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Accounting policies (1) Basis of consolidation Smiths News plc (\u2018the Company\u2019) is a company incorporated in England, UK under the Companies Act 2006. The Group accounts for the 53-week period ended 31 August 2024 comprise the Company and its subsidiaries (together referred to as the \u2018Group\u2019) and the Group\u2019s interests in joint ventures and associates. Subsidiary undertakings are included in the Group Accounts from the date on which control is obtained. They are deconsolidated from the date on which control ceases. All significant subsidiary accounts are made up to 31 August 2024 and are included in the Group Accounts. Unless otherwise noted references to 2023 and 2024 relate to a 52-week period ended 26 August 2023 and the 53-week period ended 31 August 2024 as opposed to calendar year. The Accounts were authorised for issue by the directors on 4 November 2024. (2) Accounting basis of preparation The Accounts are prepared on the historical cost basis with the exception of certain financial instruments and are presented in Pound Sterling and rounded to \u00a30.1m, except where otherwise indicated. The Group Accounts have been prepared in accordance with UK-adopted International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006. Intra-group balances and unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated in preparing the Group Accounts. Unrealised gains and losses arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s interest in these entities. (3) Going concern The Group accounts have been prepared on a going concern basis. When assessing the going concern of the Group, the directors have reviewed the year to date financial actuals, as well as detailed financial forecasts for the period up to 1 March 2026, the going concern period. The Group currently has a net current liability position of \u00a33.2m as at 31 August 2024. All bank covenant tests were met at the year end. The key Bank Net Debt: Bank EBITDA ratio of 0.3x was below the covenant test threshold of 2.5x. The threshold reduced from 1.75x on 24 February 2024 then increased to 2.5x on 2 May 2024 when the facility was amended and extended. The intra-month working capital cash flow cycle at Smiths News generates a routine and predictable cash swing and therefore a predictable fluctuation in Bank Net Debt during the course of the month compared to the closing net debt position. The Group\u2019s average daily Bank Net Debt during the period was \u00a311.7m (2023: \u00a325.0m). The Company utilises a Revolving Credit Facility (RCF) to manage the cash swing. At the year end, \u00a320.5m of the RCF was available and the Company had \u00a37.0m of cash on hand, giving headroom of \u00a327.5m. 3i) Bank facility The Group\u2019s banking facility was refinanced during the year which at the balance sheet date comprises an RCF of \u00a340.0m and an uncommitted accordion facility of \u00a310.0m. The RCF is available less committed letters of credit amounting to \u00a31.5m (see Note 17). The agreement is with HSBC and Santander. The facility\u2019s current margin is 2.45% per annum over SONIA and has a final maturity date of 2 May 2027 with the option of two one-year extension with lender consent on the first and second anniversaries. 3ii) Reverse stress testing The directors have prepared their base case forecast which represents their best estimate of cash flows over the going concern period which is up to 1 March 2026, and in accordance with FRC guidance have prepared a reverse stress test that identifies either a lack of liquidity or breach of the Bank Net Debt: Bank EBITDA ratio that at peak debt would create a scenario which could lead to the facility being exhausted or becoming repayable on demand, respectively. A point of insufficient liquidity would occur in November 2025 if Bank EBITDA was 60% below the Board approved three-year plan. The directors consider the likelihood of this level of downturn to be remote based on: \u2022 current trading which is in line with expectations; \u2022 year-on-year declines in revenues would have to be significantly greater than historical trends; \u2022 91% of contracts secured with publishers to 2029 (including Heads of Terms); and \u2022 the Company continues to trade with adequate profit to service its debt covenants. 3iii) Mitigating actions In the event the break environment scenario went from being remote to possible then management would seek to take mitigating actions to maintain liquidity and compliance with the bank facility covenants. The options within the control of management would be to: \u2022 Optimise liquidity by working capital management of the peak-to-trough intra-month movement. Utilising existing vendor management finance arrangements with retailers and optimising contractual payment cycles to suppliers which would improve liquidity headroom; \u2022 Not pay planned dividend payments; \u2022 Delay non-essential capex projects; \u2022 Cancel discretionary annual bonus payments; \u2022 Increase the principal facility amount by exercising the \u00a310m accordion option in the RCF Facility; and \u2022 Identify other overhead and depot savings. More extreme mitigating actions would also be available if the scenario arose. The Company has vendor finance arrangements in place where it has the ability to request early payment of invoices at a small discount, the payments are non-recourse and the invoices are considered settled from both sides once payment is received. The Company has not made use of this facility in the current or prior periods, nor since the balance sheet date.
3iv) Assessment
Having considered the above and the funding requirements of the Group and Company, the directors are confident that headroom under the bank
facility remains adequate, future covenant tests can be met and there is a reasonable expectation that the business can meet its liabilities as they fall
due for a period of greater than 12 months (being an assessment period of 16 months) from the date of approval of the Group Financial Statements.
For this reason, the directors continue to adopt the going concern basis in preparing the financial statements and no material uncertainty has
been identified.
(4) Alternate performance measures
In reporting financial information, the Group presents alternative performance measures (APMs), which are not defined or specified under the
requirements of IFRS.
The Group believes that these APMs (listed in the Glossary on page 168), are not considered to be a substitute for, or superior to, IFRS measures
but provide stakeholders with additional helpful information on the performance of the business. These APMs are consistent with how the business
performance is planned and reported within the internal management reporting to the Board and Executive Team.
The APMs do not have standardised meaning prescribed by IFRS and therefore may not be directly comparable to similar measures presented
by other companies.
(5) Estimates and judgements
The preparation of these accounts requires management to make judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
Key accounting judgements
The significant judgements made in the accounts are:
Revenue recognition
The Group recognises the wholesale sales price for its sales of newspapers and magazines. The Group is considered to be the principal based on the
following indicators of control over its inventory: discretion to establish prices; it holds some of the risk of obsolescence once in control of the inventory
on returns; and has the responsibility of fulfilling the performance obligation on delivery of inventory to its customers. If the Group were considered to be
the agent, revenue and cost of sales would reduce by \u00a3937.3m (2023: \u00a3926.5m).
Determining lease terms
In determining lease terms, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or
not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably
certain to be extended (or not terminated).
For leases of distribution centres and equipment, the following factors are the most relevant:
\u2022 the Company continually considers the optimal network structure in its judgement over lease terms;
\u2022 if there are significant penalties to terminate (or not extend), the Company is typically reasonably certain to extend (or not terminate);
\u2022 if any leasehold improvements are expected to have a significant remaining value, the Company is typically reasonably certain to extend (or not
terminate); and
\u2022 otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased
asset. Most extension options in vehicle leases have not been included in the lease liability, because the Group could replace the assets without
significant cost or business disruption.
The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The
assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment,
and that is within the control of the lessee.
Adjusting items
Adjusting items of income or expense are excluded in arriving at adjusted operating profit to present a further measure of the Group\u2019s performance.
Each adjusting item is considered to be significant in nature and/or quantum, non-recurring in nature and/or considered to be unrelated to the Group\u2019s
ordinary activities or consistent with items treated as adjusting in prior periods. Excluding these items from profit metrics provides readers with helpful
additional information on the performance of the business across periods because it is consistent with how the business performance is planned by,
and reported to, the Board and the Executive Team.
The classification of adjusting items requires significant management judgement after considering the nature and intentions of a transaction. Adjusted
measures are defined with other APMs in the Glossary on page 168.
Based on the nature of the transactions, adjusting items after tax was a credit of \u00a30.8m (2023: charge of \u00a30.5m) and a breakdown is included within
Note 3.
Key sources of estimation uncertainty
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which
the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and
future periods.
The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows.
Impairment of investments in joint ventures
Investments in joint ventures are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be
recoverable. When a review for impairment is conducted, the recoverable amount is determined using value in use calculations. The value in use
method requires the Company to determine appropriate assumptions in relation to the cash flow projections over the three-year plan period (which
is a key source of estimation uncertainty), the terminal growth rate to be applied beyond this three-year period and the risk-adjusted post-tax discount
rate used to discount the assumed cash flows to present value. The assumption that cash flows continue into perpetuity is a source of significant
estimation uncertainty.
During the period, the Group calculated a value-in-use of \u00a35.5m based on the future cash flows of the Rascal business, which were discounted at a rate
of 13.2% and a terminal growth rate applied of 0%. As a result, the remaining previous cumulative impairment of \u00a30.3m was reversed, increasing the
investment\u2019s carrying value to \u00a34.6m (2023: \u00a34.3m). Refer to Note 11 for further details.
Property provision
The Group holds a property provision which estimates the future liabilities to restore leased premises to an agreed standard at the date the lease is
terminated. The provision is calculated based on key assumptions including the length of time properties will be occupied, the discount rate applied, and
the future costs of restoration and the condition of the property at the assumed exit date.
The property provision represents the estimated future cost of the Group\u2019s potential dilapidation costs on properties across the Group adjusted for
inflation. These provisions have been discounted to present value and this discount will be unwound over the life of the leases.
A change in any of these assumptions could materially impact the provision balance. Refer to Note 19 for further details on the sensitivity of the
assumptions used to calculate the property provision. The property provision\u2019s carrying value at the year end was \u00a35.2m (2023: \u00a34.9m).
Net impairment loss on trade receivables
During the period ended 27 August 2022 McColl\u2019s Retail Group had gone into administration and an impairment loss provision of \u00a34.4m was
recognised. During the current period the administrators provided an update which included a reduced expected timeline to settlement of 4-12 months
(2023: 9-12 months) with an increase to the range of possible recovery of 30-50% (2023: 20-50%).
Given the historic low level of credit losses incurred in the ordinary course of business, there is limited information to determine an expected recovery
of the McColl\u2019s receivable. Management has therefore determined that a best estimate is that 30% (2023: 20%) of the outstanding balance of \u00a35.5m
remains recoverable from McColl\u2019s Retail Group as at the administration date of 9 May 2022.
At 31 August 2024 the Group holds an expected credit loss provision of \u00a33.8m (2023: \u00a34.4m) representing 70% (2023: 80%) of the total receivables
balance of \u00a35.5m. If the Company had considered 50% of the total balance of \u00a35.5m to be recoverable in line with the upper range of the administrator\u2019s
estimate, the provision recognised would have been \u00a32.8m.
The impairment reversal of \u00a30.6m (2023: \u00a3nil) has been presented in adjusting items, consistent with the impairment loss of \u00a34.4m recognised during
the period ended 27 August 2022.
(6) Revenue
Sales of newspapers and magazines
Sales of newspapers and magazines are recognised when control of the products has transferred, that is, when the products are delivered to the retailer
and there is no unfulfilled obligation that could affect the retailer\u2019s acceptance of the products, the risks of obsolescence and loss have been transferred
to the retailer. Goods are sold to retailers on a sale or return basis with risks transferred back to the Group.
Distribution income
Distribution income is recognised when the products such as newspapers and magazines are delivered to the retailer and there are no unfulfilled
obligations that could affect the retailer\u2019s acceptance of the products.
Voucher income
Voucher income represents the margin income received from managing the process of collecting voucher payments from retailers and passing them
on to voucher processing centres. The Group is primarily responsible for fulfilling the service.
Sales and marketing
The Group supplies marketing services to both retailers and suppliers. This includes services such as shelf stacking, stock checking and merchandising.
The Group is primarily responsible for fulfilling the services.
Sale of waste
Income from the sale of recyclable waste represents the amount received per tonne of newspapers and magazines returns sold on for recycling.
The Group has primary responsibility for fulfilling the service.
Returns reserve
Newspapers and magazines sales are made on a sale or return basis, therefore the Group is required to estimate a value relating to expected returns
from retailers. Likewise, as the publishers are required to provide the Group with credit for any purchase returns, so a purchase returns reserve is also
required. The key estimates used in calculating the period end reserve are rates of returns (based on historical trends), average shelf life of the product
types and average price of each product type. These estimates are similarly applied to calculate the credit for purchase returns.
Revenue for goods supplied with a right of return is stated net of the value of any returns. Newspapers and magazines are often sold with retrospective
volume discounts based on aggregate net sales. Revenue from these sales is recognised based on the price specified in the contract, net of the
estimated volume discounts. Accumulated experience is used to estimate and provide for the discount and returns, using the expected value method,
and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A returns reserve accrual and discount
accrual (included in trade and other payables) is recognised for expected volume discounts and refunds payable to customers in relation to sales made
until the end of the reporting period. A right to the returned goods (included in other debtors) is recognised for the products expected to be returned.
No element of financing is deemed present because the sales are made with short credit terms, which is consistent with market practice.
A receivable is recognised when the goods are delivered, since this is the point in time that the consideration is unconditional because only the passage
of time is required before the payment is due.
(7) Cost of sales and gross profit
The Group considers cost of sales to equate to cost of inventories recognised as an expense and distribution costs as these are considered to represent
for the Group direct costs of making a sale.
The Group considers gross profit to equal revenue less cost of sales.
(8) Taxation
Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent it relates to
items recognised in other comprehensive income or directly in equity. Current tax is the expected tax payable based on the taxable profit for the year,
using tax rates enacted, or substantively enacted, at the balance sheet date and any adjustment to tax payable in respect of previous years.
Deferred tax is provided on 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. The amount of deferred tax provided is calculated using tax rates enacted
or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability
is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which these temporary
differences can be utilised.
(9) Segmental reporting
The Board is responsible for allocating resources and assessing the performance of the business and is therefore identified as the chief operating
decision maker.
The Group has determined that it has one reportable segment identified as Smiths News, a UK market-leading distributor of newspapers, magazines
and ancillary services to retailers across the UK. The performance of Smiths News is reviewed, on a monthly basis, by the Board, making decisions
based on the Group as whole.
Included in revenues arising from Smiths News are revenues of approximately \u00a3100.5m (2023: \u00a399.5m) which arose from sales to the Group\u2019s largest
customer. Three other customers contributed 13.9% (2023: 13.1%) or more of the Group\u2019s revenue in 2024.
No segmental analysis is required on geographical lines as substantially all of the Group\u2019s activities are in the United Kingdom. As a result, no segmental
disclosure is provided.
(10) Dividends
Interim and final dividends are recorded in the financial statements in the period in which they are declared.
(11) Capitalisation of internally generated development costs
Expenditure on developed software is capitalised when the Group is able to demonstrate all of the following:
\u2022 the technical feasibility of the resulting asset;
\u2022 the ability (and intention) to complete the development and use it;
\u2022 how the asset will generate probable future economic benefits;
\u2022 adequate technical, financial and other resources to complete the development and to use the software are available; and
\u2022 the ability to measure reliably the expenditure attributable to the asset during its development.
Software costs are also capitalised if they can be hosted on another server, are portable and the Group has sole rights to the software. Subsequent
to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses,
on the same basis as intangible assets that are acquired separately. Software costs provided on a licence agreement (software-as-a-service) are
expensed as incurred.
(12) Joint ventures
The Group Financial Statements include the Group\u2019s share of the total recognised gains and losses in its joint ventures on an equity accounted basis.
Investments in joint ventures are carried in the balance sheet at cost adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the
joint ventures, less any impairment losses. The carrying values of investments in joint ventures include acquired goodwill. Losses in joint ventures that
are in excess of the Group\u2019s interest in the joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or
made payments on behalf of the joint venture.
(13) Business combinations \u2013 goodwill and intangibles
The Group uses the acquisition method of accounting to account for business combinations. The cost of an acquisition is measured at the fair value of
the assets given, equity instruments issued, liabilities incurred or assumed at the date of exchange. Acquisition-related costs are recognised in profit or
loss as incurred. Any deferred or contingent purchase consideration is recognised at fair value over the period of entitlement.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured, initially, at their fair values at the
acquisition date, irrespective of the extent of any non-controlling interest.
Goodwill arising on all acquisitions is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment
losses.
The carrying value of goodwill is reviewed annually for impairment or whenever events or changes in circumstances indicate that the carrying value may
not be recoverable. Intangible assets arising under a business combination (acquired intangibles) are capitalised at fair value as determined at the date
of exchange and are stated at fair value less accumulated amortisation and impairment losses. Amortisation of acquired intangibles is charged to the
income statement on a straight-line basis over the estimated useful lives as follows:
Customer relationships \u2013 2.5 to 7.5 years
Trade name \u2013 5 to 10 years
Software and development costs \u2013 3 to 7 years
Computer software and internally generated development costs which are not integral to the related hardware are capitalised separately as an
intangible asset and stated at cost less accumulated amortisation and impairment losses.
Assets held under leases (right-of-use assets) are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over
the term of the relevant lease.
All intangible assets are reviewed for impairment when there are indications that the carrying value may be higher than its recoverable value.
The recoverable value used is the value in use. The value in use is determined by estimating the future cash inflows and outflows to be derived
from continuous use of the asset and applying the appropriate discount rate to those future cash flows. Where the carrying value is higher than the
calculated value in use, an impairment loss will be recognised.
(14) Property, plant and equipment
Property, plant and equipment assets are stated at cost less accumulated depreciation and any recognised impairment losses. No depreciation has
been charged on freehold land. Other assets are depreciated, to a residual value, on a straight-line basis over their estimated useful lives, as follows:
Freehold and long-term leasehold properties \u2013 over 20 years
Short-term leasehold properties \u2013 shorter of the lease period and the estimated remaining economic life
Fixtures and fittings \u2013 3 to 15 years
Equipment \u2013 5 to 12 years
Computer equipment \u2013 up to 5 years
Vehicles \u2013 up to 5 years
Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the
relevant lease. All property, plant and equipment is reviewed for impairment when there are indications that the carrying value may not be recoverable.
(15) Leasing Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments) less any lease incentives receivable; \u2022 variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 amounts expected to be payable by the Group under residual value guarantees; \u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and \u2022 payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine the incremental borrowing rate, the Group: \u2022 where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing conditions since third-party financing was received; \u2022 makes adjustments specific to the lease where applicable, for example with regards to the term and security. The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of lease liability; \u2022 any lease payments made at or before the commencement date less any lease incentives received; \u2022 any initial direct costs; and \u2022 restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items of office furniture. Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Modifications When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right- of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss. (16) Inventories Inventories comprise goods held for resale and are stated at the lower of cost or net realisable value. Inventories are valued at cost comprising direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. (17) Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. The Group derecognises financial assets and liabilities only when the contractual rights and obligations are transferred, discharged or expire. Financial assets comprise trade and other receivables and cash and cash equivalents. Financial liabilities comprise trade payables, financing liabilities and bank borrowings. (18) Financial assets The Group classifies its financial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through profit or loss (FVPL) or through comprehensive income (FVCI); and \u2022 those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Trade receivables Trade receivables are initially measured at fair value, which for trade receivables is equal to the consideration expected to be received from the satisfaction of performance obligations, plus any directly attributable transaction costs. Subsequent to initial recognition these assets are measured at amortised cost less any provision for impairment losses including expected credit losses. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics such as the ageing of the debt and the credit risk of the customers. An historical credit loss rate is then calculated for each group and then adjusted to reflect expectations about future credit losses. The Group does not have any significant contract assets. Classification as trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in Note 13. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. Other receivables Other receivables are recognised on trade date, being the date on which the Group has the right to the asset. Other receivables are derecognised when the rights to receive cash flows from the other receivables have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. At initial recognition, the Group measures other receivables at their fair value plus, in the case of a financial asset not held at FVPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of FVPL financial assets are expensed in profit or loss. Subsequent measurement of other receivables depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its other receivables at amortised cost. 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. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in Note 2. The Group classifies its financial assets as at amortised cost only if both of the following criteria are met: \u2022 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2022 the contractual terms give rise to cash flows that are solely payments of principal and interest. The Group applies the general approach to impairment under IFRS 9 based on significant increases in credit risk rather than the simplified approach for trade receivables using lifetime ECL. (19) Trade and other payables These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. (20) Treasury Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. BACS and next-day payments are recognised at the settlement date, rather than when they are initiated, to reflect the nature of these transactions. In the consolidated balance sheet, bank overdrafts are shown within borrowings in current liabilities. Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand and bank overdrafts which form part of the Group\u2019s cash management. Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Bank borrowings Interest-bearing bank loans and overdrafts are initially measured at fair value (being proceeds received, net of direct issue costs), and are subsequently measured at amortised cost, using the effective interest rate method. Finance charges, including premiums payable on settlement or redemptions and direct issue costs, are accounted for on an accruals basis and taken to the income statement using the straight line method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise. Modification/derecognition of financial liabilities Financial liabilities are derecognised when there is extinguishment of the original financial liability and recognition of a new financial liability. Equally, significant modification of the terms of the existing financial liability is accounted for as an extinguishment of the original financial liability and recognition of a new financial liability. Foreign currencies Financial statements of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition of a foreign entity, are treated as assets and liabilities of the foreign entity and are translated at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign currency transactions Transactions in foreign currencies are recorded using the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined. (21) Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are measured at the present value of the directors\u2019 best estimate of the expenditure required to settle the present obligation at the balance sheet date and if this amount is capable of being reliably estimated. If such an obligation is not capable of being reliably estimated, no provision is recognised and the item is disclosed as a contingent liability where material. Where the effect is material, the provision is determined by discounting the expected future cash flows. (22) Retirement benefit costs Defined contribution schemes The Group operates two defined contribution schemes for the benefit of its employees. Payments to the Group\u2019s schemes are recognised as an expense in the income statement as incurred. (23) Employee Benefit Trust Smiths News Employee Benefit Trust Where any Group company purchases the Company\u2019s shares, for example as the result of a share buy-back or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity as \u2018own shares reserve\u2019 until those shares are either cancelled or reissued. The shares held by the Smiths News Employee Benefit Trust are valued at the historical cost of the shares acquired. This value is deducted in arriving at shareholders\u2019 funds and presented as the own share reserve. (24) Share schemes Share-based payments The Group operates several share-based payment schemes, being the Sharesave Scheme, the Executive Share Option Scheme, the LTIP and the Deferred Bonus Plan. Details of these are provided in the Directors\u2019 Remuneration report and in Note 25. Equity-settled share-based schemes are measured at fair value at the date of grant. The fair value is expensed with a corresponding increase in equity on a straight-line basis over the period during which employees become unconditionally entitled to the options. The fair values are calculated using an appropriate option pricing model. The income statement charge is then adjusted to reflect expected and actual levels of vesting based on non-market performance-related criteria. Administrative expenses and distribution and marketing expenses include the cost of the share-based payment schemes.
