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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 52-week period ended 30 August 2025 comprise the Company and its subsidiaries (together referred to as the \u2018Group\u2019) and the Group\u2019s interests in joint ventures. 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 30 August 2025 and are included in the Group Accounts. Unless otherwise noted references to 2024 and 2025 relate to a 53-week period ended 31 August 2024 and the 52-week period ended 30 August 2025 as opposed to calendar year. The Accounts were authorised for issue by the directors on 3 November 2024. (2) Accounting basis of preparation The Accounts are prepared on the historical cost basis 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 (IFRS) 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 period-to-date financial actuals, as well as detailed financial forecasts for the period up to 27 February 2027, the Company\u2019s interim reporting date for FY2027, the going concern period. The Group currently has a net asset position of \u00a39.5m as at 30 August 2025. All bank covenant tests were met at the balance sheet date. The key Bank Net (Cash)/Debt: Bank EBITDA ratio of (0.1)x was below the covenant test threshold of 2.5x. 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 Bank Net Debt position. The Group\u2019s average daily Bank Net Cash during the period was \u00a33.3m (2024: \u00a311.7m Bank Net Debt). The Company utilises a Revolving Credit Facility (RCF) to manage the cash swing. At the balance sheet date, \u00a336.4m of the RCF was available and the Company had \u00a35.4m of cash on hand giving headroom of \u00a341.8m. Additionally the Group held \u00a32.8m in the EBT held for the purpose of purchasing own shares. 3i) Bank facility The Group\u2019s banking facility 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 15). 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 2028, following the extension exercised on the facility\u2019s first anniversary, and with the option of a one-year extension with lender consent on the second anniversary. 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, and in accordance with FRC guidance have prepared a reverse stress test that identifies either insufficient 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 February 2027 if EBITDA was 56% 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 period-on-period declines in revenues would have to be significantly greater than historical trends; \u2022 93% of contracts secured with publishers to 2029; 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; \u2022 Utilise arrangements with retailers and optimise 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 175), 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 to the Board and Executive Leadership 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 \u00a3898.2m (2024: \u00a3937.3m). 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 Leadership Team. The classification of adjusting items requires significant management judgement in considering the nature and intentions of a transaction. Adjusted measures are defined with other APMs in the Glossary on page 175. Based on the nature of the transactions, adjusting items after tax was a credit of \u00a31.3m (2024: credit of \u00a30.8m) and a breakdown is included within Note 3. Contingent liabilities During the period the Group has responded to information requests from the Pensions Regulator in respect of its investigation relating to the Tuffnells defined benefit pension scheme and the Company\u2019s former period of ownership of Tuffnells. Management has, supported by external legal advice, applied judgement in concluding the matter to be disclosed as a contingent liability, with further details included in Note 20. 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 period are as follows. Property provision The Group holds a 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 using assumptions which include the length of time properties will be occupied, the discount rate applied, inflation and the future costs of restoration and the condition of the property at the end of occupation. 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 balance sheet date was \u00a34.6m (2024: \u00a35.2m).
(6) Revenue
Revenue from wholesale distribution
Revenue from wholesale distribution is recognised when products and services have been delivered to and receipted by customers and there is no
unfulfilled obligation that could affect the customer\u2019s acceptance of the products or services.
Revenue is earned from the wholesale of products, from charges for services, being the sortation, delivery, merchandising and return of products, and
from the sale of recyclable returns waste. Products sold and handled are principally newspapers, magazines and collectables, but also include other
items such as books and greeting cards. Certain products are sold to retailers on a sale or return basis and estimation is made of the expected returns
as outlined further below.
Other revenue
Other revenue includes income from services to collect recyclate waste from customers, the short-term use of storage and space in depots and
management fees for support provided to third parties.
Returns reserve
Sale of wholesale products are typically made on a sale or return basis, the Group estimates a value of 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 tends), average shelf life of the product types and average margin 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.
Gross profit is equal revenue less cost of sales.
(8) Taxation
Tax on the profit or loss for the period 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 period,
using tax rates enacted, or substantively enacted, at the balance sheet date and any adjustment to tax payable in respect of previous periods.
Deferred tax is provided on the balance sheet using the liability method with temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes recorded as a deferred tax asset of liability.
The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at the balance sheet date that 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 realised.
(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 products and 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 \u00a3100.3m (2024: \u00a3100.5m) which arose from sales to the Group\u2019s largest customer.
Three other customers contributed 13.1% (2024: 13.9%) of the Group\u2019s revenue in the period.
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 recognised 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) Interests in 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 equity accounted 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 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 and 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. 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 and vehicles \u2013 2 to 12 years 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; and
\u2022 any initial direct costs.
Right-of-use assets are depreciated over the lease term on a straight-line basis unless the lease transfers ownership of the underlying asset to the
lessee, to which depreciation is over the useful life of the underlying asset. 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) I nventories
Inventories comprise goods held for resale and are stated at the lower of cost or net realisable value. Inventories are recorded at purchase cost.
(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 (FVTPL) or through other comprehensive income (FVOCI); 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 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. The Group holds 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 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 FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of FVTPL 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 within other gains/(losses). Impairment losses are presented separately. The Group classifies its financial assets at amortised cost when it is held within a business model whose objective is to collect the contractual cash flows, and 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 period 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 and cash flow statement comprise cash at bank and in hand, short-term deposits and funds with an original maturity of three months or less, held with the intention to meet short-term cash commitments, and it is subject to an insignificant risk of changes in value. BACS and next-day payments are recognised at the settlement date, rather than when they are initiated, to reflect the nature of these transactions. Cash and cash equivalents includes amounts held by the EBT for the purpose of purchasing own shares. 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 The Smiths News Employee Benefit Trust (EBT) purchases and holds shares in the Company from the market to satisfy the demand from the Group\u2019s share schemes. The EBT is a separately administered trust that is funded by contributions from Group companies. The assets of the trust comprise shares held in Smiths News plc and cash balances. The Group consolidates the assets and liabilities of the EBT into the Group Financial Statements as a subsidiary on the basis of control. Where the EBT holds any shares in the Company, these are deducted from equity as \u2018own shares reserve\u2019 until those shares are either cancelled or transferred out of the EBT. The shares held by the EBT 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 24. 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 and are adjusted where a scheme includes market-based performance criteria. 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 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases); \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements); \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and \u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures). 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.
New standards and interpretations not yet applied
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future
accounting periods that the Group has decided not to adopt early.
IFRS 18 \u2013 Presentation and Disclosure of Financial Statements was issued in April 2024 and replaces IAS 1 \u2013 Presentation of Financial Statements.
The standard sets out new requirements for presentation in the income statement, including specified totals and subtotals, additional guidance on
aggregation and disaggregation, and additional required disclosures in respect of management performance measures (which replace alternative
performance measures).
The impact of this standard on the Group is currently being assessed. The standard is effective from 1 January 2027 with early adoption permitted.
The Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on the Group.
(26) Restatement of comparative information
The prior period balance sheet has been restated to reclassify \u00a34.1m of returned newspapers from inventories to trade and other receivables to correctly
reflect the nature of the balance. This has no impact on the net assets, cash flow statement, or income statement. The same reclassification of \u00a34.1m
was also required in the 2023 period end balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-343": { "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 52-week
period ended 30 August 2025 comprise the Company and its subsidiaries (together referred to as the \u2018Group\u2019) and the Group\u2019s interests in joint
ventures. 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 30 August 2025 and are included in the Group Accounts.
Unless otherwise noted references to 2024 and 2025 relate to a 53-week period ended 31 August 2024 and the 52-week period ended 30 August 2025
as opposed to calendar year.
The Accounts were authorised for issue by the directors on 3 November 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-5": { "value": "Smiths News plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-340": { "value": "Smiths News plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-341": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-3": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-4": { "value": "UK", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-344": { "value": "
(2) Accounting basis of preparation
The Accounts are prepared on the historical cost basis 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 (IFRS) 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-390": { "value": "The Accounts are prepared on the historical cost basis 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-389": { "value": "The Group Accounts have been prepared in accordance with UK-adopted International Accounting Standards (IFRS) in conformity with the requirements of the Companies Act 2006. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-345": { "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 period-to-date financial actuals, as well as detailed financial forecasts
for the period up to 27 February 2027, the Company\u2019s interim reporting date for FY2027, the going concern period.
