00a326m (2024: \u00a330m) of restricted amounts mainly relating to
unclaimed dividends, the Group\u2019s pension schemes and employee benefit trust.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-805": { "value": "Cash and cash equivalents include \u00a326m (2024: \u00a330m) of restricted amounts mainly relating to unclaimed dividends, the Group\u2019s pension schemes and employee benefit trust.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-765": { "value": "
Note 20 Trade and other payables
2025
2024
\u00a3m
\u00a3m
Trade payables
6,692
6,644
Not subject to supplier financing arrangements
5,608
5,598
Subject to supplier financing arrangements
(a)
1,084
1,046
Other taxation and social security
504
434
Other payables
(b)(c)
1,849
1,864
Amounts payable to joint ventures and associates
(d)
7
7
Accruals
943
931
Contract liabilities
409
423
Total trade and other payables
10,404
10,303
Of which:
Current
10,364
10,264
Non-current
40
39
10,404
10,303
(a) Trade payables include \u00a3740m (2024: \u00a3780m) that suppliers have chosen to early-fund.
(b) Other payables include \u00a3943m (2024: \u00a3877m) of goods and services not for resale payables, of which \u00a3782m (2024: \u00a3752m) is not
subject to supplier financing arrangements and \u00a3161m (2024: \u00a3125m) is subject to supplier financing arrangements. Other payables
include \u00a388m (2024: \u00a373m) that suppliers have chosen to early-fund.
(c) Other payables include \u00a3757m (2024: \u00a3779m) of staff payables. The remaining balances within other payables are individually
immaterial.
(d) Refer to Note 31.
Trade and other payables are net of commercial income. Refer to Note 21.
Contract liabilities represent the consideration received for performance obligations not yet satisfied,
predominantly in relation to Clubcard points. The majority of the revenue deferred at the current
financial year end will be recognised in the following financial year.
Supplier financing
Suppliers can choose whether to access supplier financing arrangements, which are provided by
different third-party banks in different countries. Commercial requirements, including payment terms
or the price paid for goods, do not depend on whether a supplier chooses to access such
arrangements. The arrangements support the Group\u2019s suppliers by giving them the option to receive
early payment from the banks in advance of the Group\u2019s normal payment terms, often at a lower cost
than they could obtain themselves.
The funding cost is set by the provider banks but based on Tesco\u2019s credit risk and the appropriate
country risk premium. If suppliers choose not to access early payment, the provider banks pay the
suppliers on the Group\u2019s normal payment terms. The Group pays the provider banks on the Group\u2019s
normal payment terms, regardless of whether the supplier has chosen to access funding early.
The Group currently offers supplier financing arrangements in the UK, Republic of Ireland and Asia.
The Group\u2019s normal payment terms range from five\u201390 days (2024: five\u201390 days) and are dependent
on the country, product category and volume of the Group\u2019s annual purchases from the supplier.
Shorter payment terms are provided for certain perishable goods and where the Group\u2019s annual
purchases from the supplier are lower than a set threshold in each country. Payment terms are the
same regardless of whether a supplier participates in a supplier financing arrangement.
There were no material business combinations or foreign exchange differences in the year relating to
amounts owed under supplier financing arrangements (2024: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-806": { "value": "
2025
2024
\u00a3m
\u00a3m
Trade payables
6,692
6,644
Not subject to supplier financing arrangements
5,608
5,598
Subject to supplier financing arrangements
(a)
1,084
1,046
Other taxation and social security
504
434
Other payables
(b)(c)
1,849
1,864
Amounts payable to joint ventures and associates
(d)
7
7
Accruals
943
931
Contract liabilities
409
423
Total trade and other payables
10,404
10,303
Of which:
Current
10,364
10,264
Non-current
40
39
10,404
10,303
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-766": { "value": "
Note 21 Commercial income
Below are the commercial income balances included within inventories and trade and other
receivables, or netted against trade and other payables.
2025
2024
\u00a3m
\u00a3m
Current assets
Inventories
(14)
(12)
Trade and other receivables
Trade/other receivables
110
86
Accrued income
142
136
Current liabilities
Trade and other payables
Trade payables
173
138
", "dimensions": { "concept": "tescoplc:DisclosureOfCommercialIncome", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-767": { "value": "
Note 22 Borrowings
Borrowings are classified as current and non-current based on their scheduled repayment date, and
not their maturity date. Repayments of principal amounts are classified as current if the repayment is
scheduled to be made within one year of the balance sheet date.
2025
2024
Par value
Maturity
\u00a3m
\u00a3m
Bank loans and overdrafts
(a)
-
-
882
838
Tesco Bank Senior MREL Notes
(b)
\u00a3145m
Jul 2025
- 143
Secured bonds
(c)
5.5457% Secured Bond
\u00a3169m
Feb 2029
162
195
6.067% Secured Bond
\u00a3200m
Feb 2029
197
196
SONIA + 1.3193% Secured Bond
\u00a350m
Feb 2029
49
49
6.0517% Secured Bond
\u00a3247m
Oct 2039
304
321
5.6611% Secured Bond
\u00a3277m
Oct 2041
353
366
5.4111% Secured Bond
\u00a3178m
Jul 2044
152
155
Unsecured bonds
Fixed rate bonds
2.5% MTN
\u20ac473m
Jul 2024
- 410
2.5% MTN
\u00a3400m
May 2025
405
390
0.875% MTN
\u20ac750m
May 2026
624
643
6% MTN
\u00a338m
Dec 2029
42
42
2.75% MTN
\u00a3450m
Apr 2030
380
369
4.25% MTN
\u20ac500m
Feb 2031
447
454
5.5% MTN
\u00a367m
Jan 2033
75
76
5.13% MTN
\u00a3350m
May 2034
356
-
5.5% MTN
\u00a3250m
Feb 2035
253
258
6.15% USD Bond
$355m
Nov 2037
341
346
4.875% MTN
\u00a314m
Mar 2042
14
14
5.125% MTN
\u20ac147m
Apr 2047
125
206
5.2% MTN
\u00a314m
Mar 2057
14
14
LPI and RPI-linked bonds
(d)
3.322% LPI MTN
\u00a3210m
Nov 2025
429
415
1.982% RPI MTN
\u00a3196m
Mar 2036
397
382
Sustainability-linked bonds
(e)
1.875% MTN
\u00a3400m
Nov 2028
400
399
0.375% MTN
\u20ac750m
Jul 2029
549
538
6,950
7,219
Of which:
Current
1,861
1,536
Non-current
5,089
5,683
6,950
7,219
(a) Bank loans and overdrafts includes \u00a3856m (2024: \u00a3812m) of bank overdrafts. \u00a3851m (2024: \u00a3806m) is held under a notional pooling
arrangement which does not meet the criteria to be presented net of cash on the balance sheet. Refer to Note 19.
(b) These notes were redeemed on their scheduled call date in July 2024.
(c) The bonds are secured by a charge over the property, plant and equipment held within The Tesco Property Limited Partnership,
The Tesco Atrato Limited Partnership, The Tesco Sarum Limited Partnership and The Tesco Dorney Limited Partnership
respectively, all of which are 100% owned subsidiaries of Tesco PLC. The carrying amounts of assets pledged as security for
secured bonds is \u00a3807m, \u00a31,198m, \u00a3857m and \u00a3266m (2024: \u00a3810m, \u00a31,197m, \u00a3854m and \u00a3268m) respectively. \u00a360m (2024: \u00a355m)
is the total principal repayment due within the next 12 months and the remainder is payable in quarterly instalments until the
maturity date.
(d) These bonds are redeemable at par, indexed for increases in the RPI over the life of the MTN. However, for the LPI-linked bond,
the maximum indexation of the principal in any one year is 5%, with a minimum of 0%.
(e) The sustainability-linked bonds are linked to the Group\u2019s KPI for Group Greenhouse Gas (GHG) Emissions reduction (Scope 1 and 2,
in tCO
2
e) to reduce these emissions by 60% by 2025/26 with respect to a 2015/16 baseline. Not achieving the target would result
in a coupon step up for the period starting after the interest payment following the reporting of the target not being reached.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-768": { "value": "
Note 23 Provisions
Legal and Operational
Property Restructuring regulatory insurance Other
provisions provisions provisions provisions
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
204
53
67
152
5
481
Foreign currency translation
(1)
-
-
(1) - (2)
Acquired through business 1
-
-
-
-
1
combinations
Amount released in the year
(10)
(2)
(8)
(23)
(1)
(44)
Amount provided in the year
11
51
25
73
1
161
Amount utilised in the year
(10)
(60)
(5)
(61)
- (136)
Unwinding of discount
5
-
-
-
-
5
At 22 February 2025
200
42
79
140
5
466
2025
2024
\u00a3m
\u00a3m
Current
300
306
Non-current
166
175
466
481
Provisions are discounted where material based on the relevant risk-free rate and are risk-adjusted
through adjusting the cash flow estimates. Refer to Note 15 for details of how risk-free rates are
derived. Where material, provisions are discounted based on country-specific nominal risk-free rates,
with a weighted average risk-free rate of 5.1% (2024: 4.3%).
Property provisions
Property provisions comprise onerous contracts related to vacant properties, and decommissioning,
dilapidations and remediation works provisions.
Dilapidations are recognised where there is a present obligation to repair and restore leased
properties to their pre-occupancy state at the end of the lease term. The provision is based on best
estimates for individual properties, with reference to previous experience and size of leased property,
or specific agreements with the landlord where relevant. The term is measured in accordance with
the outstanding length of leases or the expected timing of specific obligations.
Onerous contract provisions are recognised where the unavoidable costs of meeting the obligations
under the contract exceed the economic benefits expected to be received under it. The timing of
provisions is determined by reference to the contract giving rise to the obligations.
Decommissioning provisions reflect the Group\u2019s long-term obligation for site-level environmental
remediation works, arising from government regulations and changing consumer habits. The extent
and cost of future environmental remediation represents a best estimate applied across the property
portfolio based on past experience, the extent of remediation work required and the expected timing
of activity, for which there is a high level of uncertainty.
Amounts provided in the year primarily relate to charges for dilapidation and similar remediation
provisions. Amounts released in the year primarily relate to releases of dilapidations provisions.
The expected undiscounted ageing of property provisions as at 22 February 2025:
Current
1 to 5 years
6 to 10 years
11 to 15 years
Over 15 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property provisions
42
38
35
21
222
358
Restructuring provisions
Restructuring provisions primarily relate to expected employee costs and are expected to be fully
utilised in the following financial year ending 28 February 2026. The provision is calculated in line with
the expected settlement costs of impacted employees and excludes future operating costs.
Legal and regulatory provisions
Legal and regulatory provisions contain balances in relation to either ongoing or expected legal
proceedings against the Group, or for costs associated with regulatory matters and/or breaches.
Due to the nature of legal and regulatory matters, including unpredictable timings of legal cases or
regulatory investigations, there is often uncertainty as to if or when provisions will be fully utilised.
Operational insurance provisions
Insurance provisions relate to outstanding liabilities from public and employer\u2019s liability and third-party
motor claims across the Group\u2019s trading operations, separate to the Tesco Underwriting insurance
balances in Note 24. Provisions relate to claims arising from incidents reported prior to the reporting
date, including an allowance for those currently incurred but not reported. Amounts are measured
considering claims history, including claims volume and average cost of claims, with assessment and
projection by third-party actuaries. Releases in the year primarily relate to improved estimates of
future outflows from revised actuarial valuations. The balance as at the financial year end is expected
to be materially utilised within three years from the reporting date.
Other provisions
Other provisions balances relate to individually immaterial provisions that do not fall into any of the
other categories.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-843": { "value": "Note 23 Provisions
Legal and Operational
Property Restructuring regulatory insurance Other
provisions provisions provisions provisions
provisions
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
204
53
67
152
5
481
Foreign currency translation
(1)
-
-
(1) - (2)
Acquired through business 1
-
-
-
-
1
combinations
Amount released in the year
(10)
(2)
(8)
(23)
(1)
(44)
Amount provided in the year
11
51
25
73
1
161
Amount utilised in the year
(10)
(60)
(5)
(61)
- (136)
Unwinding of discount
5
-
-
-
-
5
At 22 February 2025
200
42
79
140
5
466
2025
2024
\u00a3m
\u00a3m
Current
300
306
Non-current
166
175
466
481
Provisions are discounted where material based on the relevant risk-free rate and are risk-adjusted through adjusting the cash flow estimates. Refer to Note 15 for details of how risk-free rates are derived. Where material, provisions are discounted based on country-specific nominal risk-free rates, with a weighted average risk-free rate of 5.1% (2024: 4.3%). Property provisions Property provisions comprise onerous contracts related to vacant properties, and decommissioning, dilapidations and remediation works provisions. Dilapidations are recognised where there is a present obligation to repair and restore leased properties to their pre-occupancy state at the end of the lease term. The provision is based on best estimates for individual properties, with reference to previous experience and size of leased property, or specific agreements with the landlord where relevant. The term is measured in accordance with the outstanding length of leases or the expected timing of specific obligations. Onerous contract provisions are recognised where the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The timing of provisions is determined by reference to the contract giving rise to the obligations. Decommissioning provisions reflect the Group\u2019s long-term obligation for site-level environmental remediation works, arising from government regulations and changing consumer habits. The extent and cost of future environmental remediation represents a best estimate applied across the property portfolio based on past experience, the extent of remediation work required and the expected timing of activity, for which there is a high level of uncertainty. Amounts provided in the year primarily relate to charges for dilapidation and similar remediation provisions. Amounts released in the year primarily relate to releases of dilapidations provisions. The expected undiscounted ageing of property provisions as at 22 February 2025:
Current
1 to 5 years
6 to 10 years
11 to 15 years
Over 15 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Property provisions
42
38
35
21
222
358
Restructuring provisions Restructuring provisions primarily relate to expected employee costs and are expected to be fully utilised in the following financial year ending 28 February 2026. The provision is calculated in line with the expected settlement costs of impacted employees and excludes future operating costs. Legal and regulatory provisions Legal and regulatory provisions contain balances in relation to either ongoing or expected legal proceedings against the Group, or for costs associated with regulatory matters and/or breaches. Due to the nature of legal and regulatory matters, including unpredictable timings of legal cases or regulatory investigations, there is often uncertainty as to if or when provisions will be fully utilised. Operational insurance provisions Insurance provisions relate to outstanding liabilities from public and employer\u2019s liability and third-party motor claims across the Group\u2019s trading operations, separate to the Tesco Underwriting insurance balances in Note 24. Provisions relate to claims arising from incidents reported prior to the reporting date, including an allowance for those currently incurred but not reported. Amounts are measured considering claims history, including claims volume and average cost of claims, with assessment and projection by third-party actuaries. Releases in the year primarily relate to improved estimates of future outflows from revised actuarial valuations. The balance as at the financial year end is expected to be materially utilised within three years from the reporting date. Other provisions Other provisions balances relate to individually immaterial provisions that do not fall into any of the other categories. Note 33 Commitments and contingencies Capital commitments At 22 February 2025, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3191m (2024: \u00a3160m), principally relating to store development and distribution investment. Subsidiary audit exemptions The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act.
Name
Company number
Name
Company number
Name
Company number
Booker Group Limited
5145685
Spen Hill Regeneration Limited
6418300
Tesco Food Sourcing Limited
7502096
Booker Wholesale Holdings Limited
5137980
Supermarket Income Investments UK (No16) Limited
12605279
Tesco Freetime Limited
4345023
Buttoncase Limited
5298861
T & S Stores Limited
1228935
Tesco Fuchsia (3LP) Limited
10127851
Day and Nite Stores Limited
1746058
Tapesilver Limited
5205362
Tesco Gateshead Property Limited
8312532
Dillons Newsagents Limited
140624
Tesco (Overseas) Limited
01611684
Tesco Maintenance Limited
6003554
dunnhumby Overseas Limited
6601821
Tesco Aqua Finco 2 Limited
05888957
Tesco Mobile Communications Limited
4780729
dunnhumby Trustees Limited
3565371
Tesco Atrato (1LP) Limited
6969529
Tesco Mobile Services Limited
4780734
Giant Booker Limited
65519
Tesco Atrato (GP) Limited
6969536
Tesco Navona (1LP) Limited
7459436
Launchgrain Limited
5260856
Tesco Blue (3LP) Limited
10127682
Tesco Passaic (1LP) Limited
7121667
Makro Holding Limited
4310463
Tesco Brislington Limited
10701640
Tesco Property Partner (GP) Limited
4945955
Makro Properties Limited
1273672
Tesco Bury Limited
3854371
Tesco Property Partner (No.1) Limited
4945945
Oakwood Distribution Limited
5721635
Tesco Coral (GP) Limited
06640968
Tesco Sarum (1LP) Limited
7849948
Reskammel Property Company Limited
13264276
Tesco Distribution Holdings Limited
3193655
Tesco Sarum (GP) Limited
7849882
Spen Hill Developments
4827219
Tesco Dorney (1LP) Limited
8255488
The Tesco Coral Limited Partnership
LP013072
Spen Hill Management Limited
2460426
Tesco Dorney (GP) Limited
8255493
Transcend Retail Solutions Limited
14772291
Spen Hill Properties (Holdings) PLC
2412674
Tesco Family Dining Limited
8514605
TFSM Limited
14263834
Tesco PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the financial year ended 22 February 2025 in accordance with section 479C of the Act, as amended by the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012. In addition, Tesco PLC will guarantee any contingent and prospective liabilities that these subsidiaries are subject to. Contingent liabilities As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has received claims from current and former hourly-paid store colleagues alleging that they do equal work to that of colleagues working in its distribution centres and that differences in terms and conditions relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the differential between the pay terms looking back, and equivalence of pay terms moving forward. As at the date of this disclosure, there are approximately 59,000 claims against TSL, with the number of claims expected to continue to increase as the litigation progresses. UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those of a comparator of the opposite sex in the same employment if they are employed to do equal work. The legislation achieves this by implying a clause into the contract of employment, which has the effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator. Equal pay claims are typically heard in three stages and the claimants have to win at every stage in order to succeed. The first stage is comparability, which is effectively a technical gateway to the claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body. Following a European court ruling on this, TSL has made a concession on comparability. The subsequent stages comprise an equal work assessment and the consideration of TSL\u2019s material factor defences (non-discriminatory reasons for differentials in pay terms). The employment tribunal hearing of TSL\u2019s material factor defences is due to commence on 1 September 2025. The employment tribunal hearing for the equal value assessment is due to commence on 1 February 2027. The Equal Pay Claims have been split into three tranches (with tranche 1 being heard first) and the stages apply to each tranche. Although the claims that have been heard to date involve female claimants, male store workers (being close to 50% of the current store worker population) may also bring claims by comparing themselves against any successful female claimants. Male claimants who have pre- emptively brought such claims currently make up approximately 46% of the Equal Pay Claims against TSL in the employment tribunal. The ultimate determination of all claims is likely to take many years, including as a result of appeals. At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to various and substantial uncertainties. There are multiple factual and legal defences to these claims and the Group intends to defend them vigorously, while at the same time taking appropriate steps to mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of its liability or the potential impact on the Group at this stage. Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the number of any ultimately successful claims, the potential quantum of its liability could be material. There are a number of other contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-769": { "value": "
Note 24 Insurance
Balances disclosed in this note relate to the Group\u2019s subsidiary, Tesco Underwriting Limited (TU), part
of the UK & ROI segment.
Insurance revenue
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Contracts measured under premium allocation approach (PAA)
692
449
Expected incurred claims and other insurance service expenses
19
44
Change in non-financial risk adjustment for risk expired
1
2
Contractual service margin (CSM) recognised for services provided
13
19
Contracts not measured under PAA*
33
65
Insurance revenue
725
514
* For contracts not measured under PAA, the liability for remaining coverage is measured using the general measurement model
(GMM).
Insurance service expenses
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Incurred claims and other directly attributable expenses
595
506
Amortisation of insurance acquisition cash flows
(4)
(4)
Losses on onerous acquired claims
2
1
Changes to fulfilment cash flows relating to incurred claims
5
(49)
Insurance service expenses
598
454
Insurance contract liabilities and reinsurance contract assets
The breakdown of portfolios and groups of insurance contracts issued and reinsurance contracts held
is set out in the table below:
2025
2024
Insurance Reinsurance Net Insurance Reinsurance Net
contract contracts (liabilities)/ contract contracts (liabilities)/
liabilities held assets liabilities
held
(a)
assets
(a)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
(Liabilities)/assets for
remaining coverage
(270)
181
(89)
(260)
168
(92)
(Liabilities)/assets for
incurred claims
(382)
(57)
(439)
(266)
(43)
(309)
(652)
124
(528)
(526)
125
(401)
Contracts measured under
PAA
(510)
71
(439)
(364)
62
(302)
Contracts not measured
(142)
53
(89)
(162)
63
(99)
under PAA
(b)
(652)
124
(528)
(526)
125
(401)
(a) Comparatives have been re-presented due to the reclassification of quota share funds withheld of \u00a3346m from Asset for
remaining coverage (ARC) to Asset for incurred claims (AIC).
(b) Contracts not measured under PAA are measured using the GMM.
Insurance contract liabilities
The following table provides a reconciliation of the movements in the total insurance contract liabilities in the current and prior year. This is split between liabilities for remaining coverage (LRC), representing
the Group\u2019s obligation for insured events related to the unexpired portion of the coverage period, and liabilities for incurred claims (LIC), representing outstanding claims and incurred but not reported claims
and other incurred insurance expenses.
2025
2024
Liability for Liability for Liability for Liability for
remaining coverage incurred claims remaining coverage incurred claims
Estimates of Risk Estimates of Risk
Excluding present value adjustment Excluding present value adjustment
loss Loss of future cash for non- loss Loss of future cash for non-
component component flows financial risk Total component component flows financial risk Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
258
2
250
16
526
272
2
209
18
501
Insurance revenue
(725)
-
-
-
(725)
(514)
-
-
-
 (514)
Insurance service expenses
Incurred claims and other directly attributable expenses
(a)
16
(1)
572
8
595
36
(1)
473
(2)
506
Amortisation on insurance acquisition cash flows
(4)
-
-
-
(4)
(4)
-
-
-
(4)
Losses on onerous acquired claims and reversals of those losses - 2
-
-
2 - 1
-
-
1
Changes to fulfilment cash flows relating to incurred claims
-
-
5 - 5
-
-
 (49) - (49)
Total insurance service expenses
12
1
577
8
598
32
-
424
(2)
454
Total insurance service result
(713)
1
577
8
(127)
(482)
-
424
(2)
(60)
Insurance finance (income)/expenses
Insurance finance expenses recognised in the income statement
1
- 10 -
11
1
- 6 - 7
Insurance finance (income)/expenses recognised in other comprehensive income
7
- (7)
-
-
8 - (4) - 4
Total insurance finance (income)/expenses
8
- 3 -
11
9
- 2 - 11
Insurance cash flows
Premiums received for insurance contracts issued
(b)
721
-
-
-
721
515
-
-
-
515
Incurred claims and other expenses paid
(a)
(1) - (472) -
(473)
(21)
- (385) - (406)
Insurance acquisition cash flows
(b)
(6)
-
-
-
(6)
(35)
-
-
-
(35)
Total insurance cash flows
714
- (472) -
242
459
- (385) - 74
Closing balance
267
3
358
24
652
258
2
250
16
526
(a) Incurred claims and related cash flows presented within LRC relate to the settlement of the acquired claims. The time difference between settlement of the development of the claim and payment is not significant to present within LIC.
(b) Comparatives have been re-presented to move certain commission balances between Premiums received for Insurance contracts issued and Insurance acquisition cash flows.
Insurance contract liabilities not measured under the PAA
The following table provides a reconciliation of the movements in the insurance contract liabilities for contracts not measured under the PAA:
2025
2024
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non-financial present value of for non-financial
future cash flows
risk
CSM
Total
future cash flows
risk
CSM
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance*
84
5
73
162
138
7
66
211
Changes that relate to current service
CSM recognised for the year
-
-
(13)
(13)
-
-
(19)
(19)
Change in risk adjustment for non-financial risk for risk expired - (1) - (1) - (2) - (2)
Experience adjustments
(2)
-
-
(2)
(13)
-
-
 (13)
Changes that relate to future service
Changes in estimates that adjust the CSM
(8)
- 8 - (24) - 24 -
Changes in estimates that result in losses and reversals of losses on onerous
-
-
3
3
-
-
2
2
acquired claims
Total insurance service result
(10)
(1)
(2)
(13)
(37)
(2)
7
(32)
Insurance finance (income)/expenses
Insurance finance expenses recognised in the income statement
1
-
-
1
1
-
-
1
Insurance finance expenses recognised in other comprehensive income
7
-
-
7
8
-
-
8
Total insurance finance (income)/expenses
8
-
-
8
9
-
-
9
Insurance cash flows
Incurred claims and other expenses paid
(15)
-
-
(15)
(26)
-
-
 (26)
Total insurance cash flows
(15)
-
-
(15)
(26)
-
-
 (26)
Closing balance*
67
4
71
142
84
5
73
162
* Contracts not measured under the PAA relate to claims liabilities acquired on the acquisition of TU. The acquired claims liabilities are included in the LRC from the acquisition date and measured under the GMM as their coverage relates to the discovery of the ultimate
cost of acquired claims, which will spread over multiple years. Refer to Note 1 for further details.