(25) Changes in accounting policies
During the period the Group has adopted the following accounting standards and interpretations:
\u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8;
\u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement;
\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12
The standards and amendments adopted had no impact on the financial statements to prior periods and are not expected to significantly affect the
current or future periods. There are no other standards that are not yet effective and that would be expected to have a material impact on the entity
in the current or future reporting periods and on foreseeable future transactions.
New standards and interpretations not yet applied
At the date of authorisation of these financial statements, the following standards and interpretations that are potentially relevant to the Group and
which have not been applied in these financial statements were in issue but not yet effective (and in some cases had not yet been adopted by the UK):
\u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1;
\u2022 IFRS S1 and S2; and
\u2022 IFRS 18.
There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future
reporting periods and on foreseeable future transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-335": { "value": "
(1) Basis of consolidation
Smiths News plc (\u2018the Company\u2019) is a company incorporated in England, UK under the Companies Act 2006. The Group accounts for the 53-week
period ended 31 August 2024 comprise the Company and its subsidiaries (together referred to as the \u2018Group\u2019) and the Group\u2019s interests in joint ventures
and associates. Subsidiary undertakings are included in the Group Accounts from the date on which control is obtained. They are deconsolidated from
the date on which control ceases. All significant subsidiary accounts are made up to 31 August 2024 and are included in the Group Accounts.
Unless otherwise noted references to 2023 and 2024 relate to a 52-week period ended 26 August 2023 and the 53-week period ended 31 August 2024
as opposed to calendar year.
The Accounts were authorised for issue by the directors on 4 November 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-4": { "value": "Smiths News plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-331": { "value": "Smiths News plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-332": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-2": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-3": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-336": { "value": "
(2) Accounting basis of preparation
The Accounts are prepared on the historical cost basis with the exception of certain financial instruments and are presented in Pound Sterling and
rounded to \u00a30.1m, except where otherwise indicated.
The Group Accounts have been prepared in accordance with UK-adopted International Accounting Standards (IAS) in conformity with the requirements
of the Companies Act 2006.
Intra-group balances and unrealised gains and losses or income and expenses arising from intra-group transactions are eliminated in preparing
the Group Accounts. Unrealised gains and losses arising from transactions with joint ventures are eliminated to the extent of the Group\u2019s interest
in these entities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-381": { "value": "The Accounts are prepared on the historical cost basis with the exception of certain financial instruments and are presented in Pound Sterling and rounded to \u00a30.1m, except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-382": { "value": "The Group Accounts have been prepared in accordance with UK-adopted International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-337": { "value": "
(3) Going concern
The Group accounts have been prepared on a going concern basis.
When assessing the going concern of the Group, the directors have reviewed the year to date financial actuals, as well as detailed financial forecasts
for the period up to 1 March 2026, the going concern period.
The Group currently has a net current liability position of \u00a33.2m as at 31 August 2024. All bank covenant tests were met at the year end. The key Bank
Net Debt: Bank EBITDA ratio of 0.3x was below the covenant test threshold of 2.5x. The threshold reduced from 1.75x on 24 February 2024 then
increased to 2.5x on 2 May 2024 when the facility was amended and extended.
The intra-month working capital cash flow cycle at Smiths News generates a routine and predictable cash swing and therefore a predictable fluctuation
in Bank Net Debt during the course of the month compared to the closing net debt position. The Group\u2019s average daily Bank Net Debt during the period
was \u00a311.7m (2023: \u00a325.0m). The Company utilises a Revolving Credit Facility (RCF) to manage the cash swing. At the year end, \u00a320.5m of the RCF was
available and the Company had \u00a37.0m of cash on hand, giving headroom of \u00a327.5m.
3i) Bank facility
The Group\u2019s banking facility was refinanced during the year which at the balance sheet date comprises an RCF of \u00a340.0m and an uncommitted
accordion facility of \u00a310.0m. The RCF is available less committed letters of credit amounting to \u00a31.5m (see Note 17). The agreement is with HSBC and
Santander.
The facility\u2019s current margin is 2.45% per annum over SONIA and has a final maturity date of 2 May 2027 with the option of two one-year extension with
lender consent on the first and second anniversaries.
3ii) Reverse stress testing
The directors have prepared their base case forecast which represents their best estimate of cash flows over the going concern period which is up to
1 March 2026, and in accordance with FRC guidance have prepared a reverse stress test that identifies either a lack of liquidity or breach of the Bank
Net Debt: Bank EBITDA ratio that at peak debt would create a scenario which could lead to the facility being exhausted or becoming repayable on
demand, respectively.
A point of insufficient liquidity would occur in November 2025 if Bank EBITDA was 60% below the Board approved three-year plan. The directors
consider the likelihood of this level of downturn to be remote based on:
\u2022 current trading which is in line with expectations;
\u2022 year-on-year declines in revenues would have to be significantly greater than historical trends;
\u2022 91% of contracts secured with publishers to 2029 (including Heads of Terms); and
\u2022 the Company continues to trade with adequate profit to service its debt covenants.
3iii) Mitigating actions
In the event the break environment scenario went from being remote to possible then management would seek to take mitigating actions to maintain
liquidity and compliance with the bank facility covenants. The options within the control of management would be to:
\u2022 Optimise liquidity by working capital management of the peak-to-trough intra-month movement. Utilising existing vendor management finance
arrangements with retailers and optimising contractual payment cycles to suppliers which would improve liquidity headroom;
\u2022 Not pay planned dividend payments;
\u2022 Delay non-essential capex projects;
\u2022 Cancel discretionary annual bonus payments;
\u2022 Increase the principal facility amount by exercising the \u00a310m accordion option in the RCF Facility; and
\u2022 Identify other overhead and depot savings.
More extreme mitigating actions would also be available if the scenario arose.
The Company has vendor finance arrangements in place where it has the ability to request early payment of invoices at a small discount, the payments
are non-recourse and the invoices are considered settled from both sides once payment is received. The Company has not made use of this facility
in the current or prior periods, nor since the balance sheet date.
3iv) Assessment Having considered the above and the funding requirements of the Group and Company, the directors are confident that headroom under the bank facility remains adequate, future covenant tests can be met and there is a reasonable expectation that the business can meet its liabilities as they fall due for a period of greater than 12 months (being an assessment period of 16 months) from the date of approval of the Group Financial Statements. For this reason, the directors continue to adopt the going concern basis in preparing the financial statements and no material uncertainty has been identified. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-338": { "value": "(4) Alternate performance measures In reporting financial information, the Group presents alternative performance measures (APMs), which are not defined or specified under the requirements of IFRS. The Group believes that these APMs (listed in the Glossary on page 168), are not considered to be a substitute for, or superior to, IFRS measures but provide stakeholders with additional helpful information on the performance of the business. These APMs are consistent with how the business performance is planned and reported within the internal management reporting to the Board and Executive Team. The APMs do not have standardised meaning prescribed by IFRS and therefore may not be directly comparable to similar measures presented by other companies. ", "dimensions": { "concept": "smithsnewsplc:DescriptionOfAccountingPolicyForAlternatePerformanceMeasures", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-339": { "value": "(5) Estimates and judgements The preparation of these accounts requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. Key accounting judgements The significant judgements made in the accounts are: Revenue recognition The Group recognises the wholesale sales price for its sales of newspapers and magazines. The Group is considered to be the principal based on the following indicators of control over its inventory: discretion to establish prices; it holds some of the risk of obsolescence once in control of the inventory on returns; and has the responsibility of fulfilling the performance obligation on delivery of inventory to its customers. If the Group were considered to be the agent, revenue and cost of sales would reduce by \u00a3937.3m (2023: \u00a3926.5m). Determining lease terms In determining lease terms, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). For leases of distribution centres and equipment, the following factors are the most relevant: \u2022 the Company continually considers the optimal network structure in its judgement over lease terms; \u2022 if there are significant penalties to terminate (or not extend), the Company is typically reasonably certain to extend (or not terminate); \u2022 if any leasehold improvements are expected to have a significant remaining value, the Company is typically reasonably certain to extend (or not terminate); and \u2022 otherwise, the Group considers other factors including historical lease durations and the costs and business disruption required to replace the leased asset. Most extension options in vehicle leases have not been included in the lease liability, because the Group could replace the assets without significant cost or business disruption. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. Adjusting items Adjusting items of income or expense are excluded in arriving at adjusted operating profit to present a further measure of the Group\u2019s performance. Each adjusting item is considered to be significant in nature and/or quantum, non-recurring in nature and/or considered to be unrelated to the Group\u2019s ordinary activities or consistent with items treated as adjusting in prior periods. Excluding these items from profit metrics provides readers with helpful additional information on the performance of the business across periods because it is consistent with how the business performance is planned by, and reported to, the Board and the Executive Team. The classification of adjusting items requires significant management judgement after considering the nature and intentions of a transaction. Adjusted measures are defined with other APMs in the Glossary on page 168. Based on the nature of the transactions, adjusting items after tax was a credit of \u00a30.8m (2023: charge of \u00a30.5m) and a breakdown is included within Note 3. Key sources of estimation uncertainty Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows. Impairment of investments in joint ventures Investments in joint ventures are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is determined using value in use calculations. The value in use method requires the Company to determine appropriate assumptions in relation to the cash flow projections over the three-year plan period (which is a key source of estimation uncertainty), the terminal growth rate to be applied beyond this three-year period and the risk-adjusted post-tax discount rate used to discount the assumed cash flows to present value. The assumption that cash flows continue into perpetuity is a source of significant estimation uncertainty. During the period, the Group calculated a value-in-use of \u00a35.5m based on the future cash flows of the Rascal business, which were discounted at a rate of 13.2% and a terminal growth rate applied of 0%. As a result, the remaining previous cumulative impairment of \u00a30.3m was reversed, increasing the investment\u2019s carrying value to \u00a34.6m (2023: \u00a34.3m). Refer to Note 11 for further details. Property provision The Group holds a property provision which estimates the future liabilities to restore leased premises to an agreed standard at the date the lease is terminated. The provision is calculated based on key assumptions including the length of time properties will be occupied, the discount rate applied, and the future costs of restoration and the condition of the property at the assumed exit date. The property provision represents the estimated future cost of the Group\u2019s potential dilapidation costs on properties across the Group adjusted for inflation. These provisions have been discounted to present value and this discount will be unwound over the life of the leases. A change in any of these assumptions could materially impact the provision balance. Refer to Note 19 for further details on the sensitivity of the assumptions used to calculate the property provision. The property provision\u2019s carrying value at the year end was \u00a35.2m (2023: \u00a34.9m). Net impairment loss on trade receivables During the period ended 27 August 2022 McColl\u2019s Retail Group had gone into administration and an impairment loss provision of \u00a34.4m was recognised. During the current period the administrators provided an update which included a reduced expected timeline to settlement of 4-12 months (2023: 9-12 months) with an increase to the range of possible recovery of 30-50% (2023: 20-50%). Given the historic low level of credit losses incurred in the ordinary course of business, there is limited information to determine an expected recovery of the McColl\u2019s receivable. Management has therefore determined that a best estimate is that 30% (2023: 20%) of the outstanding balance of \u00a35.5m remains recoverable from McColl\u2019s Retail Group as at the administration date of 9 May 2022. At 31 August 2024 the Group holds an expected credit loss provision of \u00a33.8m (2023: \u00a34.4m) representing 70% (2023: 80%) of the total receivables balance of \u00a35.5m. If the Company had considered 50% of the total balance of \u00a35.5m to be recoverable in line with the upper range of the administrator\u2019s estimate, the provision recognised would have been \u00a32.8m. The impairment reversal of \u00a30.6m (2023: \u00a3nil) has been presented in adjusting items, consistent with the impairment loss of \u00a34.4m recognised during the period ended 27 August 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-383": { "value": "Key sources of estimation uncertainty Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods. The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows. Impairment of investments in joint ventures Investments in joint ventures are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. When a review for impairment is conducted, the recoverable amount is determined using value in use calculations. The value in use method requires the Company to determine appropriate assumptions in relation to the cash flow projections over the three-year plan period (which is a key source of estimation uncertainty), the terminal growth rate to be applied beyond this three-year period and the risk-adjusted post-tax discount rate used to discount the assumed cash flows to present value. The assumption that cash flows continue into perpetuity is a source of significant estimation uncertainty. During the period, the Group calculated a value-in-use of \u00a35.5m based on the future cash flows of the Rascal business, which were discounted at a rate of 13.2% and a terminal growth rate applied of 0%. As a result, the remaining previous cumulative impairment of \u00a30.3m was reversed, increasing the investment\u2019s carrying value to \u00a34.6m (2023: \u00a34.3m). Refer to Note 11 for further details. Property provision The Group holds a property provision which estimates the future liabilities to restore leased premises to an agreed standard at the date the lease is terminated. The provision is calculated based on key assumptions including the length of time properties will be occupied, the discount rate applied, and the future costs of restoration and the condition of the property at the assumed exit date. The property provision represents the estimated future cost of the Group\u2019s potential dilapidation costs on properties across the Group adjusted for inflation. These provisions have been discounted to present value and this discount will be unwound over the life of the leases. A change in any of these assumptions could materially impact the provision balance. Refer to Note 19 for further details on the sensitivity of the assumptions used to calculate the property provision. The property provision\u2019s carrying value at the year end was \u00a35.2m (2023: \u00a34.9m). Net impairment loss on trade receivables During the period ended 27 August 2022 McColl\u2019s Retail Group had gone into administration and an impairment loss provision of \u00a34.4m was recognised. During the current period the administrators provided an update which included a reduced expected timeline to settlement of 4-12 months (2023: 9-12 months) with an increase to the range of possible recovery of 30-50% (2023: 20-50%). Given the historic low level of credit losses incurred in the ordinary course of business, there is limited information to determine an expected recovery of the McColl\u2019s receivable. Management has therefore determined that a best estimate is that 30% (2023: 20%) of the outstanding balance of \u00a35.5m remains recoverable from McColl\u2019s Retail Group as at the administration date of 9 May 2022. At 31 August 2024 the Group holds an expected credit loss provision of \u00a33.8m (2023: \u00a34.4m) representing 70% (2023: 80%) of the total receivables balance of \u00a35.5m. If the Company had considered 50% of the total balance of \u00a35.5m to be recoverable in line with the upper range of the administrator\u2019s estimate, the provision recognised would have been \u00a32.8m. The impairment reversal of \u00a30.6m (2023: \u00a3nil) has been presented in adjusting items, consistent with the impairment loss of \u00a34.4m recognised during the period ended 27 August 2022. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-340": { "value": "(6) Revenue Sales of newspapers and magazines Sales of newspapers and magazines are recognised when control of the products has transferred, that is, when the products are delivered to the retailer and there is no unfulfilled obligation that could affect the retailer\u2019s acceptance of the products, the risks of obsolescence and loss have been transferred to the retailer. Goods are sold to retailers on a sale or return basis with risks transferred back to the Group. Distribution income Distribution income is recognised when the products such as newspapers and magazines are delivered to the retailer and there are no unfulfilled obligations that could affect the retailer\u2019s acceptance of the products. Voucher income Voucher income represents the margin income received from managing the process of collecting voucher payments from retailers and passing them on to voucher processing centres. The Group is primarily responsible for fulfilling the service. Sales and marketing The Group supplies marketing services to both retailers and suppliers. This includes services such as shelf stacking, stock checking and merchandising. The Group is primarily responsible for fulfilling the services. Sale of waste Income from the sale of recyclable waste represents the amount received per tonne of newspapers and magazines returns sold on for recycling. The Group has primary responsibility for fulfilling the service. Returns reserve Newspapers and magazines sales are made on a sale or return basis, therefore the Group is required to estimate a value relating to expected returns from retailers. Likewise, as the publishers are required to provide the Group with credit for any purchase returns, so a purchase returns reserve is also required. The key estimates used in calculating the period end reserve are rates of returns (based on historical trends), average shelf life of the product types and average price of each product type. These estimates are similarly applied to calculate the credit for purchase returns. Revenue for goods supplied with a right of return is stated net of the value of any returns. Newspapers and magazines are often sold with retrospective volume discounts based on aggregate net sales. Revenue from these sales is recognised based on the price specified in the contract, net of the estimated volume discounts. Accumulated experience is used to estimate and provide for the discount and returns, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A returns reserve accrual and discount accrual (included in trade and other payables) is recognised for expected volume discounts and refunds payable to customers in relation to sales made until the end of the reporting period. A right to the returned goods (included in other debtors) is recognised for the products expected to be returned. No element of financing is deemed present because the sales are made with short credit terms, which is consistent with market practice. A receivable is recognised when the goods are delivered, since this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-341": { "value": "(7) Cost of sales and gross profit The Group considers cost of sales to equate to cost of inventories recognised as an expense and distribution costs as these are considered to represent for the Group direct costs of making a sale. The Group considers gross profit to equal revenue less cost of sales. ", "dimensions": { "concept": "smithsnewsplc:DescriptionOfAccountingPolicyForCostOfSalesAndGrossProfit", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-384": { "value": "(8) Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent it relates to items recognised in other comprehensive income or directly in equity. Current tax is the expected tax payable based on the taxable profit for the year, using tax rates enacted, or substantively enacted, at the balance sheet date and any adjustment to tax payable in respect of previous years. Deferred tax is provided on 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. The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which these temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-342": { "value": "(8) Taxation Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent it relates to items recognised in other comprehensive income or directly in equity. Current tax is the expected tax payable based on the taxable profit for the year, using tax rates enacted, or substantively enacted, at the balance sheet date and any adjustment to tax payable in respect of previous years. Deferred tax is provided on 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. The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which these temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-345": { "value": "(9) Segmental reporting The Board is responsible for allocating resources and assessing the performance of the business and is therefore identified as the chief operating decision maker. The Group has determined that it has one reportable segment identified as Smiths News, a UK market-leading distributor of newspapers, magazines and ancillary services to retailers across the UK. The performance of Smiths News is reviewed, on a monthly basis, by the Board, making decisions based on the Group as whole. Included in revenues arising from Smiths News are revenues of approximately \u00a3100.5m (2023: \u00a399.5m) which arose from sales to the Group\u2019s largest customer. Three other customers contributed 13.9% (2023: 13.1%) or more of the Group\u2019s revenue in 2024. No segmental analysis is required on geographical lines as substantially all of the Group\u2019s activities are in the United Kingdom. As a result, no segmental disclosure is provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-343": { "value": "(10) Dividends Interim and final dividends are recorded in the financial statements in the period in which they are declared. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-344": { "value": "(11) Capitalisation of internally generated development costs Expenditure on developed software is capitalised when the Group is able to demonstrate all of the following: \u2022 the technical feasibility of the resulting asset; \u2022 the ability (and intention) to complete the development and use it; \u2022 how the asset will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use the software are available; and \u2022 the ability to measure reliably the expenditure attributable to the asset during its development. Software costs are also capitalised if they can be hosted on another server, are portable and the Group has sole rights to the software. Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Software costs provided on a licence agreement (software-as-a-service) are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-347": { "value": "(12) Joint ventures The Group Financial Statements include the Group\u2019s share of the total recognised gains and losses in its joint ventures on an equity accounted basis. Investments in joint ventures are carried in the balance sheet at cost adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the joint ventures, less any impairment losses. The carrying values of investments in joint ventures include acquired goodwill. Losses in joint ventures that are in excess of the Group\u2019s interest in the joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-386": { "value": "(12) Joint ventures The Group Financial Statements include the Group\u2019s share of the total recognised gains and losses in its joint ventures on an equity accounted basis. Investments in joint ventures are carried in the balance sheet at cost adjusted by post-acquisition changes in the Group\u2019s share of the net assets of the joint ventures, less any impairment losses. The carrying values of investments in joint ventures include acquired goodwill. Losses in joint ventures that are in excess of the Group\u2019s interest in the joint venture are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the joint venture. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-348": { "value": "(13) Business combinations \u2013 goodwill and intangibles The Group uses the acquisition method of accounting to account for business combinations. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued, liabilities incurred or assumed at the date of exchange. Acquisition-related costs are recognised in profit or loss as incurred. Any deferred or contingent purchase consideration is recognised at fair value over the period of entitlement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured, initially, at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Goodwill arising on all acquisitions is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. The carrying value of goodwill is reviewed annually for impairment or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Intangible assets arising under a business combination (acquired intangibles) are capitalised at fair value as determined at the date of exchange and are stated at fair value less accumulated amortisation and impairment losses. Amortisation of acquired intangibles is charged to the income statement on a straight-line basis over the estimated useful lives as follows: Customer relationships \u2013 2.5 to 7.5 years Trade name \u2013 5 to 10 years Software and development costs \u2013 3 to 7 years Computer software and internally generated development costs which are not integral to the related hardware are capitalised separately as an intangible asset and stated at cost less accumulated amortisation and impairment losses. Assets held under leases (right-of-use assets) are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease. All intangible assets are reviewed for impairment when there are indications that the carrying value may be higher than its recoverable value. The recoverable value used is the value in use. The value in use is determined by estimating the future cash inflows and outflows to be derived from continuous use of the asset and applying the appropriate discount rate to those future cash flows. Where the carrying value is higher than the calculated value in use, an impairment loss will be recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-412": { "value": "(13) Business combinations \u2013 goodwill and intangibles The Group uses the acquisition method of accounting to account for business combinations. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued, liabilities incurred or assumed at the date of exchange. Acquisition-related costs are recognised in profit or loss as incurred. Any deferred or contingent purchase consideration is recognised at fair value over the period of entitlement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured, initially, at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Goodwill arising on all acquisitions is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. The carrying value of goodwill is reviewed annually for impairment or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Intangible assets arising under a business combination (acquired intangibles) are capitalised at fair value as determined at the date of exchange and are stated at fair value less accumulated amortisation and impairment losses. Amortisation of acquired intangibles is charged to the income statement on a straight-line basis over the estimated useful lives as follows: Customer relationships \u2013 2.5 to 7.5 years Trade name \u2013 5 to 10 years Software and development costs \u2013 3 to 7 years Computer software and internally generated development costs which are not integral to the related hardware are capitalised separately as an intangible asset and stated at cost less accumulated amortisation and impairment losses. Assets held under leases (right-of-use assets) are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease. All intangible assets are reviewed for impairment when there are indications that the carrying value may be higher than its recoverable value. The recoverable value used is the value in use. The value in use is determined by estimating the future cash inflows and outflows to be derived from continuous use of the asset and applying the appropriate discount rate to those future cash flows. Where the carrying value is higher than the calculated value in use, an impairment loss will be recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-429": { "value": "(13) Business combinations \u2013 goodwill and intangibles The Group uses the acquisition method of accounting to account for business combinations. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued, liabilities incurred or assumed at the date of exchange. Acquisition-related costs are recognised in profit or loss as incurred. Any deferred or contingent purchase consideration is recognised at fair value over the period of entitlement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured, initially, at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Goodwill arising on all acquisitions is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. The carrying value of goodwill is reviewed annually for impairment or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Intangible assets arising under a business combination (acquired intangibles) are capitalised at fair value as determined at the date of exchange and are stated at fair value less accumulated amortisation and impairment losses. Amortisation of acquired intangibles is charged to the income statement on a straight-line basis over the estimated useful lives as follows: Customer relationships \u2013 2.5 to 7.5 years Trade name \u2013 5 to 10 years Software and development costs \u2013 3 to 7 years Computer software and internally generated development costs which are not integral to the related hardware are capitalised separately as an intangible asset and stated at cost less accumulated amortisation and impairment losses. Assets held under leases (right-of-use assets) are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease. All intangible assets are reviewed for impairment when there are indications that the carrying value may be higher than its recoverable value. The recoverable value used is the value in use. The value in use is determined by estimating the future cash inflows and outflows to be derived from continuous use of the asset and applying the appropriate discount rate to those future cash flows. Where the carrying value is higher than the calculated value in use, an impairment loss will be recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-385": { "value": "(13) Business combinations \u2013 goodwill and intangibles The Group uses the acquisition method of accounting to account for business combinations. The cost of an acquisition is measured at the fair value of the assets given, equity instruments issued, liabilities incurred or assumed at the date of exchange. Acquisition-related costs are recognised in profit or loss as incurred. Any deferred or contingent purchase consideration is recognised at fair value over the period of entitlement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured, initially, at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest. Goodwill arising on all acquisitions is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. The carrying value of goodwill is reviewed annually for impairment or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Intangible assets arising under a business combination (acquired intangibles) are capitalised at fair value as determined at the date of exchange and are stated at fair value less accumulated amortisation and impairment losses. Amortisation of acquired intangibles is charged to the income statement on a straight-line basis over the estimated useful lives as follows: Customer relationships \u2013 2.5 to 7.5 years Trade name \u2013 5 to 10 years Software and development costs \u2013 3 to 7 years Computer software and internally generated development costs which are not integral to the related hardware are capitalised separately as an intangible asset and stated at cost less accumulated amortisation and impairment losses. Assets held under leases (right-of-use assets) are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease. All intangible assets are reviewed for impairment when there are indications that the carrying value may be higher than its recoverable value. The recoverable value used is the value in use. The value in use is determined by estimating the future cash inflows and outflows to be derived from continuous use of the asset and applying the appropriate discount rate to those future cash flows. Where the carrying value is higher than the calculated value in use, an impairment loss will be recognised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-387": { "value": "(14) Property, plant and equipment Property, plant and equipment assets are stated at cost less accumulated depreciation and any recognised impairment losses. No depreciation has been charged on freehold land. Other assets are depreciated, to a residual value, on a straight-line basis over their estimated useful lives, as follows: Freehold and long-term leasehold properties \u2013 over 20 years Short-term leasehold properties \u2013 shorter of the lease period and the estimated remaining economic life Fixtures and fittings \u2013 3 to 15 years Equipment \u2013 5 to 12 years Computer equipment \u2013 up to 5 years Vehicles \u2013 up to 5 years Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease. All property, plant and equipment is reviewed for impairment when there are indications that the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-346": { "value": "(14) Property, plant and equipment Property, plant and equipment assets are stated at cost less accumulated depreciation and any recognised impairment losses. No depreciation has been charged on freehold land. Other assets are depreciated, to a residual value, on a straight-line basis over their estimated useful lives, as follows: Freehold and long-term leasehold properties \u2013 over 20 years Short-term leasehold properties \u2013 shorter of the lease period and the estimated remaining economic life Fixtures and fittings \u2013 3 to 15 years Equipment \u2013 5 to 12 years Computer equipment \u2013 up to 5 years Vehicles \u2013 up to 5 years Assets held under leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, over the term of the relevant lease. All property, plant and equipment is reviewed for impairment when there are indications that the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-350": { "value": "
(15) Leasing
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following
lease payments:
\u2022 fixed payments (including in-substance fixed payments) less any lease incentives receivable;
\u2022 variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date;
\u2022 amounts expected to be payable by the Group under residual value guarantees;
\u2022 the exercise price of a purchase option if the Group is reasonably certain to exercise that option; and
\u2022 payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case
for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds
necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions.