The Group currently has a net asset position of \u00a39.5m as at 30 August 2025. All bank covenant tests were met at the balance sheet date. The key Bank
Net (Cash)/Debt: Bank EBITDA ratio of (0.1)x was below the covenant test threshold of 2.5x.
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 Bank Net Debt position. The Group\u2019s average daily Bank Net Cash during
the period was \u00a33.3m (2024: \u00a311.7m Bank Net Debt). The Company utilises a Revolving Credit Facility (RCF) to manage the cash swing. At the balance
sheet date, \u00a336.4m of the RCF was available and the Company had \u00a35.4m of cash on hand giving headroom of \u00a341.8m. Additionally the Group held
\u00a32.8m in the EBT held for the purpose of purchasing own shares.
3i) Bank facility
The Group\u2019s banking facility 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 15). 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 2028, following the extension exercised on the
facility\u2019s first anniversary, and with the option of a one-year extension with lender consent on the second anniversary.
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, and in
accordance with FRC guidance have prepared a reverse stress test that identifies either insufficient 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 February 2027 if EBITDA was 56% 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 period-on-period declines in revenues would have to be significantly greater than historical trends;
\u2022 93% of contracts secured with publishers to 2029; 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;
\u2022 Utilise arrangements with retailers and optimise 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-346": { "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 175), 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 to the Board and Executive Leadership 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-347": { "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 \u00a3898.2m (2024: \u00a3937.3m).
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 Leadership Team.
The classification of adjusting items requires significant management judgement in considering the nature and intentions of a transaction. Adjusted
measures are defined with other APMs in the Glossary on page 175.
Based on the nature of the transactions, adjusting items after tax was a credit of \u00a31.3m (2024: credit of \u00a30.8m) and a breakdown is included within
Note 3.
Contingent liabilities
During the period the Group has responded to information requests from the Pensions Regulator in respect of its investigation relating to the Tuffnells
defined benefit pension scheme and the Company\u2019s former period of ownership of Tuffnells. Management has, supported by external legal advice,
applied judgement in concluding the matter to be disclosed as a contingent liability, with further details included in Note 20.
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 period are as follows.
Property provision
The Group holds a 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 using assumptions which include the length of time properties will be occupied, the discount rate applied, inflation and the
future costs of restoration and the condition of the property at the end of occupation.
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 balance sheet date was \u00a34.6m (2024: \u00a35.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-391": { "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 period are as follows. Property provision The Group holds a 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 using assumptions which include the length of time properties will be occupied, the discount rate applied, inflation and the future costs of restoration and the condition of the property at the end of occupation. 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 balance sheet date was \u00a34.6m (2024: \u00a35.2m). ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-351": { "value": "(6) Revenue Revenue from wholesale distribution Revenue from wholesale distribution is recognised when products and services have been delivered to and receipted by customers and there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the products or services. Revenue is earned from the wholesale of products, from charges for services, being the sortation, delivery, merchandising and return of products, and from the sale of recyclable returns waste. Products sold and handled are principally newspapers, magazines and collectables, but also include other items such as books and greeting cards. Certain products are sold to retailers on a sale or return basis and estimation is made of the expected returns as outlined further below. Other revenue Other revenue includes income from services to collect recyclate waste from customers, the short-term use of storage and space in depots and management fees for support provided to third parties. Returns reserve Sale of wholesale products are typically made on a sale or return basis, the Group estimates a value of 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 tends), average shelf life of the product types and average margin 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-348": { "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. Gross profit is equal revenue less cost of sales. ", "dimensions": { "concept": "smithsnewsplc:DescriptionOfAccountingPolicyForCostOfSalesAndGrossProfit", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-392": { "value": "(8) Taxation Tax on the profit or loss for the period 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 period, using tax rates enacted, or substantively enacted, at the balance sheet date and any adjustment to tax payable in respect of previous periods. Deferred tax is provided on the balance sheet using the liability method with temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes recorded as a deferred tax asset of liability. The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at the balance sheet date that 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 realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-349": { "value": "(8) Taxation Tax on the profit or loss for the period 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 period, using tax rates enacted, or substantively enacted, at the balance sheet date and any adjustment to tax payable in respect of previous periods. Deferred tax is provided on the balance sheet using the liability method with temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes recorded as a deferred tax asset of liability. The amount of deferred tax provided is calculated using tax rates enacted or substantively enacted at the balance sheet date that 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 realised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-350": { "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 products and 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 \u00a3100.3m (2024: \u00a3100.5m) which arose from sales to the Group\u2019s largest customer. Three other customers contributed 13.1% (2024: 13.9%) of the Group\u2019s revenue in the period. 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-352": { "value": "(10) Dividends Interim and final dividends are recognised in the financial statements in the period in which they are declared. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-353": { "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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-394": { "value": "
(12) Interests in 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 equity accounted 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 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-355": { "value": "(12) Interests in 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 equity accounted 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 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-356": { "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 and 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.
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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-445": { "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 and 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. 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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-421": { "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 and 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. 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-438": { "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 and 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. 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-393": { "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 and 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. 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-354": { "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 and vehicles \u2013 2 to 12 years
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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-395": { "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 and vehicles \u2013 2 to 12 years 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-357": { "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; and \u2022 any initial direct costs. Right-of-use assets are depreciated over the lease term on a straight-line basis unless the lease transfers ownership of the underlying asset to the lessee, to which depreciation is over the useful life of the underlying asset. 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-358": { "value": "(16) I nventories Inventories comprise goods held for resale and are stated at the lower of cost or net realisable value. Inventories are recorded at purchase cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-396": { "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 (FVTPL) or through other comprehensive income (FVOCI); 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 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. The Group holds 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 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 FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of FVTPL 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 within other gains/(losses). Impairment losses are presented separately. The Group classifies its financial assets at amortised cost when it is held within a business model whose objective is to collect the contractual cash flows, and 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-360": { "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 (FVTPL) or through other comprehensive income (FVOCI); 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
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. The Group holds 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 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 FVTPL, transaction costs
that are directly attributable to the acquisition of the financial asset. Transaction costs of FVTPL 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 within other gains/(losses). Impairment losses are presented separately.
The Group classifies its financial assets at amortised cost when it is held within a business model whose objective is to collect the contractual cash
flows, and 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-422": { "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 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. The Group holds 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 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 FVTPL, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of FVTPL 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 within other gains/(losses). Impairment losses are presented separately. The Group classifies its financial assets at amortised cost when it is held within a business model whose objective is to collect the contractual cash flows, and 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-359": { "value": "
(19) Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of the period 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-361": { "value": "
(20) Treasury
Cash and cash equivalents
Cash and cash equivalents in the balance sheet and cash flow statement comprise cash at bank and in hand, short-term deposits and funds with
an original maturity of three months or less, held with the intention to meet short-term cash commitments, and it is subject to an insignificant risk
of changes in value. BACS and next-day payments are recognised at the settlement date, rather than when they are initiated, to reflect the nature of
these transactions.
Cash and cash equivalents includes amounts held by the EBT for the purpose of purchasing own shares.
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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-397": { "value": "Cash and cash equivalents Cash and cash equivalents in the balance sheet and cash flow statement comprise cash at bank and in hand, short-term deposits and funds with an original maturity of three months or less, held with the intention to meet short-term cash commitments, and it is subject to an insignificant risk of changes in value. BACS and next-day payments are recognised at the settlement date, rather than when they are initiated, to reflect the nature of these transactions. Cash and cash equivalents includes amounts held by the EBT for the purpose of purchasing own shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-423": { "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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-439": { "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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-424": { "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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-398": { "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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-363": { "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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-364": { "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
The Smiths News Employee Benefit Trust (EBT) purchases and holds shares in the Company from the market to satisfy the demand from the Group\u2019s
share schemes. The EBT is a separately administered trust that is funded by contributions from Group companies. The assets of the trust comprise
shares held in Smiths News plc and cash balances.
The Group consolidates the assets and liabilities of the EBT into the Group Financial Statements as a subsidiary on the basis of control. Where the
EBT holds any shares in the Company, these are deducted from equity as \u2018own shares reserve\u2019 until those shares are either cancelled or transferred
out of the EBT.