Reinsurance contract assets
The following table provides a reconciliation of the movements in the total reinsurance contract assets in the current and prior year. This is split between movements in assets for remaining coverage (ARC) and
assets for incurred claims (AIC) recoverable from reinsurance:
2025
2024
(a)
Assets for remaining coverage
Assets for incurred claims
Assets for remaining coverage
Assets for incurred claims
Excluding Estimates of Risk Estimates of Risk
loss- Loss- present value adjustment Excluding Loss- present value adjustment
recovery recovery of future cash for non- loss-recovery recovery of future cash for non-
component component flows financial risk Total component component flows financial risk Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
167
1
(48)
5
125
160
1
(32)
6
135
Allocation of reinsurance premiums
(282)
-
-
-
(282)
(194)
-
-
-
 (194)
Amounts recoverable from reinsurers
Amounts recoverable for incurred claims and other incurred insurance service expenses
(4)
-
236
2
234
(6)
-
158
(1)
151
Recoveries of losses on onerous acquired claims and reversal of those losses - 1
-
-
1
-
-
-
-
-
Changes to amounts recoverable for incurred claims
-
-
(15) - (15)
-
-
 (5) - (5)
Net expenses from reinsurance contracts held
(286)
1
221
2
(62)
(200)
-
153
(1)
(48)
Reinsurance finance income/(expenses)
Reinsurance finance income recognised in the income statement
-
-
2 - 2
-
-
1 - 1
Reinsurance finance income/(expenses) recognised in other comprehensive income
(2)
- 3 -
1
1
-
-
-
1
Total reinsurance finance income/(expenses)
(2)
- 5 -
3
1
- 1 - 2
Reinsurance cash flows
Premiums paid for reinsurance contracts held
68
-
-
-
68
42
-
-
-
42
Amounts received from reinsurers relating to incurred claims
(1)
- (9) -
(10)
(1)
- (5) - (6)
Total reinsurance cash flows
67
- (9) -
58
41
- (5) - 36
Other movements
(b)
233 - (233)
-
-
165 - (165)
-
-
Closing balance
179
2
(64)
7
124
167
1
(48)
5
125
(a) Comparatives have been re-presented due to the reclassification of quota share funds withheld. The opening balance for ARC has increased by \u00a3268m, for AIC reduced by \u00a3268m. For other movements, ARC has increased by \u00a3105m and AIC decreased by \u00a3105m.
The closing balance for ARC has increased by \u00a3346m and decreased for AIC by \u00a3346m. Other line item changes are immaterial.
(b) Other movements include the quota share premiums that are held against future reinsurance recoveries in a Funds Withheld account.
Reinsurance contract assets not measured under the PAA The following table provides a reconciliation of the movements in the reinsurance contract assets not measured under the PAA:
2025
2024
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non-financial present value of for non-financial
future cash flow
risk
CSM
Total
future cash flow
risk
CSM
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance*
36
3
24
63
38
2
32
72
Changes that relate to current service
CSM recognised for the year
-
-
(1)
(1)
-
-
(1)
(1)
Change in risk adjustment for non-financial risk for risk expired
-
-
-
-
-
-
-
-
Experience adjustments - (1) -
(1)
(7)
-
-
 (7)
Changes that relate to future service
Changes in estimates that adjust the CSM
(9)
(1)
10
-
6
1
(7)
-
Changes in estimates that result in losses and reversals of losses on onerous
-
-
1
1
-
-
-
-
acquired claims
Changes that relate to past service
Changes to incurred claims component
(6)
-
-
(6)
-
-
-
-
Total net expenses from reinsurance contracts held
(15)
(2)
10
(7)
(1)
1
(8)
(8)
Reinsurance finance income/(expenses)
Reinsurance finance income/(expenses) recognised in other comprehensive
income
(2)
-
-
(2)
1
-
-
1
Total reinsurance finance income/(expenses)
(2)
-
-
(2)
1
-
-
1
Reinsurance cash flows
Amounts received from reinsurers relating to incurred claims
(1)
-
-
(1)
(2)
-
-
 (2)
Total reinsurance cash flows
(1)
-
-
(1)
(2)
-
-
 (2)
Closing balance*
18
1
34
53
36
3
24
63
* Contract assets not measured under the PAA relate to reinsurance claims acquired on the acquisition of TU.
Analysis of CSM
The following table shows an analysis of the expected recognition of the CSM remaining at the end of
the reporting period in relation to acquired claims in the income statement:
22 February 2025
24 February 2024
Insurance Reinsurance Insurance Reinsurance
contract liabilities contract assets contract liabilities contract assets
Less than one year
(17)
4
(20)
4
One to five years
(21)
11
(33)
13
More than five years
(33)
19
(20)
7
Total
(71)
34
(73)
24
Process used to determine assumptions
The nature of insurance makes it very difficult to predict with certainty the likely outcome of any
particular claim and the ultimate cost of notified claims. Each notified claim is assessed on a separate,
case-by-case basis with due regard to the claim circumstances and historical evidence of the size of
similar claims and provisions are based on information currently available. However, the ultimate
liabilities may vary as a result of subsequent developments.
Sources of data
The sources of data used as inputs for the assumptions are internal, using detailed studies that are
carried out at least annually to ensure that the assumptions are consistent with observable market
prices or other published information. When there is insufficient information to make a reliable best
estimate of claims development, suitable benchmark assumptions are used.
Methods
The cost of outstanding claims and the incurred but not reported (IBNR) claims provisions are
estimated using various statistical methods, which extrapolate the development of paid and incurred
claims, average cost per claim and ultimate claim numbers for each accident period based upon
observed development of earlier periods, with reference to suitable benchmarks. The key
methods are:
\u2013 development factor methods, which use historical data to estimate the paid and incurred to date as
proportions of the ultimate claim cost;
\u2013 individual claim assessment methods, which use claim-specific details for large individual claims to
estimate the ultimate claim cost; and
\u2013 benchmarking methods, which use the experience of comparable, more mature classes, or market
data to estimate the cost of claims.
To the extent that these methods use historical claims development information, they also assume
that the historical claims development pattern will occur again in the future, after allowing (where
possible) for instances where this might not be the case, such as changing economic or legal trends.
Recoveries
The provisions are initially estimated at a gross level and a separate calculation is carried out to
estimate the size of reinsurance recoveries. The Group is covered by a variety of reinsurance
programmes. The methods used by the Group take into account historical data, specific details for
individual large claims and details of the reinsurance programme to assess the expected size of
reinsurance recoveries. Recoveries through salvage and subrogation are estimated and recorded as
part of the liability for incurred claims based on a combination of suitable benchmark assumptions
and the observed development to date.
Risk adjustment for non-financial risk
The risk adjustment for non-financial risk is the compensation that the Group requires for bearing
uncertainty around the amount and timing of the cash flows of groups of insurance contracts. The
Group has used a confidence level (probability of sufficiency) approach at the 80th percentile.
Discount rate
Insurance contract liabilities are calculated by discounting expected future cash flows using a yield
curve based on a replicating portfolio and utilising a top-down approach. The replicating portfolio is a
reference portfolio of government and corporate bonds matching the expected maturity profile of
claims liabilities with resulting yield curve adjusted to eliminate credit risk spread.
The yield curves applied for discounting future cash flows of liabilities for incurred claims are listed
below:
Mean 11
-
100
One year
Three years
Five years
10 years
years
%
%
%
%
%
As at 22 February 2025
4.1%
4.4%
4.5%
4.6%
4.7%
As at 24 February 2024
4.9%
4.7%
4.6%
4.4%
4.3%
Actual claims payments are compared with previous estimates of the undiscounted amounts of the
claims in the tables below on a gross and net of reinsurance basis.
Claims development (gross)
2022
2023
2024
2025
Total
Estimate of gross undiscounted ultimate claims costs
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At end of the financial year
233
280
365
442
One year later
233
289
356
-
Two years later
211
300
-
-
Three years later
215
-
-
-
Current estimate of cumulative claims
215
300
356
442
1,313
Cumulative payments to date
(182)
(228)
(270)
(258)
(938)
Gross undiscounted liabilities for
incurred claims
33
72
86
184
375
Value of risk adjustment
21
Effect of discounting
(32)
Gross claims liabilities
364
Ancillary claims and expense liabilities
18
Total gross liabilities for incurred claims
382
Claims development (net)
2022
2023
2024
2025
Total
Estimate of net undiscounted ultimate claims costs
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At end of the financial year
150
169
220
258
One year later
151
176
209
-
Two years later
130
180
-
-
Three years later
138
-
-
-
Current estimate of cumulative claims
138
180
209
258
785
Cumulative payments net of reinsurance
(109)
(136)
(164)
(149)
(558)
recoveries to date
Net undiscounted liabilities for incurred
29
44
45
109
227
claims
Value of risk adjustment
15
Effect of discounting
(22)
Net claims liabilities
220
Quota share funds withheld*
201
Ancillary claims and expense liabilities
18
Total net liabilities for incurred claims
439
* Quota share funds represent reinsurance premiums withheld, which will be utilised to offset recoveries receivable from
reinsurers.
The Group provides information on the gross and net claims development from the date of acquisition
of TU in May 2021 to the current reporting period, as it was not party to claims made prior to the
acquisition date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-858": { "value": "Insurance revenue
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Contracts measured under premium allocation approach (PAA)
692
449
Expected incurred claims and other insurance service expenses
19
44
Change in non-financial risk adjustment for risk expired
1
2
Contractual service margin (CSM) recognised for services provided
13
19
Contracts not measured under PAA*
33
65
Insurance revenue
725
514
* For contracts not measured under PAA, the liability for remaining coverage is measured using the general measurement model (GMM). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfInsuranceRevenueExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-844": { "value": "Insurance revenue
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Contracts measured under premium allocation approach (PAA)
692
449
Expected incurred claims and other insurance service expenses
19
44
Change in non-financial risk adjustment for risk expired
1
2
Contractual service margin (CSM) recognised for services provided
13
19
Contracts not measured under PAA*
33
65
Insurance revenue
725
514
* For contracts not measured under PAA, the liability for remaining coverage is measured using the general measurement model (GMM). Insurance service expenses
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Incurred claims and other directly attributable expenses
595
506
Amortisation of insurance acquisition cash flows
(4)
(4)
Losses on onerous acquired claims
2
1
Changes to fulfilment cash flows relating to incurred claims
5
(49)
Insurance service expenses
598
454
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-807": { "value": "Insurance revenue
52 weeks
52 weeks
2025
2024
\u00a3m
\u00a3m
Contracts measured under premium allocation approach (PAA)
692
449
Expected incurred claims and other insurance service expenses
19
44
Change in non-financial risk adjustment for risk expired
1
2
Contractual service margin (CSM) recognised for services provided
13
19
Contracts not measured under PAA*
33
65
Insurance revenue
725
514
* For contracts not measured under PAA, the liability for remaining coverage is measured using the general measurement model (GMM). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-808": { "value": "Insurance contract liabilities and reinsurance contract assets The breakdown of portfolios and groups of insurance contracts issued and reinsurance contracts held is set out in the table below:
2025
2024
Insurance Reinsurance Net Insurance Reinsurance Net
contract contracts (liabilities)/ contract contracts (liabilities)/
liabilities held assets liabilities
held
(a)
assets
(a)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
(Liabilities)/assets for
remaining coverage
(270)
181
(89)
(260)
168
(92)
(Liabilities)/assets for
incurred claims
(382)
(57)
(439)
(266)
(43)
(309)
(652)
124
(528)
(526)
125
(401)
Contracts measured under
PAA
(510)
71
(439)
(364)
62
(302)
Contracts not measured
(142)
53
(89)
(162)
63
(99)
under PAA
(b)
(652)
124
(528)
(526)
125
(401)
(a) Comparatives have been re-presented due to the reclassification of quota share funds withheld of \u00a3346m from Asset for remaining coverage (ARC) to Asset for incurred claims (AIC). (b) Contracts not measured under PAA are measured using the GMM. Reinsurance contract assets The following table provides a reconciliation of the movements in the total reinsurance contract assets in the current and prior year. This is split between movements in assets for remaining coverage (ARC) and assets for incurred claims (AIC) recoverable from reinsurance:
2025
2024
(a)
Assets for remaining coverage
Assets for incurred claims
Assets for remaining coverage
Assets for incurred claims
Excluding Estimates of Risk Estimates of Risk
loss- Loss- present value adjustment Excluding Loss- present value adjustment
recovery recovery of future cash for non- loss-recovery recovery of future cash for non-
component component flows financial risk Total component component flows financial risk Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance
167
1
(48)
5
125
160
1
(32)
6
135
Allocation of reinsurance premiums
(282)
-
-
-
(282)
(194)
-
-
-
 (194)
Amounts recoverable from reinsurers
Amounts recoverable for incurred claims and other incurred insurance service expenses
(4)
-
236
2
234
(6)
-
158
(1)
151
Recoveries of losses on onerous acquired claims and reversal of those losses - 1
-
-
1
-
-
-
-
-
Changes to amounts recoverable for incurred claims
-
-
(15) - (15)
-
-
 (5) - (5)
Net expenses from reinsurance contracts held
(286)
1
221
2
(62)
(200)
-
153
(1)
(48)
Reinsurance finance income/(expenses)
Reinsurance finance income recognised in the income statement
-
-
2 - 2
-
-
1 - 1
Reinsurance finance income/(expenses) recognised in other comprehensive income
(2)
- 3 -
1
1
-
-
-
1
Total reinsurance finance income/(expenses)
(2)
- 5 -
3
1
- 1 - 2
Reinsurance cash flows
Premiums paid for reinsurance contracts held
68
-
-
-
68
42
-
-
-
42
Amounts received from reinsurers relating to incurred claims
(1)
- (9) -
(10)
(1)
- (5) - (6)
Total reinsurance cash flows
67
- (9) -
58
41
- (5) - 36
Other movements
(b)
233 - (233)
-
-
165 - (165)
-
-
Closing balance
179
2
(64)
7
124
167
1
(48)
5
125
(a) Comparatives have been re-presented due to the reclassification of quota share funds withheld. The opening balance for ARC has increased by \u00a3268m, for AIC reduced by \u00a3268m. For other movements, ARC has increased by \u00a3105m and AIC decreased by \u00a3105m. The closing balance for ARC has increased by \u00a3346m and decreased for AIC by \u00a3346m. Other line item changes are immaterial. (b) Other movements include the quota share premiums that are held against future reinsurance recoveries in a Funds Withheld account.
Reinsurance contract assets not measured under the PAA
The following table provides a reconciliation of the movements in the reinsurance contract assets not measured under the PAA:
2025
2024
Estimates of Risk adjustment Estimates of Risk adjustment
present value of for non-financial present value of for non-financial
future cash flow
risk
CSM
Total
future cash flow
risk
CSM
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening balance*
36
3
24
63
38
2
32
72
Changes that relate to current service
CSM recognised for the year
-
-
(1)
(1)
-
-
(1)
(1)
Change in risk adjustment for non-financial risk for risk expired
-
-
-
-
-
-
-
-
Experience adjustments - (1) -
(1)
(7)
-
-
 (7)
Changes that relate to future service
Changes in estimates that adjust the CSM
(9)
(1)
10
-
6
1
(7)
-
Changes in estimates that result in losses and reversals of losses on onerous
-
-
1
1
-
-
-
-
acquired claims
Changes that relate to past service
Changes to incurred claims component
(6)
-
-
(6)
-
-
-
-
Total net expenses from reinsurance contracts held
(15)
(2)
10
(7)
(1)
1
(8)
(8)
Reinsurance finance income/(expenses)
Reinsurance finance income/(expenses) recognised in other comprehensive
income
(2)
-
-
(2)
1
-
-
1
Total reinsurance finance income/(expenses)
(2)
-
-
(2)
1
-
-
1
Reinsurance cash flows
Amounts received from reinsurers relating to incurred claims
(1)
-
-
(1)
(2)
-
-
 (2)
Total reinsurance cash flows
(1)
-
-
(1)
(2)
-
-
 (2)
Closing balance*
18
1
34
53
36
3
24
63
* Contract assets not measured under the PAA relate to reinsurance claims acquired on the acquisition of TU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-770": { "value": "
Note 25 Deposits from central bank
2025
2024
\u00a3m
\u00a3m
Deposits from central bank - 908
Of which:
Current - 108
Non-current - 800
- 908
The prior year includes deposits from central bank of \u00a3908m drawn under the Bank of England\u2019s Term
Funding Scheme with incentives for small and medium-sized enterprises (TFSME). The amounts were
repaid in full in the current year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-771": { "value": "
Note 26 Financial instruments
The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 27.
2025
2024
At fair value
At fair value
At fair value
through other
At fair value
through other
through profit
comprehensive
through profit
comprehensive
At amortised cost
or loss
income
Total
At amortised cost
or loss
income
Total
At 22 February 2025
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
19
2,194
61
-
2,255
2,305
35
- 2,340
Short-term investments
19
837
1,386
-
2,223
1,239
889
- 2,128
Trade receivables
18
652
-
-
652
576
-
-
576
Other receivables
18
183
-
-
183
274
-
-
274
Joint ventures and associates loan receivables
31
97
-
-
97
96
-
-
96
Other investments
16
196
15
874
1,085
1,033
18
701
1,752
Derivative financial instruments:
Interest rate swaps - 24 - 24 - 44 - 44
Cross-currency swaps - 138 - 138 - 182 - 182
Index-linked swaps - 646 - 646 - 583 - 583
Forward foreign currency contracts - 27 - 27 - 25 - 25
Diesel forward contracts
-
-
-
-
-
2 - 2
4,159
2,297
874
7,330
5,523
1,778
701
8,002
Financial liabilities
Trade payables
20
(6,692)
-
-
(6,692)
(6,644)
-
-
(6,644)
Accruals
20
(943)
-
-
(943)
(931)
-
-
(931)
Other payables
20
(1,849)
-
-
(1,849)
(1,864)
-
-
(1,864)
Borrowings
22
(6,950)
-
-
(6,950)
(7,219)
-
-
(7,219)
Deposits from central bank
25
-
-
-
-
(908)
-
-
(908)
Lease liabilities
13
(7,716)
-
-
(7,716)
(7,622)
-
-
(7,622)
Derivative financial instruments:
Interest rate swaps - (74) - (74) - (105) - (105)
Cross-currency swaps - (130) - (130) - (139) - (139)
Forward foreign currency contracts - (11) - (11) - (20) - (20)
Diesel forward contracts - (2) - (2) - (2) - (2)
(24,150)
(217)
-
(24,367)
(25,188)
(266)
- (25,454)
The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The fair value of assets and liabilities measured at amortised cost are shown below. Fair value of financial assets and liabilities measured at amortised cost The table excludes cash and cash equivalents, short-term investments, trade receivables/payables, other receivables/payables and accruals where the carrying values approximate fair value. The levels in the table refer to the fair value measurement hierarchy.
22 February 2025
24 February 2024
Carrying Fair Carrying Fair
value
value
(a)
value
value
(a)
Level
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at amortised cost
Investment in debt instruments at amortised cost
(b)(c)
1 and 2
196
201
1,033
838
Joint ventures and associates loan receivables
2
97
105
96
97
Financial liabilities measured at amortised cost
Borrowings
Amortised cost
1
(4,916)
(4,651)
(5,067)
(4,794)
Bonds in fair value hedge relationships
1
(2,034)
(2,088)
(2,152)
(2,211)
(a) Refer to the fair value measurement by level of fair value hierarchy section for details on Level 2 methodology. (b) Investment securities previously held by Tesco Bank were wound down in advance of the sale of the Group\u2019s Banking operations. Refer to Note 16. (c) These are principally Level 1 instruments. Fair value measurement by level of fair value hierarchy The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Refer to the Level 3 Instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Diesel forward contracts - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
Level 1
Level 2
Level 3
Total
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
682
-
19
701
Short-term investments at fair value through profit or loss
889
-
-
889
Cash and cash equivalents at fair value through profit or loss - 35 - 35
Other investments at fair value through profit and loss
-
-
18
18
Derivative financial instruments:
Interest rate swaps -
29
15
44
Cross-currency swaps
-
-
182
182
Index-linked swaps
-
-
583
583
Foreign currency forward contracts - 25 - 25
Diesel forward contracts - 2 - 2
Total assets
1,571
91
817
2,479
Liabilities
Derivative financial instruments:
Interest rate swaps -
(9)
(96)
(105)
Cross-currency swaps
-
-
(139)
(139)
Foreign currency forward contracts - (20) - (20)
Diesel forward contracts - (2) - (2)
Total liabilities -
(31)
(235)
(266)
Net assets
1,571
60
582
2,213
During the financial year, there were no transfers (2024: no transfers) between Level 1 and Level 2 fair
value measurements.
Level 3 instruments
Uncollateralised derivative financial instruments are held by the Group as part of financial risk
management, and include interest rate and inflation-linked swaps, cross-currency swaps and foreign
exchange and diesel forward contracts. Uncollateralised derivatives are valued as per Level 2 but
include certain data sources which are significantly less liquid. Level 2 inputs include forward rates
and foreign exchange rates from available market data, with credit risk adjustments being
incorporated in the derivative valuations, taking into account the default risk of either party using
market data such as credit default swaps. Unobservable inputs (Level 3) relate to the funding valuation
adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant
would make to account for funding costs. These are calculated on the future valuation of the
derivative, based on the best estimate available to management of suitable relevant cost of funds.
A 10 basis points increase in the cost of funds would increase the FVA by \u00a37m (2024: \u00a312m). Unlisted
investments are valued based on less observable inputs such as recent funding rounds.
The following table presents the changes in Level 3 instruments:
2025
2024
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
545
37
379
34
Gains/(losses) recognised in
finance costs
(a)
(14)
(1)
9
(2)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
- 4 - -
Gains/(losses) recognised in other
comprehensive income that may
35
-
15
-
subsequently be reclassified to the
income statement
Impairment recognised in cost - (10) - -
of sales
Additions - 5 - 5
Settlements
38
- - -
Transfers of assets to Level 3
(b)
-
-
 142 -
Transfers of assets from Level 3
(c)
- (1) - -
At the end of the year
604
34
545
37
(a) Net unrealised gains/(losses) of \u00a3105m (2024: \u00a37m) are attributable to those assets and liabilities held at the end of the year and
have been recognised in finance costs in the Group income statement.
(b) There were \u00a3nil transfers of unlisted investments (2024: \u00a3nil) and \u00a3nil of derivative assets (2024: \u00a3142m derivative assets) to Level 3
from Level 2 and \u00a3nil (2024: \u00a3nil) to Level 3 from Level 1.
(c) There were \u00a31m transfers from Level 3 to Level 2 (2024: \u00a3nil) and \u00a3nil transfers from Level 3 to Level 1 (2024: \u00a3nil).
Offsetting of financial assets and liabilities
The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements.
Related amounts not offset in
the Group balance sheet
Gross amounts of
Gross amounts financial assets/ Net amounts
of recognised (liabilities) offset in included Collateral
financial assets/ the Group balance in the Group Financial (received)/
(liabilities) sheet balance sheet instruments
pledged
Net amount
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
835
-
835
(115)
- 720
Trade receivables
758
(106)
652
-
-
652
Total assets
1,593
(106)
1,487
(115)
- 1,372
Financial liabilities
Derivative financial instruments
(217)
-
(217)
115
- (102)
Trade payables
(6,798)
106
(6,692)
-
-
(6,692)
Total liabilities
(7,015)
106
(6,909)
115
- (6,794)
Related amounts not offset in
the Group balance sheet
Gross amounts of
Gross amounts financial assets/ Net amounts
of recognised (liabilities) offset in included Collateral
financial assets/ the Group balance in the Group Financial (received)/
(liabilities) sheet balance sheet instruments
pledged
Net amount
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
836
-
836
(118)
(20)
698
Trade receivables
667
(91)
576
-
-
576
Total assets
1,503
(91)
1,412
(118)
(20)
1,274
Financial liabilities
Derivative financial instruments
(266)
-
(266)
118
- (148)
Trade payables
(6,735)
91
(6,644)
-
-
(6,644)
Total liabilities
(7,001)
91
(6,910)
118
- (6,792)
For the financial assets and liabilities subject to enforceable master netting arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial
assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis. However, each party to the master netting
agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-881": { "value": "Note 26 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 27.