To determine the incremental borrowing rate, the Group:
\u2022 where possible, uses recent third-party financing received by the individual lessee as a starting point, adjusted to reflect changes in financing
conditions since third-party financing was received;
\u2022 makes adjustments specific to the lease where applicable, for example with regards to the term and security.
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until
they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the
right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce
a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
\u2022 the amount of the initial measurement of lease liability;
\u2022 any lease payments made at or before the commencement date less any lease incentives received;
\u2022 any initial direct costs; and
\u2022 restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. If the Group is
reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognised on a straight-line basis as an
expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment and small items
of office furniture.
Extension and termination options
Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise
operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are
exercisable only by the Group and not by the respective lessor.
Modifications
When the Group revises its estimate of the term of any lease (because, for example, it re-assesses the probability of a lessee extension or termination
option being exercised), it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted
using a revised discount rate. The carrying value of lease liabilities is similarly revised when the variable element of future lease payments dependent on
a rate or index is revised, except the discount rate remains unchanged. In both cases an equivalent adjustment is made to the carrying value of the right-
of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset
is adjusted to zero, any further reduction is recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-349": { "value": "
(16) Inventories
Inventories comprise goods held for resale and are stated at the lower of cost or net realisable value. Inventories are valued at cost comprising direct
materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location
and condition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-388": { "value": "
(17) Financial instruments
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions
of the instrument. The Group derecognises financial assets and liabilities only when the contractual rights and obligations are transferred, discharged
or expire.
Financial assets comprise trade and other receivables and cash and cash equivalents. Financial liabilities comprise trade payables, financing liabilities
and bank borrowings.
(18) Financial assets The Group classifies its financial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through profit or loss (FVPL) or through comprehensive income (FVCI); and \u2022 those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. Trade receivables Trade receivables are initially measured at fair value, which for trade receivables is equal to the consideration expected to be received from the satisfaction of performance obligations, plus any directly attributable transaction costs. Subsequent to initial recognition these assets are measured at amortised cost less any provision for impairment losses including expected credit losses. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics such as the ageing of the debt and the credit risk of the customers. An historical credit loss rate is then calculated for each group and then adjusted to reflect expectations about future credit losses. The Group does not have any significant contract assets. Classification as trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in Note 13. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. Other receivables Other receivables are recognised on trade date, being the date on which the Group has the right to the asset. Other receivables are derecognised when the rights to receive cash flows from the other receivables have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. At initial recognition, the Group measures other receivables at their fair value plus, in the case of a financial asset not held at FVPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of FVPL financial assets are expensed in profit or loss. Subsequent measurement of other receivables depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its other receivables at amortised cost. 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. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in Note 2. The Group classifies its financial assets as at amortised cost only if both of the following criteria are met: \u2022 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2022 the contractual terms give rise to cash flows that are solely payments of principal and interest. The Group applies the general approach to impairment under IFRS 9 based on significant increases in credit risk rather than the simplified approach for trade receivables using lifetime ECL.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument
is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued are recorded at
the proceeds received, net of direct issue costs.
Bank borrowings
Interest-bearing bank loans and overdrafts are initially measured at fair value (being proceeds received, net of direct issue costs), and are subsequently
measured at amortised cost, using the effective interest rate method. Finance charges, including premiums payable on settlement or redemptions
and direct issue costs, are accounted for on an accruals basis and taken to the income statement using the straight line method and are added to the
carrying value of the instrument to the extent that they are not settled in the period in which they arise.
Modification/derecognition of financial liabilities
Financial liabilities are derecognised when there is extinguishment of the original financial liability and recognition of a new financial liability. Equally,
significant modification of the terms of the existing financial liability is accounted for as an extinguishment of the original financial liability and
recognition of a new financial liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-352": { "value": "
(18) Financial assets
The Group classifies its financial assets in the following measurement categories:
\u2022 those to be measured subsequently at fair value (either through profit or loss (FVPL) or through comprehensive income (FVCI); and
\u2022 those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.
Trade receivables
Trade receivables are initially measured at fair value, which for trade receivables is equal to the consideration expected to be received from the
satisfaction of performance obligations, plus any directly attributable transaction costs. Subsequent to initial recognition these assets are measured
at amortised cost less any provision for impairment losses including expected credit losses. The Group applies the simplified approach to measuring
expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables
have been grouped based on shared credit risk characteristics such as the ageing of the debt and the credit risk of the customers. An historical credit
loss rate is then calculated for each group and then adjusted to reflect expectations about future credit losses. The Group does not have any significant
contract assets.
Classification as trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due
for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the amount of consideration that
is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade
receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective
interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in Note 13.
Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value.
Other receivables
Other receivables are recognised on trade date, being the date on which the Group has the right to the asset. Other receivables are derecognised when
the rights to receive cash flows from the other receivables have expired or have been transferred and the Group has transferred substantially all the risks
and rewards of ownership.
At initial recognition, the Group measures other receivables at their fair value plus, in the case of a financial asset not held at FVPL, transaction costs
that are directly attributable to the acquisition of the financial asset. Transaction costs of FVPL financial assets are expensed in profit or loss.
Subsequent measurement of other receivables depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the
asset. The Group classifies its other receivables at amortised cost.
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. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss
arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses.
Impairment losses are presented as a separate line item in Note 2.
The Group classifies its financial assets as at amortised cost only if both of the following criteria are met:
\u2022 the asset is held within a business model whose objective is to collect the contractual cash flows; and
\u2022 the contractual terms give rise to cash flows that are solely payments of principal and interest.
The Group applies the general approach to impairment under IFRS 9 based on significant increases in credit risk rather than the simplified approach
for trade receivables using lifetime ECL.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-413": { "value": "Trade receivables Trade receivables are initially measured at fair value, which for trade receivables is equal to the consideration expected to be received from the satisfaction of performance obligations, plus any directly attributable transaction costs. Subsequent to initial recognition these assets are measured at amortised cost less any provision for impairment losses including expected credit losses. The Group applies the simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics such as the ageing of the debt and the credit risk of the customers. An historical credit loss rate is then calculated for each group and then adjusted to reflect expectations about future credit losses. The Group does not have any significant contract assets. Classification as trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and are therefore all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant financing components, in which case they are recognised at fair value. The Group holds the trade receivables with the objective of collecting the contractual cash flows, and so it measures them subsequently at amortised cost using the effective interest method. Details about the Group\u2019s impairment policies and the calculation of the loss allowance are provided in Note 13. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. Other receivables Other receivables are recognised on trade date, being the date on which the Group has the right to the asset. Other receivables are derecognised when the rights to receive cash flows from the other receivables have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership. At initial recognition, the Group measures other receivables at their fair value plus, in the case of a financial asset not held at FVPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of FVPL financial assets are expensed in profit or loss. Subsequent measurement of other receivables depends on the Group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group classifies its other receivables at amortised cost. 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. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in Note 2. The Group classifies its financial assets as at amortised cost only if both of the following criteria are met: \u2022 the asset is held within a business model whose objective is to collect the contractual cash flows; and \u2022 the contractual terms give rise to cash flows that are solely payments of principal and interest. The Group applies the general approach to impairment under IFRS 9 based on significant increases in credit risk rather than the simplified approach for trade receivables using lifetime ECL. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-351": { "value": "
(19) Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year which are unpaid. The amounts
are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not
due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the
effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-353": { "value": "(20) Treasury Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or less. BACS and next-day payments are recognised at the settlement date, rather than when they are initiated, to reflect the nature of these transactions. In the consolidated balance sheet, bank overdrafts are shown within borrowings in current liabilities. Cash and cash equivalents in the cash flow statement comprise cash at bank and in hand and bank overdrafts which form part of the Group\u2019s cash management. Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Bank borrowings Interest-bearing bank loans and overdrafts are initially measured at fair value (being proceeds received, net of direct issue costs), and are subsequently measured at amortised cost, using the effective interest rate method. Finance charges, including premiums payable on settlement or redemptions and direct issue costs, are accounted for on an accruals basis and taken to the income statement using the straight line method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise. Modification/derecognition of financial liabilities Financial liabilities are derecognised when there is extinguishment of the original financial liability and recognition of a new financial liability. Equally, significant modification of the terms of the existing financial liability is accounted for as an extinguishment of the original financial liability and recognition of a new financial liability. Foreign currencies Financial statements of foreign operations The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition of a foreign entity, are treated as assets and liabilities of the foreign entity and are translated at foreign exchange rates ruling at the balance sheet date. The revenues and expenses of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of the transactions. Foreign currency transactions Transactions in foreign currencies are recorded using the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined. ", "dimensions": { "concept": "smithsnewsplc:DescriptionOfAccountingPolicyForTreasury", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-389": { "value": "
Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short-term deposits with an original maturity of three months or
less. BACS and next-day payments are recognised at the settlement date, rather than when they are initiated, to reflect the nature of these transactions.
In the consolidated balance sheet, bank overdrafts are shown within borrowings in current liabilities. Cash and cash equivalents in the cash flow
statement comprise cash at bank and in hand and bank overdrafts which form part of the Group\u2019s cash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-414": { "value": "Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Bank borrowings Interest-bearing bank loans and overdrafts are initially measured at fair value (being proceeds received, net of direct issue costs), and are subsequently measured at amortised cost, using the effective interest rate method. Finance charges, including premiums payable on settlement or redemptions and direct issue costs, are accounted for on an accruals basis and taken to the income statement using the straight line method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-430": { "value": "Bank borrowings Interest-bearing bank loans and overdrafts are initially measured at fair value (being proceeds received, net of direct issue costs), and are subsequently measured at amortised cost, using the effective interest rate method. Finance charges, including premiums payable on settlement or redemptions and direct issue costs, are accounted for on an accruals basis and taken to the income statement using the straight line method and are added to the carrying value of the instrument to the extent that they are not settled in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-415": { "value": "Modification/derecognition of financial liabilities Financial liabilities are derecognised when there is extinguishment of the original financial liability and recognition of a new financial liability. Equally, significant modification of the terms of the existing financial liability is accounted for as an extinguishment of the original financial liability and recognition of a new financial liability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-390": { "value": "
Foreign currencies
Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition of a foreign entity, are treated
as assets and liabilities of the foreign entity and are translated at foreign exchange rates ruling at the balance sheet date. The revenues and expenses
of foreign operations are translated at an average rate for the period where this rate approximates to the foreign exchange rates ruling at the dates of
the transactions.
Foreign currency transactions
Transactions in foreign currencies are recorded using the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are translated at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation
are recognised in the income statement. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are
translated using the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated
at fair value are translated at foreign exchange rates ruling at the dates the fair value was determined.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-355": { "value": "
(21) Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past event and it is probable that an outflow
of economic benefits will be required to settle the obligation. Provisions are measured at the present value of the directors\u2019 best estimate of the
expenditure required to settle the present obligation at the balance sheet date and if this amount is capable of being reliably estimated. If such an
obligation is not capable of being reliably estimated, no provision is recognised and the item is disclosed as a contingent liability where material.
Where the effect is material, the provision is determined by discounting the expected future cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-356": { "value": "
(22) Retirement benefit costs
Defined contribution schemes
The Group operates two defined contribution schemes for the benefit of its employees. Payments to the Group\u2019s schemes are recognised as an expense
in the income statement as incurred.
(23) Employee Benefit Trust
Smiths News Employee Benefit Trust
Where any Group company purchases the Company\u2019s shares, for example as the result of a share buy-back or a share-based payment plan, the
consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity as \u2018own shares reserve\u2019 until those
shares are either cancelled or reissued.
The shares held by the Smiths News Employee Benefit Trust are valued at the historical cost of the shares acquired. This value is deducted in arriving
at shareholders\u2019 funds and presented as the own share reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-391": { "value": "(23) Employee Benefit Trust Smiths News Employee Benefit Trust Where any Group company purchases the Company\u2019s shares, for example as the result of a share buy-back or a share-based payment plan, the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity as \u2018own shares reserve\u2019 until those shares are either cancelled or reissued. The shares held by the Smiths News Employee Benefit Trust are valued at the historical cost of the shares acquired. This value is deducted in arriving at shareholders\u2019 funds and presented as the own share reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-354": { "value": "
(24) Share schemes
Share-based payments
The Group operates several share-based payment schemes, being the Sharesave Scheme, the Executive Share Option Scheme, the LTIP and the
Deferred Bonus Plan. Details of these are provided in the Directors\u2019 Remuneration report and in Note 25.
Equity-settled share-based schemes are measured at fair value at the date of grant. The fair value is expensed with a corresponding increase in equity
on a straight-line basis over the period during which employees become unconditionally entitled to the options. The fair values are calculated using an
appropriate option pricing model. The income statement charge is then adjusted to reflect expected and actual levels of vesting based on non-market
performance-related criteria.