The shares held by the EBT 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-399": { "value": "(23) Employee Benefit Trust The Smiths News Employee Benefit Trust (EBT) purchases and holds shares in the Company from the market to satisfy the demand from the Group\u2019s share schemes. The EBT is a separately administered trust that is funded by contributions from Group companies. The assets of the trust comprise shares held in Smiths News plc and cash balances. The Group consolidates the assets and liabilities of the EBT into the Group Financial Statements as a subsidiary on the basis of control. Where the EBT holds any shares in the Company, these are deducted from equity as \u2018own shares reserve\u2019 until those shares are either cancelled or transferred out of the EBT. The shares held by the EBT 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-362": { "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 24.
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 and are adjusted where a scheme includes market-based performance criteria. 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-365": { "value": "
(25) Changes in accounting policies
During the period the Group has adopted the following accounting standards and interpretations:
\u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases);
\u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements);
\u2022 Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and
\u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures).
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.
New standards and interpretations not yet applied There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. IFRS 18 \u2013 Presentation and Disclosure of Financial Statements was issued in April 2024 and replaces IAS 1 \u2013 Presentation of Financial Statements. The standard sets out new requirements for presentation in the income statement, including specified totals and subtotals, additional guidance on aggregation and disaggregation, and additional required disclosures in respect of management performance measures (which replace alternative performance measures). The impact of this standard on the Group is currently being assessed. The standard is effective from 1 January 2027 with early adoption permitted. The Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on the Group. (26) Restatement of comparative information The prior period balance sheet has been restated to reclassify \u00a34.1m of returned newspapers from inventories to trade and other receivables to correctly reflect the nature of the balance. This has no impact on the net assets, cash flow statement, or income statement. The same reclassification of \u00a34.1m was also required in the 2023 period end balance sheet. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-400": { "value": "During the period the Group has adopted the following accounting standards and interpretations: \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases); \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1 Presentation of Financial Statements); \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements); and \u2022 Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures). 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-402": { "value": "New standards and interpretations not yet applied There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. IFRS 18 \u2013 Presentation and Disclosure of Financial Statements was issued in April 2024 and replaces IAS 1 \u2013 Presentation of Financial Statements. The standard sets out new requirements for presentation in the income statement, including specified totals and subtotals, additional guidance on aggregation and disaggregation, and additional required disclosures in respect of management performance measures (which replace alternative performance measures). The impact of this standard on the Group is currently being assessed. The standard is effective from 1 January 2027 with early adoption permitted. The Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-366": { "value": "
2. Operating profit
Revenue and cost of sales are analysed as follows:
2025
2024
Adjusting Adjusting
\u00a3m
Adjusted
items
Total
Adjusted
items
Total
Wholesale distribution revenue
1,061.0
\u2013
1,061.0
1,101.1
\u2013
1,101.1
Other revenue
3.0
\u2013
3.0
2.6
\u2013
2.6
Total revenue
1,064.0
\u2013
1,064.0
1,103.7
\u2013
1,103.7
Cost of inventories recognised as an expense
(898.2)
\u2013
(898.2)
(9 37.3)
\u2013
(937.3)
Distribution costs
(90.7)
\u2013
(90.7)
(93.2)
\u2013
(93.2)
Cost of sales
(988.9)
\u2013
(988.9)
(1,030.5)
\u2013
(1,030.5)
Gross profit
75.1
\u2013
75.1
73.2
\u2013
73.2
Operating profit is stated after charging/(crediting):
\u00a3m
Note
2025
2024
Depreciation on property, plant and equipment
10
2.5
2.2
Amortisation of intangible assets
9
0.5
0.4
Depreciation on right-of-use assets
17
6.5
5.9
Short-term and low-value lease charges on equipment and vehicles
0.6
0.5
Lease rental income \u2013 land and buildings
(0.2)
(0.4)
Staff costs (excluding share-based payments)
4
46.6 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
2025
2024
Fees payable to the Company\u2019s auditor for the audit of the Group and 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
0.5
Total non-audit fees (interim review)
0.1
0.1
Total fees 0.8 0.8
Details of the Company\u2019s policy on the use of auditors for non-audit services and how the auditor\u2019s independence and objectivity were safeguarded are
set out in the Audit Committee Report on page 92.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-441": { "value": "2. Operating profit Revenue and cost of sales are analysed as follows:
2025
2024
Adjusting Adjusting
\u00a3m
Adjusted
items
Total
Adjusted
items
Total
Wholesale distribution revenue
1,061.0
\u2013
1,061.0
1,101.1
\u2013
1,101.1
Other revenue
3.0
\u2013
3.0
2.6
\u2013
2.6
Total revenue
1,064.0
\u2013
1,064.0
1,103.7
\u2013
1,103.7
Cost of inventories recognised as an expense
(898.2)
\u2013
(898.2)
(9 37.3)
\u2013
(937.3)
Distribution costs
(90.7)
\u2013
(90.7)
(93.2)
\u2013
(93.2)
Cost of sales
(988.9)
\u2013
(988.9)
(1,030.5)
\u2013
(1,030.5)
Gross profit
75.1
\u2013
75.1
73.2
\u2013
73.2
Operating profit is stated after charging/(crediting):
\u00a3m
Note
2025
2024
Depreciation on property, plant and equipment
10
2.5
2.2
Amortisation of intangible assets
9
0.5
0.4
Depreciation on right-of-use assets
17
6.5
5.9
Short-term and low-value lease charges on equipment and vehicles
0.6
0.5
Lease rental income \u2013 land and buildings
(0.2)
(0.4)
Staff costs (excluding share-based payments)
4
46.6 44.1
10. Property, plant and equipment
Land and buildings
Long-term Short-term
leasehold leasehold Fixtures Equipment and
\u00a3m improvements improvements and fittings
vehicles
Total
Cost:
At 1 September 2024
\u2013
9.7
3.2
15.8
28.7
Additions
\u2013
2.6
0.7
0.2
3.5
Disposals
\u2013
(1.1)
(0.2)
(2.0)
(3.3)
At 30 August 2025
\u2013
11.2
3.7
14.0
28.9
Accumulated depreciation:
At 1 September 2024
\u2013
(6.4)
(1.6)
(11.0)
(19.0)
Depreciation charge
\u2013
(0.9)
(0.3)
(1.3)
(2.5)
Disposals
\u2013
1.2
0.1
2.0
3.3
At 30 August 2025
\u2013
(6.1)
(1.8)
(10.3)
(18.2)
Net book value at 30 August 2025
\u2013
5.1
1.9
3.7
10.7
Cost:
At 27 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 27 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-425": { "value": "2. Operating profit Revenue and cost of sales are analysed as follows:
2025
2024
Adjusting Adjusting
\u00a3m
Adjusted
items
Total
Adjusted
items
Total
Wholesale distribution revenue
1,061.0
\u2013
1,061.0
1,101.1
\u2013
1,101.1
Other revenue
3.0
\u2013
3.0
2.6
\u2013
2.6
Total revenue
1,064.0
\u2013
1,064.0
1,103.7
\u2013
1,103.7
Cost of inventories recognised as an expense
(898.2)
\u2013
(898.2)
(9 37.3)
\u2013
(937.3)
Distribution costs
(90.7)
\u2013
(90.7)
(93.2)
\u2013
(93.2)
Cost of sales
(988.9)
\u2013
(988.9)
(1,030.5)
\u2013
(1,030.5)
Gross profit
75.1
\u2013
75.1
73.2
\u2013
73.2
Operating profit is stated after charging/(crediting):
\u00a3m
Note
2025
2024
Depreciation on property, plant and equipment
10
2.5
2.2
Amortisation of intangible assets
9
0.5
0.4
Depreciation on right-of-use assets
17
6.5
5.9
Short-term and low-value lease charges on equipment and vehicles
0.6
0.5
Lease rental income \u2013 land and buildings
(0.2)
(0.4)
Staff costs (excluding share-based payments)
4
46.6 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
2025
2024
Fees payable to the Company\u2019s auditor for the audit of the Group and 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
0.5
Total non-audit fees (interim review)
0.1
0.1
Total fees 0.8 0.8
Details of the Company\u2019s policy on the use of auditors for non-audit services and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on page 92.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-401": { "value": "2. Operating profit Revenue and cost of sales are analysed as follows:
2025
2024
Adjusting Adjusting
\u00a3m
Adjusted
items
Total
Adjusted
items
Total
Wholesale distribution revenue
1,061.0
\u2013
1,061.0
1,101.1
\u2013
1,101.1
Other revenue
3.0
\u2013
3.0
2.6
\u2013
2.6
Total revenue
1,064.0
\u2013
1,064.0
1,103.7
\u2013
1,103.7
Cost of inventories recognised as an expense
(898.2)
\u2013
(898.2)
(9 37.3)
\u2013
(937.3)
Distribution costs
(90.7)
\u2013
(90.7)
(93.2)
\u2013
(93.2)
Cost of sales
(988.9)
\u2013
(988.9)
(1,030.5)
\u2013
(1,030.5)
Gross profit
75.1
\u2013
75.1
73.2
\u2013
73.2
Operating profit is stated after charging/(crediting):
\u00a3m
Note
2025
2024
Depreciation on property, plant and equipment
10
2.5
2.2
Amortisation of intangible assets
9
0.5
0.4
Depreciation on right-of-use assets
17
6.5
5.9
Short-term and low-value lease charges on equipment and vehicles
0.6
0.5
Lease rental income \u2013 land and buildings
(0.2)
(0.4)
Staff costs (excluding share-based payments)
4
46.6 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
2025
2024
Fees payable to the Company\u2019s auditor for the audit of the Group and 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
0.5
Total non-audit fees (interim review)
0.1
0.1
Total fees 0.8 0.8
Details of the Company\u2019s policy on the use of auditors for non-audit services and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on page 92.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-440": { "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
2025
2024
Fees payable to the Company\u2019s auditor for the audit of the Group and 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
0.5
Total non-audit fees (interim review)
0.1
0.1
Total fees 0.8 0.8
Details of the Company\u2019s policy on the use of auditors for non-audit services and how the auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on page 92.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-367": { "value": "
3. Adjusting items
\u00a3m
2025
2024
Tuffnells costs
(a)
(0.8)
0.2
Technology transformation costs
(b)
(0.7)
(0.1)
Network and reorganisation costs
(c)
(0.1)
(0.1)
Administrative expenses
(1.6)
\u2013
Impairment reversal on trade receivables
(d)
3.7
0.6
Impairment reversal of investment in joint ventures
(e)
\u2013
0.3
Total before tax
2.1
0.9
Taxation
(0.8)
(0.1)
Total after taxation 1.3 0.8
The Group recognised a net total adjusting items credit before tax of \u00a32.1m (2024: \u00a30.9m) and net credit of \u00a31.3m (2024: \u00a30.8m) after tax respectively.