2025
2024
At fair value
At fair value
At fair value
through other
At fair value
through other
through profit
comprehensive
through profit
comprehensive
At amortised cost
or loss
income
Total
At amortised cost
or loss
income
Total
At 22 February 2025
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
19
2,194
61
-
2,255
2,305
35
- 2,340
Short-term investments
19
837
1,386
-
2,223
1,239
889
- 2,128
Trade receivables
18
652
-
-
652
576
-
-
576
Other receivables
18
183
-
-
183
274
-
-
274
Joint ventures and associates loan receivables
31
97
-
-
97
96
-
-
96
Other investments
16
196
15
874
1,085
1,033
18
701
1,752
Derivative financial instruments:
Interest rate swaps - 24 - 24 - 44 - 44
Cross-currency swaps - 138 - 138 - 182 - 182
Index-linked swaps - 646 - 646 - 583 - 583
Forward foreign currency contracts - 27 - 27 - 25 - 25
Diesel forward contracts
-
-
-
-
-
2 - 2
4,159
2,297
874
7,330
5,523
1,778
701
8,002
Financial liabilities
Trade payables
20
(6,692)
-
-
(6,692)
(6,644)
-
-
(6,644)
Accruals
20
(943)
-
-
(943)
(931)
-
-
(931)
Other payables
20
(1,849)
-
-
(1,849)
(1,864)
-
-
(1,864)
Borrowings
22
(6,950)
-
-
(6,950)
(7,219)
-
-
(7,219)
Deposits from central bank
25
-
-
-
-
(908)
-
-
(908)
Lease liabilities
13
(7,716)
-
-
(7,716)
(7,622)
-
-
(7,622)
Derivative financial instruments:
Interest rate swaps - (74) - (74) - (105) - (105)
Cross-currency swaps - (130) - (130) - (139) - (139)
Forward foreign currency contracts - (11) - (11) - (20) - (20)
Diesel forward contracts - (2) - (2) - (2) - (2)
(24,150)
(217)
-
(24,367)
(25,188)
(266)
- (25,454)
The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The fair value of assets and liabilities measured at amortised cost are shown below. Fair value measurement by level of fair value hierarchy The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Refer to the Level 3 Instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Diesel forward contracts - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
Level 1
Level 2
Level 3
Total
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
682
-
19
701
Short-term investments at fair value through profit or loss
889
-
-
889
Cash and cash equivalents at fair value through profit or loss - 35 - 35
Other investments at fair value through profit and loss
-
-
18
18
Derivative financial instruments:
Interest rate swaps -
29
15
44
Cross-currency swaps
-
-
182
182
Index-linked swaps
-
-
583
583
Foreign currency forward contracts - 25 - 25
Diesel forward contracts - 2 - 2
Total assets
1,571
91
817
2,479
Liabilities
Derivative financial instruments:
Interest rate swaps -
(9)
(96)
(105)
Cross-currency swaps
-
-
(139)
(139)
Foreign currency forward contracts - (20) - (20)
Diesel forward contracts - (2) - (2)
Total liabilities -
(31)
(235)
(266)
Net assets
1,571
60
582
2,213
During the financial year, there were no transfers (2024: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management, and include interest rate and inflation-linked swaps, cross-currency swaps and foreign exchange and diesel forward contracts. Uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party using market data such as credit default swaps. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a37m (2024: \u00a312m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. The following table presents the changes in Level 3 instruments:
2025
2024
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
545
37
379
34
Gains/(losses) recognised in
finance costs
(a)
(14)
(1)
9
(2)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
- 4 - -
Gains/(losses) recognised in other
comprehensive income that may
35
-
15
-
subsequently be reclassified to the
income statement
Impairment recognised in cost - (10) - -
of sales
Additions - 5 - 5
Settlements
38
- - -
Transfers of assets to Level 3
(b)
-
-
 142 -
Transfers of assets from Level 3
(c)
- (1) - -
At the end of the year
604
34
545
37
(a) Net unrealised gains/(losses) of \u00a3105m (2024: \u00a37m) are attributable to those assets and liabilities held at the end of the year and have been recognised in finance costs in the Group income statement. (b) There were \u00a3nil transfers of unlisted investments (2024: \u00a3nil) and \u00a3nil of derivative assets (2024: \u00a3142m derivative assets) to Level 3 from Level 2 and \u00a3nil (2024: \u00a3nil) to Level 3 from Level 1. (c) There were \u00a31m transfers from Level 3 to Level 2 (2024: \u00a3nil) and \u00a3nil transfers from Level 3 to Level 1 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-859": { "value": "Note 26 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 27.
2025
2024
At fair value
At fair value
At fair value
through other
At fair value
through other
through profit
comprehensive
through profit
comprehensive
At amortised cost
or loss
income
Total
At amortised cost
or loss
income
Total
At 22 February 2025
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
19
2,194
61
-
2,255
2,305
35
- 2,340
Short-term investments
19
837
1,386
-
2,223
1,239
889
- 2,128
Trade receivables
18
652
-
-
652
576
-
-
576
Other receivables
18
183
-
-
183
274
-
-
274
Joint ventures and associates loan receivables
31
97
-
-
97
96
-
-
96
Other investments
16
196
15
874
1,085
1,033
18
701
1,752
Derivative financial instruments:
Interest rate swaps - 24 - 24 - 44 - 44
Cross-currency swaps - 138 - 138 - 182 - 182
Index-linked swaps - 646 - 646 - 583 - 583
Forward foreign currency contracts - 27 - 27 - 25 - 25
Diesel forward contracts
-
-
-
-
-
2 - 2
4,159
2,297
874
7,330
5,523
1,778
701
8,002
Financial liabilities
Trade payables
20
(6,692)
-
-
(6,692)
(6,644)
-
-
(6,644)
Accruals
20
(943)
-
-
(943)
(931)
-
-
(931)
Other payables
20
(1,849)
-
-
(1,849)
(1,864)
-
-
(1,864)
Borrowings
22
(6,950)
-
-
(6,950)
(7,219)
-
-
(7,219)
Deposits from central bank
25
-
-
-
-
(908)
-
-
(908)
Lease liabilities
13
(7,716)
-
-
(7,716)
(7,622)
-
-
(7,622)
Derivative financial instruments:
Interest rate swaps - (74) - (74) - (105) - (105)
Cross-currency swaps - (130) - (130) - (139) - (139)
Forward foreign currency contracts - (11) - (11) - (20) - (20)
Diesel forward contracts - (2) - (2) - (2) - (2)
(24,150)
(217)
-
(24,367)
(25,188)
(266)
- (25,454)
The expected maturity of financial assets and liabilities is not considered to be materially different to their current and non-current classification. The fair value of assets and liabilities measured at amortised cost are shown below. Fair value measurement by level of fair value hierarchy The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Refer to the Level 3 Instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Diesel forward contracts - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
Level 1
Level 2
Level 3
Total
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
682
-
19
701
Short-term investments at fair value through profit or loss
889
-
-
889
Cash and cash equivalents at fair value through profit or loss - 35 - 35
Other investments at fair value through profit and loss
-
-
18
18
Derivative financial instruments:
Interest rate swaps -
29
15
44
Cross-currency swaps
-
-
182
182
Index-linked swaps
-
-
583
583
Foreign currency forward contracts - 25 - 25
Diesel forward contracts - 2 - 2
Total assets
1,571
91
817
2,479
Liabilities
Derivative financial instruments:
Interest rate swaps -
(9)
(96)
(105)
Cross-currency swaps
-
-
(139)
(139)
Foreign currency forward contracts - (20) - (20)
Diesel forward contracts - (2) - (2)
Total liabilities -
(31)
(235)
(266)
Net assets
1,571
60
582
2,213
During the financial year, there were no transfers (2024: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management, and include interest rate and inflation-linked swaps, cross-currency swaps and foreign exchange and diesel forward contracts. Uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party using market data such as credit default swaps. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a37m (2024: \u00a312m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. The following table presents the changes in Level 3 instruments:
2025
2024
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
545
37
379
34
Gains/(losses) recognised in
finance costs
(a)
(14)
(1)
9
(2)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
- 4 - -
Gains/(losses) recognised in other
comprehensive income that may
35
-
15
-
subsequently be reclassified to the
income statement
Impairment recognised in cost - (10) - -
of sales
Additions - 5 - 5
Settlements
38
- - -
Transfers of assets to Level 3
(b)
-
-
 142 -
Transfers of assets from Level 3
(c)
- (1) - -
At the end of the year
604
34
545
37
(a) Net unrealised gains/(losses) of \u00a3105m (2024: \u00a37m) are attributable to those assets and liabilities held at the end of the year and have been recognised in finance costs in the Group income statement. (b) There were \u00a3nil transfers of unlisted investments (2024: \u00a3nil) and \u00a3nil of derivative assets (2024: \u00a3142m derivative assets) to Level 3 from Level 2 and \u00a3nil (2024: \u00a3nil) to Level 3 from Level 1. (c) There were \u00a31m transfers from Level 3 to Level 2 (2024: \u00a3nil) and \u00a3nil transfers from Level 3 to Level 1 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-845": { "value": "Note 26 Financial instruments The Group recognises the following financial instruments on its balance sheet. The Group\u2019s exposure to the risks associated with its financial assets and liabilities is discussed in Note 27.
2025
2024
At fair value
At fair value
At fair value
through other
At fair value
through other
through profit
comprehensive
through profit
comprehensive
At amortised cost
or loss
income
Total
At amortised cost
or loss
income
Total
At 22 February 2025
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Cash and cash equivalents
19
2,194
61
-
2,255
2,305
35
- 2,340
Short-term investments
19
837
1,386
-
2,223
1,239
889
- 2,128
Trade receivables
18
652
-
-
652
576
-
-
576
Other receivables
18
183
-
-
183
274
-
-
274
Joint ventures and associates loan receivables
31
97
-
-
97
96
-
-
96
Other investments
16
196
15
874
1,085
1,033
18
701
1,752
Derivative financial instruments:
Interest rate swaps - 24 - 24 - 44 - 44
Cross-currency swaps - 138 - 138 - 182 - 182
Index-linked swaps - 646 - 646 - 583 - 583
Forward foreign currency contracts - 27 - 27 - 25 - 25
Diesel forward contracts
-
-
-
-
-
2 - 2
4,159
2,297
874
7,330
5,523
1,778
701
8,002
Financial liabilities
Trade payables
20
(6,692)
-
-
(6,692)
(6,644)
-
-
(6,644)
Accruals
20
(943)
-
-
(943)
(931)
-
-
(931)
Other payables
20
(1,849)
-
-
(1,849)
(1,864)
-
-
(1,864)
Borrowings
22
(6,950)
-
-
(6,950)
(7,219)
-
-
(7,219)
Deposits from central bank
25
-
-
-
-
(908)
-
-
(908)
Lease liabilities
13
(7,716)
-
-
(7,716)
(7,622)
-
-
(7,622)
Derivative financial instruments:
Interest rate swaps - (74) - (74) - (105) - (105)
Cross-currency swaps - (130) - (130) - (139) - (139)
Forward foreign currency contracts - (11) - (11) - (20) - (20)
Diesel forward contracts - (2) - (2) - (2) - (2)
(24,150)
(217)
-
(24,367)
(25,188)
(266)
- (25,454)
The expected maturity of financial assets and liabilities is not considered to be materially different to
their current and non-current classification.
The fair value of assets and liabilities measured at amortised cost are shown below.
Fair value measurement by level of fair value hierarchy The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value, by level of fair value hierarchy: \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1); \u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and \u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Refer to the Level 3 Instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Diesel forward contracts - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
Level 1
Level 2
Level 3
Total
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
682
-
19
701
Short-term investments at fair value through profit or loss
889
-
-
889
Cash and cash equivalents at fair value through profit or loss - 35 - 35
Other investments at fair value through profit and loss
-
-
18
18
Derivative financial instruments:
Interest rate swaps -
29
15
44
Cross-currency swaps
-
-
182
182
Index-linked swaps
-
-
583
583
Foreign currency forward contracts - 25 - 25
Diesel forward contracts - 2 - 2
Total assets
1,571
91
817
2,479
Liabilities
Derivative financial instruments:
Interest rate swaps -
(9)
(96)
(105)
Cross-currency swaps
-
-
(139)
(139)
Foreign currency forward contracts - (20) - (20)
Diesel forward contracts - (2) - (2)
Total liabilities -
(31)
(235)
(266)
Net assets
1,571
60
582
2,213
During the financial year, there were no transfers (2024: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management, and include interest rate and inflation-linked swaps, cross-currency swaps and foreign exchange and diesel forward contracts. Uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party using market data such as credit default swaps. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a37m (2024: \u00a312m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. The following table presents the changes in Level 3 instruments:
2025
2024
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
545
37
379
34
Gains/(losses) recognised in
finance costs
(a)
(14)
(1)
9
(2)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
- 4 - -
Gains/(losses) recognised in other
comprehensive income that may
35
-
15
-
subsequently be reclassified to the
income statement
Impairment recognised in cost - (10) - -
of sales
Additions - 5 - 5
Settlements
38
- - -
Transfers of assets to Level 3
(b)
-
-
 142 -
Transfers of assets from Level 3
(c)
- (1) - -
At the end of the year
604
34
545
37
(a) Net unrealised gains/(losses) of \u00a3105m (2024: \u00a37m) are attributable to those assets and liabilities held at the end of the year and have been recognised in finance costs in the Group income statement. (b) There were \u00a3nil transfers of unlisted investments (2024: \u00a3nil) and \u00a3nil of derivative assets (2024: \u00a3142m derivative assets) to Level 3 from Level 2 and \u00a3nil (2024: \u00a3nil) to Level 3 from Level 1. (c) There were \u00a31m transfers from Level 3 to Level 2 (2024: \u00a3nil) and \u00a3nil transfers from Level 3 to Level 1 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-809": { "value": "
Fair value of financial assets and liabilities measured at amortised cost
The table excludes cash and cash equivalents, short-term investments, trade receivables/payables,
other receivables/payables and accruals where the carrying values approximate fair value. The levels
in the table refer to the fair value measurement hierarchy.
22 February 2025
24 February 2024
Carrying Fair Carrying Fair
value
value
(a)
value
value
(a)
Level
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets measured at amortised cost
Investment in debt instruments at amortised cost
(b)(c)
1 and 2
196
201
1,033
838
Joint ventures and associates loan receivables
2
97
105
96
97
Financial liabilities measured at amortised cost
Borrowings
Amortised cost
1
(4,916)
(4,651)
(5,067)
(4,794)
Bonds in fair value hedge relationships
1
(2,034)
(2,088)
(2,152)
(2,211)
(a) Refer to the fair value measurement by level of fair value hierarchy section for details on Level 2 methodology.
(b) Investment securities previously held by Tesco Bank were wound down in advance of the sale of the Group\u2019s Banking operations.
Refer to Note 16.
(c) These are principally Level 1 instruments.
Fair value measurement by level of fair value hierarchy
The following tables present the Group\u2019s financial assets and liabilities that are measured at fair value,
by level of fair value hierarchy:
\u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);
\u2013 inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and
\u2013 inputs for the asset or liability that are not based on observable market data (that is, unobservable
inputs) (Level 3).
Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced
market yield curves, including interest rate curves and foreign exchange rates from highly liquid
markets. Refer to the Level 3 Instruments section below for details on Level 3 valuation methodology.
Level 1
Level 2
Level 3
Total
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
855
-
19
874
Short-term investments at fair value through profit or loss
1,386
-
-
1,386
Cash and cash equivalents at fair value through profit or loss - 61 - 61
Other investments at fair value through profit and loss
-
-
15
15
Derivative financial instruments:
Interest rate swaps
-
-
24
24
Cross-currency swaps
-
-
138
138
Index-linked swaps
-
-
646
646
Foreign currency forward contracts - 27 - 27
Total assets
2,241
88
842
3,171
Liabilities
Derivative financial instruments:
Interest rate swaps
-
-
(74)
(74)
Cross-currency swaps
-
-
(130)
(130)
Foreign currency forward contracts - (11) - (11)
Diesel forward contracts - (2) - (2)
Total liabilities -
(13)
(204)
(217)
Net assets
2,241
75
638
2,954
Level 1
Level 2
Level 3
Total
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Assets
Investments at fair value through other comprehensive income
682
-
19
701
Short-term investments at fair value through profit or loss
889
-
-
889
Cash and cash equivalents at fair value through profit or loss - 35 - 35
Other investments at fair value through profit and loss
-
-
18
18
Derivative financial instruments:
Interest rate swaps -
29
15
44
Cross-currency swaps
-
-
182
182
Index-linked swaps
-
-
583
583
Foreign currency forward contracts - 25 - 25
Diesel forward contracts - 2 - 2
Total assets
1,571
91
817
2,479
Liabilities
Derivative financial instruments:
Interest rate swaps -
(9)
(96)
(105)
Cross-currency swaps
-
-
(139)
(139)
Foreign currency forward contracts - (20) - (20)
Diesel forward contracts - (2) - (2)
Total liabilities -
(31)
(235)
(266)
Net assets
1,571
60
582
2,213
During the financial year, there were no transfers (2024: no transfers) between Level 1 and Level 2 fair value measurements. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management, and include interest rate and inflation-linked swaps, cross-currency swaps and foreign exchange and diesel forward contracts. Uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party using market data such as credit default swaps. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a37m (2024: \u00a312m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. The following table presents the changes in Level 3 instruments:
2025
2024
Uncollateralised Unlisted Uncollateralised Unlisted
derivatives investments derivatives investments
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At the beginning of the year
545
37
379
34
Gains/(losses) recognised in
finance costs
(a)
(14)
(1)
9
(2)
Gains/(losses) recognised in
other comprehensive income not
reclassified to the income statement
- 4 - -
Gains/(losses) recognised in other
comprehensive income that may
35
-
15
-
subsequently be reclassified to the
income statement
Impairment recognised in cost - (10) - -
of sales
Additions - 5 - 5
Settlements
38
- - -
Transfers of assets to Level 3
(b)
-
-
 142 -
Transfers of assets from Level 3
(c)
- (1) - -
At the end of the year
604
34
545
37
(a) Net unrealised gains/(losses) of \u00a3105m (2024: \u00a37m) are attributable to those assets and liabilities held at the end of the year and have been recognised in finance costs in the Group income statement. (b) There were \u00a3nil transfers of unlisted investments (2024: \u00a3nil) and \u00a3nil of derivative assets (2024: \u00a3142m derivative assets) to Level 3 from Level 2 and \u00a3nil (2024: \u00a3nil) to Level 3 from Level 1. (c) There were \u00a31m transfers from Level 3 to Level 2 (2024: \u00a3nil) and \u00a3nil transfers from Level 3 to Level 1 (2024: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-870": { "value": "Level 2 assets and liabilities are valued by discounting future cash flows using externally sourced market yield curves, including interest rate curves and foreign exchange rates from highly liquid markets. Refer to the Level 3 Instruments section below for details on Level 3 valuation methodology. Level 3 instruments Uncollateralised derivative financial instruments are held by the Group as part of financial risk management, and include interest rate and inflation-linked swaps, cross-currency swaps and foreign exchange and diesel forward contracts. Uncollateralised derivatives are valued as per Level 2 but include certain data sources which are significantly less liquid. Level 2 inputs include forward rates and foreign exchange rates from available market data, with credit risk adjustments being incorporated in the derivative valuations, taking into account the default risk of either party using market data such as credit default swaps. Unobservable inputs (Level 3) relate to the funding valuation adjustment (FVA), which is the estimate of the adjustment to the fair value that a market participant would make to account for funding costs. These are calculated on the future valuation of the derivative, based on the best estimate available to management of suitable relevant cost of funds. A 10 basis points increase in the cost of funds would increase the FVA by \u00a37m (2024: \u00a312m). Unlisted investments are valued based on less observable inputs such as recent funding rounds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-860": { "value": "Offsetting of financial assets and liabilities The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements.
Related amounts not offset in
the Group balance sheet
Gross amounts of
Gross amounts financial assets/ Net amounts
of recognised (liabilities) offset in included Collateral
financial assets/ the Group balance in the Group Financial (received)/
(liabilities) sheet balance sheet instruments
pledged
Net amount
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
835
-
835
(115)
- 720
Trade receivables
758
(106)
652
-
-
652
Total assets
1,593
(106)
1,487
(115)
- 1,372
Financial liabilities
Derivative financial instruments
(217)
-
(217)
115
- (102)
Trade payables
(6,798)
106
(6,692)
-
-
(6,692)
Total liabilities
(7,015)
106
(6,909)
115
- (6,794)
Related amounts not offset in
the Group balance sheet
Gross amounts of
Gross amounts financial assets/ Net amounts
of recognised (liabilities) offset in included Collateral
financial assets/ the Group balance in the Group Financial (received)/
(liabilities) sheet balance sheet instruments
pledged
Net amount
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
836
-
836
(118)
(20)
698
Trade receivables
667
(91)
576
-
-
576
Total assets
1,503
(91)
1,412
(118)
(20)
1,274
Financial liabilities
Derivative financial instruments
(266)
-
(266)
118
- (148)
Trade payables
(6,735)
91
(6,644)
-
-
(6,644)
Total liabilities
(7,001)
91
(6,910)
118
- (6,792)
For the financial assets and liabilities subject to enforceable master netting arrangements above, each agreement between the Group and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. In the absence of such an election, financial assets and liabilities will be settled on a gross basis. However, each party to the master netting agreement or similar agreement will have the option to settle all such amounts on a net basis in the event of default of the other party.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-846": { "value": "Offsetting of financial assets and liabilities The following tables show those financial assets and liabilities subject to offsetting, enforceable master netting arrangements and similar agreements.
Related amounts not offset in
the Group balance sheet
Gross amounts of
Gross amounts financial assets/ Net amounts
of recognised (liabilities) offset in included Collateral
financial assets/ the Group balance in the Group Financial (received)/
(liabilities) sheet balance sheet instruments
pledged
Net amount
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
835
-
835
(115)
- 720
Trade receivables
758
(106)
652
-
-
652
Total assets
1,593
(106)
1,487
(115)
- 1,372
Financial liabilities
Derivative financial instruments
(217)
-
(217)
115
- (102)
Trade payables
(6,798)
106
(6,692)
-
-
(6,692)
Total liabilities
(7,015)
106
(6,909)
115
- (6,794)
Related amounts not offset in
the Group balance sheet
Gross amounts of
Gross amounts financial assets/ Net amounts
of recognised (liabilities) offset in included Collateral
financial assets/ the Group balance in the Group Financial (received)/
(liabilities) sheet balance sheet instruments
pledged
Net amount
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
Derivative financial instruments
836
-
836
(118)
(20)
698
Trade receivables
667
(91)
576
-
-
576
Total assets
1,503
(91)
1,412
(118)
(20)
1,274
Financial liabilities
Derivative financial instruments
(266)
-
(266)
118
- (148)
Trade payables
(6,735)
91
(6,644)
-
-
(6,644)
Total liabilities
(7,001)
91
(6,910)
118
- (6,792)
", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-772": { "value": "
Note 27 Financial risk management
The main financial risks faced by the Group and the management of these risks are set out below, and include market risk (foreign exchange, interest rate, inflation and commodity prices), credit risk, liquidity
risk, capital risk and insurance risk.
a) Market risk
Foreign exchange risk management
Description of risks
Management policy
Hedging strategy
Transactional exposure that arises from the cost of The Group\u2019s policy is to hedge currency exposure that could significantly Foreign currency forward contracts which are designated as cash flow
future purchases of goods, where those purchases impact the Group income statement. Minimum and maximum hedge limits hedges. These are denominated in the same currency as the highly probable
are denominated in a currency other than the are in place depending on whether forecast spend is committed or future sales and purchases, which are expected to occur within a maximum
functional currency of the purchasing company. uncommitted but highly probable. 24-month period, and the hedge ratio is determined to be 1:1.