Administrative expenses and distribution and marketing expenses include the cost of the share-based payment schemes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-357": { "value": "(25) Changes in accounting policies During the period the Group has adopted the following accounting standards and interpretations: \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8; \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement; \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The standards and amendments adopted had no impact on the financial statements to prior periods and are not expected to significantly affect the current or future periods. There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. New standards and interpretations not yet applied At the date of authorisation of these financial statements, the following standards and interpretations that are potentially relevant to the Group and which have not been applied in these financial statements were in issue but not yet effective (and in some cases had not yet been adopted by the UK): \u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1; \u2022 IFRS S1 and S2; and \u2022 IFRS 18. There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-392": { "value": "During the period the Group has adopted the following accounting standards and interpretations: \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8; \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement; \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The standards and amendments adopted had no impact on the financial statements to prior periods and are not expected to significantly affect the current or future periods. There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-393": { "value": "New standards and interpretations not yet applied At the date of authorisation of these financial statements, the following standards and interpretations that are potentially relevant to the Group and which have not been applied in these financial statements were in issue but not yet effective (and in some cases had not yet been adopted by the UK): \u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1; \u2022 IFRS S1 and S2; and \u2022 IFRS 18. There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-358": { "value": "
2. Operating profit
The Group\u2019s results are analysed as follows:
2024
2023
Adjusting Adjusting
\u00a3m
Note
Adjusted
items
Total
Adjusted
items
Total
Revenue
1,103.7
\u2013
1,103.7
1,091.9
\u2013
1,091.9
Cost of inventories recognised as an expense
(937.3)
\u2013
(937. 3)
(926.5)
\u2013
(926.5)
Distribution costs
(93.2)
\u2013
(93.2)
(92.9)
\u2013
(92.9)
Cost of sales
(1,030.5)
\u2013
(1,030.5)
(1,019.4)
\u2013
(1,019.4)
Gross profit
73.2
\u2013
73.2
72.5
\u2013
72.5
Other administrative expenses
(24.4)
\u2013
(24.4)
(23.4)
(0.5)
(23.9)
Share-based payment expense
25
(0.9)
\u2013
(0.9)
(1.1)
\u2013
(1.1)
Net impairment (loss)/reversal on trade receivables
(0.1)
0.6
0.5
(0.1)
\u2013
(0.1)
Impairment reversal of joint venture investment
\u2013
0.3
0.3
\u2013
\u2013
\u2013
Share of (losses)/profits from joint ventures
11
(0.2)
(0.2)
0.1
\u2013
0.1
EBITDA
47.6
0.9
48.5
48.0
(0.5)
47.5
Depreciation on property, plant and equipment
10
(2.2)
\u2013
(2.2)
(2.2)
\u2013
(2.2)
Depreciation on right-of-use assets
17
(5.9)
\u2013
(5.9)
(6.4)
\u2013
(6.4)
Amortisation of intangibles
9
(0.4)
\u2013
(0.4)
(0.6)
\u2013
(0.6)
Operating profit
39.1
0.9
40.0
38.8
(0.5)
38.3
Operating profit is stated after charging/(crediting):
\u00a3m
Note
2024
2023
Depreciation on property, plant and equipment
10
2.2
2.2
Amortisation of intangible assets
9
0.4
0.6
Depreciation on right-of-use assets
17
5.9
6.4
Short-term and low-value lease charges on equipment and vehicles
0.5
0.4
Lease rental income \u2013 land and buildings
(0.4)
(0.4)
Staff costs (excluding share-based payments)
4
44.5
44.1
Included in administrative expenses are amounts payable by the Company and its subsidiary undertakings in respect of audit and non-audit services
which are as follows:
\u00a3m
2024
2023
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts \u2013 BDO LLP
0.2
0.2
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries \u2013 BDO LLP
0.5
0.4
Total non-audit fees
0.1
0.1
Total fees
0.8
0.7
Details of the Company\u2019s policy on the use of auditors for non-audit services and how the auditor\u2019s independence and objectivity was safeguarded are
set out in the Audit Committee report on page 92.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-432": { "value": "2. Operating profit The Group\u2019s results are analysed as follows:
2024
2023
Adjusting Adjusting
\u00a3m
Note
Adjusted
items
Total
Adjusted
items
Total
Revenue
1,103.7
\u2013
1,103.7
1,091.9
\u2013
1,091.9
Cost of inventories recognised as an expense
(937.3)
\u2013
(937. 3)
(926.5)
\u2013
(926.5)
Distribution costs
(93.2)
\u2013
(93.2)
(92.9)
\u2013
(92.9)
Cost of sales
(1,030.5)
\u2013
(1,030.5)
(1,019.4)
\u2013
(1,019.4)
Gross profit
73.2
\u2013
73.2
72.5
\u2013
72.5
Other administrative expenses
(24.4)
\u2013
(24.4)
(23.4)
(0.5)
(23.9)
Share-based payment expense
25
(0.9)
\u2013
(0.9)
(1.1)
\u2013
(1.1)
Net impairment (loss)/reversal on trade receivables
(0.1)
0.6
0.5
(0.1)
\u2013
(0.1)
Impairment reversal of joint venture investment
\u2013
0.3
0.3
\u2013
\u2013
\u2013
Share of (losses)/profits from joint ventures
11
(0.2)
(0.2)
0.1
\u2013
0.1
EBITDA
47.6
0.9
48.5
48.0
(0.5)
47.5
Depreciation on property, plant and equipment
10
(2.2)
\u2013
(2.2)
(2.2)
\u2013
(2.2)
Depreciation on right-of-use assets
17
(5.9)
\u2013
(5.9)
(6.4)
\u2013
(6.4)
Amortisation of intangibles
9
(0.4)
\u2013
(0.4)
(0.6)
\u2013
(0.6)
Operating profit
39.1
0.9
40.0
38.8
(0.5)
38.3
Operating profit is stated after charging/(crediting):
\u00a3m
Note
2024
2023
Depreciation on property, plant and equipment
10
2.2
2.2
Amortisation of intangible assets
9
0.4
0.6
Depreciation on right-of-use assets
17
5.9
6.4
Short-term and low-value lease charges on equipment and vehicles
0.5
0.4
Lease rental income \u2013 land and buildings
(0.4)
(0.4)
Staff costs (excluding share-based payments)
4
44.5
44.1
10. Property, plant and equipment
Land and buildings
Long-term Short-term
leasehold leasehold Fixtures Equipment
\u00a3m improvements improvements and fittings
and vehicles
Total
Cost:
At 26 August 2023
0.2
9.2
3.5
17.0
29.9
Additions
\u2013
1.4
0.1
1.6
3.1
Disposals
(0.2)
(0.9)
(0.4)
(2.8)
(4.3)
At 31 August 2024
\u2013
9.7
3.2
15.8
28.7
Accumulated depreciation:
At 26 August 2023
(0.2)
(6.8)
(1.7)
(12.4)
(21.1)
Depreciation charge
\u2013
(0.5)
(0.3)
(1.4)
(2.2)
Disposals
0.2
0.9
0.4
2.8
4.3
At 31 August 2024
\u2013
(6.4)
(1.6)
(11.0)
(19.0)
Net book value at 31 August 2024
\u2013
3.3
1.6
4.8
9.7
Cost:
At 27 August 2022
0.2
10.5
3.0
23.0
36.7
Additions
\u2013
1.0
0.9
0.5
2.4
Disposals
\u2013
(2.3)
(0.4)
(6.5)
(9.2)
At 26 August 2023
0.2
9.2
3.5
17.0
29.9
Accumulated depreciation:
At 27 August 2022
(0.2)
(8.7)
(1.8)
(17.4)
(28.1)
Depreciation charge
\u2013
(0.4)
(0.5)
(1.3)
(2.2)
Disposals
\u2013
2.3
0.6
6.3
9.2
At 26 August 2023
(0.2)
(6.8)
(1.7)
(12.4)
(21.1)
Net book value at 26 August 2023
\u2013
2.4
1.8
4.6
8.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-416": { "value": "2. Operating profit The Group\u2019s results are analysed as follows:
2024
2023
Adjusting Adjusting
\u00a3m
Note
Adjusted
items
Total
Adjusted
items
Total
Revenue
1,103.7
\u2013
1,103.7
1,091.9
\u2013
1,091.9
Cost of inventories recognised as an expense
(937.3)
\u2013
(937. 3)
(926.5)
\u2013
(926.5)
Distribution costs
(93.2)
\u2013
(93.2)
(92.9)
\u2013
(92.9)
Cost of sales
(1,030.5)
\u2013
(1,030.5)
(1,019.4)
\u2013
(1,019.4)
Gross profit
73.2
\u2013
73.2
72.5
\u2013
72.5
Other administrative expenses
(24.4)
\u2013
(24.4)
(23.4)
(0.5)
(23.9)
Share-based payment expense
25
(0.9)
\u2013
(0.9)
(1.1)
\u2013
(1.1)
Net impairment (loss)/reversal on trade receivables
(0.1)
0.6
0.5
(0.1)
\u2013
(0.1)
Impairment reversal of joint venture investment
\u2013
0.3
0.3
\u2013
\u2013
\u2013
Share of (losses)/profits from joint ventures
11
(0.2)
(0.2)
0.1
\u2013
0.1
EBITDA
47.6
0.9
48.5
48.0
(0.5)
47.5
Depreciation on property, plant and equipment
10
(2.2)
\u2013
(2.2)
(2.2)
\u2013
(2.2)
Depreciation on right-of-use assets
17
(5.9)
\u2013
(5.9)
(6.4)
\u2013
(6.4)
Amortisation of intangibles
9
(0.4)
\u2013
(0.4)
(0.6)
\u2013
(0.6)
Operating profit
39.1
0.9
40.0
38.8
(0.5)
38.3
Operating profit is stated after charging/(crediting):
\u00a3m
Note
2024
2023
Depreciation on property, plant and equipment
10
2.2
2.2
Amortisation of intangible assets
9
0.4
0.6
Depreciation on right-of-use assets
17
5.9
6.4
Short-term and low-value lease charges on equipment and vehicles
0.5
0.4
Lease rental income \u2013 land and buildings
(0.4)
(0.4)
Staff costs (excluding share-based payments)
4
44.5
44.1
Included in administrative expenses are amounts payable by the Company and its subsidiary undertakings in respect of audit and non-audit services which are as follows:
\u00a3m
2024
2023
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts \u2013 BDO LLP
0.2
0.2
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries \u2013 BDO LLP
0.5
0.4
Total non-audit fees
0.1
0.1
Total fees
0.8
0.7
Details of the Company\u2019s policy on the use of auditors for non-audit services and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit Committee report on page 92.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-394": { "value": "2. Operating profit The Group\u2019s results are analysed as follows:
2024
2023
Adjusting Adjusting
\u00a3m
Note
Adjusted
items
Total
Adjusted
items
Total
Revenue
1,103.7
\u2013
1,103.7
1,091.9
\u2013
1,091.9
Cost of inventories recognised as an expense
(937.3)
\u2013
(937. 3)
(926.5)
\u2013
(926.5)
Distribution costs
(93.2)
\u2013
(93.2)
(92.9)
\u2013
(92.9)
Cost of sales
(1,030.5)
\u2013
(1,030.5)
(1,019.4)
\u2013
(1,019.4)
Gross profit
73.2
\u2013
73.2
72.5
\u2013
72.5
Other administrative expenses
(24.4)
\u2013
(24.4)
(23.4)
(0.5)
(23.9)
Share-based payment expense
25
(0.9)
\u2013
(0.9)
(1.1)
\u2013
(1.1)
Net impairment (loss)/reversal on trade receivables
(0.1)
0.6
0.5
(0.1)
\u2013
(0.1)
Impairment reversal of joint venture investment
\u2013
0.3
0.3
\u2013
\u2013
\u2013
Share of (losses)/profits from joint ventures
11
(0.2)
(0.2)
0.1
\u2013
0.1
EBITDA
47.6
0.9
48.5
48.0
(0.5)
47.5
Depreciation on property, plant and equipment
10
(2.2)
\u2013
(2.2)
(2.2)
\u2013
(2.2)
Depreciation on right-of-use assets
17
(5.9)
\u2013
(5.9)
(6.4)
\u2013
(6.4)
Amortisation of intangibles
9
(0.4)
\u2013
(0.4)
(0.6)
\u2013
(0.6)
Operating profit
39.1
0.9
40.0
38.8
(0.5)
38.3
Operating profit is stated after charging/(crediting):
\u00a3m
Note
2024
2023
Depreciation on property, plant and equipment
10
2.2
2.2
Amortisation of intangible assets
9
0.4
0.6
Depreciation on right-of-use assets
17
5.9
6.4
Short-term and low-value lease charges on equipment and vehicles
0.5
0.4
Lease rental income \u2013 land and buildings
(0.4)
(0.4)
Staff costs (excluding share-based payments)
4
44.5
44.1
Included in administrative expenses are amounts payable by the Company and its subsidiary undertakings in respect of audit and non-audit services which are as follows:
\u00a3m
2024
2023
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts \u2013 BDO LLP
0.2
0.2
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries \u2013 BDO LLP
0.5
0.4
Total non-audit fees
0.1
0.1
Total fees
0.8
0.7
Details of the Company\u2019s policy on the use of auditors for non-audit services and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit Committee report on page 92.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-431": { "value": "Included in administrative expenses are amounts payable by the Company and its subsidiary undertakings in respect of audit and non-audit services which are as follows:
\u00a3m
2024
2023
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts \u2013 BDO LLP
0.2
0.2
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries \u2013 BDO LLP
0.5
0.4
Total non-audit fees
0.1
0.1
Total fees
0.8
0.7
Details of the Company\u2019s policy on the use of auditors for non-audit services and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit Committee report on page 92.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-359": { "value": "
3. Adjusting items
\u00a3m
2024
2023
Tuffnells provision credit/(charge)
(a)
0.2
(0.4)
Network and reorganisation (costs)/credits
(b)
(0.1)
0.5
Technology transformation costs
(c)
(0.1)
\u2013
Aborted acquisition costs
(d)
\u2013
(0.6)
Administrative expenses
\u2013
(0.5)
Impairment reversal on trade receivables
(e)
0.6
\u2013
Impairment reversal of investment in joint ventures
(f)
0.3
\u2013
Total before tax
0.9
(0.5)
Taxation
(0.1)
\u2013
Total after taxation
0.8
(0.5)
The Group recognised a total adjusting items credit before tax of \u00a30.9m (2023: charge of \u00a30.5m) and credit of \u00a30.8m (2023: charge of \u00a30.5m) after
tax respectively.
Adjusting items are defined in the accounting policies in Note 1 and in the Glossary on page 168. In the directors\u2019 opinion, removing these items from
the adjusted profit provides a relevant analysis of the trading results of the Group because it is consistent with how the business performance is planned
by, and reported to, the Board and Executive Team. However, these additional measures are not intended to be a substitute for, or superior to, IFRS
measures. They comprise:
Administrative expenses: net \u00a3nil (2023: \u00a30.5m)
(a) Tuffnells provision: \u00a30.2m credit (2023: \u00a30.4m cost)
As part of the sale of Tuffnells Parcels Express Limited (Tuffnells) in May 2020, a contractual agreement was put in place in respect of the future
treatment and responsibility of certain insurance claims brought or notified to insurers. This agreement extinguished the Group\u2019s exposure to new
accident and insurance claims brought after the sale of Tuffnells but which related to the Group\u2019s period of ownership of Tuffnells up to May 2020.
However, as a result of Tuffnells falling into administration in June 2023, the enforceability of, and subsequent recoverability under, this contractual
agreement has been negatively impacted and the Group\u2019s insurers have instead looked to the Group to stand behind the excess/deductible limit of such
claims and in the prior period a provision of \u00a30.4m was recognised in addition to existing claims.
During the period, a review of provisions was held in respect of all remaining claims held following utilisations in the period and as a result, the provision
was reduced by \u00a30.2m, which represents management\u2019s best estimate of remaining claims brought. The cash impact of utilisations on claims in the
period was an outflow of \u00a30.1m (2023: \u00a30.2m).
These provisions have been reported as adjusting items on the basis that it relates to a former discontinued operation and is therefore outside the
normal course of activity.
(b) Network and reorganisation: \u00a30.1m costs (2023: \u00a30.5m net credit)
During the period, an additional \u00a30.1m of costs were incurred with regards to simplifying the DMD group structure.
During the prior period, there was a reversal of accrued amounts of \u00a30.6m relating to projects in connection with our outsourced Shared Service
Centre (SSC) in India, where accrued costs relating to overheads on projects would no longer materialise. These amounts were released to the income
statement when these projects concluded. This was partially offset by \u00a30.1m of costs incurred with regards to simplifying the DMD group structure.
The cash impact of network and reorganisation was a \u00a30.2m outflow (2023: \u00a30.2m).
(c) Technology transformation costs: \u00a30.1m (2023: \u00a3nil)
During the period, the Group commenced a transformation programme to enhance its technology infrastructure and enable alignment to the Group\u2019s
updated vision and strategy.
Implementation costs of \u00a30.1m have been recognised as adjusting items given that costs over the three-year programme are expected to be a
significant change to the Company and largely comprise software-as-a-service arrangements. The cash impact was an outflow of \u00a30.1m.
(d) Aborted acquisition costs: \u00a3nil (2023: \u00a30.6m)
During the prior period the Company incurred due diligence and legal costs associated with an aborted acquisition. The cash impact of these items was
an outflow of \u00a30.6m.
(e) Impairment provision on trade receivables: \u00a30.6m credit (2023: \u00a3nil)
On 9 May 2022 (\u2018the administration date\u2019), McColl\u2019s Retail Group went into administration. A statement of claim form was filed with the administrators
for an amount of \u00a35.5m. The latest issued notification from the administrators on 7 June 2024 stated that unsecured creditors can be expected to
receive between 30-50% (2023: 20-50%) of approved claims. Management has determined its best estimate of recovery to be 30% (2023: 20%) of the
outstanding balance and therefore decreased the provision held to \u00a33.8m (2023: \u00a34.4m).
The Company continues to trade with McColl\u2019s as acquired by Wm Morrison Supermarkets Ltd (Morrisons) under a pre-packaged insolvency
agreement with the administrator. The Company\u2019s bad debt exposure relates solely to the outstanding trade receivable balance as at the
administration date.
This release is reported as an adjusting item on the same basis as the impairment loss of \u00a34.4m recognised during the prior period ended 27 August 2022.
(f) Impairment reversal of investment in joint ventures: \u00a30.3m reversal (2023: \u00a3nil)
During the period, the Company reviewed the business plan for the Rascal Joint Venture. The potential challenges anticipated to arise in a prior period
which had led to an impairment at that time continue not to have materialised; contracts remain in place and growth plans continue to progress.
As a result of this review, the remaining cumulative impairment of \u00a30.3m (2023: \u00a30.3m) was released, which has been presented within adjusting to align
to the previous impairment charge, which was significant in both quantum and nature to the results of the Group.
", "dimensions": { "concept": "smithsnewsplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-360": { "value": "
4. Staff costs and employees
The aggregate remuneration of employees (including executive directors) was:
\u00a3m
2024
2023
Wages and salaries
39.4
39.2
Social security
3.6
3.7
Pension costs
1.1
1.2
Share-based payments expense
0.9
1.1
Total
45.0
45.2
The total average number of employees (including executive directors) was:
Number
2024
2023
Operations
1,333
1,368
Support functions
98
140
Total
1,431
1,508
Defined contribution pension schemes
The Group operates two defined contribution pension schemes. For the 53 weeks ended 31 August 2024, contributions from the respective employing
company totalled \u00a31.1m (2023: \u00a31.2m) which is included in the income statement.
A defined contribution plan is a pension plan under which the Group pays contributions to an independently administered fund \u2013 such contributions
are based upon a fixed percentage of employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the fund once
the contributions have been paid. Members\u2019 benefits are determined by the amount of contributions paid by the Company and the member, together
with investment returns earned on the contributions arising from the performance of each individual\u2019s chosen investments and the type of pension the
member chooses to buy at retirement. As a result, actuarial risk (that benefits will be lower than expected) and investment risk (that assets invested in
will not perform in line with expectations) fall on the employee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-395": { "value": "Defined contribution pension schemes The Group operates two defined contribution pension schemes. For the 53 weeks ended 31 August 2024, contributions from the respective employing company totalled \u00a31.1m (2023: \u00a31.2m) which is included in the income statement. A defined contribution plan is a pension plan under which the Group pays contributions to an independently administered fund \u2013 such contributions are based upon a fixed percentage of employees\u2019 pay. The Group has no legal or constructive obligations to pay further contributions to the fund once the contributions have been paid. Members\u2019 benefits are determined by the amount of contributions paid by the Company and the member, together with investment returns earned on the contributions arising from the performance of each individual\u2019s chosen investments and the type of pension the member chooses to buy at retirement. As a result, actuarial risk (that benefits will be lower than expected) and investment risk (that assets invested in will not perform in line with expectations) fall on the employee.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-361": { "value": "
5. Net finance costs
\u00a3m
Note
2024
2023
Interest on bank overdrafts and loans
(2.7)
(3.9)
Amortisation of loan arrangement fees*
(1.4)
(1.1)
Interest payable on leases
(2.0)
(1.4)
Total interest cost on financial liabilities at amortised cost
(6.1)
(6.4)
Unwind of discount on provisions
19
(0.2)
(0.1)
Finance costs
(6.3)
(6.5)
Interest receivable on bank deposits
0.4
\u2013
Net finance costs
(5.9)
(6.5)
* During the current period \u00a30.8m of unamortised arrangement fees were immediately recognised on derecognition of the previous facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-433": { "value": "5. Net finance costs
\u00a3m
Note
2024
2023
Interest on bank overdrafts and loans
(2.7)
(3.9)
Amortisation of loan arrangement fees*
(1.4)
(1.1)
Interest payable on leases
(2.0)
(1.4)
Total interest cost on financial liabilities at amortised cost
(6.1)
(6.4)
Unwind of discount on provisions
19
(0.2)
(0.1)
Finance costs
(6.3)
(6.5)
Interest receivable on bank deposits
0.4
\u2013
Net finance costs
(5.9)
(6.5)
* During the current period \u00a30.8m of unamortised arrangement fees were immediately recognised on derecognition of the previous facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-417": { "value": "5. Net finance costs
\u00a3m
Note
2024
2023
Interest on bank overdrafts and loans
(2.7)
(3.9)
Amortisation of loan arrangement fees*
(1.4)
(1.1)
Interest payable on leases
(2.0)
(1.4)
Total interest cost on financial liabilities at amortised cost
(6.1)
(6.4)
Unwind of discount on provisions
19
(0.2)
(0.1)
Finance costs
(6.3)
(6.5)
Interest receivable on bank deposits
0.4
\u2013
Net finance costs
(5.9)
(6.5)
* During the current period \u00a30.8m of unamortised arrangement fees were immediately recognised on derecognition of the previous facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-396": { "value": "5. Net finance costs
\u00a3m
Note
2024
2023
Interest on bank overdrafts and loans
(2.7)
(3.9)
Amortisation of loan arrangement fees*
(1.4)
(1.1)
Interest payable on leases
(2.0)
(1.4)
Total interest cost on financial liabilities at amortised cost
(6.1)
(6.4)
Unwind of discount on provisions
19
(0.2)
(0.1)
Finance costs
(6.3)
(6.5)
Interest receivable on bank deposits
0.4
\u2013
Net finance costs
(5.9)
(6.5)
* During the current period \u00a30.8m of unamortised arrangement fees were immediately recognised on derecognition of the previous facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-362": { "value": "
6. Income tax expense
2024
2023
Adjusting Adjusting
\u00a3m
Adjusted
items
Total
Adjusted
items
Total
Current tax
8.2
0.1
8.3
6.5
\u2013
6.5
Adjustment in respect of prior year
\u2013
\u2013
\u2013
0.2
\u2013
0.2
Total current tax charge
8.2
0.1
8.3
6.7
\u2013
6.7
Deferred tax \u2013 current year
0.3
\u2013
0.3
0.5
\u2013
0.5
Deferred tax \u2013 prior year
\u2013
\u2013
\u2013
(0.4)
\u2013
(0.4)
Deferred tax \u2013 impact of rate change
\u2013
\u2013
\u2013
(0.1)
\u2013
(0.1)
Total tax charge
8.5
0.1
8.6
6.7
\u2013
6.7
Effective tax rate
25.6%
25.2%
20.7%
21.1%
The effective adjusted income tax rate in the year was 25.6% (2023: 20.7%). After the impact of tax recognised on adjusting items of \u00a30.1m (2023: \u00a3nil),
the effective statutory income tax rate was 25.2% (2023: 21.1%).
Corporation tax is calculated at the main rate of UK corporation tax of 25% (2023: 21.5%). The UK Finance Act 2021 increased the corporate tax rate to
25% effective from 1 April 2023, which in the prior period resulted in a blended rate. The Group has assessed its deferred tax positions using a rate of
25%. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
The tax charge for the year can be reconciled to the profit in the income statement as follows:
\u00a3m
2024
2023
Profit before tax
34.1
31.8
Tax on profit at the standard rate of UK corporation tax 25% (2023: 21.5%)
8.5
6.8
Income not subject to tax
(0.1)
0.1
Expenses not deductible for tax purposes
0.3
0.1
Adjustment in respect of prior years
0.1
(0.2)
Share options
(0.2)
\u2013
Impact of change in UK tax rate
\u2013
(0.1)
Tax charge
8.6
6.7
Amounts recognised directly in equity
A current tax credit of \u00a30.1m (2023: \u00a3nil) and deferred tax charge of \u00a30.1m (2023: \u00a30.6m) was recognised directly in equity during the period.
Impact of future tax changes
In November 2022 the UK Government confirmed its intention to implement Framework Pillar Two rules in the UK, including a Qualified Domestic
Minimum Top-Up Tax rule. The subsequent Base Erosion Profit Sharing Pillar Two legislation, enacted on 11 July 2023, has introduced a multinational
top-up tax, which applies where a UK parent member has interests in entities located in non-UK jurisdictions, and the Group\u2019s profits in those
jurisdictions are taxed at below the minimum rate of 15%.
With revenue consistently greater than the threshold, the Group falls within the scope of this legislation. Assessment of the potential exposure to Pillar
Two income taxes is based on the most recent available tax filings, country-by-country reporting and financial statements for the constituent entities
in the Group. However, as the UK rate of corporation tax is 25%, and the Group\u2019s business is primarily UK-based, initial indications are that the impact
of these rules on the Group is not expected to be material. The IAS 12 exemption to recognise and disclose information about deferred tax assets and
liabilities related to Pillar Two income taxes has been applied.