Adjusting items are defined in the accounting policies in Note 1 and in the Glossary on page 175. 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: \u00a31.6m costs (2024: net \u00a3nil)
(a) Tuffnells costs: \u00a30.8m (2024: \u00a30.2m credit)
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.
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 increased by \u00a30.1m (2024: reduced by \u00a30.2m), reflecting management\u2019s best estimate of remaining claims brought at the period end.
In the period professional fees of \u00a30.7m were incurred in respect of the Group responding to information requests from the Pensions Regulator in
respect of its investigation relating to the Tuffnells defined benefit pension scheme and the Company\u2019s former period of ownership of Tuffnells.
Further details are included in Note 20.
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. The cash impact during the period was an outflow of \u00a31.0m (2024: \u00a30.1m) being \u00a30.8m of professional fees and \u00a30.2m
(2024: \u00a30.1m) of insurance settlements.
(b) Technology transformation costs: \u00a30.7m (2024: \u00a30.1m)
In the prior period a transformation programme to enhance its technology infrastructure and enable alignment to the Group\u2019s updated vision and
strategy commenced.
Implementation costs of \u00a30.7m (2024: \u00a30.1m) have been recognised as adjusting items on the basis that the three-year programme is driving a
significant change to the Company and largely comprise software-as-a-service arrangements. The cash impact was an outflow of \u00a30.7m (2024: \u00a30.1m).
(c) Network and reorganisation costs: \u00a30.1m (2024: \u00a30.1m)
During the period, an additional \u00a30.1m (2024: \u00a30.1m) of costs were provided for with regards to simplifying the DMD group structure. It is expected that
this work will be concluded in the next 12 months.
The cash impact of network and reorganisation was a \u00a30.1m outflow (2024: \u00a30.2m outflow).
(d) Impairment provision on trade receivables: \u00a33.7m credit (2024: \u00a30.6m)
In respect of the administration of McColl\u2019s Retail Group during FY2022, at FY2024 a provision of \u00a33.8m was held, in respect of management\u2019s best
estimate of recovery of 30% of the total claim filed representing a total of \u00a31.7m, as per the issued notification from the administrators.
During the period, \u00a35.4m was recovered from the administrators in final settlement of the claim, which was \u00a33.7m higher than expected, and therefore
released and reported as an adjusting item on the same basis as previous impairment losses and reversals recognised during the prior periods. Further
details are included in Note 13.
(e) Impairment reversal of investment in joint ventures: \u00a3nil (2024: \u00a30.3m reversal)
During the prior period, the Company reviewed the business plan for the Rascal joint venture. As a result of this review, the remaining cumulative
impairment of \u00a30.3m was reversed, which has been presented within adjusting items to align to the previous impairment charge, which was significant
in both quantum and nature to the results of the Group.
Taxation on adjusting items increased by \u00a30.7m to \u00a30.8m (2024: \u00a30.1m), driven by the release of McColl's provision noted above.
", "dimensions": { "concept": "smithsnewsplc:DisclosureOfAdjustingItems", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-369": { "value": "
4. Staff costs and employees
The aggregate remuneration of employees (including Executive Directors) was:
\u00a3m
2025
2024
Wages and salaries
41.2
39.4
Social security
4.2
3.6
Pension costs
1.2
1.1
Share-based payments expense
1.3
0.9
Total 47.9 45.0
The total average number of employees (including Executive Directors) was:
2025
2024*
Operations
1,291
1,345
Support functions
121
120
Total 1,412 1,465
* During the period, the average number of employees reported has been updated to better align to the requirements of the Companies Act. Comparatives have been restated as a result.
Defined contribution pension schemes
The Group operates two defined contribution pension schemes. For the 52 weeks ended 30 August 2025, contributions from the respective employing
company totalled \u00a31.2m (2024: \u00a31.1m) 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 on 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-404": { "value": "Defined contribution pension schemes The Group operates two defined contribution pension schemes. For the 52 weeks ended 30 August 2025, contributions from the respective employing company totalled \u00a31.2m (2024: \u00a31.1m) 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 on 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-368": { "value": "
5. Finance costs and finance income
\u00a3m
Note
2025
2024
Interest on bank overdrafts and loans
(0.8)
(2.7)
Amortisation of loan arrangement fees*
(0.2)
(1.4)
Interest payable on leases
(2.4)
(2.0)
Total interest cost on financial liabilities at amortised cost
(3.4)
(6.1)
Unwind of discount on provisions
19
(0.2)
(0.2)
Finance costs
(3.6)
(6.3)
Finance income
0.3
0.4
Net finance costs (3.3) (5.9)
* During the prior period \u00a30.8m of unamortised arrangement fees were immediately recognised on derecognition of the previous loan facility.
Finance income comprises interest received on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-442": { "value": "5. Finance costs and finance income
\u00a3m
Note
2025
2024
Interest on bank overdrafts and loans
(0.8)
(2.7)
Amortisation of loan arrangement fees*
(0.2)
(1.4)
Interest payable on leases
(2.4)
(2.0)
Total interest cost on financial liabilities at amortised cost
(3.4)
(6.1)
Unwind of discount on provisions
19
(0.2)
(0.2)
Finance costs
(3.6)
(6.3)
Finance income
0.3
0.4
Net finance costs (3.3) (5.9)
* During the prior period \u00a30.8m of unamortised arrangement fees were immediately recognised on derecognition of the previous loan facility. Finance income comprises interest received on bank deposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-426": { "value": "5. Finance costs and finance income
\u00a3m
Note
2025
2024
Interest on bank overdrafts and loans
(0.8)
(2.7)
Amortisation of loan arrangement fees*
(0.2)
(1.4)
Interest payable on leases
(2.4)
(2.0)
Total interest cost on financial liabilities at amortised cost
(3.4)
(6.1)
Unwind of discount on provisions
19
(0.2)
(0.2)
Finance costs
(3.6)
(6.3)
Finance income
0.3
0.4
Net finance costs (3.3) (5.9)
* During the prior period \u00a30.8m of unamortised arrangement fees were immediately recognised on derecognition of the previous loan facility. Finance income comprises interest received on bank deposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-403": { "value": "5. Finance costs and finance income
\u00a3m
Note
2025
2024
Interest on bank overdrafts and loans
(0.8)
(2.7)
Amortisation of loan arrangement fees*
(0.2)
(1.4)
Interest payable on leases
(2.4)
(2.0)
Total interest cost on financial liabilities at amortised cost
(3.4)
(6.1)
Unwind of discount on provisions
19
(0.2)
(0.2)
Finance costs
(3.6)
(6.3)
Finance income
0.3
0.4
Net finance costs (3.3) (5.9)
* During the prior period \u00a30.8m of unamortised arrangement fees were immediately recognised on derecognition of the previous loan facility. Finance income comprises interest received on bank deposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-370": { "value": "
6. Income tax expense
2025
2024
Adjusting Adjusting
\u00a3m
Adjusted
items
Total
Adjusted
items
Total
Current tax
8.7
0.8
9.5
8.2
0.1
8.3
Adjustment in respect of prior period
(0.3)
\u2013
(0.3)
\u2013
\u2013
\u2013
Total current tax charge
8.4
0.8
9.2
8.2
0.1
8.3
Deferred tax \u2013 current period
0.4
\u2013
0.4
0.3
\u2013
0.3
Total tax charge
8.8
0.8
9.6
8.5
0.1
8.6
Effective tax rate
24.6%
25.3%
25.6%
25.2%
The effective adjusted income tax rate in the period was 24.6% (2024: 25.6%). After the impact of tax recognised on adjusting items of \u00a30.8m
(2024: \u00a30.1m), the effective statutory income tax rate was 25.3% (2024: 25.2%).