Translation exposure that arises from exchange rate Translation risk related to foreign subsidiaries is not actively hedged. Euro-denominated borrowings are used to hedge the exposure of a portion
movements in connection with translating the Group\u2019s However, to reduce this exposure in relation to the net assets of foreign of the Group\u2019s net investments in overseas operations which have a Euro
foreign subsidiaries\u2019 revenue, expenses, assets and subsidiaries, net investment hedging is undertaken. functional currency, against changes in value due to changes in foreign exchange
liabilities into Pounds Sterling. rates. The Group has established a hedge ratio of 1:1, as the underlying risk of the
hedging instrument is identical to the hedged risk component.
Loans to and from subsidiaries in currencies other The Group's policy is to swap 100% of the foreign currency debt back Foreign currency derivatives and borrowings in matching currencies, which
than in the entity\u2019s functional currency. to Pounds Sterling or designate as a net investment hedge. are not formally designated as accounting hedges as gains and losses will
naturally offset in the income statement.
Debt issued in a currency other than Pounds Sterling.
The Group\u2019s policy is to swap 100% of the foreign currency debt back to Pounds
Cross-currency swaps, which are designated as fair value hedges
Sterling, unless there are appropriate matching foreign currency assets. or economic hedges.
Residual exposure is present, arising largely from cash and cash equivalents balances that are not in the functional currency of the entity holding these balances. The Group income statement impact of foreign
currency exchange rate movements on these residual balances is disclosed in the sensitivity table on page 186.
Interest rate risk management
Description of risks
Management policy
Hedging strategy
Debt issued at variable interest rates as well as cash The Group's policy is to manage its cash flow and fair value risk on a net debt Interest rate swap contracts are used to fix interest rates on senior unsecured
deposits and short-term investments, giving rise to basis (senior unsecured debt, lease liabilities, cash and cash equivalents and debt or investments issued at floating rates, creating a cash flow hedge; and for
cash flow risk, and debt issued at fixed interest rates short-term investments). senior unsecured debt or investments issued at fixed rates to generate variable
giving rise to fair value risk. interest exposure, creating a fair value hedge. The terms of the swap contracts
match the terms of the borrowings or investments including notional amounts
and maturity, interest settlement and interest rate reset dates, and the Group
has established a hedge ratio of 1:1 for the hedging relationships as the underlying
risk of the derivative contract is identical to that of the hedged item.
The table below shows the interest rate risk profile for the Group\u2019s financial instruments:
2025
2024
Fixed
Floating
Total
Fixed
Floating
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents -
2,255
2,255
28
2,312
2,340
Short-term investments -
2,223
2,223
-
2,128
2,128
Investments in debt instruments at amortised cost
196
-
196
577
456
1,033
Investments at fair value through other comprehensive income
866
8
874
687
14
701
Investments at fair value through profit or loss
15
-
15
18
- 18
Joint ventures and associates loan receivables
97
-
97
96
- 96
Lease liabilities
(7,716)
-
(7,716)
(7,622)
- (7,622)
Borrowings
(a)
(6,043)
(907)
(6,950)
(6,353)
(866)
(7,219)
Assets of the Banking operations disposal group
(b)
-
-
-
4,090
3,925
8,015
Liabilities of the Banking operations disposal group
(c)
-
-
-
(4,806)
(2,183)
(6,989)
Deposits from central bank
-
-
-
-
(908)
(908)
Derivative effect:
Interest rate swaps
1,464
(1,464)
-
(720)
720
-
Cross-currency swaps
902
(902)
-
920
(920)
-
Total
(10,219)
1,213
(9,006)
(13,085)
4,678
(8,407)
Percentage of interest-bearing debt at fixed rate
83%
83%
Weighted average rate of interest paid on senior unsecured debt, excluding joint ventures and associates
4.8%
4.8%
(a) RPI-linked borrowings of \u00a3(379)m have been re-presented as fixed in the prior year. (b) Comprised loans and advances to customers of \u00a37,669m and cash and cash equivalents of \u00a3346m in the prior year. (c) Comprised borrowings of \u00a3(549)m and customer deposits of \u00a3(6,440)m in the prior year. Inflation risk management
Description of risks
Management policy
Hedging strategy
Index-linked debt, where the principal is indexed to The Group\u2019s policy is to hedge inflation in total balance sheet debt (including index-linked bonds and RPI- LPI debt (where principal is indexed to RPI, with an
increase/decrease in line with either RPI or LPI. linked lease liabilities) on a portfolio basis alongside its interest rate risk management. Interest and inflation annual maximum increase of 5% and a minimum of
risk in total balance sheet debt are managed to a combined target of 50% fixed, with a tolerance of 15%, 0%) and RPI debt are hedged back to fixed rate using
where RPI-linked rents are considered to be floating. derivative contracts designated as cash flow hedges.
Index-linked lease liabilities, where the liability is indexed Indexed liabilities arising from property joint ventures
to increase/decrease in line with either RPI or LPI. are fully hedged using derivative contracts which
economically hedge the lease liability inflation uplift.
Refer to Note 13 for information on the Group\u2019s exposure to inflation-linked leases. Commodity risk management
Description of risks
Management policy
Hedging strategy
Changes in commodity prices largely relating to diesel The Group policy is to hedge a minimum of 50% of the forecast uncommitted exposure within the next Forward derivative contracts which are designated as
for own use. 12 months. cash flow hedges are used to hedge future purchases
of diesel for own use. These are denominated in the
same currency and volume as the forecast purchases
and the hedge ratio is determined to be 1:1.
Financial instruments not qualifying for hedge accounting
The Group\u2019s policy does not permit the use of derivatives for trading purposes. However, some
derivatives do not qualify for hedge accounting, or are specifically not designated as a hedge where
gains and losses on the hedging instrument and the hedged item naturally offset in the Group income
statement. These instruments include index-linked swaps, interest rate swaps, cross-currency swaps
and foreign currency forward contracts.
Sensitivity analysis
The impact on the financial statements of the Group from foreign currency, inflation, interest rate
and commodity price volatility is discussed below.
The analysis excludes the impact of movements in market variables on the carrying value of pension
and other post-employment benefit obligations and on the retranslation of overseas net assets.
However, it does include the foreign exchange sensitivity resulting from local entity non-functional
currency financial instruments.
The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed
to floating interest rates of the debt and derivatives portfolio, and the proportion of financial
instruments in foreign currencies are all constant and on the basis of the hedge designations in place
at 22 February 2025. It should be noted that the sensitivity analysis reflects the impact on income and
equity due to financial instruments held at the balance sheet date. It does not reflect any change in
sales or costs that may result from changing interest or exchange rates.
The following assumptions were made in calculating the sensitivity analysis:
\u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate
exposures on debt, deposits and derivative instruments with no sensitivity assumed for RPI-linked
borrowings, which have been swapped to fixed rates;
\u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges
against movements in interest rates or foreign exchange rates have an immaterial effect on the
Group income statement and equity due to compensating adjustments in the carrying value of debt;
\u2013 changes in the carrying value of financial instruments designated as net investment hedges against
movements in foreign exchange rates are recorded directly in the Group statement of
comprehensive income/(loss);
\u2013 all other changes in the carrying value of derivative financial instruments designated as hedging
instruments are fully effective with no impact on the Group income statement; and
\u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already
set, therefore a change in interest rates affects a full 12-month period for the interest payable
portion of the sensitivity calculations.
Using the above assumptions, the following table shows the quantitative effect on the Group income
statement and the Group statement of changes in equity that would result, at the balance sheet date,
from changes in interest rates, inflation rates, currency exchange rates and commodity prices that are
reasonably possible for major currencies where there have recently been significant movements:
2025
2024
Income gain/ Equity gain/ Income gain/ Equity gain/
(loss) (loss) (loss) (loss)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1% increase in interest rates
(21)
2
3
2
5% appreciation of the Euro
(9)
(47)
(5)
(49)
5% appreciation of the US Dollar
(10)
38
2
38
50 basis points parallel upward shift in the forward
82
20
93
23
inflation curve
10% increase in commodity prices* -
6
1
10
* Relating to diesel prices only, where derivatives are used to hedge risk.
A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward
shift in the forward inflation curve would have the opposite effect to the impact in the table above.
The impact on the Group income statement resulting from changes in foreign exchange rates against
GBP in relation to financial instruments (excluding those arising on consolidation) is minimal as Group
policy dictates that all material income statement foreign exchange exposures are hedged.
In prior years, the Group entered into a number of derivative index-linked contracts with external
counterparties, to economically hedge a proportion of the Group\u2019s exposure to index-linked lease
liabilities with its joint ventures. These are specifically not designated as accounting hedges but are
economic hedges. However, the gains and losses on the hedging instrument and hedged item do not
naturally offset in the Group income statement. This mismatch arises due to different accounting
outcomes of IFRS 9 and IFRS 16, which results in a timing difference.
The impact on the Group statement of comprehensive income/(loss) from changing exchange rates
results from the revaluation of financial liabilities used as net investment hedges. The impact on the
Group statement of comprehensive income/(loss) will largely be offset by the revaluation in equity of
the hedged assets in the Group statement of changes in equity.
Derivatives and hedging exposures
Derivatives are used to hedge exposure to market risks, some of which are economic hedges and
others are formally designated hedging instruments with hedge accounting applied. The main sources
of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s own credit risk on the
fair value of derivatives.
The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2025
2024
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
24
414
(72)
1,100
44
916
(103)
1,152
Cross-currency swaps
-
-
(118)
621
-
-
(126)
640
Banking operations disposal group
(a)
-
-
-
-
50
3,355
(16)
1,543
Cash flow hedges
Interest rate swaps
-
-
(2)
50
-
-
(2)
50
Index-linked swaps
(b)
299
406
-
-
265
406
-
-
Foreign currency forward contracts
25
1,094
(8)
601
20
818
(17)
862
Diesel forward contracts -
20
(2)
41
2
31
(2)
57
Derivatives not in a formal hedge relationship
Cross-currency swaps
138
308
(12)
95
182
790
(13)
94
Index-linked swaps
347
2,074
-
-
318
2,074
-
-
Foreign currency forward contracts
2
285
(3)
545
5
379
(3)
433
Diesel forward contracts
-
-
-
-
-
1 - 4
Banking operations disposal group
(a)
-
-
-
-
4
315
(1)
-
Total
835
4,601
(217)
3,053
890
9,085
(283)
4,835
(a) Interest rate swaps within the Banking operations disposal group.
(b) The notional values of the index-linked swaps designated as cash flow hedges have been re-presented to show the original unindexed notional amounts. In the prior year, the table presented the notional values after inflation indexation. The current year notional value
after indexation for these swaps is \u00a3818m (2024: \u00a3790m).
The following table sets out the maturity profile, average interest rates and foreign currency exchange rates of the hedging instruments used in the Group\u2019s hedging strategies.
2025
2024
More than five More than five
Maturity profile
Up to one year
One to five years
years
Up to one year
One to five years
years
Notional amount (\u00a3m)
Fair value hedges
Interest rate swaps \u2013 GBP
400
-
700
150
726
766
Interest rate swaps \u2013 EUR
-
-
414
-
-
426
Cross currency swaps (GBP: EUR)
(a)
- 621
-
-
- 640
Banking operations disposal group
(b)
-
-
-
2,695
2,157
46
Cash flow hedges
Index-linked swaps
(c)
210 - 196 -
210
196
Interest rate swaps - 50
-
-
50 -
Average net interest rate (pay)/receive
Fair value hedges
Interest rate swaps \u2013 GBP
(3.41)%
-
(3.04)%
4.39%
(3.58)%
(3.67)%
Interest rate swaps \u2013 EUR
-
-
0.59% - - (0.88)%
Cross currency swaps (GBP: EUR)
(a)
- (5.19)%
-
-
- (5.91)%
Banking operations disposal group
(b)
-
-
-
(0.50)%
(1.18)%
(1.05)%
Cash flow hedges
Index-linked swaps
(4.23)%
- (4.21)% -
(4.23)%
(4.21)%
Interest rate swaps - (0.45)%
-
-
 0.29% -
(a) Average exchange rate for cross-currency swaps (GBP: EUR) is 1.128 (2024: 1.128).
(b) Interest rate swaps within the Banking operations disposal group.
(c) The notional values of the index-linked swaps designated as cash flow hedges have been re-presented to show the original unindexed notional amounts. In the prior year, the table presented the notional values after inflation indexation. The current year notional value
after indexation for these swaps with maturities up to one year is \u00a3425m (2024: \u00a3nil), one to five years is \u00a3nil (2024: \u00a3411m) and more than five years is \u00a3393m (2024: \u00a3379m).
At 22 February 2025, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a31.7bn were outstanding (2024: \u00a31.7bn). These forward contracts are largely in relation to purchases of
Euros (notional \u20ac0.7bn) (2024: notional \u20ac0.4bn) and US Dollars (notional $0.9bn) (2024: notional $0.8bn) with varying maturities up to February 2026.
For the above currencies the rates ranged from EUR/GBP 1.149 to 1.206 (2024: 1.134 to 1.171) and USD/GBP from 1.219 to 1.336 (2024: 1.181 to 1.306).
Forward commodity contracts hedging diesel purchases for own use as at 22 February 2025 had a GBP notional of \u00a361m (2024: \u00a393m) at a rate of \u00a3515 to \u00a3618 (2024: \u00a3493 to \u00a3828) per tonne.
The notional and fair values of these contracts are shown in the table on page 187.
The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges:
2025
2024
Accumulated Accumulated
amounts of fair Changes in amounts of fair Changes in
value adjustments fair value for value adjustments fair value for
Carrying amount on hedged item calculating hedge Carrying amount on hedged item calculating hedge
assets/(liabilities) assets/(liabilities) ineffectiveness assets/(liabilities) assets/(liabilities) ineffectiveness
Balance sheet classification
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate risk
Fixed-rate investment securities
Other investments
-
-
-
377
32
12
Fixed-rate bonds
(a)
Borrowings
(2,492)
114
36
(2,615)
142
50
Fixed-rate loans
(b)
Assets of the disposal group
-
-
-
3,355
33
41
Fixed-rate savings
(b)
Liabilities of the disposal group
-
-
-
(1,543)
(1)
1
(a) The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(70)m for fixed-rate bonds (2024: \u00a3(77)m). (b) Loans and advances to customers and customer deposits were transferred to the Banking operations disposal group in the prior year and disposed of in the current year. The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the impacts on the hedging reserve for cash flow hedge designations:
2025
2024
Change in Change in
value of hedging Change in value of value of hedging Change in value of
instrument for hedged item for Cumulative instrument for hedged item for Cumulative
calculating hedge calculating hedge impact on hedging calculating hedge calculating hedge impact on hedging
ineffectiveness ineffectiveness
reserve
(a)
ineffectiveness ineffectiveness
reserve
(a)
Hedging instrument
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate/inflation risk
Index-linked bonds
Index-linked swaps
32
(20)
10
25
(17)
16
Borrowings
Interest rate swaps
1
(1)
5
1
(1)
7
Foreign currency risk
Forecasted purchases
Foreign currency forward contracts
10
(10)
8
31
(31)
6
Commodity risk
Forecasted purchases
Diesel forward contracts
(3)
3
(1)
9
(9)
(1)
Interest rate/foreign currency risk
MTNs
(b)
 Cross-currency swaps
-
-
46
-
-
75
(a) Excludes deferred tax. (b) This is a discontinued hedge. The following table sets out information regarding the effectiveness of hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income:
2025
2024
Line item in Group Hedge ineffectiveness Hedge ineffectiveness
income statement recognised recognised
that includes hedge in profit or loss in profit or loss
ineffectiveness
\u00a3m
\u00a3m
Fair value hedges \u2013 interest rate risk
Borrowings
Finance cost
(1)
(9)
The following table presents a reconciliation by risk category of the cash flow hedge reserve and an analysis of other comprehensive income in relation to hedge accounting:
Interest rate/
foreign currency
Interest rate/inflation risk
risk
Foreign currency/commodity risk
Foreign currency
Index-linked Interest rate Cross-currency forward Diesel forward Hedging
swaps swaps swaps
contracts
(a)
contracts
(a)
reserve
(b)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
34
5
25
(24)
(7)
33
Net fair value gains/(losses)
24
-
-
(39)
1
(14)
Amount reclassified to finance income/(cost) in Group income statement
(52)
(2)
(2)
-
-
(56)
Transfer from hedging reserve to retained earnings
-
-
44
-
-
44
Amount reclassified to inventories
-
-
-
71
8
79
Tax
7
- (10) -
(2)
(5)
At 24 February 2024
13
3
57
8
- 81
Net fair value gains/(losses)
32
1
-
10
(3)
40
Amount reclassified to finance income/(cost) in Group income statement
(38)
(1)
(30)
(2)
- (71)
Amount reclassified to inventories
-
-
-
(7)
3
(4)
Tax
1
-
8
(2)
- 7
At 22 February 2025
8
3
35
7
- 53
(a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a37m (2024: \u00a3(38)m) and other cash flow hedges of \u00a3nil (2024: \u00a3nil).
(b) Includes \u00a34m (2024: \u00a36m) relating to non-controlling interests.
Net investment hedges
The details of the hedging instruments and movements in cumulative impact on net investment hedges in other comprehensive income are set out below:
Nominal amount Cumulative impact
of hedging Nominal amount of on net investment
instrument hedged item hedges
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
(1,325)
1,325
(794)
Discontinued hedges in the year
(a)
653
(653)
9
New hedges designated in the year
(b)
(436)
436
9
Change in value for calculating ineffectiveness
40
(40)
22
At 24 February 2024
(1,068)
1,068
(754)
Change in value for calculating ineffectiveness
33
(33)
33
At 22 February 2025
(1,035)
1,035
(721)
(a) As at 22 February 2025, the discontinued hedge balance is \u00a3(760)m (2024: \u00a3(760)m).
(b) During the year, there was no discontinuation and no new designation of MTNs in a net investment hedge. In the prior year, \u20ac750m 1.375% MTN Oct 2023 was repaid and another \u20ac500m 4.25% MTN Feb 2031 was subsequently designated in a net investment hedge.
Net investment hedge ineffectiveness was \u00a3nil (2024: \u00a3nil) during the year.
During the current financial year, currency movements decreased the net value, after the effects of hedging, of the Group\u2019s overseas assets by \u00a3(56)m (2024: decrease by \u00a3(116)m). The Group also ensures that
each subsidiary is appropriately hedged in respect of its non-functional currency assets.
(b) Credit risk
Description of risk
Management policy
Measurement
A counterparty will not meet its obligations leading to For cash and cash equivalents, short-term investments, other investments, and derivative financial The Group monitors the exposure, credit rating,
a financial loss for the Group. This arises from cash instruments: outlook, and credit default swap levels of these
and cash equivalents, short-term investments, trade \u2013 the Group holds positions with an approved list of investment-grade rated counterparties. counterparties on a regular basis.
receivables, other receivables, joint venture and \u2013 counterparty credit limits are set to minimise the concentration of risk and are set taking into account Counterparty credit limits are reviewed every
associate loan receivables, reinsurance contract assets, the type and value of the specific financial asset. six months and may be updated throughout the
other investments, and derivative financial instruments. For trade receivables, other receivables, joint venture and associate loan receivables, and reinsurance financial year.
contract assets: Refer to page 192 for information on the Group\u2019s ECLs.
\u2013 the Group\u2019s credit risk is managed with various mitigating controls including credit checks, credit
insurance, and master netting agreements. Due to the nature of the business, there is little concentration
of risk due to the large number of customers which are spread across wide geographical areas.
Maximum exposure to credit risk
The maximum exposure to credit risk at the end of the reporting period reflects the carrying amount of each class of financial assets, including loan commitments which are not recognised on the balance sheet.
The net counterparty exposure under derivative contracts is \u00a30.6bn (2024: \u00a30.7bn).
The Group\u2019s maximum gross exposure to credit risk is analysed below by class of financial instrument, including for financial instruments that are not subject to ECL i.e. derivative financial instruments:
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
2,255
2,340
Short-term investments
2,223
2,128
Trade receivables
652
576
Other receivables
183
274
Joint venture and associates loan receivables
97
96
Assets of the Banking operations disposal group
(a)
- 7,698
Other investments
1,085
1,752
Derivative financial assets:
Interest rate swaps
24
44
Cross-currency swaps
138
182
Index-linked swaps
646
583
Foreign currency forward contracts
27
25
Diesel forward contracts - 2
Off balance sheet:
Loan commitments
(b)
- 12,850
Maximum exposure to credit risk
7,330
28,550
(a) Relates to assets transferred to the Banking operations disposal group in the prior year and disposed of in the current year.
(b) Loan commitments in the prior year represented the undrawn amount contractually committed by the Banking operations disposal group.
Counterparty credit rating
The table below provides detail of financial assets by long-term credit rating of investment-grade rated counterparties:
2025
2024
Rating
AAA
AA
A
BBB
Total
AAA
AA
A
BBB
Total
Cash and cash equivalents
(a)
-
-
1,355
35
1,390
-
-
1,517
15
1,532
Short-term investments
1,389
3
731
100
2,223
889
203
986
50
2,128
Investment in debt securities at amortised cost
(b)
-
-
-
192
192
391
48
393
196
1,028
Investment at fair value through other comprehensive income
(c)
156
123
341
235
855
117
100
287
178
682
Investments at fair value through profit or loss
(d)
-
-
-
-
-
-
1
-
-
1
Assets of the Banking operations disposal group
(e)
-
-
-
-
-
-
54
-
-
54
Derivative financial assets:
Interest rate swaps -
12
12
- 24 -
36
8
- 44
Cross-currency swaps
-
-
138 - 138
-
-
181
1
182
Index-linked swaps
-
-
299
347
646
-
-
134
449
583
Foreign currency forward contracts -
5
22
- 27 -
2
18
5
25
Diesel forward contracts
-
-
-
-
-
-
-
1
1
2
(a) Excludes \u00a3865m (2024: \u00a3808m) of cash and cash equivalents which do not have a credit rating.
(b) Excludes \u00a34m (2024: \u00a35m) of investments in debt instruments which do not have a credit rating.
(c) Excludes \u00a319m (2024: \u00a319m) of investments in equity instruments which do not have a credit rating.
(d) Excludes \u00a315m (2024: \u00a317m) of property fund investments that do not have a credit rating.
(e) Comprises interest rate swaps transferred to the Banking operations disposal group in the prior year and disposed of in the current year.
Expected credit losses (ECLs)
The Group applies either the simplified approach or the three-stage model for ECLs, depending on the nature of the financial asset. The ECL is determined by multiplying together the probability of default (PD),
exposure at default (EAD) and the loss given default (LGD) for the relevant time period and for each specific loan and by discounting back to the balance sheet date.
The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a balance under local legislation. The ECLs are immaterial. Gross loans
to related parties of \u00a397m (2024: \u00a396m) are presented net of loss allowances of \u00a3nil (2024: \u00a3nil) on the Group balance sheet.
For reinsurance contract assets the maximum exposure to credit risk is their carrying amount, refer to Note 24. Refer to page 195 for the credit rating of the reinsurers.
The low credit risk exemption has been applied to cash and cash equivalents, money market funds, deposits and similar investments, investments in debt instruments at fair value through other comprehensive
income (FVOCI), investments at fair value through profit or loss (FVPL) and investments in debt instruments at amortised cost.
(c) Liquidity risk
Description of risk
Management policy
Measurement
Difficulty in meeting the obligations associated with the The Group finances its liquidity position and its operations by a combination of retained profits, disposals of Liquidity risk is continuously monitored by short-term
Group\u2019s financial liabilities. assets, debt capital market issuance, bank borrowings, and leases. The policy is to maintain a prudent level and long-term cash flow forecasts.
of cash together with sufficient committed bank facilities to meet liquidity needs as they arise, to maintain
a smooth debt profile and to ensure maturing senior unsecured debt will not exceed \u00a31.5bn in any 12-month
period.
The Group is exposed to liquidity risk from daily calls on The Group manages its liquidity risk by having an investment guideline that it maintains sufficient liquidity,
its cash resources, including from claims arising on its or its financial assets can be realised at short notice in the event of a major adverse event. The Group may
insurance contracts. There is a risk that cash will not be
available to settle liabilities when they fall due.
also make use of borrowing facilities if required.
The Group is investment-grade rated with all three major credit rating agencies and retains access to
capital markets so that maturing debt may be refinanced as it falls due.