18. Deferred tax
Deferred tax assets are attributable to the following:
Other
Share-based temporary
\u00a3m
Fixed assets
payments
differences
Total
At 27 August 2023
0.4
1.0
0.3
1.7
(Charge)/credit to income
(0.4)
\u2013
0.1
(0.3)
Charge to equity
\u2013
(0.1)
\u2013
(0.1)
At 31 August 2024
\u2013
0.9
0.4
1.3
At 28 August 2022
0.6
0.5
\u2013
1.1
(Charge)/credit to income
(0.2)
(0.1)
0.3
\u2013
Credit to equity
\u2013
0.6
\u2013
0.6
At 26 August 2023
0.4
1.0
0.3
1.7
The deferred tax assets have been deemed recoverable as the Group forecasts that it will continue to make profits against which the assets can be
utilised for tax purposes. There were no deferred tax liabilities recognised in either reporting period.
The Group has capital losses carried forward of \u00a320.2m (2023: \u00a320.2m). Deferred tax assets of \u00a35.1m (2023: \u00a35.1m) have not been recognised
in respect of the capital losses carried forward due to the uncertainty of their utilisation.
The deferred tax asset at the period end has been calculated based on the rate of 25% substantively enacted at the balance sheet date on the basis
that the temporary differences are expected to unwind when that rate applies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-363": { "value": "
7. Dividends
Amounts paid and proposed as distributions to equity shareholders in each period is set out below:
2024 2023 2024 2023
Paid and proposed dividends for the year Per share Per share \u00a3m \u00a3m
Interim dividend \u2013 paid
1.75p
1.40p
4.2
3.3
Special dividend \u2013 proposed
2.00p
\u2013
4.8
\u2013
Final dividend \u2013 proposed
3.40p
2.75p
8.2
6.7
7.15p
4.15p
17. 2
10.0
Recognised dividends for the year
Final dividend \u2013 prior year
2.75p
2.75p
6.7
6.5
Interim dividend \u2013 current year
1.75p
1.40p
4.2
3.3
4.50p
4.15p
10.8
9.8
After the balance sheet date, a final 3.4 0p dividend per share is proposed for the 53 weeks ended 31 August 2024 (2023: 2.75p), alongside a special
dividend proposed of 2.00p per share, each of which is expected to be paid on 6 February 2025 to all shareholders who are on the register of members
at close of business on 10 January 2025. The ex-dividend date will be 9 January 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-398": { "value": "0.034", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-397": { "value": "0.0275", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2022-08-28T00:00:00/2023-08-27T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-365": { "value": "8. Earnings per share
2024
2023
Weighted Weighted
average average
number of number of
Earnings shares Pence Earnings shares Pence
\u00a3m Million per share \u00a3m Million per share
Weighted average number of shares in issue
247.7
247.7
Shares held by the EBT (weighted)
(7.4)
(10.4)
Basic earnings per share (EPS)
Adjusted earnings attributable to ordinary shareholders
24.7
240.3
10.3
25.6
237.3
10.8
Adjusting items
0.8
\u2013
\u2013
(0.5)
\u2013
\u2013
Earnings attributable to ordinary shareholders
25.5
240.3
10.6
25.1
237.3
10.6
Diluted earnings per share (EPS)
Effect of dilutive share options
10.8
12.6
Diluted adjusted EPS
24.7
251.1
9.8
25.6
249.9
10.2
Diluted EPS
25.5
251.1
10.2
25.1
249.9
10.0
Dilutive shares increase the basic number of shares at 31 August 2024 by 10.8m to 251.1m (26 August 2023: 12.6m to 249.9m). The calculation of diluted EPS reflects the potential dilutive effect of employee incentive schemes.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-399": { "value": "
9. Intangible assets
Acquired intangibles
Internally
generated Computer
Customer development software
\u00a3m
Goodwill
relationships
Trade name
costs
costs
Total
Cost:
At 26 August 2023
5.7
2.4
0.2
1.8
2.8
12.9
Additions
\u2013
\u2013
\u2013
0.8
0.1
0.9
Disposals
\u2013
(0.3)
\u2013
\u2013
(0.3)
(0.6)
At 31 August 2024
5.7
2.1
0.2
2.6
2.6
13.2
Accumulated amortisation and impairment:
At 26 August 2023
(5.7)
(2.4)
(0.2)
(0.4)
(2.3)
(11.0)
Amortisation charge
\u2013
\u2013
\u2013
(0.2)
(0.2)
(0.4)
Disposals
\u2013
0.3
\u2013
\u2013
0.3
0.6
At 31 August 2024
(5.7)
(2.1)
(0.2)
(0.6)
(2.2)
(10.8)
Net book value at 31 August 2024
\u2013
\u2013
\u2013
2.0
0.4
2.4
Cost:
At 27 August 2022
5.7
2.4
0.2
3.2
7. 4
18.9
Additions
\u2013
\u2013
\u2013
0.5
0.3
0.8
Disposals
\u2013
\u2013
\u2013
(1.9)
(4.9)
(6.8)
At 26 August 2023
5.7
2.4
0.2
1.8
2.8
12.9
Accumulated amortisation and impairment:
At 27 August 2022
(5.7)
(2.4)
(0.2)
(2.1)
(6.8)
(17. 2)
Amortisation charge
\u2013
\u2013
\u2013
(0.2)
(0.4)
(0.6)
Disposals
\u2013
\u2013
\u2013
1.9
4.9
6.8
At 26 August 2023
(5.7)
(2.4)
(0.2)
(0.4)
(2.3)
(11.0)
Net book value at 26 August 2023
\u2013
\u2013
\u2013
1.4
0.5
1.9
Impairment of goodwill
Goodwill is not amortised but has been reviewed annually for impairment. As a result of these reviews goodwill remains fully impaired at the end of 2024
and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-418": { "value": "9. Intangible assets
Acquired intangibles
Internally
generated Computer
Customer development software
\u00a3m
Goodwill
relationships
Trade name
costs
costs
Total
Cost:
At 26 August 2023
5.7
2.4
0.2
1.8
2.8
12.9
Additions
\u2013
\u2013
\u2013
0.8
0.1
0.9
Disposals
\u2013
(0.3)
\u2013
\u2013
(0.3)
(0.6)
At 31 August 2024
5.7
2.1
0.2
2.6
2.6
13.2
Accumulated amortisation and impairment:
At 26 August 2023
(5.7)
(2.4)
(0.2)
(0.4)
(2.3)
(11.0)
Amortisation charge
\u2013
\u2013
\u2013
(0.2)
(0.2)
(0.4)
Disposals
\u2013
0.3
\u2013
\u2013
0.3
0.6
At 31 August 2024
(5.7)
(2.1)
(0.2)
(0.6)
(2.2)
(10.8)
Net book value at 31 August 2024
\u2013
\u2013
\u2013
2.0
0.4
2.4
Cost:
At 27 August 2022
5.7
2.4
0.2
3.2
7. 4
18.9
Additions
\u2013
\u2013
\u2013
0.5
0.3
0.8
Disposals
\u2013
\u2013
\u2013
(1.9)
(4.9)
(6.8)
At 26 August 2023
5.7
2.4
0.2
1.8
2.8
12.9
Accumulated amortisation and impairment:
At 27 August 2022
(5.7)
(2.4)
(0.2)
(2.1)
(6.8)
(17. 2)
Amortisation charge
\u2013
\u2013
\u2013
(0.2)
(0.4)
(0.6)
Disposals
\u2013
\u2013
\u2013
1.9
4.9
6.8
At 26 August 2023
(5.7)
(2.4)
(0.2)
(0.4)
(2.3)
(11.0)
Net book value at 26 August 2023
\u2013
\u2013
\u2013
1.4
0.5
1.9
Impairment of goodwill Goodwill is not amortised but has been reviewed annually for impairment. As a result of these reviews goodwill remains fully impaired at the end of 2024 and 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-364": { "value": "9. Intangible assets
Acquired intangibles
Internally
generated Computer
Customer development software
\u00a3m
Goodwill
relationships
Trade name
costs
costs
Total
Cost:
At 26 August 2023
5.7
2.4
0.2
1.8
2.8
12.9
Additions
\u2013
\u2013
\u2013
0.8
0.1
0.9
Disposals
\u2013
(0.3)
\u2013
\u2013
(0.3)
(0.6)
At 31 August 2024
5.7
2.1
0.2
2.6
2.6
13.2
Accumulated amortisation and impairment:
At 26 August 2023
(5.7)
(2.4)
(0.2)
(0.4)
(2.3)
(11.0)
Amortisation charge
\u2013
\u2013
\u2013
(0.2)
(0.2)
(0.4)
Disposals
\u2013
0.3
\u2013
\u2013
0.3
0.6
At 31 August 2024
(5.7)
(2.1)
(0.2)
(0.6)
(2.2)
(10.8)
Net book value at 31 August 2024
\u2013
\u2013
\u2013
2.0
0.4
2.4
Cost:
At 27 August 2022
5.7
2.4
0.2
3.2
7. 4
18.9
Additions
\u2013
\u2013
\u2013
0.5
0.3
0.8
Disposals
\u2013
\u2013
\u2013
(1.9)
(4.9)
(6.8)
At 26 August 2023
5.7
2.4
0.2
1.8
2.8
12.9
Accumulated amortisation and impairment:
At 27 August 2022
(5.7)
(2.4)
(0.2)
(2.1)
(6.8)
(17. 2)
Amortisation charge
\u2013
\u2013
\u2013
(0.2)
(0.4)
(0.6)
Disposals
\u2013
\u2013
\u2013
1.9
4.9
6.8
At 26 August 2023
(5.7)
(2.4)
(0.2)
(0.4)
(2.3)
(11.0)
Net book value at 26 August 2023
\u2013
\u2013
\u2013
1.4
0.5
1.9
Impairment of goodwill Goodwill is not amortised but has been reviewed annually for impairment. As a result of these reviews goodwill remains fully impaired at the end of 2024 and 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-366": { "value": "
10. Property, plant and equipment
Land and buildings
Long-term Short-term
leasehold leasehold Fixtures Equipment
\u00a3m improvements improvements and fittings
and vehicles
Total
Cost:
At 26 August 2023
0.2
9.2
3.5
17.0
29.9
Additions
\u2013
1.4
0.1
1.6
3.1
Disposals
(0.2)
(0.9)
(0.4)
(2.8)
(4.3)
At 31 August 2024
\u2013
9.7
3.2
15.8
28.7
Accumulated depreciation:
At 26 August 2023
(0.2)
(6.8)
(1.7)
(12.4)
(21.1)
Depreciation charge
\u2013
(0.5)
(0.3)
(1.4)
(2.2)
Disposals
0.2
0.9
0.4
2.8
4.3
At 31 August 2024
\u2013
(6.4)
(1.6)
(11.0)
(19.0)
Net book value at 31 August 2024
\u2013
3.3
1.6
4.8
9.7
Cost:
At 27 August 2022
0.2
10.5
3.0
23.0
36.7
Additions
\u2013
1.0
0.9
0.5
2.4
Disposals
\u2013
(2.3)
(0.4)
(6.5)
(9.2)
At 26 August 2023
0.2
9.2
3.5
17.0
29.9
Accumulated depreciation:
At 27 August 2022
(0.2)
(8.7)
(1.8)
(17.4)
(28.1)
Depreciation charge
\u2013
(0.4)
(0.5)
(1.3)
(2.2)
Disposals
\u2013
2.3
0.6
6.3
9.2
At 26 August 2023
(0.2)
(6.8)
(1.7)
(12.4)
(21.1)
Net book value at 26 August 2023
\u2013
2.4
1.8
4.6
8.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-367": { "value": "
11. Interests in joint ventures
\u00a3m
2024
2023
At 27/28 August
4.4
4.2
Additions
\u2013
0.3
Share of profit
0.1
0.1
Impairment reversal
0.3
\u2013
Dividends received
(0.2)
(0.2)
At 31/26 August
4.6
4.4
The joint ventures listed below have share capital consisting solely of ordinary shares, which are held directly by the Group.
Nature of investments in joint ventures
Company name/(number)
Share class
Group %
Registered address
Measurement method
Rascal Solutions Limited
Ordinary A Shares
50%
Silbury Court, 420 Silbury Boulevard,
Equity method
05191277 Milton Keynes MK9 2AF
Bluebox Systems Group
Ordinary A Shares
31.8%
Estantia House, Pitreavie Drive, Pitreavie
Equity method
Limited SC544863 Business Park, Dunfermline,
Fife KY11 8US
Fresh On The Go Limited
Ordinary Shares
30%
61 Bridge Street,
Equity method
08775703 Kington, HR5 3DJ
Lucid Digital Magazines
Ordinary Shares
50%
Rowan House Cherry Orchard North,
Equity method
Limited t/a LoveMedia Kembrey Park, Swindon,
12738320 England, SN2 8UH
The Group owns 50% of the ordinary shares of Rascal Solutions Limited, a company incorporated in England, which in turn owns 100% of the ordinary shares of Open-Projects Limited. The latest statutory accounts of Rascal Solutions Limited were drawn up to 31 August 2023. Rascal Solutions Limited provides retail support services and is a strategic partnership for the Group to provide additional services to its existing customers. Bluebox Systems Group Limited is the holding company of Bluebox Aviation Systems Ltd, the principal activity of which is the sale of innovative in-flight entertainment systems. This business is a strategic partnership with DMD which also provides inflight media to the aviation industry. Fresh On The Go Limited provides retail outlets with coffee vending and other related products. During the prior period, the Group purchased 50% of the ordinary shares in Lucid Digital Magazines Limited trading as LoveMedia, a company incorporated in England. LoveMedia provides single use downloads and subscriptions of digital newspapers and magazines to consumers. The Group holds working capital loans of \u00a30.3m (2023: \u00a30.3m) to LoveMedia, which is presented within other debtors. During the current period these loans were fully impaired with losses recognised within net losses from joint ventures. There are no other commitments relating to its joint ventures. All joint ventures are private companies and there is no quoted market price available for their shares. Dividends of \u00a30.2m (2023: \u00a30.2m) were received in the period from joint ventures. Rascal Solutions Limited investment During the period Rascal Solutions Limited (Rascal) recorded a profit of \u00a30.3m (2023: \u00a30.5m). The Group holds \u00a34.6m (2023: \u00a34.2m) on the balance sheet comprising a \u00a32.2m (2023: \u00a31.8m) share of net assets and \u00a32.4m (2023: \u00a32.4m) of goodwill. Goodwill represents the difference between the fair value of the share of the net assets acquired and the amount paid, and forms part of the investment in the joint venture. During the period, the Company reviewed the business plan for the Rascal Joint Venture considering the cumulative previous impairment recognised of \u00a30.3m (2023: \u00a30.3m). The current period impairment review was performed, resulting in a value in use of \u00a35.5m being calculated based on future cash flows of the Rascal business. These cash flows were discounted at a post-tax discount rate of 13.2% and a pre-tax discount rate of 17.6% (2023: 13.6% post-tax discount rate and pre-tax discount rate of 18.1%) and a terminal growth rate applied of 0% (2023: 0%). As a result, the remaining impairment of \u00a30.3m was reversed and the investment is now held at cost plus its accumulated share of net assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-368": { "value": "
12. Inventories
\u00a3m
2024
2023
Goods held for resale
22.0
17.5
Raw materials and consumables
0.1
0.2
Total
22.1
17.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-369": { "value": "
13. Trade and other receivables
\u00a3m
2024
2023
Trade receivables
76.4
73.5
Provision for individually assessed expected credit losses
(1)
(3.8)
(4.4)
Provision for collectively assessed expected credit losses
(0.1)
(0.1)
72.5
69.0
Other debtors
26.4
29.4
Prepayments
1.8
1.1
Accrued income
1.4
1.6
Trade and other receivables
102.1
101.1
(1) Net impairment loss on trade receivables \u2013 McColl\u2019s Retail Group
During the period ended 27 August 2022, the Company received notice that McColl\u2019s Retail Group had gone into administration. A statement of claim
was filed with the administrators for an amount of \u00a35.5m. The latest notification issued from the administrators on 7 June 2024 stated that unsecured
creditors can be expected to receive between 30-50% (2023: 20-50%) of approved claims. Management has maintained a best estimate that only 30%
(2023: 20%) of the outstanding balance is recoverable. The Company has therefore reduced the provision to \u00a33.8m (2023: \u00a34.4m), representing 70%
(2023: 80%) of the total balance of \u00a35.5m (2023: \u00a35.5m). For more information see Note 4.
The expected credit loss provision of \u00a33.8m (2023: \u00a34.4m) has been allocated to \u2018over 90 days overdue\u2019 (2023: over 90 days overdue), matching the
ageing profile of the \u00a35.5m total receivable due.
If the Company had considered 50% (2023: 50%) of the total balance of \u00a35.5m to be recoverable in line with the upper range of the administrator\u2019s
estimate, the provision recognised would have been \u00a32.7m (2023: \u00a32.7m), allocated to \u2018over 90 days overdue\u2019 (2023: over 90 days overdue).
On 31 October 2024, \u00a31.6m was received from the administrators as an interim dividend on the statement of claim filed.
Trade receivables
The average credit period taken on sale is 32 days (2023: 27 days). Trade receivables are generally non-interest bearing.
The following table provides information about the Group\u2019s exposure to credit risk and expected credit losses held against customer balances:
2024
2023
Gross Individually Collectively Net Gross Individually Collectively Net
carrying assessed assessed carrying carrying assessed assessed carrying
\u00a3m amount ECL ECL amount amount ECL ECL amount
Current (not overdue)
70.4
\u2013
(0.1)
70.3
67. 8
\u2013
(0.1)
67.7
30-60 days overdue
0.1
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
61-90 days overdue
0.1
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
Over 90 days overdue
5.8
(3.8)
\u2013
2.1
5.7
(4.4)
\u2013
1.3
Total
76.4
(3.8)
(0.1)
72.5
73.5
(4.4)
(0.1)
69.0
The following table provides information about the Group\u2019s loss rates applied against customer balances:
%
2024
2023
Current (not overdue)
<0.1
<0.1
30-60 days overdue
<0.1
<0.1
61-90 days overdue
<0.1
<0.1
Over 90 days overdue
70.0
80.0
Of the trade receivables balance at the end of the year:
\u2022 two customers (2023: three) had individual balances that represented more than 10% of the total trade receivables balance. The total of these was
\u00a320.9m (2023: \u00a330.3m); and
\u2022 a further three customers (2023: two) had individual balances that represented more than 5% of the total trade receivables balance. The total of these
was \u00a316.9m (2023: \u00a39.0m).
The movement in provision for expected credit losses for the period is detailed below:
\u00a3m
Note
2024
2023
At 27/28 August
4.5
4.5
Expected credit losses recognised
0.1
0.1
Reversal of individually assessed credit losses
3
(0.6)
\u2013
Amounts written off as uncollectible
(0.1)
(0.1)
At 31/26 August
3.9
4.5
The directors consider that the carrying amount of trade and other receivables approximates their fair value which is considered to be a level 2
methodology of valuing them. The inputs used to measure fair value are categorised into different levels of the fair value hierarchy (levels 1 to 3).
The fair value measurement is categorised in its entirety in the level of the lowest level input that is significant to the entire measurement.
Default occurs when the debt becomes overdue by 90 days.
The Group performed sensitivity analysis on the expected credit loss (excluding losses in respect of McColl\u2019s Retail Group) and should the default rate
change from expected:
\u2022 An increase in default rate by 2% would increase the expected credit loss by \u00a31.4m.
\u2022 A decrease in default rate by 2% would result in no credit losses.
\u2022 An increase in default rate by 5% would increase the expected credit loss by \u00a33.4m.
\u2022 A decrease in default rate would result in no credit losses.
Other debtors and prepayments
The largest items included within this balance are returns reserve asset of \u00a316.9m (2023: \u00a316.8m) (refer to Note 1, section 6) and \u00a38.0m (2023: \u00a39.8m)
of publisher debtors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-401": { "value": "
\u00a3m
2024
2023
Trade receivables
76.4
73.5
Provision for individually assessed expected credit losses
(1)
(3.8)
(4.4)
Provision for collectively assessed expected credit losses
(0.1)
(0.1)
72.5
69.0
Other debtors
26.4
29.4
Prepayments
1.8
1.1
Accrued income
1.4
1.6
Trade and other receivables
102.1
101.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-400": { "value": "Trade receivables The average credit period taken on sale is 32 days (2023: 27 days). Trade receivables are generally non-interest bearing. The following table provides information about the Group\u2019s exposure to credit risk and expected credit losses held against customer balances:
2024
2023
Gross Individually Collectively Net Gross Individually Collectively Net
carrying assessed assessed carrying carrying assessed assessed carrying
\u00a3m amount ECL ECL amount amount ECL ECL amount
Current (not overdue)
70.4
\u2013
(0.1)
70.3
67. 8
\u2013
(0.1)
67.7
30-60 days overdue
0.1
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
61-90 days overdue
0.1
\u2013
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
Over 90 days overdue
5.8
(3.8)
\u2013
2.1
5.7
(4.4)
\u2013
1.3
Total
76.4
(3.8)
(0.1)
72.5
73.5
(4.4)
(0.1)
69.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-370": { "value": "
14. Trade and other payables
\u00a3m
2024
2023
Trade payables
(88.4)
(101.0)
Other creditors
(32.6)
(34.0)
Accruals
(7.4)
(6.4)
Deferred income
(0.1)
(0.1)
(128.5)
(141.5)
Included within other creditors is a balance of \u00a319.8m (2023: \u00a319.7m) relating to the returns reserve accrual. (Refer to Note 1, section 6.)