Corporation tax is calculated at the main rate of UK corporation tax of 25% (2024: 25%). The Group has assessed its deferred tax positions using a rate
of 25%. Taxation for other jurisdictions was applied using prevailing rates.
The tax charge for the period can be reconciled to the profit in the income statement as follows:
\u00a3m
2025
2024
Profit before tax
37.9
34.1
Tax on profit at the standard rate of UK corporation tax
9.5
8.5
Income not subject to tax
\u2013
(0.1)
Expenses not deductible for tax purposes
0.4
0.3
Adjustment in respect of prior periods
(0.3)
0.1
Share options
\u2013
(0.2)
Tax charge 9.6 8.6
Amounts recognised directly in equity
A current tax credit of \u00a30.5m (2024: \u00a30.1m) and deferred tax charge of \u00a30.1m (2024: charge of \u00a30.1m) was recognised directly in equity during the period.
Impact of future tax changes
The UK Government enacted legislation on 11 July 2023 to implement the Base Erosion and Profit Shifting (BEPS) Pillar Two model rules, including
a Qualified Domestic Minimum Top-Up Tax. This legislation ensures that multinational enterprises (MNEs) pay a minimum tax rate of 15% on UK and
overseas profits arising after 31 December 2023.
The period ended 30 August 2025 is the first to which these rules apply for the Group, which falls within scope of the legislation due to its UK and
international presence and revenue exceeding \u20ac750 million. However, as the Group\u2019s business is substantially UK-based, and with its international
revenues and profits at a de minimis level, there has been no impact on the Group\u2019s financial statements for the period.
18. Deferred tax
Deferred tax assets and liabilities are attributable to the following:
Share- Other
based temporary
\u00a3m
Fixed assets
payments
differences
Total
At 1 September 2024
\u2013
0.9
0.4
1.3
Charge to income
(0.3)
(0.1)
\u2013
(0.4)
Charge to equity
\u2013
(0.1)
\u2013
(0.1)
At 30 August 2025
(0.3)
0.7
0.4
0.8
Deferred tax assets
\u2013
0.7
0.4
1.1
Deferred tax liabilities
(0.3)
\u2013
\u2013
(0.3)
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
Deferred tax assets
\u2013
0.9
0.4
1.3
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.
The Group has capital losses carried forward of \u00a320.2m (2024: \u00a320.2m). Deferred tax assets of \u00a35.1m (2024: \u00a35.1m) have not been recognised in respect
of the capital losses carried forward due to the uncertainty of their utilisation. These capital losses do not have an expiry period.
Deferred tax assets and liabilities at the period end have 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-405": { "value": "Impact of future tax changes The UK Government enacted legislation on 11 July 2023 to implement the Base Erosion and Profit Shifting (BEPS) Pillar Two model rules, including a Qualified Domestic Minimum Top-Up Tax. This legislation ensures that multinational enterprises (MNEs) pay a minimum tax rate of 15% on UK and overseas profits arising after 31 December 2023. The period ended 30 August 2025 is the first to which these rules apply for the Group, which falls within scope of the legislation due to its UK and international presence and revenue exceeding \u20ac750 million. However, as the Group\u2019s business is substantially UK-based, and with its international revenues and profits at a de minimis level, there has been no impact on the Group\u2019s financial statements for the period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-371": { "value": "
7. Dividends
Amounts paid and proposed as distributions to equity shareholders in each period is set out below:
2025 2024 2025 2024
Dividends proposed in the period Per share Per share \u00a3m \u00a3m
Interim dividend
1.75p
1.75p
4.2
4.2
Final dividend
3.80p
3.40p
9.2
8.2
Special dividend
3.00p
2.00p
7.3
4.8
8.55p 7.15p 20.7 17.2
Dividends paid in the period
Final dividend \u2013 prior period
3.40p
2.75p
8.3
6.7
Special dividend \u2013 prior period
2.00p
\u2013
4.9
\u2013
Interim dividend \u2013 current period
1.75p
1.75p
4.2
4.2
7.15p 4.50p 17. 4 10.8
After the balance sheet date, a final ordinary dividend of 3. 80p per share is proposed for the 52 weeks ended 30 August 2025 (53 weeks ended
31 August 2024: 3.4 0p), alongside a special dividend of 3.00p per share (2024: 2.00p), each of which is expected to be paid on 5 February 2026 to all
shareholders who are on the register of members at close of business on 9 January 2026. The ex-dividend date will be 8 January 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-407": { "value": "0.038", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-406": { "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-372": { "value": "
8. Earnings per share
2025
2024
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 Employee Benefit Trust (weighted)
(5.3)
(7.4)
Basic earnings per share (EPS)
Adjusted earnings attributable to ordinary shareholders
27.0
242.4
11.1
24.7
240.3
10.3
Adjusting items
1.3
0.8
Earnings attributable to ordinary shareholders
28.3
242.4
11.7
25.5
240.3
10.6
Diluted earnings per share (EPS)
Effect of dilutive share options
7. 8
10.8
Diluted adjusted EPS
27.0
250.2
10.8
24.7
251.1
9.8
Diluted EPS
28.3
250.2
11.3
25.5
251.1
10.2
Dilutive shares increase the basic number of shares at 30 August 2025 by 7.8m to 250.2m (31 August 2024: by 10.8m to 251.1m). 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-373": { "value": "
9. Intangible assets
Acquired intangibles
Internally
generated
Customer development Computer
\u00a3m
Goodwill
relationships
Trade name
costs
software costs
Total
Cost:
At 1 September 2024
5.7
2.1
0.2
2.6
2.6
13.2
Additions
\u2013
\u2013
\u2013
0.2
0.4
0.6
Disposals
\u2013
\u2013
\u2013
\u2013
(0.4)
(0.4)
At 30 August 2025
5.7
2.1
0.2
2.8
2.6
13.4
Accumulated amortisation and impairment:
At 1 September 2024
(5.7)
(2.1)
(0.2)
(0.6)
(2.2)
(10.8)
Amortisation charge
\u2013
\u2013
\u2013
(0.3)
(0.2)
(0.5)
Disposals
\u2013
\u2013
\u2013
\u2013
0.4
0.4
At 30 August 2025
(5.7)
(2.1)
(0.2)
(0.9)
(2.0)
(10.9)
Net book value at 30 August 2025
\u2013
\u2013
\u2013
1.9
0.6
2.5
Cost:
At 27 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 27 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-427": { "value": "9. Intangible assets
Acquired intangibles
Internally
generated
Customer development Computer
\u00a3m
Goodwill
relationships
Trade name
costs
software costs
Total
Cost:
At 1 September 2024
5.7
2.1
0.2
2.6
2.6
13.2
Additions
\u2013
\u2013
\u2013
0.2
0.4
0.6
Disposals
\u2013
\u2013
\u2013
\u2013
(0.4)
(0.4)
At 30 August 2025
5.7
2.1
0.2
2.8
2.6
13.4
Accumulated amortisation and impairment:
At 1 September 2024
(5.7)
(2.1)
(0.2)
(0.6)
(2.2)
(10.8)
Amortisation charge
\u2013
\u2013
\u2013
(0.3)
(0.2)
(0.5)
Disposals
\u2013
\u2013
\u2013
\u2013
0.4
0.4
At 30 August 2025
(5.7)
(2.1)
(0.2)
(0.9)
(2.0)
(10.9)
Net book value at 30 August 2025
\u2013
\u2013
\u2013
1.9
0.6
2.5
Cost:
At 27 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 27 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-408": { "value": "9. Intangible assets