2025
2024
Short-term Long-term Short-term Long-term
rating
rating
Outlook
rating
rating
Outlook
Rating agency
Fitch
F3
BBB
-
Stable
F3
BBB
-
Stable
Moody\u2019s
P
-
3
Baa3
Stable
P
-
3
Baa3
Stable
Standard & Poor\u2019s
A
-
3
BBB
-
Positive
A
-
3
BBB
-
Stable
The Group has a \u00a315.0bn Euro Medium Term Note programme, of which \u00a32.8bn (2024: \u00a32.4bn) is in
issue in GBP and \u20ac2.2bn (2024: \u20ac2.7bn) is in issue in EUR, plus $0.4bn of USD-denominated notes
issued under 144A documentation (2024: $0.4bn). The amount in issue includes \u00a30.4bn (2024: \u00a30.4bn)
of accretion on the index-linked MTNs which will be repayable at maturity.
Borrowing facilities
The Group has the following undrawn committed facilities available at 22 February 2025, in respect of
which all conditions precedent had been met as at that date:
2025
2024
\u00a3m
\u00a3m
Expiring in less than one year
38
238
Expiring between one and two years
-
-
Expiring in more than two years
2,500
2,500
Total
2,538
2,738
The Group has a \u00a32.5bn undrawn committed facility available at 22 February 2025 (24 February 2024:
\u00a32.5bn), in respect of which all conditions precedent had been met as at that date, consisting of a
syndicated revolving credit facility expiring in more than two years. The cost of the facility is linked to
three ESG targets and incurs commitment fees at market rates which would provide funding at floating
rates. There were no drawings under the facility during the year (2024: \u00a3nil).
Maturities of financial liabilities
The following is an analysis of the undiscounted contractual cash flows payable under financial liabilities and derivative liabilities, taking into account contractual terms that provide the counterparty a choice of
when (the earliest date) an amount is repaid by the Group. The potential cash outflow is considered acceptable as it is offset by financial assets.
The undiscounted cash flows will differ from both the carrying values and fair values. Floating-rate interest and inflation is estimated using the prevailing rate at the balance sheet date. Cash flows in foreign
currencies are translated using spot rates at the balance sheet date.
Due within Due between 1 Due between 2 Due between 3 Due between 4 Due beyond 5
1 year and 2 years and 3 years and 4 years and 5 years years
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Borrowings
(1,748)
(686)
(71)
(718)
(687)
(3,117)
Interest payments on borrowings
(202)
(175)
(166)
(162)
(138)
(798)
Lease liabilities
(995)
(973)
(940)
(896)
(855)
(6,217)
Trade payables
(6,692)
-
-
-
-
-
Other payables
(1,815)
(15)
(6)
(1)
(1)
(11)
Accruals
(943)
-
-
-
-
-
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts
-
-
-
-
-
7
Net settled derivative contracts \u2013 payments
(22)
(18)
(18)
(18)
(17)
-
Gross settled derivative contracts \u2013 receipts
1,145
113
2
2
623
-
Gross settled derivative contracts \u2013 payments
(1,194)
(155)
(33)
(33)
(681)
-
Total
(12,466)
(1,909)
(1,232)
(1,826)
(1,756)
(10,136)
Due within Due between 1 Due between 2 Due between 3 Due between 4 Due beyond 5
1 year and 2 years and 3 years and 4 years and 5 years years
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Borrowings
(1,416)
(891)
(706)
(71)
(718)
(4,148)
Interest payments on borrowings
(205)
(221)
(130)
(153)
(149)
(906)
Deposits from central bank \u2013 Tesco Bank
(151)
(820)
-
-
-
-
Lease liabilities
(903)
(931)
(913)
(889)
(842)
(6,279)
Trade payables
(6,644)
-
-
-
-
-
Other payables
(1,831)
(13)
(5)
(1)
(1)
(13)
Accruals
(931)
-
-
-
-
-
Liabilities of the Banking operations disposal group
(a)
(5,789)
(481)
(681)
(128)
(130)
(2)
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts
8
5
4
2
1
3
Net settled derivative contracts \u2013 payments
(38)
(19)
(16)
(15)
(15)
(8)
Gross settled derivative contracts \u2013 receipts
(b)
1,282
8
110
2
2
643
Gross settled derivative contracts \u2013 payments
(b)
(1,343)
(41)
(150)
(31)
(30)
(680)
Total on balance sheet
(17,961)
(3,404)
(2,487)
(1,284)
(1,882)
(11,390)
Off balance sheet
Contractual lending commitments
(c)
(12,850)
-
-
-
-
-
Total
(30,811)
(3,404)
(2,487)
(1,284)
(1,882)
(11,390)
(a) Comprised customer deposits, lease liabilities, trade and other payables, borrowings, and derivatives transferred to the Banking operations disposal group in the prior year and disposed of in the current year. Refer to Note 8.
(b) Gross settled derivative contracts have been re-presented to include mandatory breaks on certain derivatives.
(c) Contractual lending commitments in the prior year were included in the Banking operations disposal group.
The Group is not subject to covenants in relation to its facilities and borrowings. There is an element of seasonality in the Group\u2019s operations, however the overall impact on liquidity is not considered significant.
The table below shows information about the timing of total expected undiscounted cash outflows in relation to insurance contract liabilities, irrespective of the measurement basis, based on current best
estimates. The phasing is based on current estimates and the actual timing of future settlement cash flows may differ from that disclosed below.
2025
2024*
\u00a3m
%
\u00a3m
%
Due within one year
166
31
144
34
Due within one and two years
80
15
57
13
Due within two and three years
56
11
44
10
Due within three and four years
32
6
28
7
Due within four and five years
23
4
18
4
Due beyond five years
174
33
138
32
Total
531
100
429
100
* Comparatives have been re-presented from discounted to undiscounted liabilities.
Insurance contract liabilities issued and reinsurance contracts held have no amounts that are payable on demand.
d) Insurance risk
Description of risk
Management policy
Risks accepted through the provision of insurance products in return for a premium, exposed through the TU operates a separate risk framework with dedicated risk and compliance teams and a suite of TU risk
wholly-owned subsidiary, Tesco Underwriting Limited (TU). These risks may or may not occur as expected and
the amount and timing of these risks are uncertain and determined by events outside of the Group\u2019s control
policies to ensure that the TU insurance portfolio is operating within the agreed risk appetite.
(e.g. flood or vehicular accident).
Types of insurance risk
Risks
Description of risks
Mitigation
Underwriting
Policies not priced correctly due to underestimating the frequency and/or severity
The Group has large numbers of policyholders with homogeneous exposures such as car and home
of the claims and/or that payments are required under conditions that were not policies. Products are priced based on the Group\u2019s knowledge using past exposures, historical losses (plus
anticipated. an appropriate allowance for incurred but not reported (IBNR) losses) and external data sources, with the
appropriate adjustments to reflect anticipated future market conditions and expenses.
Claims reserving
Estimates of insurance liabilities prove to be insufficient through inaccurate
The aim of the reserving policy is to provide estimates of insurance liabilities that are accurate and reliable
forecasting, adverse random variation and additional expenses. across each line of business and are consistent over the time period required to settle all the claims.
Provisions are monitored on an ongoing basis by a reserving committee and the TU board, and an annual
independent review is undertaken.
Claims management
Claims management risk may arise in the event of inaccurate or incomplete case
The Group\u2019s approach to claims management focuses upon creating a successful balance between
reserving or settlement, poor customer service, claims fraud, ineffective or satisfying the needs of the customer against control of the overall cost of the provision of the service that
inefficient claim processes or excessive costs of handling claims. meets those needs in agreement with its service provider. Customers include both the insured as well as
others that believe the insured has breached a duty of care.
Reinsurance
Reinsurance contracts, placed to reduce exposure to specific risks, events, and
The reinsurance programme is subject to considerable scenario planning and approved by the Reinsurance
accumulations, fail to perform as planned and do not reduce the gross cost of Committee and the TU board. All reinsurers in the reinsurance programme have a minimum credit rating of A.
claims in terms of the limits purchased, by risks not being appropriately covered,
by reinsurance bad debts or by there being gaps in the programme.
Concentration of insurance risk
Concentration of insurance risk may exist where a particular event or series of events could impact significantly upon the Group\u2019s liabilities. Such concentrations may arise from a single insurance contract or
through a small number of related contracts. The following are key categories of concentration risks that might result in significant impacts to the Group:
Category
Description
Mitigation
High-severity, low High-severity, low frequency events (e.g. natural disasters) represent a material risk Making appropriate allowance within the price calculated by underwriters and by purchasing a reinsurance
frequency event as the occurrence of such an event would have a significant adverse impact on TU\u2019s programme that limits the impact of these events, using non-proportional reinsurance treaties to manage
concentrations cash flows and profitability. retention levels and the limits of protection.
Geographic and Material geographical concentrations of risk exist in property portfolios such that The Group only writes policies in the UK. TU models its exposure to this risk to estimate its probable
demographic natural disasters (e.g. floods) may give rise to a large number of material damage maximum loss and purchases reinsurance to significantly reduce its exposure to such events.
concentrations and business interruption claims.
Economic conditions
The insurance portfolio exposes a potential accumulation of different risks in
The Group aims to ensure it charges the right premium for the business underwritten and it focuses on
the event of difficult economic conditions or more challenging points in the maintaining prices in such difficult market conditions. It also monitors claims closely to identify any that
underwriting cycle. may be exaggerated or fraudulent.
Total aggregate exposure
The total aggregate exposure that the Group is prepared to accept in relation to
The exposures are monitored on a regular basis by reviewing reports which show the key aggregations to
concentrations of risk. which the Group is exposed and by using a number of modelling tools to monitor aggregation and simulate
catastrophe losses in order to measure the effectiveness of the reinsurance programmes, and to quantify
the net exposure. Additional stress and scenario tests are run using these models during the year.
TU has carried out sensitivity analyses on the reasonably possible changes in its key business drivers, including interest yields, expenses and gross loss ratio, as well as executing the stress and scenario testing
programme on the insurance risk as part of contingency planning. These do not indicate a material impact to the Group\u2019s overall financial position and performance.
e) Other risks
Risk
Description of risk
Management policy
Measurement
Capital risk
Ability to continue as a going concern in order to provide returns to shareholders
Group capital Refer to Note 32 for the
and benefits for policyholders and other stakeholders, while protecting and The Group manages its capital structure (net debt plus equity) and makes value of Net debt, and
strengthening the Group balance sheet through the appropriate balance of adjustments to it: the Group statement
debt and equity funding, and ability to meet minimum capital requirements for \u2013 in light of changes to economic conditions and the strategic objectives of changes in equity for
regulated businesses. of the Group. the value of the Group\u2019s
\u2013 through dividend payment to shareholders, buying back shares and equity.
cancelling them or issuing new shares. During the current financial year,
the Group continued the share buyback programme and cancelled these
shares (refer to Note 30).
\u2013 by raising finance in the public debt markets and borrowing centrally
and locally from financial institutions, using a variety of capital market
instruments and borrowing facilities to meet the requirements of each
local business.
Insurance capital
Solvency II (SII) came into force on 1 January 2016. It provides a framework for
managing and measuring the risks and the solvency position for all insurance
companies in the EU. Following the UK's departure from the EU, the SII
framework continues to be applied in the UK and its requirements are
applicable to TU. TU assesses its Solvency Capital Requirement (SCR) using
Prudential Regulation Authority (PRA) Standard Formula (2024: Partial Internal
Model). TU also maintains a capital contingency plan supported by its direct
shareholder, Tesco Personal Finance Group Limited (TPFG). TPFG as the parent
entity of TU adheres to SII requirements and has complied with the supervisory
requirements of the PRA. During the year, the Group was compliant with the
externally imposed capital requirements.
Operational insurance risk
The Group is inadequately protected from liabilities arising from unforeseen events
The Group purchased assets, earnings and combined liability protection from Refer to Note 23 for
in its operations. the open insurance market for higher value losses only. details on operational
The risk not transferred to the insurance market is retained within the Group insurance provisions.
with some cover being provided by the Group\u2019s captive insurance company,
ELH Insurance Limited in Guernsey, which is consolidated in the Group financial
statements, covering assets, earnings and combined liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-871": { "value": "a) Market risk Foreign exchange risk management
Description of risks
Management policy
Hedging strategy
Transactional exposure that arises from the cost of The Group\u2019s policy is to hedge currency exposure that could significantly Foreign currency forward contracts which are designated as cash flow
future purchases of goods, where those purchases impact the Group income statement. Minimum and maximum hedge limits hedges. These are denominated in the same currency as the highly probable
are denominated in a currency other than the are in place depending on whether forecast spend is committed or future sales and purchases, which are expected to occur within a maximum
functional currency of the purchasing company. uncommitted but highly probable. 24-month period, and the hedge ratio is determined to be 1:1.
Translation exposure that arises from exchange rate Translation risk related to foreign subsidiaries is not actively hedged. Euro-denominated borrowings are used to hedge the exposure of a portion
movements in connection with translating the Group\u2019s However, to reduce this exposure in relation to the net assets of foreign of the Group\u2019s net investments in overseas operations which have a Euro
foreign subsidiaries\u2019 revenue, expenses, assets and subsidiaries, net investment hedging is undertaken. functional currency, against changes in value due to changes in foreign exchange
liabilities into Pounds Sterling. rates. The Group has established a hedge ratio of 1:1, as the underlying risk of the
hedging instrument is identical to the hedged risk component.
Loans to and from subsidiaries in currencies other The Group's policy is to swap 100% of the foreign currency debt back Foreign currency derivatives and borrowings in matching currencies, which
than in the entity\u2019s functional currency. to Pounds Sterling or designate as a net investment hedge. are not formally designated as accounting hedges as gains and losses will
naturally offset in the income statement.
Debt issued in a currency other than Pounds Sterling.
The Group\u2019s policy is to swap 100% of the foreign currency debt back to Pounds
Cross-currency swaps, which are designated as fair value hedges
Sterling, unless there are appropriate matching foreign currency assets. or economic hedges.
Residual exposure is present, arising largely from cash and cash equivalents balances that are not in the functional currency of the entity holding these balances. The Group income statement impact of foreign currency exchange rate movements on these residual balances is disclosed in the sensitivity table on page 186. Interest rate risk management
Description of risks
Management policy
Hedging strategy
Debt issued at variable interest rates as well as cash The Group's policy is to manage its cash flow and fair value risk on a net debt Interest rate swap contracts are used to fix interest rates on senior unsecured
deposits and short-term investments, giving rise to basis (senior unsecured debt, lease liabilities, cash and cash equivalents and debt or investments issued at floating rates, creating a cash flow hedge; and for
cash flow risk, and debt issued at fixed interest rates short-term investments). senior unsecured debt or investments issued at fixed rates to generate variable
giving rise to fair value risk. interest exposure, creating a fair value hedge. The terms of the swap contracts
match the terms of the borrowings or investments including notional amounts
and maturity, interest settlement and interest rate reset dates, and the Group
has established a hedge ratio of 1:1 for the hedging relationships as the underlying
risk of the derivative contract is identical to that of the hedged item.
The table below shows the interest rate risk profile for the Group\u2019s financial instruments:
2025
2024
Fixed
Floating
Total
Fixed
Floating
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cash and cash equivalents -
2,255
2,255
28
2,312
2,340
Short-term investments -
2,223
2,223
-
2,128
2,128
Investments in debt instruments at amortised cost
196
-
196
577
456
1,033
Investments at fair value through other comprehensive income
866
8
874
687
14
701
Investments at fair value through profit or loss
15
-
15
18
- 18
Joint ventures and associates loan receivables
97
-
97
96
- 96
Lease liabilities
(7,716)
-
(7,716)
(7,622)
- (7,622)
Borrowings
(a)
(6,043)
(907)
(6,950)
(6,353)
(866)
(7,219)
Assets of the Banking operations disposal group
(b)
-
-
-
4,090
3,925
8,015
Liabilities of the Banking operations disposal group
(c)
-
-
-
(4,806)
(2,183)
(6,989)
Deposits from central bank
-
-
-
-
(908)
(908)
Derivative effect:
Interest rate swaps
1,464
(1,464)
-
(720)
720
-
Cross-currency swaps
902
(902)
-
920
(920)
-
Total
(10,219)
1,213
(9,006)
(13,085)
4,678
(8,407)
Percentage of interest-bearing debt at fixed rate
83%
83%
Weighted average rate of interest paid on senior unsecured debt, excluding joint ventures and associates
4.8%
4.8%
(a) RPI-linked borrowings of \u00a3(379)m have been re-presented as fixed in the prior year.
(b) Comprised loans and advances to customers of \u00a37,669m and cash and cash equivalents of \u00a3346m in the prior year.
(c) Comprised borrowings of \u00a3(549)m and customer deposits of \u00a3(6,440)m in the prior year.
Inflation risk management
Description of risks
Management policy
Hedging strategy
Index-linked debt, where the principal is indexed to The Group\u2019s policy is to hedge inflation in total balance sheet debt (including index-linked bonds and RPI- LPI debt (where principal is indexed to RPI, with an
increase/decrease in line with either RPI or LPI. linked lease liabilities) on a portfolio basis alongside its interest rate risk management. Interest and inflation annual maximum increase of 5% and a minimum of
risk in total balance sheet debt are managed to a combined target of 50% fixed, with a tolerance of 15%, 0%) and RPI debt are hedged back to fixed rate using
where RPI-linked rents are considered to be floating. derivative contracts designated as cash flow hedges.
Index-linked lease liabilities, where the liability is indexed Indexed liabilities arising from property joint ventures
to increase/decrease in line with either RPI or LPI. are fully hedged using derivative contracts which
economically hedge the lease liability inflation uplift.
Refer to Note 13 for information on the Group\u2019s exposure to inflation-linked leases.
Commodity risk management
Description of risks
Management policy
Hedging strategy
Changes in commodity prices largely relating to diesel The Group policy is to hedge a minimum of 50% of the forecast uncommitted exposure within the next Forward derivative contracts which are designated as
for own use. 12 months. cash flow hedges are used to hedge future purchases
of diesel for own use. These are denominated in the
same currency and volume as the forecast purchases
and the hedge ratio is determined to be 1:1.
Financial instruments not qualifying for hedge accounting The Group\u2019s policy does not permit the use of derivatives for trading purposes. However, some derivatives do not qualify for hedge accounting, or are specifically not designated as a hedge where gains and losses on the hedging instrument and the hedged item naturally offset in the Group income statement. These instruments include index-linked swaps, interest rate swaps, cross-currency swaps and foreign currency forward contracts. Sensitivity analysis The impact on the financial statements of the Group from foreign currency, inflation, interest rate and commodity price volatility is discussed below. The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-employment benefit obligations and on the retranslation of overseas net assets. However, it does include the foreign exchange sensitivity resulting from local entity non-functional currency financial instruments. The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives portfolio, and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place at 22 February 2025. It should be noted that the sensitivity analysis reflects the impact on income and equity due to financial instruments held at the balance sheet date. It does not reflect any change in sales or costs that may result from changing interest or exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative instruments with no sensitivity assumed for RPI-linked borrowings, which have been swapped to fixed rates; \u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges against movements in interest rates or foreign exchange rates have an immaterial effect on the Group income statement and equity due to compensating adjustments in the carrying value of debt; \u2013 changes in the carrying value of financial instruments designated as net investment hedges against movements in foreign exchange rates are recorded directly in the Group statement of comprehensive income/(loss); \u2013 all other changes in the carrying value of derivative financial instruments designated as hedging instruments are fully effective with no impact on the Group income statement; and \u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already set, therefore a change in interest rates affects a full 12-month period for the interest payable portion of the sensitivity calculations. Using the above assumptions, the following table shows the quantitative effect on the Group income statement and the Group statement of changes in equity that would result, at the balance sheet date, from changes in interest rates, inflation rates, currency exchange rates and commodity prices that are reasonably possible for major currencies where there have recently been significant movements:
2025
2024
Income gain/ Equity gain/ Income gain/ Equity gain/
(loss) (loss) (loss) (loss)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1% increase in interest rates
(21)
2
3
2
5% appreciation of the Euro
(9)
(47)
(5)
(49)
5% appreciation of the US Dollar
(10)
38
2
38
50 basis points parallel upward shift in the forward
82
20
93
23
inflation curve
10% increase in commodity prices* -
6
1
10
* Relating to diesel prices only, where derivatives are used to hedge risk. A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward shift in the forward inflation curve would have the opposite effect to the impact in the table above. The impact on the Group income statement resulting from changes in foreign exchange rates against GBP in relation to financial instruments (excluding those arising on consolidation) is minimal as Group policy dictates that all material income statement foreign exchange exposures are hedged. In prior years, the Group entered into a number of derivative index-linked contracts with external counterparties, to economically hedge a proportion of the Group\u2019s exposure to index-linked lease liabilities with its joint ventures. These are specifically not designated as accounting hedges but are economic hedges. However, the gains and losses on the hedging instrument and hedged item do not naturally offset in the Group income statement. This mismatch arises due to different accounting outcomes of IFRS 9 and IFRS 16, which results in a timing difference. The impact on the Group statement of comprehensive income/(loss) from changing exchange rates results from the revaluation of financial liabilities used as net investment hedges. The impact on the Group statement of comprehensive income/(loss) will largely be offset by the revaluation in equity of the hedged assets in the Group statement of changes in equity. Derivatives and hedging exposures Derivatives are used to hedge exposure to market risks, some of which are economic hedges and others are formally designated hedging instruments with hedge accounting applied. The main sources of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives. The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2025
2024
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
24
414
(72)
1,100
44
916
(103)
1,152
Cross-currency swaps
-
-
(118)
621
-
-
(126)
640
Banking operations disposal group
(a)
-
-
-
-
50
3,355
(16)
1,543
Cash flow hedges
Interest rate swaps
-
-
(2)
50
-
-
(2)
50
Index-linked swaps
(b)
299
406
-
-
265
406
-
-
Foreign currency forward contracts
25
1,094
(8)
601
20
818
(17)
862
Diesel forward contracts -
20
(2)
41
2
31
(2)
57
Derivatives not in a formal hedge relationship
Cross-currency swaps
138
308
(12)
95
182
790
(13)
94
Index-linked swaps
347
2,074
-
-
318
2,074
-
-
Foreign currency forward contracts
2
285
(3)
545
5
379
(3)
433
Diesel forward contracts
-
-
-
-
-
1 - 4
Banking operations disposal group
(a)
-
-
-
-
4
315
(1)
-
Total
835
4,601
(217)
3,053
890
9,085
(283)
4,835
(a) Interest rate swaps within the Banking operations disposal group. (b) The notional values of the index-linked swaps designated as cash flow hedges have been re-presented to show the original unindexed notional amounts. In the prior year, the table presented the notional values after inflation indexation. The current year notional value after indexation for these swaps is \u00a3818m (2024: \u00a3790m). The following table sets out the maturity profile, average interest rates and foreign currency exchange rates of the hedging instruments used in the Group\u2019s hedging strategies.