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade
purchases is 33 days (2023: 32 days). No interest is charged on trade payables. The directors consider that the carrying amount of trade and other
payables approximates to their fair value using a level 2 valuation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-402": { "value": "
\u00a3m
2024
2023
Trade payables
(88.4)
(101.0)
Other creditors
(32.6)
(34.0)
Accruals
(7.4)
(6.4)
Deferred income
(0.1)
(0.1)
(128.5)
(141.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-419": { "value": "
\u00a3m
2024
2023
Trade payables
(88.4)
(101.0)
Other creditors
(32.6)
(34.0)
Accruals
(7.4)
(6.4)
Deferred income
(0.1)
(0.1)
(128.5)
(141.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-403": { "value": "
15. Cash and borrowings
Cash and borrowings by currency (sterling equivalent) were as follows:
Total
\u00a3m
Sterling
Euro
US Dollar
Other
2024
2023
Cash and cash equivalents
6.4
0.3
0.2
0.1
7.0
37.3
Revolving credit facility
(18.0)
\u2013
\u2013
\u2013
(18.0)
\u2013
Term loan \u2013 current liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(10.0)
Term loan \u2013 non-current liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(31.5)
Unamortised arrangement fees \u2013
0.4
\u2013
\u2013
\u2013
0.4
1.3
presented in non-current liabilities
Total borrowings
(17.6)
\u2013
\u2013
\u2013
(17.6)
(40.2)
Net borrowings
(11.2)
0.3
0.2
0.1
(10.6)
(2.9)
Total borrowings
Due for settlement within 12 months
\u2013
\u2013
\u2013
\u2013
\u2013
(10.0)
Due for settlement after 12 months
(17.6)
\u2013
\u2013
\u2013
(17.6)
(30.2)
Total
(17.6)
\u2013
\u2013
\u2013
(17.6)
(40.2)
Cash and cash equivalents comprise cash held by the Company and short-term bank deposits with an original maturity of three months or less. The
carrying amount of these assets approximates their fair value.
In May 2024, an agreement was signed to extend and amend the existing financing arrangements. The original facility, which was due to expire in
August 2025, has been extended to a final maturity date of 2 May 2027. The facility comprised an initial \u00a340.0m amortising Revolving Credit Facility
(RCF) with a \u00a310.0m accordion option. The agreement is with HSBC and Santander.
At the year end the RCF was \u00a318.0m. The total available amount is \u00a340.0m for the life of the facility. As part of the terms of the financing, the Company
and its principal trading subsidiaries have agreed to provide security over their assets to the lenders. The current rate on the facility is 2.45% per annum
over SONIA (in respect of the RCF).
At 31 August 2024, the Company had \u00a322.0m (2023: \u00a322.5m) of undrawn committed borrowing facilities in respect of which all conditions precedent
had been met. This is partially reduced by letters of credit of \u00a31.5m (2023: \u00a31.5m); further details are included in Note 20.
Reconciliation of liabilities arising from financing activities
The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising
from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated statement of cash flows
as cash flows from financing activities.
27 August Financing Other 31 August
\u00a3m
Note
2023
cash flows
New leases
changes 2024
2024
Revolving credit facility
16
\u2013
18.0
\u2013
(0.4)
17.6
Term loan
16
40.2
(41.5)
\u2013
1.3
\u2013
Leases
23.2
(7.9)
11.2
4.4
30.9
Total
63.4
(31.4)
11.2
5.3
48.5
28 August Financing Other 26 August
\u00a3m
Note
2022
cash flows
New leases
changes 2023
2023
Term loan
16
47.1
(11.9)
\u2013
5.0
40.2
Leases
27.6
(7.5)
1.7
1.4
23.2
Total
74.7
(19.4)
1.7
6.4
63.4
Other changes include rent increases, interest accruals and the amortisation of loan fees.
Analysis of net debt
\u00a3m
Note
2024
2023
Cash and cash equivalents
16
7.0
37.3
Current borrowings
16
\u2013
(10.0)
Non-current borrowings
16
(17.6)
(30.2)
Net borrowings
(10.6)
(2.9)
Lease liabilities
17
(30.9)
(23.2)
Net debt
(41.5)
(26.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-371": { "value": "15. Cash and borrowings Cash and borrowings by currency (sterling equivalent) were as follows:
Total
\u00a3m
Sterling
Euro
US Dollar
Other
2024
2023
Cash and cash equivalents
6.4
0.3
0.2
0.1
7.0
37.3
Revolving credit facility
(18.0)
\u2013
\u2013
\u2013
(18.0)
\u2013
Term loan \u2013 current liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(10.0)
Term loan \u2013 non-current liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(31.5)
Unamortised arrangement fees \u2013
0.4
\u2013
\u2013
\u2013
0.4
1.3
presented in non-current liabilities
Total borrowings
(17.6)
\u2013
\u2013
\u2013
(17.6)
(40.2)
Net borrowings
(11.2)
0.3
0.2
0.1
(10.6)
(2.9)
Total borrowings
Due for settlement within 12 months
\u2013
\u2013
\u2013
\u2013
\u2013
(10.0)
Due for settlement after 12 months
(17.6)
\u2013
\u2013
\u2013
(17.6)
(30.2)
Total
(17.6)
\u2013
\u2013
\u2013
(17.6)
(40.2)
Cash and cash equivalents comprise cash held by the Company and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. In May 2024, an agreement was signed to extend and amend the existing financing arrangements. The original facility, which was due to expire in August 2025, has been extended to a final maturity date of 2 May 2027. The facility comprised an initial \u00a340.0m amortising Revolving Credit Facility (RCF) with a \u00a310.0m accordion option. The agreement is with HSBC and Santander. At the year end the RCF was \u00a318.0m. The total available amount is \u00a340.0m for the life of the facility. As part of the terms of the financing, the Company and its principal trading subsidiaries have agreed to provide security over their assets to the lenders. The current rate on the facility is 2.45% per annum over SONIA (in respect of the RCF). At 31 August 2024, the Company had \u00a322.0m (2023: \u00a322.5m) of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. This is partially reduced by letters of credit of \u00a31.5m (2023: \u00a31.5m); further details are included in Note 20. Reconciliation of liabilities arising from financing activities The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated statement of cash flows as cash flows from financing activities.
27 August Financing Other 31 August
\u00a3m
Note
2023
cash flows
New leases
changes 2024
2024
Revolving credit facility
16
\u2013
18.0
\u2013
(0.4)
17.6
Term loan
16
40.2
(41.5)
\u2013
1.3
\u2013
Leases
23.2
(7.9)
11.2
4.4
30.9
Total
63.4
(31.4)
11.2
5.3
48.5
28 August Financing Other 26 August
\u00a3m
Note
2022
cash flows
New leases
changes 2023
2023
Term loan
16
47.1
(11.9)
\u2013
5.0
40.2
Leases
27.6
(7.5)
1.7
1.4
23.2
Total
74.7
(19.4)
1.7
6.4
63.4
Other changes include rent increases, interest accruals and the amortisation of loan fees.
Analysis of net debt
\u00a3m
Note
2024
2023
Cash and cash equivalents
16
7.0
37.3
Current borrowings
16
\u2013
(10.0)
Non-current borrowings
16
(17.6)
(30.2)
Net borrowings
(10.6)
(2.9)
Lease liabilities
17
(30.9)
(23.2)
Net debt
(41.5)
(26.1)
16. Financial instruments
Treasury policy
The Group operates a centralised treasury function to manage the Group\u2019s funding requirements and financial risks in line with the Board-approved
treasury policies and procedures and their delegated authorities. The role of Treasury is to ensure that appropriate financing is available for running the
businesses of the Group on a day-to-day basis, whilst minimising interest cost. No transactions of a speculative nature are undertaken. Dealings are
restricted to those banks with suitable credit ratings and counterparty risk and credit exposure is monitored frequently.
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to
stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the
borrowings, cash and cash equivalents as disclosed in Note 15 and equity attributable to equity holders of the parent, comprising issued capital,
reserves and retained earnings as disclosed in the Group statement of changes in equity.
The only externally imposed capital requirements for the Group are Bank Net Debt to Bank EBITDA and interest cover under the terms of the banking
facilities. The Group has fully complied during both the current year and the prior year. To maintain or adjust its capital structure, the Group may adjust
the dividend payment to shareholders and/or issue new shares. In the prior period there was a cap on dividends of \u00a310.0m under the banking facility;
subject to all the covenants. As part of the refinancing in May 2024, this restriction was removed.
The Board regularly reviews the capital structure. As part of this review, the Board considers the cost of capital, and the risks associated with each
class of capital. We expect free cash from operations to be sufficient to manage net debt while also maintaining an attractive total shareholder return.
The Group is targeting a reduced Bank Net Debt: Bank EBITDA ratio of 0.5x during 2025, achieved through managing free cash from operations. The
Group\u2019s facilities include a \u2018frozen GAAP\u2019 clause in relation to IAS 17 and Bank Net Debt: Bank EBITDA is stated on this basis.
Liquidity risk
The Group manages liquidity risk by maintaining adequate reserves and banking facilities and by monitoring forecast and actual cash flows.
The facilities that the Group has at its disposal to further reduce liquidity risk are described below.
As at 31 August 2024, the Group had \u00a340m of committed bank facilities in place (2023: \u00a364.0m). Bank facilities comprised a \u00a340.0m revolving credit
facility (RCF), which expires on 2 May 2027.
The facility described above is subject to the following covenants which are subject to a \u2018frozen GAAP\u2019 clause:
\u2022 Leverage cover \u2013 the Bank Net Debt: Bank EBITDA ratio which must remain below 2.5x, increasing from 1.5x on 2 May 2024. At 31 August 2024 the
ratio was 0.3x (2023: 0.1x);
\u2022 Interest cover \u2013 the consolidated net interest: Bank EBITDA ratio which must remain above 4x. As at 31 August 2024 the ratio was 17.9x (2023: 10.5x);
and
\u2022 Guarantor cover \u2013 the annual turnover, gross assets and pre-tax profits of the guarantors under the banking facilities contribute, at any time, 90% or
more of the annual consolidated turnover, gross assets and pre-tax profits of the Group for each of its financial years. The guarantors, which are all
100% owned or wholly owned subsidiaries of Smiths News plc, comprise Smiths News plc, Smiths News Holdings Limited, and Smiths News Trading
Limited. The fixed charge cover requirement was removed on 2 May 2024.
At 31 August 2024, the Group had available \u00a320.5m (2023: \u00a321.0m) of undrawn committed borrowing facilities comprising the \u00a322.0m (2023: \u00a322.5m)
RCF above less letters of credit of \u00a31.5m (2023: \u00a31.5m); and a \u00a310m Accordion facility, option further details are included in Note 22. There were no
breaches of loan agreements during either the current or prior years.
As the Group is cash generative its liquidity risk is considered low. The Group\u2019s cash generation allows it to meet all loan commitments as they fall due
as well as sustain a negative working capital position.
The Group invests significant resources in the forecasting and management of its cash flows. This is critical given a routine cash cycle at Smiths News
that results in significant predictable swings within each month; the Group\u2019s average gross borrowing for the past year was \u00a326.7m (2023: \u00a345.4m).
The Group has available funding via the undrawn RCF and a \u00a310m accordion facility option.
The following is an analysis of the undiscounted contractual cash flows payable under non-derivative financial liabilities. The undiscounted cash flows will differ from both the carrying value and fair value. Floating rate interest is estimated using the prevailing rate at the balance sheet date.
Due Due
between between Greater
Due within 1 and 2 and than
\u00a3m 1 year 2 years 3 years
3 years
Total
At 31 August 2024
Bank and other borrowings
(18.0)
\u2013
\u2013
\u2013
(18.0)
Trade and other payables
(128.5)
\u2013
\u2013
\u2013
(128.5)
Leases
(7.6)
(6.8)
(6.0)
(19.8)
(40.2)
Total
(154.1)
(6.8)
(6.0)
(19.8)
(186.7)
At 26 August 2023
Bank and other borrowings
(10.0)
(10.0)
(21.5)
\u2013
(41.5)
Trade and other payables
(141.5)
\u2013
\u2013
\u2013
(141.5)
Leases
(6.1)
(5.1)
(4.4)
(12.0)
(27.6)
Total
(157.6)
(15.1)
(25.9)
(12.0)
(210.6)
Counterparty risk Dealings are restricted to those banks with suitable credit ratings and counterparty risk and credit exposure is monitored. Foreign currency risk \u2022 The majority of the Group\u2019s transactions are carried out in the functional currencies of its operations, and so transactional exposure is limited. \u2022 The majority of the Group\u2019s net liabilities are held in Sterling, with \u00a30.6m (2023: \u00a30.6m) of net assets held in overseas currencies. Translation exposure arises on the retranslation of overseas subsidiaries\u2019 profits and net assets into Sterling for financial reporting purposes and is not seen as significant. \u2022 Note 15 denotes borrowings by currency, with no material currency exposures to disclose. Interest rate risk The Group monitors its exposure to interest rate in light of the Group\u2019s debt exposure, consideration of the macroeconomic environment and sensitivity to potential interest rate rises. The Group avoids the use of derivatives or other financial instruments in circumstances when the outcome would effectively be largely dependent upon speculation on future rate movements. Interest rate sensitivity analysis Based on the assumption that the liabilities outstanding at the balance sheet date were outstanding for the whole year, if interest rates had been 0.5% higher/lower and all other variables were held constant, the Group\u2019s profit and equity for the 53 weeks ending 31 August 2024 would decrease/increase by \u00a30.1m (2023: \u00a30.2m). Credit risk The Group considers its exposure to credit risk to be as follows:
\u00a3m
2024
2023
Bank deposits
7.0
37.3
Trade and other receivables
98.9
98.4
105.9
135.7
Further detail on the Group\u2019s policy relating to trade receivables and other receivables can be found in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-420": { "value": "15. Cash and borrowings Cash and borrowings by currency (sterling equivalent) were as follows:
Total
\u00a3m
Sterling
Euro
US Dollar
Other
2024
2023
Cash and cash equivalents
6.4
0.3
0.2
0.1
7.0
37.3
Revolving credit facility
(18.0)
\u2013
\u2013
\u2013
(18.0)
\u2013
Term loan \u2013 current liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(10.0)
Term loan \u2013 non-current liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(31.5)
Unamortised arrangement fees \u2013
0.4
\u2013
\u2013
\u2013
0.4
1.3
presented in non-current liabilities
Total borrowings
(17.6)
\u2013
\u2013
\u2013
(17.6)
(40.2)
Net borrowings
(11.2)
0.3
0.2
0.1
(10.6)
(2.9)
Total borrowings
Due for settlement within 12 months
\u2013
\u2013
\u2013
\u2013
\u2013
(10.0)
Due for settlement after 12 months
(17.6)
\u2013
\u2013
\u2013
(17.6)
(30.2)
Total
(17.6)
\u2013
\u2013
\u2013
(17.6)
(40.2)
Cash and cash equivalents comprise cash held by the Company and short-term bank deposits with an original maturity of three months or less. The carrying amount of these assets approximates their fair value. In May 2024, an agreement was signed to extend and amend the existing financing arrangements. The original facility, which was due to expire in August 2025, has been extended to a final maturity date of 2 May 2027. The facility comprised an initial \u00a340.0m amortising Revolving Credit Facility (RCF) with a \u00a310.0m accordion option. The agreement is with HSBC and Santander. At the year end the RCF was \u00a318.0m. The total available amount is \u00a340.0m for the life of the facility. As part of the terms of the financing, the Company and its principal trading subsidiaries have agreed to provide security over their assets to the lenders. The current rate on the facility is 2.45% per annum over SONIA (in respect of the RCF). At 31 August 2024, the Company had \u00a322.0m (2023: \u00a322.5m) of undrawn committed borrowing facilities in respect of which all conditions precedent had been met. This is partially reduced by letters of credit of \u00a31.5m (2023: \u00a31.5m); further details are included in Note 20. Reconciliation of liabilities arising from financing activities The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated statement of cash flows as cash flows from financing activities.
27 August Financing Other 31 August
\u00a3m
Note
2023
cash flows
New leases
changes 2024
2024
Revolving credit facility
16
\u2013
18.0
\u2013
(0.4)
17.6
Term loan
16
40.2
(41.5)
\u2013
1.3
\u2013
Leases
23.2
(7.9)
11.2
4.4
30.9
Total
63.4
(31.4)
11.2
5.3
48.5
28 August Financing Other 26 August
\u00a3m
Note
2022
cash flows
New leases
changes 2023
2023
Term loan
16
47.1
(11.9)
\u2013
5.0
40.2
Leases
27.6
(7.5)
1.7
1.4
23.2
Total
74.7
(19.4)
1.7
6.4
63.4
Other changes include rent increases, interest accruals and the amortisation of loan fees.
\u00a3m
Note
2024
2023
Cash and cash equivalents
16
7.0
37.3
Current borrowings
16
\u2013
(10.0)
Non-current borrowings
16
(17.6)
(30.2)
Net borrowings
(10.6)
(2.9)
Lease liabilities
17
(30.9)
(23.2)
Net debt
(41.5)
(26.1)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-434": { "value": "Reconciliation of liabilities arising from financing activities The table below details changes in the Group\u2019s liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the Group\u2019s consolidated statement of cash flows as cash flows from financing activities.
27 August Financing Other 31 August
\u00a3m
Note
2023
cash flows
New leases
changes 2024
2024
Revolving credit facility
16
\u2013
18.0
\u2013
(0.4)
17.6
Term loan
16
40.2
(41.5)
\u2013
1.3
\u2013
Leases
23.2
(7.9)
11.2
4.4
30.9
Total
63.4
(31.4)
11.2
5.3
48.5
28 August Financing Other 26 August
\u00a3m
Note
2022
cash flows
New leases
changes 2023
2023
Term loan
16
47.1
(11.9)
\u2013
5.0
40.2
Leases
27.6
(7.5)
1.7
1.4
23.2
Total
74.7
(19.4)
1.7
6.4
63.4
Other changes include rent increases, interest accruals and the amortisation of loan fees.", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-404": { "value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings, cash and cash equivalents as disclosed in Note 15 and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the Group statement of changes in equity. The only externally imposed capital requirements for the Group are Bank Net Debt to Bank EBITDA and interest cover under the terms of the banking facilities. The Group has fully complied during both the current year and the prior year. To maintain or adjust its capital structure, the Group may adjust the dividend payment to shareholders and/or issue new shares. In the prior period there was a cap on dividends of \u00a310.0m under the banking facility; subject to all the covenants. As part of the refinancing in May 2024, this restriction was removed. The Board regularly reviews the capital structure. As part of this review, the Board considers the cost of capital, and the risks associated with each class of capital. We expect free cash from operations to be sufficient to manage net debt while also maintaining an attractive total shareholder return. The Group is targeting a reduced Bank Net Debt: Bank EBITDA ratio of 0.5x during 2025, achieved through managing free cash from operations. The Group\u2019s facilities include a \u2018frozen GAAP\u2019 clause in relation to IAS 17 and Bank Net Debt: Bank EBITDA is stated on this basis. Liquidity risk The Group manages liquidity risk by maintaining adequate reserves and banking facilities and by monitoring forecast and actual cash flows. The facilities that the Group has at its disposal to further reduce liquidity risk are described below. As at 31 August 2024, the Group had \u00a340m of committed bank facilities in place (2023: \u00a364.0m). Bank facilities comprised a \u00a340.0m revolving credit facility (RCF), which expires on 2 May 2027. The facility described above is subject to the following covenants which are subject to a \u2018frozen GAAP\u2019 clause: \u2022 Leverage cover \u2013 the Bank Net Debt: Bank EBITDA ratio which must remain below 2.5x, increasing from 1.5x on 2 May 2024. At 31 August 2024 the ratio was 0.3x (2023: 0.1x); \u2022 Interest cover \u2013 the consolidated net interest: Bank EBITDA ratio which must remain above 4x. As at 31 August 2024 the ratio was 17.9x (2023: 10.5x); and \u2022 Guarantor cover \u2013 the annual turnover, gross assets and pre-tax profits of the guarantors under the banking facilities contribute, at any time, 90% or more of the annual consolidated turnover, gross assets and pre-tax profits of the Group for each of its financial years. The guarantors, which are all 100% owned or wholly owned subsidiaries of Smiths News plc, comprise Smiths News plc, Smiths News Holdings Limited, and Smiths News Trading Limited. The fixed charge cover requirement was removed on 2 May 2024. At 31 August 2024, the Group had available \u00a320.5m (2023: \u00a321.0m) of undrawn committed borrowing facilities comprising the \u00a322.0m (2023: \u00a322.5m) RCF above less letters of credit of \u00a31.5m (2023: \u00a31.5m); and a \u00a310m Accordion facility, option further details are included in Note 22. There were no breaches of loan agreements during either the current or prior years. As the Group is cash generative its liquidity risk is considered low. The Group\u2019s cash generation allows it to meet all loan commitments as they fall due as well as sustain a negative working capital position. The Group invests significant resources in the forecasting and management of its cash flows. This is critical given a routine cash cycle at Smiths News that results in significant predictable swings within each month; the Group\u2019s average gross borrowing for the past year was \u00a326.7m (2023: \u00a345.4m). The Group has available funding via the undrawn RCF and a \u00a310m accordion facility option. The following is an analysis of the undiscounted contractual cash flows payable under non-derivative financial liabilities. The undiscounted cash flows will differ from both the carrying value and fair value. Floating rate interest is estimated using the prevailing rate at the balance sheet date.