Acquired intangibles
Internally
generated
Customer development Computer
\u00a3m
Goodwill
relationships
Trade name
costs
software costs
Total
Cost:
At 1 September 2024
5.7
2.1
0.2
2.6
2.6
13.2
Additions
\u2013
\u2013
\u2013
0.2
0.4
0.6
Disposals
\u2013
\u2013
\u2013
\u2013
(0.4)
(0.4)
At 30 August 2025
5.7
2.1
0.2
2.8
2.6
13.4
Accumulated amortisation and impairment:
At 1 September 2024
(5.7)
(2.1)
(0.2)
(0.6)
(2.2)
(10.8)
Amortisation charge
\u2013
\u2013
\u2013
(0.3)
(0.2)
(0.5)
Disposals
\u2013
\u2013
\u2013
\u2013
0.4
0.4
At 30 August 2025
(5.7)
(2.1)
(0.2)
(0.9)
(2.0)
(10.9)
Net book value at 30 August 2025
\u2013
\u2013
\u2013
1.9
0.6
2.5
Cost:
At 27 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 27 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-374": { "value": "
10. Property, plant and equipment
Land and buildings
Long-term Short-term
leasehold leasehold Fixtures Equipment and
\u00a3m improvements improvements and fittings
vehicles
Total
Cost:
At 1 September 2024
\u2013
9.7
3.2
15.8
28.7
Additions
\u2013
2.6
0.7
0.2
3.5
Disposals
\u2013
(1.1)
(0.2)
(2.0)
(3.3)
At 30 August 2025
\u2013
11.2
3.7
14.0
28.9
Accumulated depreciation:
At 1 September 2024
\u2013
(6.4)
(1.6)
(11.0)
(19.0)
Depreciation charge
\u2013
(0.9)
(0.3)
(1.3)
(2.5)
Disposals
\u2013
1.2
0.1
2.0
3.3
At 30 August 2025
\u2013
(6.1)
(1.8)
(10.3)
(18.2)
Net book value at 30 August 2025
\u2013
5.1
1.9
3.7
10.7
Cost:
At 27 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 27 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-375": { "value": "
11. Interests in equity accounted joint ventures
\u00a3m
2025
2024
At beginning of the period
4.6
4.4
Share of profit*
0.2
0.1
Impairment reversal
\u2013
0.3
Dividends received
(0.2)
(0.2)
At end of the period 4.6 4.6
* During the period working capital loans of \u00a30.3m (2024: \u00a30.3m) were made to joint ventures that were fully impaired and presented with losses from joint ventures.
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%
C/O Mercer & Hole, The Pinnacle,
Equity method
05191277
170
Midsummer Boulevard,
Milton Keynes, MK9 1BP
Bluebox Systems Group
Ordinary A Shares
31.8%
Estantia House, Pitreavie Drive,
Equity method
Limited SC544863 Pitreavie Business Park, Dunfermline,
Fife KY11 8US
Fresh On The Go Limited
Ordinary Shares
29.9%
61 Bridge Street, Kington, HR5 3DJ
Equity method
08775703
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 2024. 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. After the balance sheet date, the Group disposed of its
holding in Fresh On The Go Limited for consideration of \u00a325,000.
During the period, the Group disposed of its holding in Lucid Digital Magazines Limited t/a LoveMedia for the nominal value of the shares, representing
consideration of \u00a3100.
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 (2024: \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 (2024: \u00a30.3m). The Group holds \u00a34.6m (2024: \u00a34.6m) on the balance
sheet comprising a \u00a32.2m (2024: \u00a32.2m) share of net assets and \u00a32.4m (2024: \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 prior period, the Company reviewed the business plan for the Rascal Joint Venture, considering the cumulative previous impairment
recognised of \u00a30.3m, and as a result of this review, the remaining impairment was reversed. There have been no new indicators of impairment identified
during the current period and therefore an impairment review has not been performed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-376": { "value": "
12. Inventories
\u00a3m
2025
2024
Goods held for resale*
12.5
17. 9
Raw materials and consumables
0.1
0.1
Total 12.6 18.0
* Comparatives have been restated as detailed in Note 1(26).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-377": { "value": "
13. Trade and other receivables
\u00a3m
2025
2024
Trade receivables
69.4
76.4
Provision for individually assessed expected credit losses
(1)
\u2013
(3.8)
Provision for collectively assessed expected credit losses
(0.1)
(0.1)
69.3
72.5
Other debtors*
31.3
30.5
Prepayments
1.7
1.8
Accrued income
1.1
1.4
Trade and other receivables 103.4 106.2
* Comparatives have been restated as detailed in Note 1(26).
(1) Net impairment loss on trade receivables \u2013 McColl's 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.
At the prior period end, a provision of \u00a33.8m was held, in respect of management\u2019s best estimate of recovery of 30% of the total claim filed representing
a total of \u00a31.7m, as per the issued notification from the administrators. During the period, \u00a35.4m was recovered from the administrators in final
settlement of the claim, which was \u00a33.7m higher than expected, and therefore released to the income statement. The remaining \u00a30.1m was written off
to the provision.
In the prior period the expected credit loss provision of \u00a33.8m was allocated to \u2018over 90 days overdue\u2019 matching the ageing profile of the \u00a35.5m total
receivable due.
Trade receivables
The average credit period taken on sale is 32 days (2024: 32 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:
2025
2024
Gross Individually Collectively Net Gross
carrying assessed assessed carrying carrying Individually Collectively Net carrying
\u00a3m amount ECL ECL amount amount assessed ECL assessed ECL amount
Current (not overdue)
69.3
\u2013
(0.1)
69.2
70.4
\u2013
(0.1)
70.3
30-60 days overdue
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
61-90 days overdue
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
Over 90 days overdue
0.1
\u2013
\u2013
0.1
5.8
(3.8)
\u2013
2.1
Total
69.4
\u2013
(0.1)
69.3
76.4
(3.8)
(0.1)
72.5
The following table provides information about the Group\u2019s loss rates applied against customer balances:
%
2025
2024
Current (not overdue)
<0.1
<0.1
1-30 days overdue
1.7
<0.1
30-60 days overdue
17.0
<0.1
61-90 days overdue
20.4
<0.1
Over 90 days overdue 31.0 70.0
Of the trade receivables balance at the end of the period:
\u2022 two (2024: two) customers had individual balances that represented more than 10% of the total trade receivables balance. The total of these was
\u00a318.7m (2024: \u00a320.9m); and
\u2022 a further five (2024: three) customers had individual balances that represented more than 5% of the total trade receivables balance. The total of these
was \u00a323.8m (2024: \u00a316.9m).
The movement in provision for expected credit losses for the period is detailed below:
\u00a3m
Note
2025
2024
At beginning of the period
3.9
4.5
Expected credit losses recognised
0.1
0.1
Reversal of individually assessed credit losses
3
(3.7)
(0.6)
Amounts written off as uncollectible
(0.2)
(0.1)
At end of the period 0.1 3.9
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 valuation. 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 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 by 5% would result in no credit losses.