2025
2024
More than five More than five
Maturity profile
Up to one year
One to five years
years
Up to one year
One to five years
years
Notional amount (\u00a3m)
Fair value hedges
Interest rate swaps \u2013 GBP
400
-
700
150
726
766
Interest rate swaps \u2013 EUR
-
-
414
-
-
426
Cross currency swaps (GBP: EUR)
(a)
- 621
-
-
- 640
Banking operations disposal group
(b)
-
-
-
2,695
2,157
46
Cash flow hedges
Index-linked swaps
(c)
210 - 196 -
210
196
Interest rate swaps - 50
-
-
50 -
Average net interest rate (pay)/receive
Fair value hedges
Interest rate swaps \u2013 GBP
(3.41)%
-
(3.04)%
4.39%
(3.58)%
(3.67)%
Interest rate swaps \u2013 EUR
-
-
0.59% - - (0.88)%
Cross currency swaps (GBP: EUR)
(a)
- (5.19)%
-
-
- (5.91)%
Banking operations disposal group
(b)
-
-
-
(0.50)%
(1.18)%
(1.05)%
Cash flow hedges
Index-linked swaps
(4.23)%
- (4.21)% -
(4.23)%
(4.21)%
Interest rate swaps - (0.45)%
-
-
 0.29% -
(a) Average exchange rate for cross-currency swaps (GBP: EUR) is 1.128 (2024: 1.128). (b) Interest rate swaps within the Banking operations disposal group. (c) The notional values of the index-linked swaps designated as cash flow hedges have been re-presented to show the original unindexed notional amounts. In the prior year, the table presented the notional values after inflation indexation. The current year notional value after indexation for these swaps with maturities up to one year is \u00a3425m (2024: \u00a3nil), one to five years is \u00a3nil (2024: \u00a3411m) and more than five years is \u00a3393m (2024: \u00a3379m). At 22 February 2025, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a31.7bn were outstanding (2024: \u00a31.7bn). These forward contracts are largely in relation to purchases of Euros (notional \u20ac0.7bn) (2024: notional \u20ac0.4bn) and US Dollars (notional $0.9bn) (2024: notional $0.8bn) with varying maturities up to February 2026. For the above currencies the rates ranged from EUR/GBP 1.149 to 1.206 (2024: 1.134 to 1.171) and USD/GBP from 1.219 to 1.336 (2024: 1.181 to 1.306). Forward commodity contracts hedging diesel purchases for own use as at 22 February 2025 had a GBP notional of \u00a361m (2024: \u00a393m) at a rate of \u00a3515 to \u00a3618 (2024: \u00a3493 to \u00a3828) per tonne. The notional and fair values of these contracts are shown in the table on page 187. The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges:
2025
2024
Accumulated Accumulated
amounts of fair Changes in amounts of fair Changes in
value adjustments fair value for value adjustments fair value for
Carrying amount on hedged item calculating hedge Carrying amount on hedged item calculating hedge
assets/(liabilities) assets/(liabilities) ineffectiveness assets/(liabilities) assets/(liabilities) ineffectiveness
Balance sheet classification
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate risk
Fixed-rate investment securities
Other investments
-
-
-
377
32
12
Fixed-rate bonds
(a)
Borrowings
(2,492)
114
36
(2,615)
142
50
Fixed-rate loans
(b)
Assets of the disposal group
-
-
-
3,355
33
41
Fixed-rate savings
(b)
Liabilities of the disposal group
-
-
-
(1,543)
(1)
1
(a) The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(70)m for fixed-rate bonds (2024: \u00a3(77)m). (b) Loans and advances to customers and customer deposits were transferred to the Banking operations disposal group in the prior year and disposed of in the current year. The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the impacts on the hedging reserve for cash flow hedge designations:
2025
2024
Change in Change in
value of hedging Change in value of value of hedging Change in value of
instrument for hedged item for Cumulative instrument for hedged item for Cumulative
calculating hedge calculating hedge impact on hedging calculating hedge calculating hedge impact on hedging
ineffectiveness ineffectiveness
reserve
(a)
ineffectiveness ineffectiveness
reserve
(a)
Hedging instrument
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate/inflation risk
Index-linked bonds
Index-linked swaps
32
(20)
10
25
(17)
16
Borrowings
Interest rate swaps
1
(1)
5
1
(1)
7
Foreign currency risk
Forecasted purchases
Foreign currency forward contracts
10
(10)
8
31
(31)
6
Commodity risk
Forecasted purchases
Diesel forward contracts
(3)
3
(1)
9
(9)
(1)
Interest rate/foreign currency risk
MTNs
(b)
 Cross-currency swaps
-
-
46
-
-
75
(a) Excludes deferred tax. (b) This is a discontinued hedge. The following table sets out information regarding the effectiveness of hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income:
2025
2024
Line item in Group Hedge ineffectiveness Hedge ineffectiveness
income statement recognised recognised
that includes hedge in profit or loss in profit or loss
ineffectiveness
\u00a3m
\u00a3m
Fair value hedges \u2013 interest rate risk
Borrowings
Finance cost
(1)
(9)
The following table presents a reconciliation by risk category of the cash flow hedge reserve and an analysis of other comprehensive income in relation to hedge accounting:
Interest rate/
foreign currency
Interest rate/inflation risk
risk
Foreign currency/commodity risk
Foreign currency
Index-linked Interest rate Cross-currency forward Diesel forward Hedging
swaps swaps swaps
contracts
(a)
contracts
(a)
reserve
(b)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
34
5
25
(24)
(7)
33
Net fair value gains/(losses)
24
-
-
(39)
1
(14)
Amount reclassified to finance income/(cost) in Group income statement
(52)
(2)
(2)
-
-
(56)
Transfer from hedging reserve to retained earnings
-
-
44
-
-
44
Amount reclassified to inventories
-
-
-
71
8
79
Tax
7
- (10) -
(2)
(5)
At 24 February 2024
13
3
57
8
- 81
Net fair value gains/(losses)
32
1
-
10
(3)
40
Amount reclassified to finance income/(cost) in Group income statement
(38)
(1)
(30)
(2)
- (71)
Amount reclassified to inventories
-
-
-
(7)
3
(4)
Tax
1
-
8
(2)
- 7
At 22 February 2025
8
3
35
7
- 53
(a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a37m (2024: \u00a3(38)m) and other cash flow hedges of \u00a3nil (2024: \u00a3nil). (b) Includes \u00a34m (2024: \u00a36m) relating to non-controlling interests. Net investment hedges The details of the hedging instruments and movements in cumulative impact on net investment hedges in other comprehensive income are set out below:
Nominal amount Cumulative impact
of hedging Nominal amount of on net investment
instrument hedged item hedges
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
(1,325)
1,325
(794)
Discontinued hedges in the year
(a)
653
(653)
9
New hedges designated in the year
(b)
(436)
436
9
Change in value for calculating ineffectiveness
40
(40)
22
At 24 February 2024
(1,068)
1,068
(754)
Change in value for calculating ineffectiveness
33
(33)
33
At 22 February 2025
(1,035)
1,035
(721)
(a) As at 22 February 2025, the discontinued hedge balance is \u00a3(760)m (2024: \u00a3(760)m). (b) During the year, there was no discontinuation and no new designation of MTNs in a net investment hedge. In the prior year, \u20ac750m 1.375% MTN Oct 2023 was repaid and another \u20ac500m 4.25% MTN Feb 2031 was subsequently designated in a net investment hedge. Net investment hedge ineffectiveness was \u00a3nil (2024: \u00a3nil) during the year. During the current financial year, currency movements decreased the net value, after the effects of hedging, of the Group\u2019s overseas assets by \u00a3(56)m (2024: decrease by \u00a3(116)m). The Group also ensures that each subsidiary is appropriately hedged in respect of its non-functional currency assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-810": { "value": "Sensitivity analysis The impact on the financial statements of the Group from foreign currency, inflation, interest rate and commodity price volatility is discussed below. The analysis excludes the impact of movements in market variables on the carrying value of pension and other post-employment benefit obligations and on the retranslation of overseas net assets. However, it does include the foreign exchange sensitivity resulting from local entity non-functional currency financial instruments. The sensitivity analysis has been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives portfolio, and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place at 22 February 2025. It should be noted that the sensitivity analysis reflects the impact on income and equity due to financial instruments held at the balance sheet date. It does not reflect any change in sales or costs that may result from changing interest or exchange rates. The following assumptions were made in calculating the sensitivity analysis: \u2013 the sensitivity of interest payable to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative instruments with no sensitivity assumed for RPI-linked borrowings, which have been swapped to fixed rates; \u2013 changes in the carrying value of derivative financial instruments designated as fair value hedges against movements in interest rates or foreign exchange rates have an immaterial effect on the Group income statement and equity due to compensating adjustments in the carrying value of debt; \u2013 changes in the carrying value of financial instruments designated as net investment hedges against movements in foreign exchange rates are recorded directly in the Group statement of comprehensive income/(loss); \u2013 all other changes in the carrying value of derivative financial instruments designated as hedging instruments are fully effective with no impact on the Group income statement; and \u2013 the floating leg of any swap or any floating rate debt is treated as not having any interest rate already set, therefore a change in interest rates affects a full 12-month period for the interest payable portion of the sensitivity calculations. Using the above assumptions, the following table shows the quantitative effect on the Group income statement and the Group statement of changes in equity that would result, at the balance sheet date, from changes in interest rates, inflation rates, currency exchange rates and commodity prices that are reasonably possible for major currencies where there have recently been significant movements:
2025
2024
Income gain/ Equity gain/ Income gain/ Equity gain/
(loss) (loss) (loss) (loss)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
1% increase in interest rates
(21)
2
3
2
5% appreciation of the Euro
(9)
(47)
(5)
(49)
5% appreciation of the US Dollar
(10)
38
2
38
50 basis points parallel upward shift in the forward
82
20
93
23
inflation curve
10% increase in commodity prices* -
6
1
10
* Relating to diesel prices only, where derivatives are used to hedge risk. A decrease in interest rates and commodity prices, depreciation of foreign currencies and downward shift in the forward inflation curve would have the opposite effect to the impact in the table above. The impact on the Group income statement resulting from changes in foreign exchange rates against GBP in relation to financial instruments (excluding those arising on consolidation) is minimal as Group policy dictates that all material income statement foreign exchange exposures are hedged. In prior years, the Group entered into a number of derivative index-linked contracts with external counterparties, to economically hedge a proportion of the Group\u2019s exposure to index-linked lease liabilities with its joint ventures. These are specifically not designated as accounting hedges but are economic hedges. However, the gains and losses on the hedging instrument and hedged item do not naturally offset in the Group income statement. This mismatch arises due to different accounting outcomes of IFRS 9 and IFRS 16, which results in a timing difference. The impact on the Group statement of comprehensive income/(loss) from changing exchange rates results from the revaluation of financial liabilities used as net investment hedges. The impact on the Group statement of comprehensive income/(loss) will largely be offset by the revaluation in equity of the hedged assets in the Group statement of changes in equity. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-811": { "value": "Derivatives and hedging exposures Derivatives are used to hedge exposure to market risks, some of which are economic hedges and others are formally designated hedging instruments with hedge accounting applied. The main sources of hedge ineffectiveness are the effects of the counterparties\u2019 and the Group\u2019s own credit risk on the fair value of derivatives. The fair value and notional amounts of derivatives analysed by hedge type are as follows:
2025
2024
Asset
Liability
Asset
Liability
Fair value
Notional
Fair value
Notional
Fair value
Notional
Fair value
Notional
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fair value hedges
Interest rate swaps
24
414
(72)
1,100
44
916
(103)
1,152
Cross-currency swaps
-
-
(118)
621
-
-
(126)
640
Banking operations disposal group
(a)
-
-
-
-
50
3,355
(16)
1,543
Cash flow hedges
Interest rate swaps
-
-
(2)
50
-
-
(2)
50
Index-linked swaps
(b)
299
406
-
-
265
406
-
-
Foreign currency forward contracts
25
1,094
(8)
601
20
818
(17)
862
Diesel forward contracts -
20
(2)
41
2
31
(2)
57
Derivatives not in a formal hedge relationship
Cross-currency swaps
138
308
(12)
95
182
790
(13)
94
Index-linked swaps
347
2,074
-
-
318
2,074
-
-
Foreign currency forward contracts
2
285
(3)
545
5
379
(3)
433
Diesel forward contracts
-
-
-
-
-
1 - 4
Banking operations disposal group
(a)
-
-
-
-
4
315
(1)
-
Total
835
4,601
(217)
3,053
890
9,085
(283)
4,835
(a) Interest rate swaps within the Banking operations disposal group. (b) The notional values of the index-linked swaps designated as cash flow hedges have been re-presented to show the original unindexed notional amounts. In the prior year, the table presented the notional values after inflation indexation. The current year notional value after indexation for these swaps is \u00a3818m (2024: \u00a3790m). The following table sets out the maturity profile, average interest rates and foreign currency exchange rates of the hedging instruments used in the Group\u2019s hedging strategies.
2025
2024
More than five More than five
Maturity profile
Up to one year
One to five years
years
Up to one year
One to five years
years
Notional amount (\u00a3m)
Fair value hedges
Interest rate swaps \u2013 GBP
400
-
700
150
726
766
Interest rate swaps \u2013 EUR
-
-
414
-
-
426
Cross currency swaps (GBP: EUR)
(a)
- 621
-
-
- 640
Banking operations disposal group
(b)
-
-
-
2,695
2,157
46
Cash flow hedges
Index-linked swaps
(c)
210 - 196 -
210
196
Interest rate swaps - 50
-
-
50 -
Average net interest rate (pay)/receive
Fair value hedges
Interest rate swaps \u2013 GBP
(3.41)%
-
(3.04)%
4.39%
(3.58)%
(3.67)%
Interest rate swaps \u2013 EUR
-
-
0.59% - - (0.88)%
Cross currency swaps (GBP: EUR)
(a)
- (5.19)%
-
-
- (5.91)%
Banking operations disposal group
(b)
-
-
-
(0.50)%
(1.18)%
(1.05)%
Cash flow hedges
Index-linked swaps
(4.23)%
- (4.21)% -
(4.23)%
(4.21)%
Interest rate swaps - (0.45)%
-
-
 0.29% -
(a) Average exchange rate for cross-currency swaps (GBP: EUR) is 1.128 (2024: 1.128). (b) Interest rate swaps within the Banking operations disposal group. (c) The notional values of the index-linked swaps designated as cash flow hedges have been re-presented to show the original unindexed notional amounts. In the prior year, the table presented the notional values after inflation indexation. The current year notional value after indexation for these swaps with maturities up to one year is \u00a3425m (2024: \u00a3nil), one to five years is \u00a3nil (2024: \u00a3411m) and more than five years is \u00a3393m (2024: \u00a3379m). At 22 February 2025, foreign currency forward contracts, designated as cash flow hedges, equivalent to \u00a31.7bn were outstanding (2024: \u00a31.7bn). These forward contracts are largely in relation to purchases of Euros (notional \u20ac0.7bn) (2024: notional \u20ac0.4bn) and US Dollars (notional $0.9bn) (2024: notional $0.8bn) with varying maturities up to February 2026. For the above currencies the rates ranged from EUR/GBP 1.149 to 1.206 (2024: 1.134 to 1.171) and USD/GBP from 1.219 to 1.336 (2024: 1.181 to 1.306). Forward commodity contracts hedging diesel purchases for own use as at 22 February 2025 had a GBP notional of \u00a361m (2024: \u00a393m) at a rate of \u00a3515 to \u00a3618 (2024: \u00a3493 to \u00a3828) per tonne. The notional and fair values of these contracts are shown in the table on page 187.
The following table sets out the details of the hedged exposures covered by the Group\u2019s fair value hedges:
2025
2024
Accumulated Accumulated
amounts of fair Changes in amounts of fair Changes in
value adjustments fair value for value adjustments fair value for
Carrying amount on hedged item calculating hedge Carrying amount on hedged item calculating hedge
assets/(liabilities) assets/(liabilities) ineffectiveness assets/(liabilities) assets/(liabilities) ineffectiveness
Balance sheet classification
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate risk
Fixed-rate investment securities
Other investments
-
-
-
377
32
12
Fixed-rate bonds
(a)
Borrowings
(2,492)
114
36
(2,615)
142
50
Fixed-rate loans
(b)
Assets of the disposal group
-
-
-
3,355
33
41
Fixed-rate savings
(b)
Liabilities of the disposal group
-
-
-
(1,543)
(1)
1
(a) The accumulated amount of fair value adjustments remaining in the Group balance sheet for hedged items that have ceased to be adjusted for hedging gains and losses was \u00a3(70)m for fixed-rate bonds (2024: \u00a3(77)m).
(b) Loans and advances to customers and customer deposits were transferred to the Banking operations disposal group in the prior year and disposed of in the current year.
The following table sets out information regarding the change in value of the hedged item used in calculating hedge ineffectiveness as well as the impacts on the hedging reserve for cash flow hedge designations:
2025
2024
Change in Change in
value of hedging Change in value of value of hedging Change in value of
instrument for hedged item for Cumulative instrument for hedged item for Cumulative
calculating hedge calculating hedge impact on hedging calculating hedge calculating hedge impact on hedging
ineffectiveness ineffectiveness
reserve
(a)
ineffectiveness ineffectiveness
reserve
(a)
Hedging instrument
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest rate/inflation risk
Index-linked bonds
Index-linked swaps
32
(20)
10
25
(17)
16
Borrowings
Interest rate swaps
1
(1)
5
1
(1)
7
Foreign currency risk
Forecasted purchases
Foreign currency forward contracts
10
(10)
8
31
(31)
6
Commodity risk
Forecasted purchases
Diesel forward contracts
(3)
3
(1)
9
(9)
(1)
Interest rate/foreign currency risk
MTNs
(b)
 Cross-currency swaps
-
-
46
-
-
75
(a) Excludes deferred tax.
(b) This is a discontinued hedge.
The following table sets out information regarding the effectiveness of hedging relationships designated by the Group, as well as the impacts on profit or loss and other comprehensive income:
2025
2024
Line item in Group Hedge ineffectiveness Hedge ineffectiveness
income statement recognised recognised
that includes hedge in profit or loss in profit or loss
ineffectiveness
\u00a3m
\u00a3m
Fair value hedges \u2013 interest rate risk
Borrowings
Finance cost
(1)
(9)
The following table presents a reconciliation by risk category of the cash flow hedge reserve and an analysis of other comprehensive income in relation to hedge accounting:
Interest rate/
foreign currency
Interest rate/inflation risk
risk
Foreign currency/commodity risk
Foreign currency
Index-linked Interest rate Cross-currency forward Diesel forward Hedging
swaps swaps swaps
contracts
(a)
contracts
(a)
reserve
(b)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
34
5
25
(24)
(7)
33
Net fair value gains/(losses)
24
-
-
(39)
1
(14)
Amount reclassified to finance income/(cost) in Group income statement
(52)
(2)
(2)
-
-
(56)
Transfer from hedging reserve to retained earnings
-
-
44
-
-
44
Amount reclassified to inventories
-
-
-
71
8
79
Tax
7
- (10) -
(2)
(5)
At 24 February 2024
13
3
57
8
- 81
Net fair value gains/(losses)
32
1
-
10
(3)
40
Amount reclassified to finance income/(cost) in Group income statement
(38)
(1)
(30)
(2)
- (71)
Amount reclassified to inventories
-
-
-
(7)
3
(4)
Tax
1
-
8
(2)
- 7
At 22 February 2025
8
3
35
7
- 53
(a) Net fair value gains/(losses) relates to inventory cash flow hedges of \u00a37m (2024: \u00a3(38)m) and other cash flow hedges of \u00a3nil (2024: \u00a3nil). (b) Includes \u00a34m (2024: \u00a36m) relating to non-controlling interests. Net investment hedges The details of the hedging instruments and movements in cumulative impact on net investment hedges in other comprehensive income are set out below:
Nominal amount Cumulative impact
of hedging Nominal amount of on net investment
instrument hedged item hedges
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
(1,325)
1,325
(794)
Discontinued hedges in the year
(a)
653
(653)
9
New hedges designated in the year
(b)
(436)
436
9
Change in value for calculating ineffectiveness
40
(40)
22
At 24 February 2024
(1,068)
1,068
(754)
Change in value for calculating ineffectiveness
33
(33)
33
At 22 February 2025
(1,035)
1,035
(721)
(a) As at 22 February 2025, the discontinued hedge balance is \u00a3(760)m (2024: \u00a3(760)m). (b) During the year, there was no discontinuation and no new designation of MTNs in a net investment hedge. In the prior year, \u20ac750m 1.375% MTN Oct 2023 was repaid and another \u20ac500m 4.25% MTN Feb 2031 was subsequently designated in a net investment hedge. Net investment hedge ineffectiveness was \u00a3nil (2024: \u00a3nil) during the year. During the current financial year, currency movements decreased the net value, after the effects of hedging, of the Group\u2019s overseas assets by \u00a3(56)m (2024: decrease by \u00a3(116)m). The Group also ensures that each subsidiary is appropriately hedged in respect of its non-functional currency assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-812": { "value": "(b) Credit risk
Description of risk
Management policy
Measurement
A counterparty will not meet its obligations leading to For cash and cash equivalents, short-term investments, other investments, and derivative financial The Group monitors the exposure, credit rating,
a financial loss for the Group. This arises from cash instruments: outlook, and credit default swap levels of these
and cash equivalents, short-term investments, trade \u2013 the Group holds positions with an approved list of investment-grade rated counterparties. counterparties on a regular basis.
receivables, other receivables, joint venture and \u2013 counterparty credit limits are set to minimise the concentration of risk and are set taking into account Counterparty credit limits are reviewed every
associate loan receivables, reinsurance contract assets, the type and value of the specific financial asset. six months and may be updated throughout the
other investments, and derivative financial instruments. For trade receivables, other receivables, joint venture and associate loan receivables, and reinsurance financial year.
contract assets: Refer to page 192 for information on the Group\u2019s ECLs.
\u2013 the Group\u2019s credit risk is managed with various mitigating controls including credit checks, credit
insurance, and master netting agreements. Due to the nature of the business, there is little concentration
of risk due to the large number of customers which are spread across wide geographical areas.
Maximum exposure to credit risk The maximum exposure to credit risk at the end of the reporting period reflects the carrying amount of each class of financial assets, including loan commitments which are not recognised on the balance sheet. The net counterparty exposure under derivative contracts is \u00a30.6bn (2024: \u00a30.7bn). The Group\u2019s maximum gross exposure to credit risk is analysed below by class of financial instrument, including for financial instruments that are not subject to ECL i.e. derivative financial instruments:
2025
2024
\u00a3m
\u00a3m
Cash and cash equivalents
2,255
2,340
Short-term investments
2,223
2,128
Trade receivables
652
576
Other receivables
183
274
Joint venture and associates loan receivables
97
96
Assets of the Banking operations disposal group
(a)
- 7,698
Other investments
1,085
1,752
Derivative financial assets:
Interest rate swaps
24
44
Cross-currency swaps
138
182
Index-linked swaps
646
583
Foreign currency forward contracts
27
25
Diesel forward contracts - 2
Off balance sheet:
Loan commitments
(b)
- 12,850
Maximum exposure to credit risk
7,330
28,550
(a) Relates to assets transferred to the Banking operations disposal group in the prior year and disposed of in the current year. (b) Loan commitments in the prior year represented the undrawn amount contractually committed by the Banking operations disposal group. Counterparty credit rating The table below provides detail of financial assets by long-term credit rating of investment-grade rated counterparties:
2025
2024
Rating
AAA
AA
A
BBB
Total
AAA
AA
A
BBB
Total
Cash and cash equivalents
(a)
-
-
1,355
35
1,390
-
-
1,517
15
1,532
Short-term investments
1,389
3
731
100
2,223
889
203
986
50
2,128
Investment in debt securities at amortised cost
(b)
-
-
-
192
192
391
48
393
196
1,028
Investment at fair value through other comprehensive income
(c)
156
123
341
235
855
117
100
287
178
682
Investments at fair value through profit or loss
(d)
-
-
-
-
-
-
1
-
-
1
Assets of the Banking operations disposal group
(e)
-
-
-
-
-
-
54
-
-
54
Derivative financial assets:
Interest rate swaps -
12
12
- 24 -
36
8
- 44
Cross-currency swaps
-
-
138 - 138
-
-
181
1
182
Index-linked swaps
-
-
299
347
646
-
-
134
449
583
Foreign currency forward contracts -
5
22
- 27 -
2
18
5
25
Diesel forward contracts
-
-
-
-
-
-
-
1
1
2
(a) Excludes \u00a3865m (2024: \u00a3808m) of cash and cash equivalents which do not have a credit rating. (b) Excludes \u00a34m (2024: \u00a35m) of investments in debt instruments which do not have a credit rating. (c) Excludes \u00a319m (2024: \u00a319m) of investments in equity instruments which do not have a credit rating. (d) Excludes \u00a315m (2024: \u00a317m) of property fund investments that do not have a credit rating. (e) Comprises interest rate swaps transferred to the Banking operations disposal group in the prior year and disposed of in the current year. Expected credit losses (ECLs) The Group applies either the simplified approach or the three-stage model for ECLs, depending on the nature of the financial asset. The ECL is determined by multiplying together the probability of default (PD), exposure at default (EAD) and the loss given default (LGD) for the relevant time period and for each specific loan and by discounting back to the balance sheet date. The Group\u2019s financial assets are written off when the balance is known not to be recoverable or the Group is time-barred from recovering a balance under local legislation. The ECLs are immaterial. Gross loans to related parties of \u00a397m (2024: \u00a396m) are presented net of loss allowances of \u00a3nil (2024: \u00a3nil) on the Group balance sheet. For reinsurance contract assets the maximum exposure to credit risk is their carrying amount, refer to Note 24. Refer to page 195 for the credit rating of the reinsurers. The low credit risk exemption has been applied to cash and cash equivalents, money market funds, deposits and similar investments, investments in debt instruments at fair value through other comprehensive income (FVOCI), investments at fair value through profit or loss (FVPL) and investments in debt instruments at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-813": { "value": "(c) Liquidity risk
Description of risk
Management policy
Measurement
Difficulty in meeting the obligations associated with the The Group finances its liquidity position and its operations by a combination of retained profits, disposals of Liquidity risk is continuously monitored by short-term
Group\u2019s financial liabilities. assets, debt capital market issuance, bank borrowings, and leases. The policy is to maintain a prudent level and long-term cash flow forecasts.
of cash together with sufficient committed bank facilities to meet liquidity needs as they arise, to maintain
a smooth debt profile and to ensure maturing senior unsecured debt will not exceed \u00a31.5bn in any 12-month
period.