Due Due
between between Greater
Due within 1 and 2 and than
\u00a3m 1 year 2 years 3 years
3 years
Total
At 31 August 2024
Bank and other borrowings
(18.0)
\u2013
\u2013
\u2013
(18.0)
Trade and other payables
(128.5)
\u2013
\u2013
\u2013
(128.5)
Leases
(7.6)
(6.8)
(6.0)
(19.8)
(40.2)
Total
(154.1)
(6.8)
(6.0)
(19.8)
(186.7)
At 26 August 2023
Bank and other borrowings
(10.0)
(10.0)
(21.5)
\u2013
(41.5)
Trade and other payables
(141.5)
\u2013
\u2013
\u2013
(141.5)
Leases
(6.1)
(5.1)
(4.4)
(12.0)
(27.6)
Total
(157.6)
(15.1)
(25.9)
(12.0)
(210.6)
Counterparty risk Dealings are restricted to those banks with suitable credit ratings and counterparty risk and credit exposure is monitored. Foreign currency risk \u2022 The majority of the Group\u2019s transactions are carried out in the functional currencies of its operations, and so transactional exposure is limited. \u2022 The majority of the Group\u2019s net liabilities are held in Sterling, with \u00a30.6m (2023: \u00a30.6m) of net assets held in overseas currencies. Translation exposure arises on the retranslation of overseas subsidiaries\u2019 profits and net assets into Sterling for financial reporting purposes and is not seen as significant. \u2022 Note 15 denotes borrowings by currency, with no material currency exposures to disclose. Interest rate risk The Group monitors its exposure to interest rate in light of the Group\u2019s debt exposure, consideration of the macroeconomic environment and sensitivity to potential interest rate rises. The Group avoids the use of derivatives or other financial instruments in circumstances when the outcome would effectively be largely dependent upon speculation on future rate movements. Interest rate sensitivity analysis Based on the assumption that the liabilities outstanding at the balance sheet date were outstanding for the whole year, if interest rates had been 0.5% higher/lower and all other variables were held constant, the Group\u2019s profit and equity for the 53 weeks ending 31 August 2024 would decrease/increase by \u00a30.1m (2023: \u00a30.2m). Credit risk The Group considers its exposure to credit risk to be as follows:
\u00a3m
2024
2023
Bank deposits
7.0
37.3
Trade and other receivables
98.9
98.4
105.9
135.7
Further detail on the Group\u2019s policy relating to trade receivables and other receivables can be found in Note 13.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-421": { "value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings, cash and cash equivalents as disclosed in Note 15 and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in the Group statement of changes in equity. The only externally imposed capital requirements for the Group are Bank Net Debt to Bank EBITDA and interest cover under the terms of the banking facilities. The Group has fully complied during both the current year and the prior year. To maintain or adjust its capital structure, the Group may adjust the dividend payment to shareholders and/or issue new shares. In the prior period there was a cap on dividends of \u00a310.0m under the banking facility; subject to all the covenants. As part of the refinancing in May 2024, this restriction was removed. The Board regularly reviews the capital structure. As part of this review, the Board considers the cost of capital, and the risks associated with each class of capital. We expect free cash from operations to be sufficient to manage net debt while also maintaining an attractive total shareholder return. The Group is targeting a reduced Bank Net Debt: Bank EBITDA ratio of 0.5x during 2025, achieved through managing free cash from operations. The Group\u2019s facilities include a \u2018frozen GAAP\u2019 clause in relation to IAS 17 and Bank Net Debt: Bank EBITDA is stated on this basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-422": { "value": "Liquidity risk The Group manages liquidity risk by maintaining adequate reserves and banking facilities and by monitoring forecast and actual cash flows. The facilities that the Group has at its disposal to further reduce liquidity risk are described below. As at 31 August 2024, the Group had \u00a340m of committed bank facilities in place (2023: \u00a364.0m). Bank facilities comprised a \u00a340.0m revolving credit facility (RCF), which expires on 2 May 2027. The facility described above is subject to the following covenants which are subject to a \u2018frozen GAAP\u2019 clause: \u2022 Leverage cover \u2013 the Bank Net Debt: Bank EBITDA ratio which must remain below 2.5x, increasing from 1.5x on 2 May 2024. At 31 August 2024 the ratio was 0.3x (2023: 0.1x); \u2022 Interest cover \u2013 the consolidated net interest: Bank EBITDA ratio which must remain above 4x. As at 31 August 2024 the ratio was 17.9x (2023: 10.5x); and \u2022 Guarantor cover \u2013 the annual turnover, gross assets and pre-tax profits of the guarantors under the banking facilities contribute, at any time, 90% or more of the annual consolidated turnover, gross assets and pre-tax profits of the Group for each of its financial years. The guarantors, which are all 100% owned or wholly owned subsidiaries of Smiths News plc, comprise Smiths News plc, Smiths News Holdings Limited, and Smiths News Trading Limited. The fixed charge cover requirement was removed on 2 May 2024. At 31 August 2024, the Group had available \u00a320.5m (2023: \u00a321.0m) of undrawn committed borrowing facilities comprising the \u00a322.0m (2023: \u00a322.5m) RCF above less letters of credit of \u00a31.5m (2023: \u00a31.5m); and a \u00a310m Accordion facility, option further details are included in Note 22. There were no breaches of loan agreements during either the current or prior years. As the Group is cash generative its liquidity risk is considered low. The Group\u2019s cash generation allows it to meet all loan commitments as they fall due as well as sustain a negative working capital position. The Group invests significant resources in the forecasting and management of its cash flows. This is critical given a routine cash cycle at Smiths News that results in significant predictable swings within each month; the Group\u2019s average gross borrowing for the past year was \u00a326.7m (2023: \u00a345.4m). The Group has available funding via the undrawn RCF and a \u00a310m accordion facility option.
The following is an analysis of the undiscounted contractual cash flows payable under non-derivative financial liabilities. The undiscounted cash flows
will differ from both the carrying value and fair value. Floating rate interest is estimated using the prevailing rate at the balance sheet date.
Due Due
between between Greater
Due within 1 and 2 and than
\u00a3m 1 year 2 years 3 years
3 years
Total
At 31 August 2024
Bank and other borrowings
(18.0)
\u2013
\u2013
\u2013
(18.0)
Trade and other payables
(128.5)
\u2013
\u2013
\u2013
(128.5)
Leases
(7.6)
(6.8)
(6.0)
(19.8)
(40.2)
Total
(154.1)
(6.8)
(6.0)
(19.8)
(186.7)
At 26 August 2023
Bank and other borrowings
(10.0)
(10.0)
(21.5)
\u2013
(41.5)
Trade and other payables
(141.5)
\u2013
\u2013
\u2013
(141.5)
Leases
(6.1)
(5.1)
(4.4)
(12.0)
(27.6)
Total
(157.6)
(15.1)
(25.9)
(12.0)
(210.6)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-423": { "value": "
Counterparty risk
Dealings are restricted to those banks with suitable credit ratings and counterparty risk and credit exposure is monitored.
Foreign currency risk
\u2022 The majority of the Group\u2019s transactions are carried out in the functional currencies of its operations, and so transactional exposure is limited.
\u2022 The majority of the Group\u2019s net liabilities are held in Sterling, with \u00a30.6m (2023: \u00a30.6m) of net assets held in overseas currencies. Translation exposure
arises on the retranslation of overseas subsidiaries\u2019 profits and net assets into Sterling for financial reporting purposes and is not seen as significant.
\u2022 Note 15 denotes borrowings by currency, with no material currency exposures to disclose.
Interest rate risk
The Group monitors its exposure to interest rate in light of the Group\u2019s debt exposure, consideration of the macroeconomic environment and sensitivity
to potential interest rate rises. The Group avoids the use of derivatives or other financial instruments in circumstances when the outcome would
effectively be largely dependent upon speculation on future rate movements.
Interest rate sensitivity analysis
Based on the assumption that the liabilities outstanding at the balance sheet date were outstanding for the whole year, if interest rates had been 0.5%
higher/lower and all other variables were held constant, the Group\u2019s profit and equity for the 53 weeks ending 31 August 2024 would decrease/increase
by \u00a30.1m (2023: \u00a30.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-435": { "value": "Interest rate sensitivity analysis Based on the assumption that the liabilities outstanding at the balance sheet date were outstanding for the whole year, if interest rates had been 0.5% higher/lower and all other variables were held constant, the Group\u2019s profit and equity for the 53 weeks ending 31 August 2024 would decrease/increase by \u00a30.1m (2023: \u00a30.2m). ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-424": { "value": "
Credit risk
The Group considers its exposure to credit risk to be as follows:
\u00a3m
2024
2023
Bank deposits
7.0
37.3
Trade and other receivables
98.9
98.4
105.9
135.7
Further detail on the Group\u2019s policy relating to trade receivables and other receivables can be found in Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-372": { "value": "
17. Leases
The balance sheet shows the following right-of-use assets in relation to leases:
Equipment Land and
\u00a3m and vehicles
buildings
Total
Cost:
At 27 August 2023
2.0
38.4
40.4
Additions
0.3
13.3
13.6
Disposals
(0.8)
(2.5)
(3.3)
At 31 August 2024
1.5
49.2
50.7
Accumulated depreciation:
At 27 August 2023
(1.4)
(17.2)
(18.6)
Depreciation charge
(0.3)
(5.6)
(5.9)
Disposals
0.8
2.5
3.3
At 31 August 2024
(0.9)
(20.3)
(21.2)
Net book value at 31 August 2024
0.6
28.9
29.5
Cost:
At 28 August 2022
1.7
42.1
43.8
Additions
0.3
1.4
1.7
Disposals
\u2013
(5.1)
(5.1)
At 26 August 2023
2.0
38.4
40.4
Accumulated depreciation:
At 28 August 2022
(1.0)
(16.5)
(17.5)
Depreciation charge
(0.4)
(6.0)
(6.4)
Disposals
\u2013
5.3
5.3
At 26 August 2023
(1.4)
(17.2)
(18.6)
Net book value at 26 August 2023
0.6
21.2
21.8
Amounts recognised in respect of leases
\u00a3m
2024
2023
Interest expense (included in finance cost)
2.0
1.4
Expense relating to low-value leases (included in cost of sales and administrative expenses)
0.5
0.4
Property rental income
(0.4)
(0.4)
Total cash outflow from leases
7.9
6.5
Maturity analysis of lease liabilities
\u00a3m
2024
2023
Current
(5.5)
(4.9)
Non-current
(25.4)
(18.3)
Total
(30.9)
(23.2)
Amounts recognised as lessor:
At the balance sheet date, the Group had contracted with tenants for the following future minimum lease payments:
\u00a3m
2024
2023
Within one year
0.3
0.2
In the second to fifth years inclusive
0.6
0.6
0.9
0.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-405": { "value": "The balance sheet shows the following right-of-use assets in relation to leases:
Equipment Land and
\u00a3m and vehicles
buildings
Total
Cost:
At 27 August 2023
2.0
38.4
40.4
Additions
0.3
13.3
13.6
Disposals
(0.8)
(2.5)
(3.3)
At 31 August 2024
1.5
49.2
50.7
Accumulated depreciation:
At 27 August 2023
(1.4)
(17.2)
(18.6)
Depreciation charge
(0.3)
(5.6)
(5.9)
Disposals
0.8
2.5
3.3
At 31 August 2024
(0.9)
(20.3)
(21.2)
Net book value at 31 August 2024
0.6
28.9
29.5
Cost:
At 28 August 2022
1.7
42.1
43.8
Additions
0.3
1.4
1.7
Disposals
\u2013
(5.1)
(5.1)
At 26 August 2023
2.0
38.4
40.4
Accumulated depreciation:
At 28 August 2022
(1.0)
(16.5)
(17.5)
Depreciation charge
(0.4)
(6.0)
(6.4)
Disposals
\u2013
5.3
5.3
At 26 August 2023
(1.4)
(17.2)
(18.6)
Net book value at 26 August 2023
0.6
21.2
21.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-425": { "value": "18. Deferred tax Deferred tax assets are attributable to the following:
Other
Share-based temporary
\u00a3m
Fixed assets
payments
differences
Total
At 27 August 2023
0.4
1.0
0.3
1.7
(Charge)/credit to income
(0.4)
\u2013
0.1
(0.3)
Charge to equity
\u2013
(0.1)
\u2013
(0.1)
At 31 August 2024
\u2013
0.9
0.4
1.3
At 28 August 2022
0.6
0.5
\u2013
1.1
(Charge)/credit to income
(0.2)
(0.1)
0.3
\u2013
Credit to equity
\u2013
0.6
\u2013
0.6
At 26 August 2023
0.4
1.0
0.3
1.7
The deferred tax assets have been deemed recoverable as the Group forecasts that it will continue to make profits against which the assets can be utilised for tax purposes. There were no deferred tax liabilities recognised in either reporting period. The Group has capital losses carried forward of \u00a320.2m (2023: \u00a320.2m). Deferred tax assets of \u00a35.1m (2023: \u00a35.1m) have not been recognised in respect of the capital losses carried forward due to the uncertainty of their utilisation. The deferred tax asset at the period end has been calculated based on the rate of 25% substantively enacted at the balance sheet date on the basis that the temporary differences are expected to unwind when that rate applies.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-406": { "value": "18. Deferred tax Deferred tax assets are attributable to the following:
Other
Share-based temporary
\u00a3m
Fixed assets
payments
differences
Total
At 27 August 2023
0.4
1.0
0.3
1.7
(Charge)/credit to income
(0.4)
\u2013
0.1
(0.3)
Charge to equity
\u2013
(0.1)
\u2013
(0.1)
At 31 August 2024
\u2013
0.9
0.4
1.3
At 28 August 2022
0.6
0.5
\u2013
1.1
(Charge)/credit to income
(0.2)
(0.1)
0.3
\u2013
Credit to equity
\u2013
0.6
\u2013
0.6
At 26 August 2023
0.4
1.0
0.3
1.7
The deferred tax assets have been deemed recoverable as the Group forecasts that it will continue to make profits against which the assets can be utilised for tax purposes. There were no deferred tax liabilities recognised in either reporting period. The Group has capital losses carried forward of \u00a320.2m (2023: \u00a320.2m). Deferred tax assets of \u00a35.1m (2023: \u00a35.1m) have not been recognised in respect of the capital losses carried forward due to the uncertainty of their utilisation. The deferred tax asset at the period end has been calculated based on the rate of 25% substantively enacted at the balance sheet date on the basis that the temporary differences are expected to unwind when that rate applies.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-373": { "value": "
19. Provisions
Insurance
Reorganisation and legal Property
\u00a3m provisions provisions
provisions
Total
At 27 August 2023
(1.0)
(0.8)
(4.9)
(6.7)
Charged to income statement
(0.1)
(0.1)
(0.6)
(0.8)
Credited to income statement
\u2013
0.3
0.2
0.5
Utilised in period
0.9
0.1
0.3
1.3
Unwinding of discount utilisation
\u2013
\u2013
(0.2)
(0.2)
At 31 August 2024
(0.2)
(0.5)
(5.2)
(5.9)
\u00a3m
2024
Included within current liabilities
(1.3)
Included within non-current liabilities
(4.6)
Total
(5.9)
Included within non-current liabilities is \u00a34.6m (2023: \u00a34.2m) relating to property provisions.
Reorganisation provisions of \u00a30.2m (2023: \u00a31.0m) relate to the restructure of the DMD business, the Smiths News network and the Group\u2019s
support functions.
Insurance and legal provisions represent the expected future costs of employer\u2019s liability, public liability, motor accident claims and legal claims; included
within the total balance is \u00a30.5m (2023: \u00a30.8m) relating to claims from the Tuffnells business prior to disposal.
The property provision represents the estimated future cost of dilapidation costs across the Group. These provisions have been discounted to present
value and this discount will be unwound over the life of the leases. The provisions cover the period to 2034 with all of the liability falling within ten years.
The Group has performed sensitivity analysis on the property provision using the possible scenarios below:
If the discount rate changes by +/- 0.5%, the property provision would change by +/- \u00a30.1m (2023: +/- \u00a30.1m).
If the repair cost per square foot changes by +/-\u00a31.00p, the property provision would change by +/-\u00a30.3m (2023: +/- \u00a30.4m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-374": { "value": "
20. Contingent assets, liabilities and capital commitments
Bank and other guarantees
As at 31 August 2024, the Group had approved letters of credit of \u00a31.5m (2023: \u00a31.5m) to the insurers of the Group for the motor insurance and
employer liability insurance policies. The letters of credit cover the employer deductible element of the insurance policy for insurance claims.
Administration of Tuffnells Parcels Express Limited (Tuffnells)
As reported in Note 3, following the administration of Tuffnells in the prior period, additional provision is being held in light of the probable outcome of
certain insurance claims reverting to the Group which were previously being handled by Tuffnells.
The Board has considered the administration and other associated processes in respect of Tuffnells and notes that the Company has received a request
for information from the Pensions Regulator (tPR) in respect of an ongoing formal investigation relating to the Tuffnells defined benefit pension scheme.
The correspondence received states that tPR requires the Company to provide documentation to tPR in its capacity of being the former parent company
of Tuffnells. The Company has confirmed that it will assist tPR with its enquiries in relation to this investigation. The Board has considered the details of
the information request from tPR and has concluded that no provision is required at this stage. The Board reached this conclusion based on the early
stages of the investigation and there being no certainty as to how tPR may use the information requested or whether a future obligation will arise.
Indemnity coverage
On winding up of the News Section of the WH Smith Pension Trust defined benefit pension scheme in December 2021, the Company has agreed run-
off indemnity coverage for any member claims that were uninsured liabilities capped at \u00a36.5m over the following 60 years. The Group is not aware of any
claims brought during either the current or prior reporting period.
Receipt of refund from overpayment of tax
On 16 October 2024 the Company received a sum of \u00a31.5m from the WH Smith Pension Trust in respect of the refund of an overpayment of tax made
by the Pension Trustee in 2022. This overpayment was in respect of the wind up of the News Section of the WH Smith Pension Trust defined benefit
pension scheme in December 2021 and was recently identified following advice from third parties and confirmed with HM Revenue & Customs.
Reversionary leases
Other potential liabilities that could crystallise are in respect of previous assignments of leases where the liability could revert to the Group if the lessee
defaulted. Pursuant to the terms of the Demerger Agreement from WH Smith PLC in 2006, any such contingent liability in respect of assignment prior
to demerger, which becomes an actual liability, will be apportioned between Smiths News plc and WH Smith PLC in the ratio 35:65 (provided that
the actual liability of Smiths News plc in any 12-month period does not exceed \u00a35m). The Company\u2019s share of these leases has an estimated future
cumulative gross rental commitment at 31 August 2024 of \u00a30.4m (2023: \u00a30.5m).
Capital commitments
Contracts placed for future capital expenditure approved by the directors but not provided for amount to \u00a32.2m (2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-426": { "value": "20. Contingent assets, liabilities and capital commitments Bank and other guarantees As at 31 August 2024, the Group had approved letters of credit of \u00a31.5m (2023: \u00a31.5m) to the insurers of the Group for the motor insurance and employer liability insurance policies. The letters of credit cover the employer deductible element of the insurance policy for insurance claims. Administration of Tuffnells Parcels Express Limited (Tuffnells) As reported in Note 3, following the administration of Tuffnells in the prior period, additional provision is being held in light of the probable outcome of certain insurance claims reverting to the Group which were previously being handled by Tuffnells. The Board has considered the administration and other associated processes in respect of Tuffnells and notes that the Company has received a request for information from the Pensions Regulator (tPR) in respect of an ongoing formal investigation relating to the Tuffnells defined benefit pension scheme. The correspondence received states that tPR requires the Company to provide documentation to tPR in its capacity of being the former parent company of Tuffnells. The Company has confirmed that it will assist tPR with its enquiries in relation to this investigation. The Board has considered the details of the information request from tPR and has concluded that no provision is required at this stage. The Board reached this conclusion based on the early stages of the investigation and there being no certainty as to how tPR may use the information requested or whether a future obligation will arise. Indemnity coverage On winding up of the News Section of the WH Smith Pension Trust defined benefit pension scheme in December 2021, the Company has agreed run- off indemnity coverage for any member claims that were uninsured liabilities capped at \u00a36.5m over the following 60 years. The Group is not aware of any claims brought during either the current or prior reporting period. Receipt of refund from overpayment of tax On 16 October 2024 the Company received a sum of \u00a31.5m from the WH Smith Pension Trust in respect of the refund of an overpayment of tax made by the Pension Trustee in 2022. This overpayment was in respect of the wind up of the News Section of the WH Smith Pension Trust defined benefit pension scheme in December 2021 and was recently identified following advice from third parties and confirmed with HM Revenue & Customs. Reversionary leases Other potential liabilities that could crystallise are in respect of previous assignments of leases where the liability could revert to the Group if the lessee defaulted. Pursuant to the terms of the Demerger Agreement from WH Smith PLC in 2006, any such contingent liability in respect of assignment prior to demerger, which becomes an actual liability, will be apportioned between Smiths News plc and WH Smith PLC in the ratio 35:65 (provided that the actual liability of Smiths News plc in any 12-month period does not exceed \u00a35m). The Company\u2019s share of these leases has an estimated future cumulative gross rental commitment at 31 August 2024 of \u00a30.4m (2023: \u00a30.5m). Capital commitments Contracts placed for future capital expenditure approved by the directors but not provided for amount to \u00a32.2m (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-407": { "value": "20. Contingent assets, liabilities and capital commitments Bank and other guarantees As at 31 August 2024, the Group had approved letters of credit of \u00a31.5m (2023: \u00a31.5m) to the insurers of the Group for the motor insurance and employer liability insurance policies. The letters of credit cover the employer deductible element of the insurance policy for insurance claims. Administration of Tuffnells Parcels Express Limited (Tuffnells) As reported in Note 3, following the administration of Tuffnells in the prior period, additional provision is being held in light of the probable outcome of certain insurance claims reverting to the Group which were previously being handled by Tuffnells. The Board has considered the administration and other associated processes in respect of Tuffnells and notes that the Company has received a request for information from the Pensions Regulator (tPR) in respect of an ongoing formal investigation relating to the Tuffnells defined benefit pension scheme. The correspondence received states that tPR requires the Company to provide documentation to tPR in its capacity of being the former parent company of Tuffnells. The Company has confirmed that it will assist tPR with its enquiries in relation to this investigation. The Board has considered the details of the information request from tPR and has concluded that no provision is required at this stage. The Board reached this conclusion based on the early stages of the investigation and there being no certainty as to how tPR may use the information requested or whether a future obligation will arise. Indemnity coverage On winding up of the News Section of the WH Smith Pension Trust defined benefit pension scheme in December 2021, the Company has agreed run- off indemnity coverage for any member claims that were uninsured liabilities capped at \u00a36.5m over the following 60 years. The Group is not aware of any claims brought during either the current or prior reporting period. Receipt of refund from overpayment of tax On 16 October 2024 the Company received a sum of \u00a31.5m from the WH Smith Pension Trust in respect of the refund of an overpayment of tax made by the Pension Trustee in 2022. This overpayment was in respect of the wind up of the News Section of the WH Smith Pension Trust defined benefit pension scheme in December 2021 and was recently identified following advice from third parties and confirmed with HM Revenue & Customs. Reversionary leases Other potential liabilities that could crystallise are in respect of previous assignments of leases where the liability could revert to the Group if the lessee defaulted. Pursuant to the terms of the Demerger Agreement from WH Smith PLC in 2006, any such contingent liability in respect of assignment prior to demerger, which becomes an actual liability, will be apportioned between Smiths News plc and WH Smith PLC in the ratio 35:65 (provided that the actual liability of Smiths News plc in any 12-month period does not exceed \u00a35m). The Company\u2019s share of these leases has an estimated future cumulative gross rental commitment at 31 August 2024 of \u00a30.4m (2023: \u00a30.5m). Capital commitments Contracts placed for future capital expenditure approved by the directors but not provided for amount to \u00a32.2m (2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-375": { "value": "
21. Net cash inflow from operating activities
\u00a3m
Note
2024
2023
Operating profit
3
40.0
38.3
Impairment reversal of investment in joint venture
11
(0.3)
\u2013
Share of loss/(profit) of joint ventures
11
0.2
(0.1)
Depreciation of property, plant and equipment
10
2.2
2.2
Depreciation of right-of-use assets
17
5.9
6.4
Amortisation of intangible assets
9
0.4
0.6
Share-based payments
0.9
1.1
Increase in inventories
(4.4)
(2.1)
Decrease in receivables
(1.0)
(5.5)
(Decrease)/increase in payables
(12.2)
1.9
(Decrease)/increase in provisions
(0.8)
0.2
Income tax paid
(8.5)
(6.6)
Net cash inflow from operating activities
22.4
36.4
Net cash flow from operating activities is stated after the following adjusting items:
3
Network and reorganisation costs
(0.2)
(0.2)
Tuffnells provision utilisation
(0.1)
(0.2)
Technology transformation costs
(0.1)
\u2013
Aborted acquisition costs
\u2013
(0.6)
Total adjusting items cash flow
(0.4)
(1.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-376": { "value": "
22. Share capital
(a) Share capital
\u00a3m
2024
2023
Issued, authorised and fully paid:
247.7m ordinary shares of 5p each (2023: 247.7m)
12.4
12.4
(b) Movement in share capital
Ordinary shares
Number (m) of 5p each
At 26 August 2023 and at 31 August 2024
247.7
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the general
meetings of the Company. The Company has one class of ordinary shares, which carry no right to fixed income.