Other debtors and prepayments
The largest items included within this balance are returns reserve asset of \u00a317.0m (2024: \u00a316.9m) (refer to Note 1, section 6) and \u00a37.1m (2024: \u00a38.0m) of
publisher debtors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-409": { "value": "
\u00a3m
2025
2024
Trade receivables
69.4
76.4
Provision for individually assessed expected credit losses
(1)
\u2013
(3.8)
Provision for collectively assessed expected credit losses
(0.1)
(0.1)
69.3
72.5
Other debtors*
31.3
30.5
Prepayments
1.7
1.8
Accrued income
1.1
1.4
Trade and other receivables 103.4 106.2
* Comparatives have been restated as detailed in Note 1(26). ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-410": { "value": "Trade receivables The average credit period taken on sale is 32 days (2024: 32 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:
2025
2024
Gross Individually Collectively Net Gross
carrying assessed assessed carrying carrying Individually Collectively Net carrying
\u00a3m amount ECL ECL amount amount assessed ECL assessed ECL amount
Current (not overdue)
69.3
\u2013
(0.1)
69.2
70.4
\u2013
(0.1)
70.3
30-60 days overdue
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
61-90 days overdue
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.1
Over 90 days overdue
0.1
\u2013
\u2013
0.1
5.8
(3.8)
\u2013
2.1
Total
69.4
\u2013
(0.1)
69.3
76.4
(3.8)
(0.1)
72.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-378": { "value": "
14. Trade and other payables
\u00a3m
2025
2024
Trade payables
(87.2)
(88.4)
Other creditors
(31.7)
(32.6)
Accruals
(8.2)
(7.4)
Deferred income
(0.1)
(0.1)
(127.2) (128.5)
Included within other creditors is a balance of \u00a319.8m (2024: \u00a319.8m) 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 30 days (2024: 33 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-411": { "value": "
\u00a3m
2025
2024
Trade payables
(87.2)
(88.4)
Other creditors
(31.7)
(32.6)
Accruals
(8.2)
(7.4)
Deferred income
(0.1)
(0.1)
(127.2) (128.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-428": { "value": "
\u00a3m
2025
2024
Trade payables
(87.2)
(88.4)
Other creditors
(31.7)
(32.6)
Accruals
(8.2)
(7.4)
Deferred income
(0.1)
(0.1)
(127.2) (128.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-412": { "value": "
15. Cash and borrowings
Cash and borrowings by currency (sterling equivalent) were as follows:
Euro and Total
\u00a3m
Sterling
other
2025
2024
Cash at bank and in hand
5.2
0.2
5.4
7.0
Cash held by the EBT to purchase own shares
2.8
\u2013
2.8
\u2013
Total cash and cash equivalents
8.0
0.2
8.2
7.0
Revolving credit facility
(2.1)
\u2013
(2.1)
(18.0)
Unamortised arrangement fees \u2013 presented in non-current liabilities
0.4
\u2013
0.4
0.4
Total borrowings
(1.7)
\u2013
(1.7)
(17.6)
Net cash/(borrowings)
6.3
0.2
6.5 (10.6)
Total borrowings
Amounts due after 12 months
(1.7)
\u2013
(1.7)
(17.6)
Total
(1.7)
\u2013
(1.7) (17.6)
The carrying amount of cash and cash equivalents approximates to their fair value.
The Group has a financing facility in place comprising a \u00a340.0m Revolving Credit Facility (RCF) with a \u00a310.0m accordion option. The agreement is
with HSBC and Santander. This initial arrangement had a final maturity date of 2 May 2027 with the option of two one-year extensions on the first
and second anniversaries. During the period, the first one-year extension was exercised which extended the maturity date to 2 May 2028.
At 30 August 2025, \u00a32.1m (2024: \u00a318.0m) of the RCF was drawn. 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 provide security over their assets to the lenders. The current rate on the facility is
2.45% per annum over SONIA.
At 30 August 2025, the Company had \u00a337.9m (2024: \u00a322.0m) 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 (2024: \u00a31.5m); further details are included in Note 20.
During the period, the net decrease of \u00a315.9m in total borrowings comprised \u00a3101.8m of cash inflows from drawing down the RCF and \u00a3117.7m of
cash outflows from repayment of the RCF.
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.
1 September Financing Other 30 August
\u00a3m
Note
2024
cash flows
New leases
Disposals
changes 2025
Revolving credit facility
16
17.6
(16.7)
\u2013
\u2013
1.2
2.1
Leases
30.9
(8.9)
6.6
0.5
1.4
30.5
Total
48.5
(25.6)
6.6
0.5
2.6
32.6
27 August Financing Other 31 August
\u00a3m
Note
2023
cash flows
New leases
Disposals
changes 2024
Revolving credit facility
16
\u2013
18.0
\u2013
\u2013
(0.4)
17.6
Term loan
16
40.2
(41.5)
\u2013
\u2013
1.3
\u2013
Leases
23.2
(7.9)
11.2
\u2013
4.4
30.9
Total
63.4
(31.4)
11.2
\u2013
5.3
48.5
Other changes include rent increases, interest accruals and the amortisation of loan fees.
Analysis of net debt
\u00a3m
Note
2025
2024
Cash and cash equivalents*
16
8.2
7.0
Non-current borrowings
16
(1.7)
(17.6)
Net borrowings
6.5
(10.6)
Lease liabilities
17
(30.5)
(30.9)
Net debt (24.0) (41.5)
* Included within cash and cash equivalents is \u00a32.8m (2024: \u00a3nil) of cash held by the EBT for the purpose of purchasing own shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-379": { "value": "15. Cash and borrowings Cash and borrowings by currency (sterling equivalent) were as follows:
Euro and Total
\u00a3m
Sterling
other
2025
2024
Cash at bank and in hand
5.2
0.2
5.4
7.0
Cash held by the EBT to purchase own shares
2.8
\u2013
2.8
\u2013
Total cash and cash equivalents
8.0
0.2
8.2
7.0
Revolving credit facility
(2.1)
\u2013
(2.1)
(18.0)
Unamortised arrangement fees \u2013 presented in non-current liabilities
0.4
\u2013
0.4
0.4
Total borrowings
(1.7)
\u2013
(1.7)
(17.6)
Net cash/(borrowings)
6.3
0.2
6.5 (10.6)
Total borrowings
Amounts due after 12 months
(1.7)
\u2013
(1.7)
(17.6)
Total
(1.7)
\u2013
(1.7) (17.6)
The carrying amount of cash and cash equivalents approximates to their fair value. The Group has a financing facility in place comprising a \u00a340.0m Revolving Credit Facility (RCF) with a \u00a310.0m accordion option. The agreement is with HSBC and Santander. This initial arrangement had a final maturity date of 2 May 2027 with the option of two one-year extensions on the first and second anniversaries. During the period, the first one-year extension was exercised which extended the maturity date to 2 May 2028. At 30 August 2025, \u00a32.1m (2024: \u00a318.0m) of the RCF was drawn. 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 provide security over their assets to the lenders. The current rate on the facility is 2.45% per annum over SONIA. At 30 August 2025, the Company had \u00a337.9m (2024: \u00a322.0m) 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 (2024: \u00a31.5m); further details are included in Note 20. During the period, the net decrease of \u00a315.9m in total borrowings comprised \u00a3101.8m of cash inflows from drawing down the RCF and \u00a3117.7m of cash outflows from repayment of the RCF. 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.
1 September Financing Other 30 August
\u00a3m
Note
2024
cash flows
New leases
Disposals
changes 2025
Revolving credit facility
16
17.6
(16.7)
\u2013
\u2013
1.2
2.1
Leases
30.9
(8.9)
6.6
0.5
1.4
30.5
Total
48.5
(25.6)
6.6
0.5
2.6
32.6
27 August Financing Other 31 August
\u00a3m
Note
2023
cash flows
New leases
Disposals
changes 2024
Revolving credit facility
16
\u2013
18.0
\u2013
\u2013
(0.4)
17.6
Term loan
16
40.2
(41.5)
\u2013
\u2013
1.3
\u2013
Leases
23.2
(7.9)
11.2
\u2013
4.4
30.9
Total
63.4
(31.4)
11.2
\u2013
5.3
48.5
Other changes include rent increases, interest accruals and the amortisation of loan fees.
Analysis of net debt
\u00a3m
Note
2025
2024
Cash and cash equivalents*
16
8.2
7.0
Non-current borrowings
16
(1.7)
(17.6)
Net borrowings
6.5
(10.6)
Lease liabilities
17
(30.5)
(30.9)
Net debt (24.0) (41.5)
* Included within cash and cash equivalents is \u00a32.8m (2024: \u00a3nil) of cash held by the EBT for the purpose of purchasing own shares.
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 cash financing is available for running the
businesses of the Group on a day-to-day basis, whilst minimising net 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 and prior periods. 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 Bank Net Debt: Bank EBITDA ratio below 1.0x, achieved through managing free cash from operations. The Group\u2019s facilities
include a clause to account for lease charges under accounting standards applicable in 2019; 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 30 August 2025, the Group had \u00a340.0m (2024: \u00a340.0m) of committed bank facilities in place, comprising a \u00a340.0m revolving credit facility (RCF),
which expires on 2 May 2028.