The Group is exposed to liquidity risk from daily calls on The Group manages its liquidity risk by having an investment guideline that it maintains sufficient liquidity,
its cash resources, including from claims arising on its or its financial assets can be realised at short notice in the event of a major adverse event. The Group may
insurance contracts. There is a risk that cash will not be
available to settle liabilities when they fall due.
also make use of borrowing facilities if required.
The Group is investment-grade rated with all three major credit rating agencies and retains access to capital markets so that maturing debt may be refinanced as it falls due.
2025
2024
Short-term Long-term Short-term Long-term
rating
rating
Outlook
rating
rating
Outlook
Rating agency
Fitch
F3
BBB
-
Stable
F3
BBB
-
Stable
Moody\u2019s
P
-
3
Baa3
Stable
P
-
3
Baa3
Stable
Standard & Poor\u2019s
A
-
3
BBB
-
Positive
A
-
3
BBB
-
Stable
The Group has a \u00a315.0bn Euro Medium Term Note programme, of which \u00a32.8bn (2024: \u00a32.4bn) is in issue in GBP and \u20ac2.2bn (2024: \u20ac2.7bn) is in issue in EUR, plus $0.4bn of USD-denominated notes issued under 144A documentation (2024: $0.4bn). The amount in issue includes \u00a30.4bn (2024: \u00a30.4bn) of accretion on the index-linked MTNs which will be repayable at maturity. Borrowing facilities The Group has the following undrawn committed facilities available at 22 February 2025, in respect of which all conditions precedent had been met as at that date:
2025
2024
\u00a3m
\u00a3m
Expiring in less than one year
38
238
Expiring between one and two years
-
-
Expiring in more than two years
2,500
2,500
Total
2,538
2,738
The Group has a \u00a32.5bn undrawn committed facility available at 22 February 2025 (24 February 2024: \u00a32.5bn), in respect of which all conditions precedent had been met as at that date, consisting of a syndicated revolving credit facility expiring in more than two years. The cost of the facility is linked to three ESG targets and incurs commitment fees at market rates which would provide funding at floating rates. There were no drawings under the facility during the year (2024: \u00a3nil). Maturities of financial liabilities The following is an analysis of the undiscounted contractual cash flows payable under financial liabilities and derivative liabilities, taking into account contractual terms that provide the counterparty a choice of when (the earliest date) an amount is repaid by the Group. The potential cash outflow is considered acceptable as it is offset by financial assets. The undiscounted cash flows will differ from both the carrying values and fair values. Floating-rate interest and inflation is estimated using the prevailing rate at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at the balance sheet date.
Due within Due between 1 Due between 2 Due between 3 Due between 4 Due beyond 5
1 year and 2 years and 3 years and 4 years and 5 years years
At 22 February 2025
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Borrowings
(1,748)
(686)
(71)
(718)
(687)
(3,117)
Interest payments on borrowings
(202)
(175)
(166)
(162)
(138)
(798)
Lease liabilities
(995)
(973)
(940)
(896)
(855)
(6,217)
Trade payables
(6,692)
-
-
-
-
-
Other payables
(1,815)
(15)
(6)
(1)
(1)
(11)
Accruals
(943)
-
-
-
-
-
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts
-
-
-
-
-
7
Net settled derivative contracts \u2013 payments
(22)
(18)
(18)
(18)
(17)
-
Gross settled derivative contracts \u2013 receipts
1,145
113
2
2
623
-
Gross settled derivative contracts \u2013 payments
(1,194)
(155)
(33)
(33)
(681)
-
Total
(12,466)
(1,909)
(1,232)
(1,826)
(1,756)
(10,136)
Due within Due between 1 Due between 2 Due between 3 Due between 4 Due beyond 5
1 year and 2 years and 3 years and 4 years and 5 years years
At 24 February 2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Non-derivative financial liabilities
Borrowings
(1,416)
(891)
(706)
(71)
(718)
(4,148)
Interest payments on borrowings
(205)
(221)
(130)
(153)
(149)
(906)
Deposits from central bank \u2013 Tesco Bank
(151)
(820)
-
-
-
-
Lease liabilities
(903)
(931)
(913)
(889)
(842)
(6,279)
Trade payables
(6,644)
-
-
-
-
-
Other payables
(1,831)
(13)
(5)
(1)
(1)
(13)
Accruals
(931)
-
-
-
-
-
Liabilities of the Banking operations disposal group
(a)
(5,789)
(481)
(681)
(128)
(130)
(2)
Derivative financial liabilities
Net settled derivative contracts \u2013 receipts
8
5
4
2
1
3
Net settled derivative contracts \u2013 payments
(38)
(19)
(16)
(15)
(15)
(8)
Gross settled derivative contracts \u2013 receipts
(b)
1,282
8
110
2
2
643
Gross settled derivative contracts \u2013 payments
(b)
(1,343)
(41)
(150)
(31)
(30)
(680)
Total on balance sheet
(17,961)
(3,404)
(2,487)
(1,284)
(1,882)
(11,390)
Off balance sheet
Contractual lending commitments
(c)
(12,850)
-
-
-
-
-
Total
(30,811)
(3,404)
(2,487)
(1,284)
(1,882)
(11,390)
(a) Comprised customer deposits, lease liabilities, trade and other payables, borrowings, and derivatives transferred to the Banking operations disposal group in the prior year and disposed of in the current year. Refer to Note 8. (b) Gross settled derivative contracts have been re-presented to include mandatory breaks on certain derivatives. (c) Contractual lending commitments in the prior year were included in the Banking operations disposal group. The Group is not subject to covenants in relation to its facilities and borrowings. There is an element of seasonality in the Group\u2019s operations, however the overall impact on liquidity is not considered significant. The table below shows information about the timing of total expected undiscounted cash outflows in relation to insurance contract liabilities, irrespective of the measurement basis, based on current best estimates. The phasing is based on current estimates and the actual timing of future settlement cash flows may differ from that disclosed below.
2025
2024*
\u00a3m
%
\u00a3m
%
Due within one year
166
31
144
34
Due within one and two years
80
15
57
13
Due within two and three years
56
11
44
10
Due within three and four years
32
6
28
7
Due within four and five years
23
4
18
4
Due beyond five years
174
33
138
32
Total
531
100
429
100
* Comparatives have been re-presented from discounted to undiscounted liabilities. Insurance contract liabilities issued and reinsurance contracts held have no amounts that are payable on demand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-814": { "value": "d) Insurance risk
Description of risk
Management policy
Risks accepted through the provision of insurance products in return for a premium, exposed through the TU operates a separate risk framework with dedicated risk and compliance teams and a suite of TU risk
wholly-owned subsidiary, Tesco Underwriting Limited (TU). These risks may or may not occur as expected and
the amount and timing of these risks are uncertain and determined by events outside of the Group\u2019s control
policies to ensure that the TU insurance portfolio is operating within the agreed risk appetite.
(e.g. flood or vehicular accident).
Types of insurance risk
Risks
Description of risks
Mitigation
Underwriting
Policies not priced correctly due to underestimating the frequency and/or severity
The Group has large numbers of policyholders with homogeneous exposures such as car and home
of the claims and/or that payments are required under conditions that were not policies. Products are priced based on the Group\u2019s knowledge using past exposures, historical losses (plus
anticipated. an appropriate allowance for incurred but not reported (IBNR) losses) and external data sources, with the
appropriate adjustments to reflect anticipated future market conditions and expenses.
Claims reserving
Estimates of insurance liabilities prove to be insufficient through inaccurate
The aim of the reserving policy is to provide estimates of insurance liabilities that are accurate and reliable
forecasting, adverse random variation and additional expenses. across each line of business and are consistent over the time period required to settle all the claims.
Provisions are monitored on an ongoing basis by a reserving committee and the TU board, and an annual
independent review is undertaken.
Claims management
Claims management risk may arise in the event of inaccurate or incomplete case
The Group\u2019s approach to claims management focuses upon creating a successful balance between
reserving or settlement, poor customer service, claims fraud, ineffective or satisfying the needs of the customer against control of the overall cost of the provision of the service that
inefficient claim processes or excessive costs of handling claims. meets those needs in agreement with its service provider. Customers include both the insured as well as
others that believe the insured has breached a duty of care.
Reinsurance
Reinsurance contracts, placed to reduce exposure to specific risks, events, and
The reinsurance programme is subject to considerable scenario planning and approved by the Reinsurance
accumulations, fail to perform as planned and do not reduce the gross cost of Committee and the TU board. All reinsurers in the reinsurance programme have a minimum credit rating of A.
claims in terms of the limits purchased, by risks not being appropriately covered,
by reinsurance bad debts or by there being gaps in the programme.
Concentration of insurance risk Concentration of insurance risk may exist where a particular event or series of events could impact significantly upon the Group\u2019s liabilities. Such concentrations may arise from a single insurance contract or through a small number of related contracts. The following are key categories of concentration risks that might result in significant impacts to the Group:
Category
Description
Mitigation
High-severity, low High-severity, low frequency events (e.g. natural disasters) represent a material risk Making appropriate allowance within the price calculated by underwriters and by purchasing a reinsurance
frequency event as the occurrence of such an event would have a significant adverse impact on TU\u2019s programme that limits the impact of these events, using non-proportional reinsurance treaties to manage
concentrations cash flows and profitability. retention levels and the limits of protection.
Geographic and Material geographical concentrations of risk exist in property portfolios such that The Group only writes policies in the UK. TU models its exposure to this risk to estimate its probable
demographic natural disasters (e.g. floods) may give rise to a large number of material damage maximum loss and purchases reinsurance to significantly reduce its exposure to such events.
concentrations and business interruption claims.
Economic conditions
The insurance portfolio exposes a potential accumulation of different risks in
The Group aims to ensure it charges the right premium for the business underwritten and it focuses on
the event of difficult economic conditions or more challenging points in the maintaining prices in such difficult market conditions. It also monitors claims closely to identify any that
underwriting cycle. may be exaggerated or fraudulent.
Total aggregate exposure
The total aggregate exposure that the Group is prepared to accept in relation to
The exposures are monitored on a regular basis by reviewing reports which show the key aggregations to
concentrations of risk. which the Group is exposed and by using a number of modelling tools to monitor aggregation and simulate
catastrophe losses in order to measure the effectiveness of the reinsurance programmes, and to quantify
the net exposure. Additional stress and scenario tests are run using these models during the year.
TU has carried out sensitivity analyses on the reasonably possible changes in its key business drivers, including interest yields, expenses and gross loss ratio, as well as executing the stress and scenario testing programme on the insurance risk as part of contingency planning. These do not indicate a material impact to the Group\u2019s overall financial position and performance. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceRiskExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-815": { "value": "
e) Other risks
Risk
Description of risk
Management policy
Measurement
Capital risk
Ability to continue as a going concern in order to provide returns to shareholders
Group capital Refer to Note 32 for the
and benefits for policyholders and other stakeholders, while protecting and The Group manages its capital structure (net debt plus equity) and makes value of Net debt, and
strengthening the Group balance sheet through the appropriate balance of adjustments to it: the Group statement
debt and equity funding, and ability to meet minimum capital requirements for \u2013 in light of changes to economic conditions and the strategic objectives of changes in equity for
regulated businesses. of the Group. the value of the Group\u2019s
\u2013 through dividend payment to shareholders, buying back shares and equity.
cancelling them or issuing new shares. During the current financial year,
the Group continued the share buyback programme and cancelled these
shares (refer to Note 30).
\u2013 by raising finance in the public debt markets and borrowing centrally
and locally from financial institutions, using a variety of capital market
instruments and borrowing facilities to meet the requirements of each
local business.
Insurance capital
Solvency II (SII) came into force on 1 January 2016. It provides a framework for
managing and measuring the risks and the solvency position for all insurance
companies in the EU. Following the UK's departure from the EU, the SII
framework continues to be applied in the UK and its requirements are
applicable to TU. TU assesses its Solvency Capital Requirement (SCR) using
Prudential Regulation Authority (PRA) Standard Formula (2024: Partial Internal
Model). TU also maintains a capital contingency plan supported by its direct
shareholder, Tesco Personal Finance Group Limited (TPFG). TPFG as the parent
entity of TU adheres to SII requirements and has complied with the supervisory
requirements of the PRA. During the year, the Group was compliant with the
externally imposed capital requirements.
Operational insurance risk
The Group is inadequately protected from liabilities arising from unforeseen events
The Group purchased assets, earnings and combined liability protection from Refer to Note 23 for
in its operations. the open insurance market for higher value losses only. details on operational
The risk not transferred to the insurance market is retained within the Group insurance provisions.
with some cover being provided by the Group\u2019s captive insurance company,
ELH Insurance Limited in Guernsey, which is consolidated in the Group financial
statements, covering assets, earnings and combined liability.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-773": { "value": "
Note 28 Share-based payments
The table below shows amounts charged to the Group income statement in respect of share-based
payments:
2025
2024
\u00a3m
\u00a3m
Income statement
Equity-settled share-based payment charge
(a)
119
123
Cash-settled National Insurance contributions
(b)
17
5
136
128
(a) Includes \u00a34m (2024: \u00a36m) in relation to discontinued operations.
(b) Includes \u00a31m (2024: \u00a32m) in relation to discontinued operations.
The table below shows amounts included in the Group cash flow statement in relation to share-based
payments and own shares purchased for share schemes:
2025
2024
\u00a3m
\u00a3m
Share-based payment charge included in operating profit/(loss)
(136)
(128)
Share-based payments non-cash movement
37
78
Increase/(decrease) in trade and other payables*
99
50
Included in Group operating cash flows
-
-
Cash paid to purchase own shares including related fees and taxes
(123)
(146)
Cash received from employees exercising SAYE options
69
53
Included in Group financing cash flows
(54)
(93)
* Shares withheld from employees in order to settle their tax liability and National Insurance.
The table below presents the components of share-based payments recognised in the Group
statement of changes in equity:
2025
2024
\u00a3m
\u00a3m
(Increase)/decrease in own shares held*
239
184
Shares delivered to employees
(239)
(184)
Cash received from employees exercising SAYE options
69
53
Share-based payments charge to the income statement
119
123
Movements in shares withheld to settle employee tax
2
4
Reclassification - 15
Increase/(decrease) to retained earnings
(49)
11
Included in the Group statement of changes in equity
190
195
* Decrease in own shares held is the gross amount of shares that the employees are entitled to receive.
Share option, share bonus and incentive schemes
The Company had nine share option schemes and four discretionary share award schemes in operation during the financial year, all of which are equity-settled schemes:
Arrangement
Participants
Term
Vesting requirements
Savings-related option schemes
The Savings-related Share Option Scheme (1981)
UK colleagues
Three or five years.
The options are capable of being exercised at the
The Irish Savings-related Share Option Scheme (2000)
ROI colleagues
Three or five years.
end of the term at a subscription price of not less
The Savings-related Share Option Scheme (2021)
UK colleagues
Three or five years.
than 80% of the average of the middle-market
quotations of an Ordinary share over the three
The International Savings-related Share Option Scheme (2021)
ROI colleagues
Three or five years.
dealing days immediately preceding the offer date.
The Global Save As You Earn Plan (2023)
India and CE colleagues
Three years.
Discretionary option schemes
(a)
The Group Bonus Plan
Selected senior executives and senior
Granted as a proportion of annual bonus following Dependent on the achievement of corporate
managers the completion of a required service period and is performance, individual targets and continuous
normally exercisable between three and 10 years employment.
from the date of grant for nil consideration. No
further options will be granted under this scheme.
The Performance Share Plan (2011)
Selected senior executives and senior
Normally exercisable between the vesting date(s) Conditional upon the achievement of specified
managers set at grant and 10 years from the date of grant performance targets over a three-year period
for nil consideration. No further options will be and/or continuous employment.
granted under this scheme.
The Long-Term Incentive Plan (2015)
Selected senior executives and senior
Normally exercisable between the vesting date(s)
managers set at grant and 10 years from the date of grant for
nil consideration.
The Booker Group PLC Performance Share Plan (2008)
Selected Booker senior colleagues (Booker)
Normally exercisable between the third anniversary
Conditional upon the achievement of specified
(Booker PSP and CSOP) of the original date of grant and 10 years from performance targets over a three-year period and
the date of grant for nil consideration. No further continuous employment. Company Share Option
options will be granted under this scheme. Plan options (CSOP options) which are linked to the
Booker PSP options are exercisable at a subscription
price equivalent to the market value of the Booker
Shares at the time of grant.
Discretionary share award schemes
(b)
The Performance Share Plan (2011) and the Long Term Selected senior executives and senior Awards made under these plans will normally vest Conditional on the achievement of specified
Incentive Plan (2021) managers on the vesting date(s) set on the date of the award performance targets over a three-year performance
for nil consideration. period and/or continuous employment.
The Group Bonus Plan and Deferred Bonus Plan (2019)
Selected senior executives and senior
Granted based on a percentage of salary, which Conditional on completion of continuous
managers is determined by the achievement of corporate employment and achievement of corporate and
and individual performance targets. The fair value individual performance targets.
of shares awarded under these schemes is their
market value on the date of award. Expected
dividends are not incorporated into the fair value.
(a) The Executive Directors participate in short-term bonus and long-term incentive schemes designed to align their interests with those of shareholders. Full details of these schemes can be found in the Directors\u2019 remuneration report. Refer to pages 90 to 122.
(b) Until 2017, nil-cost options were awarded to selected senior executives using the Group Bonus Plan and Performance Share Plan, and conditional share awards were granted to selected senior executives and senior managers. Since 2018, conditional share awards have
been granted to all eligible colleagues.
The following tables reconcile the number of share options outstanding and the weighted average exercise price (WAEP):
For the 52 weeks ended 22 February 2025
Irish Savings and International Booker Group PLC
Savings-related
Savings-related
Nil cost
Global Savings-related
Performance
Share Option Schemes
Share Option Schemes
Share Option Schemes
Share Option Schemes
Share Plan Scheme
Options
WAEP
Options
WAEP
Options
WAEP
Options
WAEP
Options
WAEP
Outstanding at 24 February 2024
192,162,445
205.24
6,837,146
209.55
803,031
-
1,292,354
220.00
258,828
-
Granted
48,584,817
279.00
1,480,934
279.00
21,358
-
622,815
279.00
-
-
Forfeited
(16,000,990)
213.11
(855,791)
210.44
-
-
(53,571)
221.33
(24,533)
-
Exercised
(33,778,419)
196.21
(1,181,929)
196.65
(824,389)
- - - (15,887) -
Outstanding at 22 February 2025
190,967,853
224.95
6,280,360
228.24
-
-
1,861,598
239.70
218,408
-
Exercise price range (pence)
182.00 to 279.00
182.00 to 279.00
- 220.00 to 279.00 -
Weighted average remaining contractual life (years)*
2.71
2.43
- 2.94 -
Exercisable at 22 February 2025
39,903
193.60
1,316
198.00
-
-
-
-
218,408 -
Exercise price range (pence)
188.00 to 198.00
198.00 to 198.00
-
-
-
Weighted average remaining contractual life (years)*
-
-
-
-
-
* Contractual life represents the period from award to the scheme end date. Certain schemes may be exercised later than vesting date at the discretion of the individual.
Share options were exercised on a regular basis throughout the financial year. The average share price during the 52 weeks ended 22 February 2025 was 335.25p (24 February 2024: 270.31p).
For the 52 weeks ended 24 February 2024
Irish Savings and International Booker Group PLC
Savings-related
Savings-related
NII cost
Global Savings-related
Performance
Share Option Schemes
Share Option Schemes
Share Option Schemes
Share Option Scheme
Share Plan Scheme
Options
WAEP
Options
WAEP
Options
WAEP
Options
WAEP
Options
WAEP
Outstanding at 25 February 2023
176,035,795
199.35
6,724,207
205.67
2,111,675
-
-
-
366,639 -
Granted
61,056,367
220.00
1,931,876
220.00
69,131
-
1,292,671
220.00
-
-
Forfeited
(19,939,606)
200.81
(893,588)
206.55
-
(317)
220.00
(22,659)
-
Exercised
(24,990,111)
203.36
(925,349)
206.00
(1,377,775)
-
-
-
(85,152) -
Outstanding at 24 February 2024
192,162,445
205.24
6,837,146
209.55
803,031
-
1,292,354
220.00
258,828
-
Exercise price range (pence)
168.00 to 242.00
182.00 to 260.00
- 220.00 to 220.00 -
Weighted average remaining contractual life (years)*
2.79
2.50
2.08
3.60
-
Exercisable at 24 February 2024
49,950
206.24
1,712
219.00
803,031
-
-
-
 258,828 -
Exercise price range (pence)
168.00
to 219.00
219.00 to 219.00
-
-
-
Weighted average remaining contractual life (years)*
-
-
2.08
-
-
Refer to previous table for footnote.
The fair value of savings-related share options schemes is estimated at the date of grant using the
Black-Scholes option pricing model. The following table gives the assumptions applied to the options
granted in the respective periods shown.
2025
2024
SAYE
SAYE
Expected dividend yield (%)
4.21
-
4.42
4.48
-
4.61
Expected volatility (%)
19.2
-
20.8
19.35
-
21.42
Risk-free interest rate (%)
4.41
-
4.49
3.59
-
3.74
Expected life of option (years)
3 or 5
3 or 5
Weighted average fair value of options granted (pence)
77.71
66.76
Probability of forfeiture (%)
6
-
12
6
-
12
Share price (pence)
349.10
290.50
Weighted average exercise price (pence)
279.00
220.00
Volatility is a measure of the amount by which a price is expected to fluctuate during a period. The
measure of volatility used in the Group\u2019s option pricing models is the annualised standard deviation
of the continuously compounded rates of return on the share over a period of time. In estimating the
future volatility of the Company\u2019s share price, the Board considers the historical volatility of the share
price over the most recent period that is generally commensurate with the expected term of the
option, taking into account the remaining contractual life of the option.
The number and weighted average fair value (WAFV) of share bonuses granted during the financial
year were:
2025
2024
Number
WAFV
Number
WAFV
of shares
pence
of shares
pence
Deferred Bonus P
lan
17,554,675
306.48
15,144,646
270.27
Performance Share Plan and Long-Term Incentive Plan
21,370,918
309.88
25,497,401
253.25
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-774": { "value": "Note 30 Share capital and other reserves Share capital
2025
2024
Or
dinary shares of 61/3p each
Ordinary shares of 61/3
p each
Number
\u00a3m
Number
\u00a3m
Allotted, called-up and fully paid:
At the beginning of the year
7,038,930,440
445
7,318,341,195
463
Shares cancelled
(302,088,678)
(19)
(279,410,755)
(18)
At the end of the year
6,736,841,762
426
7,038,930,440
445
No shares were issued during the current or prior financial year in relation to share options or bonus awards. The holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. The Group has a share forfeiture programme, following the completion of a tracing and notification exercise to any shareholders who have not had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association. Under the share forfeiture programme, the shares and dividends associated with shares of untraced members are forfeited, with the resulting proceeds transferred to the Group to use for good causes in line with the Group\u2019s Sustainability strategy. During the current financial year, the Group received \u00a3nil (2024: \u00a32m) proceeds from the sale of untraced shares and \u00a3nil (2024: \u00a32m) write-back of unclaimed dividends, which are reflected in retained earnings. As at 22 February 2025, the Directors were authorised, on behalf of the Company, to purchase up to a maximum in aggregate of 704 million (2024: 732 million) Ordinary shares until the conclusion of the 2025 AGM .