No shares were issued during the current or prior periods.
(c) Share premium
\u00a3m
2024
2023
At 26 August 2023 and at 31 August 2024
60.5
60.5
23. Reserves
(a) Demerger reserve
\u00a3m
2024
2023
At 26 August 2023 and at 31 August 2024
(280.1)
(280.1)
This relates to reserves created following the capital reorganisation undertaken as part of the demerger of WH Smith PLC in 2006. The balance
represented the difference between the share capital and reserves of the Group restated on a pro-forma basis as at 31 August 2004 and the previously
reported share capital.
(b) Own shares reserve
\u00a3m
2024
2023
Balance at 27/28 August
(4.4)
(4.6)
Acquired in the period
(3.3)
(1.7)
Disposed of on exercise of options
4.0
1.9
Balance at 31/26 August
(3.7)
(4.4)
The reserve represents the cost of shares in Smiths News plc purchased in the market and held by the Smiths News Employee Benefit Trust (EBT) to
satisfy awards and options granted under the Group\u2019s Executive Share Schemes (see Note 25). The number of ordinary shares held by the EBT as at 31
August 2024 was 8,031,253 (2023: 10,613,896). In accordance with IAS 32, these shares are deducted from shareholders\u2019 funds. Under the terms of the
EBT, the Trustee has waived all dividends on the shares it holds.
(c) Translation reserve
\u00a3m
2024
2023
At 27 August 2023/28 August 2022
0.4
0.4
Retranslation of reserves (subsidiaries)
(0.2)
\u2013
At 31 August 2024/26 August 2023
0.2
0.4
24. Retained earnings
\u00a3m
Balance at 27 August 2022
179.4
Amounts recognised in total comprehensive income
25.1
Dividends paid
(9.8)
Disposed of on exercise of options
(1.9)
Equity-settled share-based payments, net of tax
1.5
Deferred tax recognised in equity
0.6
Balance at 26 August 2023
194.9
Amounts recognised in total comprehensive income
25.6
Dividends paid
(10.8)
Disposed of on exercise of options
(3.2)
Equity-settled share-based payments, net of tax
0.9
Current tax recognised in equity
0.1
Deferred tax recognised in equity
(0.1)
Balance at 31 August 2024
207.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-408": { "value": "22. Share capital (a) Share capital
\u00a3m
2024
2023
Issued, authorised and fully paid:
247.7m ordinary shares of 5p each (2023: 247.7m)
12.4
12.4
(b) Movement in share capital
Ordinary shares
Number (m) of 5p each
At 26 August 2023 and at 31 August 2024
247.7
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at the general meetings of the Company. The Company has one class of ordinary shares, which carry no right to fixed income. No shares were issued during the current or prior periods. (c) Share premium
\u00a3m
2024
2023
At 26 August 2023 and at 31 August 2024
60.5
60.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-409": { "value": "23. Reserves (a) Demerger reserve
\u00a3m
2024
2023
At 26 August 2023 and at 31 August 2024
(280.1)
(280.1)
This relates to reserves created following the capital reorganisation undertaken as part of the demerger of WH Smith PLC in 2006. The balance represented the difference between the share capital and reserves of the Group restated on a pro-forma basis as at 31 August 2004 and the previously reported share capital. (b) Own shares reserve
\u00a3m
2024
2023
Balance at 27/28 August
(4.4)
(4.6)
Acquired in the period
(3.3)
(1.7)
Disposed of on exercise of options
4.0
1.9
Balance at 31/26 August
(3.7)
(4.4)
The reserve represents the cost of shares in Smiths News plc purchased in the market and held by the Smiths News Employee Benefit Trust (EBT) to satisfy awards and options granted under the Group\u2019s Executive Share Schemes (see Note 25). The number of ordinary shares held by the EBT as at 31 August 2024 was 8,031,253 (2023: 10,613,896). In accordance with IAS 32, these shares are deducted from shareholders\u2019 funds. Under the terms of the EBT, the Trustee has waived all dividends on the shares it holds. (c) Translation reserve
\u00a3m
2024
2023
At 27 August 2023/28 August 2022
0.4
0.4
Retranslation of reserves (subsidiaries)
(0.2)
\u2013
At 31 August 2024/26 August 2023
0.2
0.4
24. Retained earnings
\u00a3m
Balance at 27 August 2022
179.4
Amounts recognised in total comprehensive income
25.1
Dividends paid
(9.8)
Disposed of on exercise of options
(1.9)
Equity-settled share-based payments, net of tax
1.5
Deferred tax recognised in equity
0.6
Balance at 26 August 2023
194.9
Amounts recognised in total comprehensive income
25.6
Dividends paid
(10.8)
Disposed of on exercise of options
(3.2)
Equity-settled share-based payments, net of tax
0.9
Current tax recognised in equity
0.1
Deferred tax recognised in equity
(0.1)
Balance at 31 August 2024
207.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-427": { "value": "(b) Own shares reserve
\u00a3m
2024
2023
Balance at 27/28 August
(4.4)
(4.6)
Acquired in the period
(3.3)
(1.7)
Disposed of on exercise of options
4.0
1.9
Balance at 31/26 August
(3.7)
(4.4)
The reserve represents the cost of shares in Smiths News plc purchased in the market and held by the Smiths News Employee Benefit Trust (EBT) to satisfy awards and options granted under the Group\u2019s Executive Share Schemes (see Note 25). The number of ordinary shares held by the EBT as at 31 August 2024 was 8,031,253 (2023: 10,613,896). In accordance with IAS 32, these shares are deducted from shareholders\u2019 funds. Under the terms of the EBT, the Trustee has waived all dividends on the shares it holds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-377": { "value": "
25. Share-based payments
The Group recognised a total charge of \u00a30.9m (2023: \u00a31.1m) related to equity-settled share-based payment transactions. The average share price
throughout the year was 51.5p (2023: 44.6p).
The Group operates the following share incentive schemes:
Sharesave Scheme
Under the terms of the Group Sharesave Scheme, the Board may grant options to purchase ordinary shares in
the Company to eligible employees who enter into an HM Revenue & Customs approved Save-As-You-Earn
(SAYE) savings contract for a term of three years. Options are granted at up to a 20% discount to the market
price of the shares on the day preceding the date of offer and are normally exercisable for a period of six months
after completion of the SAYE contract.
Executive Share Option Scheme Under the terms of the Group Executive Share Option Scheme, the Board may grant options to purchase
(ESOS) ordinary shares in the Company to executives up to an annual limit of 200% of base salary. The exercise of
options is conditional on the achievement of adjusted profit after a three-year period, which is determined
by the Remuneration Committee at the time of grant. Provided that the target is met, options are normally
exercisable until the day preceding the tenth anniversary of the date of grant.
LTIP
Under the terms of the Group LTIP, executive directors and key senior executives may be awarded each year
conditional entitlements to ordinary shares in the Company (which may be in the form of nil cost options or
conditional awards) or, in order to retain flexibility and at the Company\u2019s discretion, a cash sum linked to the
value of a notional award of shares up to a value of 200% of base salary. The vesting of awards is subject to the
satisfaction of a three-year performance condition, which is determined by the Remuneration Committee at the
time of grant. Subject to the satisfaction of the performance condition, awards are normally exercisable until the
tenth anniversary of the date of grant.
Deferred Bonus Plan (DBP)
Under the terms of the Group Deferred Bonus Plan, each year executive directors and key senior executives
may be granted share awards (in the form of nil cost options) dependent on the achievement of the Annual
Bonus Plan performance targets. Awards are immediately exercisable, but a two-year hold-back period
applies, during which the share certificate for such shares is held by the Company. Separately, key senior
executives may also be granted share awards (in the form of nil cost options) under the DBP plan in respect
of a (discounted) restricted share award (dependent on continued employment with the Company).
Details of the options/awards are as follows:
Sharesave
ESOS
LTIP
DBP
Weighted Weighted Weighted Weighted
average average average average
No of exercise No of exercise No of exercise No of exercise
Number of options/awards shares price (p) shares price (p) shares price (p) shares price (p)
At 27 Aug 2022
7,579,083
25.27
1,056,744
126.1
10,893,872
\u2013
1,499,148
\u2013
Granted
1,316,234
55.40
\u2013
\u2013
2,695,499
\u2013
1,337,604
\u2013
Exercised
(264,430)
\u2013
\u2013
\u2013
(2,791,373)
\u2013
(1,614,771)
\u2013
Expired/Forfeited
(670,274)
30.01
(256,294)
137.8
(1,429,910)
\u2013
\u2013
\u2013
At 26 Aug 2023
7,960,613
30.38
800,450
125.3
9,368,088
\u2013
1,221,981
\u2013
Granted
1,603,582
60.80
\u2013
\u2013
2,994,040
\u2013
1,389,805
\u2013
Exercised
(4,415,748)
\u2013
\u2013
\u2013
(3,167,125)
\u2013
(1,424,789)
\u2013
Expired/Forfeited
(302,050)
42.83
(340,412)
189.5
(201,737)
\u2013
(18)
\u2013
At 31 Aug 2024
4,846,397
\u2013
460,038
\u2013
8,993,266
\u2013
1,186,979
\u2013
Exercisable at 31 Aug 2024
\u2013
\u2013
460,038
153.9
\u2013
\u2013
\u2013
\u2013
Exercisable at 26 Aug 2023
\u2013
\u2013
800,450
125.3
\u2013
\u2013
\u2013
\u2013
The weighted average remaining contractual life in years of options/awards is as follows:
Sharesave
ESOS
LTIP
DBP
Outstanding at 31 August 2024
1.0
0.3
1.2
1.6
Outstanding at 26 August 2023
1.4
5.2
1.2
1.5
Details of the options/awards granted or commencing during the period were as follows:
Sharesave
ESOS
LTIP
DBP
During 2024:
Effective date of grant or commencement date
Jul 2024
\u2013
Dec 2023
Dec 2023
Average fair value at date of grant or scheme commencement \u2013 pence
16.4
\u2013
32.6
47.6
During 2023:
Effective date of grant or commencement date
Jul 2023
\u2013
Jan 2023
Jan 2023
Average fair value at date of grant or scheme commencement \u2013 pence
21.5
\u2013
34.9
50.6
The options outstanding at 31 August 2024 had exercise prices ranging from nil to 48.9p (2023: nil to 139.5p). The weighted average share price on the
date of exercise was 45.4p (2023: 47.8p).
The Sharesave options granted during each period have been valued using the Black-Scholes model. The LTIP performance measures include a 60%
(2023: 70%) total shareholder return (TSR) metric which is valued by reference to the share price at date of grant less an adjustment for the TSR portion
of the award. The DBP schemes are valued by reference to the share price at the date of grant.
The inputs to the Black-Scholes model are as follows:
Sharesave
LTIP
DBP
2024 options/awards:
Share price at grant date \u2013 pence
60.8
48
48
TSR adjustment \u2013 pence
\u2013
(25)
\u2013
Exercise price \u2013 pence
48.9
\u2013
\u2013
Expected volatility \u2013 per cent
69.5
\u2013
\u2013
Expected life \u2013 years
3
\u2013
\u2013
Risk free rate \u2013 per cent
3.9
\u2013
\u2013
Expected dividend yield \u2013 per cent
7.48
\u2013
\u2013
Weighted average fair value \u2013 pence
16
33
48
2023 options/awards:
Share price at grant date \u2013 pence
55.4
51
51
TSR adjustment \u2013 pence
\u2013
(23)
\u2013
Exercise price \u2013 pence
44.3
\u2013
\u2013
Expected volatility \u2013 per cent
121.5
\u2013
\u2013
Expected life \u2013 years
3
\u2013
\u2013
Risk free rate \u2013 per cent
4.7
\u2013
\u2013
Expected dividend yield \u2013 per cent
8.83
\u2013
\u2013
Weighted average fair value \u2013 pence
22
28
51
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-378": { "value": "
26. Post balance sheet events
The directors have considered the period between the balance sheet date and the date when the accounts are authorised for issue for evidence of
conditions that existed at the balance sheet date, either adjusting or non-adjusting post balance sheet events, and have concluded that, other than
those events disclosed in Note 15 and Note 20, there are no other events in the current period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-379": { "value": "
27. Related-party transactions
Transactions between businesses within the Group which are related parties have been eliminated on consolidation and are not disclosed in this note.
Trading transactions
Sales to related parties
\u00a3m
2024
2023
Joint ventures
0.4
0.4
Sales to related parties are for management fees and payment is due on the last day of the month following the date of invoice. There were no amounts
owed by related parties in either period.
Non-trading transactions
Loans to related parties
\u00a3m
2024
2023
Joint ventures
\u2013
0.3
Directors\u2019 remuneration
\u00a3m
2024
2023
Salaries
0.8
0.8
Bonus
0.6
0.5
Non-executive director fees
0.4
0.4
1.8
1.7
Information concerning directors\u2019 remuneration, interest in shares and share options is included in the Directors\u2019 Remuneration report.
There are two (2023: two) directors to whom retirement benefits are accruing in respect of qualifying services under money purchase schemes.
Directors made gains on share options of \u00a3nil (2023: \u00a3nil).
Key management personnel (including directors)
The remuneration of the directors and the Executive Team, who are the key management personnel of the Group, is set out below in aggregate for each
of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019.
\u00a3m
2024
2023
Short-term employee benefits
3.0
2.9
Share-based payments
0.8
1.0
3.8
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-410": { "value": "27. Related-party transactions Transactions between businesses within the Group which are related parties have been eliminated on consolidation and are not disclosed in this note. Trading transactions
Sales to related parties
\u00a3m
2024
2023
Joint ventures
0.4
0.4
Sales to related parties are for management fees and payment is due on the last day of the month following the date of invoice. There were no amounts owed by related parties in either period. Non-trading transactions
Loans to related parties
\u00a3m
2024
2023
Joint ventures
\u2013
0.3
Directors\u2019 remuneration
\u00a3m
2024
2023
Salaries
0.8
0.8
Bonus
0.6
0.5
Non-executive director fees
0.4
0.4
1.8
1.7
Information concerning directors\u2019 remuneration, interest in shares and share options is included in the Directors\u2019 Remuneration report. There are two (2023: two) directors to whom retirement benefits are accruing in respect of qualifying services under money purchase schemes. Directors made gains on share options of \u00a3nil (2023: \u00a3nil). Key management personnel (including directors) The remuneration of the directors and the Executive Team, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019.
\u00a3m
2024
2023
Short-term employee benefits
3.0
2.9
Share-based payments
0.8
1.0
3.8
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-428": { "value": "Key management personnel (including directors) The remuneration of the directors and the Executive Team, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019.
\u00a3m
2024
2023
Short-term employee benefits
3.0
2.9
Share-based payments
0.8
1.0
3.8
3.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-380": { "value": "
28. Subsidiary and associated undertakings
The table below summarises the interests of the Group as at 31 August 2024:
Company name/(number)
Share class
Group %
Company name/(number)
Share class
Group %
United Kingdom
Rowan House, Cherry Orchard North, Kembrey Park, Swindon SN2 8UH
Connect Limited 02008952
Ordinary Shares
100%
Martin Lavell Limited 02654521 (*)
Ordinary Shares
100%
Connect Logistics Limited 09172965
Ordinary Shares
100%
Pass My Parcel Limited 09172022
Ordinary Shares
100%
Connect News & Media Limited
Ordinary Shares
100%
Phantom Media Limited 03805661 (*)
Ordinary Shares
100%
08572634
Connect Parcel Freight Limited 09295023
Ordinary Shares
100%
Smiths News Holdings Limited
Ordinary Shares
100%
04236079
Connect Parcels Limited 09172850
Ordinary Shares
100%
Smiths News Instore Limited 03364589
Ordinary Shares
100%
Connect Services Limited 08522170
Ordinary Shares
100%
Smiths News Investments Limited (*)
Ordinary Shares
100%
06831284
Connect Specialist Distribution
Ordinary Shares
100%
Smiths News Distribution Limited
Ordinary Shares
100%
Group Limited 08458801 08506961
Connect2U Limited 03920619
Ordinary Shares
100%
Smiths News Trading Limited 00237811
Ordinary Shares
100%
Dawson Media Services Limited
Ordinary Shares
100%
Dawson Limited 03433262
Ordinary Shares
100%
06882722
Dawson Guarantee Company Limited
Ordinary Shares
100%
Dawson Media Direct Limited (*)
Ordinary Shares
100%
06882393 06882366
Dawson Holdings Ltd (*) 00034273
Ordinary Shares
100%
Germany
Dawson Media Direct GmbH HRB 96649
Ordinary Shares
100%
Johannstr. 39
40476
Dusseldorf, Germany
Hong Kong
Dawson Media Direct China Limited
Ordinary Shares
100%
Flat/Rm 5008 50/F, Central Plaza, 18 Harbour Road, Wanchai, Hong
1167911 Kong
Thailand
Dawson Media Direct Company Limited
Ordinary Shares
48.9%
87 M Thai Tower, All Seasons Place, 23rd Floor, Wittayu Road, Lumpini
105558138385 Sub-District, Pathumwan District, Bangkok, Thailand
* Audit exemption statement
For the 53 weeks ended 31 August 2024, the companies as indicated in the table by \u2018(*)\u2019 above were entitled to exemption from audit under section
479A of the Companies Act 2006 relating to subsidiary companies. As such, Smiths News plc has provided a guarantee against all debts and liabilities
in these subsidiaries as at 31 August 2024. The members of these companies have not required them to obtain an audit of their financial statements for
the 53 weeks ended 31 August 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-411": { "value": "28. Subsidiary and associated undertakings The table below summarises the interests of the Group as at 31 August 2024:
Company name/(number)
Share class
Group %
Company name/(number)
Share class
Group %
United Kingdom
Rowan House, Cherry Orchard North, Kembrey Park, Swindon SN2 8UH
Connect Limited 02008952
Ordinary Shares
100%
Martin Lavell Limited 02654521 (*)
Ordinary Shares
100%
Connect Logistics Limited 09172965
Ordinary Shares
100%
Pass My Parcel Limited 09172022
Ordinary Shares
100%
Connect News & Media Limited
Ordinary Shares
100%
Phantom Media Limited 03805661 (*)
Ordinary Shares
100%
08572634
Connect Parcel Freight Limited 09295023
Ordinary Shares
100%
Smiths News Holdings Limited
Ordinary Shares
100%
04236079
Connect Parcels Limited 09172850
Ordinary Shares
100%
Smiths News Instore Limited 03364589
Ordinary Shares
100%
Connect Services Limited 08522170
Ordinary Shares
100%
Smiths News Investments Limited (*)
Ordinary Shares
100%
06831284
Connect Specialist Distribution
Ordinary Shares
100%
Smiths News Distribution Limited
Ordinary Shares
100%
Group Limited 08458801 08506961
Connect2U Limited 03920619
Ordinary Shares
100%
Smiths News Trading Limited 00237811
Ordinary Shares
100%
Dawson Media Services Limited
Ordinary Shares
100%
Dawson Limited 03433262
Ordinary Shares
100%
06882722
Dawson Guarantee Company Limited
Ordinary Shares
100%
Dawson Media Direct Limited (*)
Ordinary Shares
100%
06882393 06882366
Dawson Holdings Ltd (*) 00034273
Ordinary Shares
100%
Germany
Dawson Media Direct GmbH HRB 96649
Ordinary Shares
100%
Johannstr. 39
40476
Dusseldorf, Germany
Hong Kong
Dawson Media Direct China Limited
Ordinary Shares
100%
Flat/Rm 5008 50/F, Central Plaza, 18 Harbour Road, Wanchai, Hong
1167911 Kong
Thailand
Dawson Media Direct Company Limited
Ordinary Shares
48.9%
87 M Thai Tower, All Seasons Place, 23rd Floor, Wittayu Road, Lumpini
105558138385 Sub-District, Pathumwan District, Bangkok, Thailand
* Audit exemption statement For the 53 weeks ended 31 August 2024, the companies as indicated in the table by \u2018(*)\u2019 above were entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies. As such, Smiths News plc has provided a guarantee against all debts and liabilities in these subsidiaries as at 31 August 2024. The members of these companies have not required them to obtain an audit of their financial statements for the 53 weeks ended 31 August 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } }, "fact-5": { "value": "Rowan House, Cherry Orchard North, Kembrey Park, Swindon SN2 8UH ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2023-08-27T00:00:00/2024-09-01T00:00:00" } } } }