Other reserves
The tables below set out the movements in other reserves:
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
61
75
206
(315)
3,090
14
3,131
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
-
(89)
-
-
-
(89)
Impact of net investment hedges
-
-
33
-
-
-
33
Gains/(losses) on cash flow hedges - 40
-
-
-
-
40
Cash flow hedges reclassified and reported in the Group income statement - (69)
-
-
-
-
(69)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
- 7
-
-
-
-
7
Total other comprehensive income/(loss) -
(22)
(56)
-
-
1
(77)
Transfer from translation reserve to retained earnings
-
-
36
-
-
-
36
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory - (4)
-
-
-
-
(4)
Total inventory cash flow hedge movements - (4)
-
-
-
-
(4)
Transactions with owners
Own shares purchased for cancellation
-
-
-
(1,016)
-
-
(1,016)
Own shares cancelled
19
-
-
1,016
-
-
1,035
Own shares purchased for share schemes
-
-
-
(204)
-
-
(204)
Share-based payments
28
-
-
-
239
-
-
239
Total transactions with owners
19
-
-
35
-
-
54
At 22 February 2025
80
49
186
(280)
3,090
15
3,140
* Includes 37.1 million shares held by the Tesco International Employee Benefit Trust (2024: 70.0 million). The number of shares held by the Tesco International Employee Benefit Trust represents 0.55% of called-up share capital at the end of the year (2024: 0.99%).
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
43
27
322
(359)
3,090
16
3,139
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
-
(157)
-
-
-
(157)
Impact of net investment hedges
-
-
41
-
-
-
41
Gains/(losses) on cash flow hedges - (14)
-
-
-
-
(14)
Cash flow hedges reclassified and reported in the Group income statement - (56)
-
-
-
-
(56)
Finance income/(expenses) from insurance contracts issued
-
-
-
-
-
(4)
(4)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
- (5)
-
-
-
1
(4)
Total other comprehensive income/(loss) -
(75)
(116)
-
-
(2)
(193)
Transfer from hedging reserve to retained earnings - 44
-
-
-
-
44
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory - 79
-
-
-
-
79
Total inventory cash flow hedge movements - 79
-
-
-
-
79
Transactions with owners
Own shares purchased for cancellation
-
-
-
(752)
-
-
(752)
Own shares cancelled
18
-
-
752
-
-
770
Own shares purchased for share schemes
-
-
-
(140)
-
-
(140)
Share-based payments
28
-
-
-
184
-
-
184
Total transactions with owners
18
-
-
44
-
-
62
At 24 February 2024
61
75
206
(315)
3,090
14
3,131
Refer to previous table for footnotes.
Own shares held
The own shares held represents shares in Tesco PLC purchased from the market and held by the Tesco International Employee Benefit Trust to satisfy share awards under the Group\u2019s share scheme plans
(refer to Note 28), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the
consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of
forward contracts where the Group has an obligation to purchase its own shares.
302.1 million (2024: 279.4 million) shares were purchased for cancellation at an average price of \u00a33.36
per share (2024: \u00a32.69). This represented 4.5% of the called-up share capital as at 22 February 2025
(24 February 2024: 4.0%). The total consideration was \u00a31,016m (2024: \u00a3752m) including expenses of
\u00a316m (2024: \u00a32m).
The table below presents the reconciliation of own shares purchased for share schemes between the
Group statement of changes in equity and the Group cash flow statement:
2025
2024
Own shares purchased for share schemes
\u00a3m
\u00a3m
Included in the Group statement of changes in equity
(204)
(140)
Payments in relation to prior year financial liabilities - (55)
Shares withheld to settle employee tax
81
49
Cash received from employees exercising SAYE options
69
53
Included in the Group cash flow statement
(54)
(93)
Capital redemption reserve
The capital redemption reserve relates to the repurchase and cancellation of shares of the Company.
During the financial year, the aggregate nominal value of shares cancelled and transferred to the
capital redemption reserve was \u00a319m (2024: \u00a318m).
Merger reserve
The merger reserve represents the difference between the market value and nominal value of shares
issued for the acquisition of Booker on 2 March 2018.
Insurance finance reserve
Insurance finance reserve includes the impact of changes in market discount rates on insurance and
reinsurance contract assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-816": { "value": "Share capital
2025
2024
Or
dinary shares of 61/3p each
Ordinary shares of 61/3
p each
Number
\u00a3m
Number
\u00a3m
Allotted, called-up and fully paid:
At the beginning of the year
7,038,930,440
445
7,318,341,195
463
Shares cancelled
(302,088,678)
(19)
(279,410,755)
(18)
At the end of the year
6,736,841,762
426
7,038,930,440
445
No shares were issued during the current or prior financial year in relation to share options or bonus awards. The holders of Ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at general meetings of the Company. The Group has a share forfeiture programme, following the completion of a tracing and notification exercise to any shareholders who have not had contact with the Company over the past 12 years, in accordance with the provisions set out in the Company\u2019s Articles of Association. Under the share forfeiture programme, the shares and dividends associated with shares of untraced members are forfeited, with the resulting proceeds transferred to the Group to use for good causes in line with the Group\u2019s Sustainability strategy. During the current financial year, the Group received \u00a3nil (2024: \u00a32m) proceeds from the sale of untraced shares and \u00a3nil (2024: \u00a32m) write-back of unclaimed dividends, which are reflected in retained earnings. As at 22 February 2025, the Directors were authorised, on behalf of the Company, to purchase up to a maximum in aggregate of 704 million (2024: 732 million) Ordinary shares until the conclusion of the 2025 AGM ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-861": { "value": "Other reserves The tables below set out the movements in other reserves:
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
61
75
206
(315)
3,090
14
3,131
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
-
(89)
-
-
-
(89)
Impact of net investment hedges
-
-
33
-
-
-
33
Gains/(losses) on cash flow hedges - 40
-
-
-
-
40
Cash flow hedges reclassified and reported in the Group income statement - (69)
-
-
-
-
(69)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
- 7
-
-
-
-
7
Total other comprehensive income/(loss) -
(22)
(56)
-
-
1
(77)
Transfer from translation reserve to retained earnings
-
-
36
-
-
-
36
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory - (4)
-
-
-
-
(4)
Total inventory cash flow hedge movements - (4)
-
-
-
-
(4)
Transactions with owners
Own shares purchased for cancellation
-
-
-
(1,016)
-
-
(1,016)
Own shares cancelled
19
-
-
1,016
-
-
1,035
Own shares purchased for share schemes
-
-
-
(204)
-
-
(204)
Share-based payments
28
-
-
-
239
-
-
239
Total transactions with owners
19
-
-
35
-
-
54
At 22 February 2025
80
49
186
(280)
3,090
15
3,140
* Includes 37.1 million shares held by the Tesco International Employee Benefit Trust (2024: 70.0 million). The number of shares held by the Tesco International Employee Benefit Trust represents 0.55% of called-up share capital at the end of the year (2024: 0.99%).
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
43
27
322
(359)
3,090
16
3,139
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
-
(157)
-
-
-
(157)
Impact of net investment hedges
-
-
41
-
-
-
41
Gains/(losses) on cash flow hedges - (14)
-
-
-
-
(14)
Cash flow hedges reclassified and reported in the Group income statement - (56)
-
-
-
-
(56)
Finance income/(expenses) from insurance contracts issued
-
-
-
-
-
(4)
(4)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
- (5)
-
-
-
1
(4)
Total other comprehensive income/(loss) -
(75)
(116)
-
-
(2)
(193)
Transfer from hedging reserve to retained earnings - 44
-
-
-
-
44
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory - 79
-
-
-
-
79
Total inventory cash flow hedge movements - 79
-
-
-
-
79
Transactions with owners
Own shares purchased for cancellation
-
-
-
(752)
-
-
(752)
Own shares cancelled
18
-
-
752
-
-
770
Own shares purchased for share schemes
-
-
-
(140)
-
-
(140)
Share-based payments
28
-
-
-
184
-
-
184
Total transactions with owners
18
-
-
44
-
-
62
At 24 February 2024
61
75
206
(315)
3,090
14
3,131
Refer to previous table for footnotes. Own shares held The own shares held represents shares in Tesco PLC purchased from the market and held by the Tesco International Employee Benefit Trust to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 28), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward contracts where the Group has an obligation to purchase its own shares. Own shares held continued 302.1 million (2024: 279.4 million) shares were purchased for cancellation at an average price of \u00a33.36 per share (2024: \u00a32.69). This represented 4.5% of the called-up share capital as at 22 February 2025 (24 February 2024: 4.0%). The total consideration was \u00a31,016m (2024: \u00a3752m) including expenses of \u00a316m (2024: \u00a32m). The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and the Group cash flow statement:
2025
2024
Own shares purchased for share schemes
\u00a3m
\u00a3m
Included in the Group statement of changes in equity
(204)
(140)
Payments in relation to prior year financial liabilities - (55)
Shares withheld to settle employee tax
81
49
Cash received from employees exercising SAYE options
69
53
Included in the Group cash flow statement
(54)
(93)
Capital redemption reserve The capital redemption reserve relates to the repurchase and cancellation of shares of the Company. During the financial year, the aggregate nominal value of shares cancelled and transferred to the capital redemption reserve was \u00a319m (2024: \u00a318m). Merger reserve The merger reserve represents the difference between the market value and nominal value of shares issued for the acquisition of Booker on 2 March 2018. Insurance finance reserve Insurance finance reserve includes the impact of changes in market discount rates on insurance and reinsurance contract assets and liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-847": { "value": "Other reserves The tables below set out the movements in other reserves:
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 24 February 2024
61
75
206
(315)
3,090
14
3,131
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
-
(89)
-
-
-
(89)
Impact of net investment hedges
-
-
33
-
-
-
33
Gains/(losses) on cash flow hedges - 40
-
-
-
-
40
Cash flow hedges reclassified and reported in the Group income statement - (69)
-
-
-
-
(69)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
- 7
-
-
-
-
7
Total other comprehensive income/(loss) -
(22)
(56)
-
-
1
(77)
Transfer from translation reserve to retained earnings
-
-
36
-
-
-
36
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory - (4)
-
-
-
-
(4)
Total inventory cash flow hedge movements - (4)
-
-
-
-
(4)
Transactions with owners
Own shares purchased for cancellation
-
-
-
(1,016)
-
-
(1,016)
Own shares cancelled
19
-
-
1,016
-
-
1,035
Own shares purchased for share schemes
-
-
-
(204)
-
-
(204)
Share-based payments
28
-
-
-
239
-
-
239
Total transactions with owners
19
-
-
35
-
-
54
At 22 February 2025
80
49
186
(280)
3,090
15
3,140
* Includes 37.1 million shares held by the Tesco International Employee Benefit Trust (2024: 70.0 million). The number of shares held by the Tesco International Employee Benefit Trust represents 0.55% of called-up share capital at the end of the year (2024: 0.99%).
Capital
redemption Insurance finance
reserve
Hedging reserve
Translation reserve
Own shares held*
Merger reserve
reserve
Total
Notes
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 25 February 2023
43
27
322
(359)
3,090
16
3,139
Other comprehensive income/(loss)
Retranslation of net assets of overseas subsidiaries, joint ventures and associates
-
-
(157)
-
-
-
(157)
Impact of net investment hedges
-
-
41
-
-
-
41
Gains/(losses) on cash flow hedges - (14)
-
-
-
-
(14)
Cash flow hedges reclassified and reported in the Group income statement - (56)
-
-
-
-
(56)
Finance income/(expenses) from insurance contracts issued
-
-
-
-
-
(4)
(4)
Finance income/(expenses) from reinsurance contracts held
-
-
-
-
-
1
1
Tax relating to components of other comprehensive income
7
- (5)
-
-
-
1
(4)
Total other comprehensive income/(loss) -
(75)
(116)
-
-
(2)
(193)
Transfer from hedging reserve to retained earnings - 44
-
-
-
-
44
Inventory cash flow hedge movements
(Gains)/losses transferred to the cost of inventory - 79
-
-
-
-
79
Total inventory cash flow hedge movements - 79
-
-
-
-
79
Transactions with owners
Own shares purchased for cancellation
-
-
-
(752)
-
-
(752)
Own shares cancelled
18
-
-
752
-
-
770
Own shares purchased for share schemes
-
-
-
(140)
-
-
(140)
Share-based payments
28
-
-
-
184
-
-
184
Total transactions with owners
18
-
-
44
-
-
62
At 24 February 2024
61
75
206
(315)
3,090
14
3,131
Refer to previous table for footnotes. Own shares held The own shares held represents shares in Tesco PLC purchased from the market and held by the Tesco International Employee Benefit Trust to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 28), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward contracts where the Group has an obligation to purchase its own shares. 302.1 million (2024: 279.4 million) shares were purchased for cancellation at an average price of \u00a33.36 per share (2024: \u00a32.69). This represented 4.5% of the called-up share capital as at 22 February 2025 (24 February 2024: 4.0%). The total consideration was \u00a31,016m (2024: \u00a3752m) including expenses of \u00a316m (2024: \u00a32m). The table below presents the reconciliation of own shares purchased for share schemes between the Group statement of changes in equity and the Group cash flow statement:
2025
2024
Own shares purchased for share schemes
\u00a3m
\u00a3m
Included in the Group statement of changes in equity
(204)
(140)
Payments in relation to prior year financial liabilities - (55)
Shares withheld to settle employee tax
81
49
Cash received from employees exercising SAYE options
69
53
Included in the Group cash flow statement
(54)
(93)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-872": { "value": "Own shares held The own shares held represents shares in Tesco PLC purchased from the market and held by the Tesco International Employee Benefit Trust to satisfy share awards under the Group\u2019s share scheme plans (refer to Note 28), and shares purchased for cancellation as part of the share buyback programme. Shares purchased for cancellation are included in own shares held until cancellation, at which point the consideration is transferred to retained earnings, and the nominal value of the shares is transferred from share capital to the capital redemption reserve. Own shares held can include equity elements of forward contracts where the Group has an obligation to purchase its own shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-775": { "value": "
Note 31 Related party transactions
Transactions between the Company and its subsidiaries, which are related parties, have been
eliminated on consolidation and are not disclosed in this note. Transactions between the Group
and its joint ventures and associates are disclosed below:
Transactions
Joint ventures
Associates
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Sales to related parties
645
606
-
-
Purchases from related parties
109
126
-
-
Dividends received
2
9
-
-
Injection of equity funding
10
9
5
-
Sales to related parties consist of service/management fees and loan interest.
Transactions between the Group and the Group\u2019s pension plans are disclosed in Note 29.
Balances
Joint ventures
Associates
2025
2024
2025
2024
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Amounts owed to related parties
(7)
(7)
-
-
Amounts owed by related parties
57
80
-
-
Lease liabilities payable to related parties
(a)
(1,840)
(1,844)
-
-
Loans to related parties
(b)
97
96
-
-
(a) Lease liabilities payable to related parties represent leases entered into by the Group for properties held by joint ventures.
Refer to Note 14 for further details.
(b) A 12-month ECL allowance is recorded on initial recognition. In the current and prior financial years, the ECL allowance was
immaterial.
Amounts owed to and owed by related parties are measured at amortised cost and the carrying
values approximate fair value. The undiscounted cash flow amounts owed to related parties are due
within one year and do not differ from the amounts included in the table above.
A number of the Group\u2019s subsidiaries are members of one or more partnerships to whom the
provisions of the Partnerships (Accounts) Regulations 2008 apply. The financial statements for those
partnerships have been consolidated into these financial statements pursuant to Regulation 7 of
the Regulations.
Transactions with key management personnel
Members of the Board of Directors and Executive Committee of Tesco PLC are deemed to be key management personnel.
Cost of key management personnel compensation for the financial year was as follows:
2025
2024
\u00a3m
\u00a3m
Salaries and short-term benefits
28
28
Pensions and cash in lieu of pensions
1
1
Share-based payments
21
22
Joining costs and loss of office costs
1
-
51
51
Attributable to:
The Board of Directors (including Non-executive Directors)
18
13
Executive Committee (members not on the Board of Directors)
33
38
51
51
During the year, 5,840,408 (2024: 7,586,273) performance shares and 1,990,366 (2024: 2,302,633) bonus shares were granted to key management personnel under the Performance Share Plan and Deferred
Bonus Plan 2019, respectively. Vesting will be conditional on the achievement of specified performance targets over a three-year performance period and/or continuous employment. The cost of these awards
will be spread over the vesting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-817": { "value": "Transactions with key management personnel Members of the Board of Directors and Executive Committee of Tesco PLC are deemed to be key management personnel. Cost of key management personnel compensation for the financial year was as follows:
2025
2024
\u00a3m
\u00a3m
Salaries and short-term benefits
28
28
Pensions and cash in lieu of pensions
1
1
Share-based payments
21
22
Joining costs and loss of office costs
1
-
51
51
Attributable to:
The Board of Directors (including Non-executive Directors)
18
13
Executive Committee (members not on the Board of Directors)
33
38
51
51
During the year, 5,840,408 (2024: 7,586,273) performance shares and 1,990,366 (2024: 2,302,633) bonus shares were granted to key management personnel under the Performance Share Plan and Deferred Bonus Plan 2019, respectively. Vesting will be conditional on the achievement of specified performance targets over a three-year performance period and/or continuous employment. The cost of these awards will be spread over the vesting period.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-776": { "value": "
Note 33 Commitments and contingencies
Capital commitments
At 22 February 2025, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3191m (2024: \u00a3160m), principally relating to store development and distribution investment.
Subsidiary audit exemptions
The following UK subsidiary undertakings are exempt from the requirements of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of section 479A of the Act.
Name
Company number
Name
Company number
Name
Company number
Booker Group Limited
5145685
Spen Hill Regeneration Limited
6418300
Tesco Food Sourcing Limited
7502096
Booker Wholesale Holdings Limited
5137980
Supermarket Income Investments UK (No16) Limited
12605279
Tesco Freetime Limited
4345023
Buttoncase Limited
5298861
T & S Stores Limited
1228935
Tesco Fuchsia (3LP) Limited
10127851
Day and Nite Stores Limited
1746058
Tapesilver Limited
5205362
Tesco Gateshead Property Limited
8312532
Dillons Newsagents Limited
140624
Tesco (Overseas) Limited
01611684
Tesco Maintenance Limited
6003554
dunnhumby Overseas Limited
6601821
Tesco Aqua Finco 2 Limited
05888957
Tesco Mobile Communications Limited
4780729
dunnhumby Trustees Limited
3565371
Tesco Atrato (1LP) Limited
6969529
Tesco Mobile Services Limited
4780734
Giant Booker Limited
65519
Tesco Atrato (GP) Limited
6969536
Tesco Navona (1LP) Limited
7459436
Launchgrain Limited
5260856
Tesco Blue (3LP) Limited
10127682
Tesco Passaic (1LP) Limited
7121667
Makro Holding Limited
4310463
Tesco Brislington Limited
10701640
Tesco Property Partner (GP) Limited
4945955
Makro Properties Limited
1273672
Tesco Bury Limited
3854371
Tesco Property Partner (No.1) Limited
4945945
Oakwood Distribution Limited
5721635
Tesco Coral (GP) Limited
06640968
Tesco Sarum (1LP) Limited
7849948
Reskammel Property Company Limited
13264276
Tesco Distribution Holdings Limited
3193655
Tesco Sarum (GP) Limited
7849882
Spen Hill Developments
4827219
Tesco Dorney (1LP) Limited
8255488
The Tesco Coral Limited Partnership
LP013072
Spen Hill Management Limited
2460426
Tesco Dorney (GP) Limited
8255493
Transcend Retail Solutions Limited
14772291
Spen Hill Properties (Holdings) PLC
2412674
Tesco Family Dining Limited
8514605
TFSM Limited
14263834
Tesco PLC will guarantee all outstanding liabilities that these subsidiaries are subject to as at the
financial year ended 22 February 2025 in accordance with section 479C of the Act, as amended by
the Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of
Accounting Framework) Regulations 2012. In addition, Tesco PLC will guarantee any contingent and
prospective liabilities that these subsidiaries are subject to.
Contingent liabilities
As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has
received claims from current and former hourly-paid store colleagues alleging that they do equal work
to that of colleagues working in its distribution centres and that differences in terms and conditions
relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the
differential between the pay terms looking back, and equivalence of pay terms moving forward. As at
the date of this disclosure, there are approximately 59,000 claims against TSL, with the number of
claims expected to continue to increase as the litigation progresses.
UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those
of a comparator of the opposite sex in the same employment if they are employed to do equal work.
The legislation achieves this by implying a clause into the contract of employment, which has the
effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator.
Equal pay claims are typically heard in three stages and the claimants have to win at every stage in
order to succeed. The first stage is comparability, which is effectively a technical gateway to the
claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay
and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body.
Following a European court ruling on this, TSL has made a concession on comparability.
The subsequent stages comprise an equal work assessment and the consideration of TSL\u2019s material
factor defences (non-discriminatory reasons for differentials in pay terms). The employment tribunal
hearing of TSL\u2019s material factor defences is due to commence on 1 September 2025. The employment
tribunal hearing for the equal value assessment is due to commence on 1 February 2027. The Equal Pay
Claims have been split into three tranches (with tranche 1 being heard first) and the stages apply to
each tranche. Although the claims that have been heard to date involve female claimants, male store
workers (being close to 50% of the current store worker population) may also bring claims by
comparing themselves against any successful female claimants. Male claimants who have pre-
emptively brought such claims currently make up approximately 46% of the Equal Pay Claims against
TSL in the employment tribunal. The ultimate determination of all claims is likely to take many years,
including as a result of appeals.
At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome
of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to
various and substantial uncertainties. There are multiple factual and legal defences to these claims
and the Group intends to defend them vigorously, while at the same time taking appropriate steps to
mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the
litigation, or the potential quantum of its liability or the potential impact on the Group at this stage.
Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the
number of any ultimately successful claims, the potential quantum of its liability could be material.
There are a number of other contingent liabilities that arise in the normal course of business, which if
realised, are not expected to result in a material liability to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-818": { "value": "Capital commitments At 22 February 2025, there were commitments for capital expenditure contracted for, but not incurred, of \u00a3191m (2024: \u00a3160m), principally relating to store development and distribution investment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-819": { "value": "Contingent liabilities As previously reported, Tesco Stores Limited (TSL) (along with all the major supermarkets) has received claims from current and former hourly-paid store colleagues alleging that they do equal work to that of colleagues working in its distribution centres and that differences in terms and conditions relating to pay are not objectively justifiable (the Equal Pay Claims). The claimants are seeking the differential between the pay terms looking back, and equivalence of pay terms moving forward. As at the date of this disclosure, there are approximately 59,000 claims against TSL, with the number of claims expected to continue to increase as the litigation progresses. UK equal pay law provides that an employee is entitled to the same terms in relation to pay as those of a comparator of the opposite sex in the same employment if they are employed to do equal work. The legislation achieves this by implying a clause into the contract of employment, which has the effect of importing into the employee\u2019s contract the more favourable term(s) of the comparator. Equal pay claims are typically heard in three stages and the claimants have to win at every stage in order to succeed. The first stage is comparability, which is effectively a technical gateway to the claims proceeding. The claimants have to show that there is a valid basis in law for comparing their pay and the pay of any comparator. One of the legal bases here is that pay terms are set by the same body. Following a European court ruling on this, TSL has made a concession on comparability. The subsequent stages comprise an equal work assessment and the consideration of TSL\u2019s material factor defences (non-discriminatory reasons for differentials in pay terms). The employment tribunal hearing of TSL\u2019s material factor defences is due to commence on 1 September 2025. The employment tribunal hearing for the equal value assessment is due to commence on 1 February 2027. The Equal Pay Claims have been split into three tranches (with tranche 1 being heard first) and the stages apply to each tranche. Although the claims that have been heard to date involve female claimants, male store workers (being close to 50% of the current store worker population) may also bring claims by comparing themselves against any successful female claimants. Male claimants who have pre- emptively brought such claims currently make up approximately 46% of the Equal Pay Claims against TSL in the employment tribunal. The ultimate determination of all claims is likely to take many years, including as a result of appeals. At present, the total number of Equal Pay Claims that may be received, the merits, and likely outcome of those claims and of TSL\u2019s defences to them, and the potential impact on the Group, are subject to various and substantial uncertainties. There are multiple factual and legal defences to these claims and the Group intends to defend them vigorously, while at the same time taking appropriate steps to mitigate the risks. The Group therefore cannot make an assessment of the likely outcome of the litigation, or the potential quantum of its liability or the potential impact on the Group at this stage. Depending on the outcome at the various stages of the Equal Pay Claims, and dependent on the number of any ultimately successful claims, the potential quantum of its liability could be material. There are a number of other contingent liabilities that arise in the normal course of business, which if realised, are not expected to result in a material liability to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } }, "fact-848": { "value": "
Note 34 Events after the reporting period
There were no material events after the reporting period requiring disclosure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138002P5RNKC5W2JZ46", "period": "2024-02-25T00:00:00/2025-02-23T00:00:00" } } } }