The facility described above is subject to the following covenants:
\u2022 Leverage cover \u2013 the Bank Net (Cash)/Debt: Bank EBITDA ratio which must remain below 2.5x. At 30 August 2025 the ratio was (0.1x) (2024: 0.3x);
\u2022 Interest cover \u2013 the consolidated net interest: Bank EBITDA ratio which must remain above 4x. As at 30 August 2025 the ratio was 79x (2024: 17.9x);
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 period. 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.
At 30 August 2025, the Group had available \u00a336.4m (2024: \u00a320.5m) of undrawn committed borrowing facilities comprising the \u00a337.9m (2024: \u00a322.0m)
RCF above less letters of credit of \u00a31.5m (2024: \u00a31.5m). In addition, the facility includes a \u00a310m accordion facility option. There were no breaches of loan
agreements during either the current or prior periods.
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 period was \u00a36.6m (2024: \u00a326.7m). 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
2025
Bank and other borrowings
(2.1)
\u2013
\u2013
\u2013
(2.1)
Trade and other payables
(127. 2)
\u2013
\u2013
\u2013
(127. 2)
Leases
(7.8)
(7. 1)
(6.0)
(18.2)
(39.1)
Total
(137.1)
(7.1)
(6.0)
(18.2)
(168.4)
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)
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 assets are held in Sterling, with \u00a30.4m (2024: \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. The Group does not consider interest rate risk to be sensitive. Credit risk The Group considers its exposure to credit risk to be as follows:
\u00a3m
2025
2024
Bank deposits and money market funds
8.2
7.0
Trade and other receivables*
100.6
103.0
108.8 110.0
* Comparatives have been restated as detailed in Note 1(26). 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-429": { "value": "15. Cash and borrowings Cash and borrowings by currency (sterling equivalent) were as follows:
Euro and Total
\u00a3m
Sterling
other
2025
2024
Cash at bank and in hand
5.2
0.2
5.4
7.0
Cash held by the EBT to purchase own shares
2.8
\u2013
2.8
\u2013
Total cash and cash equivalents
8.0
0.2
8.2
7.0
Revolving credit facility
(2.1)
\u2013
(2.1)
(18.0)
Unamortised arrangement fees \u2013 presented in non-current liabilities
0.4
\u2013
0.4
0.4
Total borrowings
(1.7)
\u2013
(1.7)
(17.6)
Net cash/(borrowings)
6.3
0.2
6.5 (10.6)
Total borrowings
Amounts due after 12 months
(1.7)
\u2013
(1.7)
(17.6)
Total
(1.7)
\u2013
(1.7) (17.6)
The carrying amount of cash and cash equivalents approximates to their fair value. The Group has a financing facility in place comprising a \u00a340.0m Revolving Credit Facility (RCF) with a \u00a310.0m accordion option. The agreement is with HSBC and Santander. This initial arrangement had a final maturity date of 2 May 2027 with the option of two one-year extensions on the first and second anniversaries. During the period, the first one-year extension was exercised which extended the maturity date to 2 May 2028. At 30 August 2025, \u00a32.1m (2024: \u00a318.0m) of the RCF was drawn. 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 provide security over their assets to the lenders. The current rate on the facility is 2.45% per annum over SONIA. At 30 August 2025, the Company had \u00a337.9m (2024: \u00a322.0m) 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 (2024: \u00a31.5m); further details are included in Note 20. During the period, the net decrease of \u00a315.9m in total borrowings comprised \u00a3101.8m of cash inflows from drawing down the RCF and \u00a3117.7m of cash outflows from repayment of the RCF. 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.
1 September Financing Other 30 August
\u00a3m
Note
2024
cash flows
New leases
Disposals
changes 2025
Revolving credit facility
16
17.6
(16.7)
\u2013
\u2013
1.2
2.1
Leases
30.9
(8.9)
6.6
0.5
1.4
30.5
Total
48.5
(25.6)
6.6
0.5
2.6
32.6
27 August Financing Other 31 August
\u00a3m
Note
2023
cash flows
New leases
Disposals
changes 2024
Revolving credit facility
16
\u2013
18.0
\u2013
\u2013
(0.4)
17.6
Term loan
16
40.2
(41.5)
\u2013
\u2013
1.3
\u2013
Leases
23.2
(7.9)
11.2
\u2013
4.4
30.9
Total
63.4
(31.4)
11.2
\u2013
5.3
48.5
Other changes include rent increases, interest accruals and the amortisation of loan fees. Analysis of net debt
\u00a3m
Note
2025
2024
Cash and cash equivalents*
16
8.2
7.0
Non-current borrowings
16
(1.7)
(17.6)
Net borrowings
6.5
(10.6)
Lease liabilities
17
(30.5)
(30.9)
Net debt (24.0) (41.5)
* Included within cash and cash equivalents is \u00a32.8m (2024: \u00a3nil) of cash held by the EBT for the purpose of purchasing own shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-443": { "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.
1 September Financing Other 30 August
\u00a3m
Note
2024
cash flows
New leases
Disposals
changes 2025
Revolving credit facility
16
17.6
(16.7)
\u2013
\u2013
1.2
2.1
Leases
30.9
(8.9)
6.6
0.5
1.4
30.5
Total
48.5
(25.6)
6.6
0.5
2.6
32.6
27 August Financing Other 31 August
\u00a3m
Note
2023
cash flows
New leases
Disposals
changes 2024
Revolving credit facility
16
\u2013
18.0
\u2013
\u2013
(0.4)
17.6
Term loan
16
40.2
(41.5)
\u2013
\u2013
1.3
\u2013
Leases
23.2
(7.9)
11.2
\u2013
4.4
30.9
Total
63.4
(31.4)
11.2
\u2013
5.3
48.5
Other changes include rent increases, interest accruals and the amortisation of loan fees. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-413": { "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 and prior periods. 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 Bank Net Debt: Bank EBITDA ratio below 1.0x, achieved through managing free cash from operations. The Group\u2019s facilities include a clause to account for lease charges under accounting standards applicable in 2019; 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 30 August 2025, the Group had \u00a340.0m (2024: \u00a340.0m) of committed bank facilities in place, comprising a \u00a340.0m revolving credit facility (RCF), which expires on 2 May 2028. The facility described above is subject to the following covenants: \u2022 Leverage cover \u2013 the Bank Net (Cash)/Debt: Bank EBITDA ratio which must remain below 2.5x. At 30 August 2025 the ratio was (0.1x) (2024: 0.3x); \u2022 Interest cover \u2013 the consolidated net interest: Bank EBITDA ratio which must remain above 4x. As at 30 August 2025 the ratio was 79x (2024: 17.9x); 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 period. 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. At 30 August 2025, the Group had available \u00a336.4m (2024: \u00a320.5m) of undrawn committed borrowing facilities comprising the \u00a337.9m (2024: \u00a322.0m) RCF above less letters of credit of \u00a31.5m (2024: \u00a31.5m). In addition, the facility includes a \u00a310m accordion facility option. There were no breaches of loan agreements during either the current or prior periods. 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 period was \u00a36.6m (2024: \u00a326.7m). 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
2025
Bank and other borrowings
(2.1)
\u2013
\u2013
\u2013
(2.1)
Trade and other payables
(127. 2)
\u2013
\u2013
\u2013
(127. 2)
Leases
(7.8)
(7. 1)
(6.0)
(18.2)
(39.1)
Total
(137.1)
(7.1)
(6.0)
(18.2)
(168.4)
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)
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 assets are held in Sterling, with \u00a30.4m (2024: \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. The Group does not consider interest rate risk to be sensitive. Credit risk The Group considers its exposure to credit risk to be as follows:
\u00a3m
2025
2024
Bank deposits and money market funds
8.2
7.0
Trade and other receivables*
100.6
103.0
108.8 110.0
* Comparatives have been restated as detailed in Note 1(26). 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-430": { "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 and prior periods. 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 Bank Net Debt: Bank EBITDA ratio below 1.0x, achieved through managing free cash from operations. The Group\u2019s facilities include a clause to account for lease charges under accounting standards applicable in 2019; Bank Net Debt: Bank EBITDA is stated on this basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-431": { "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 30 August 2025, the Group had \u00a340.0m (2024: \u00a340.0m) of committed bank facilities in place, comprising a \u00a340.0m revolving credit facility (RCF), which expires on 2 May 2028. The facility described above is subject to the following covenants: \u2022 Leverage cover \u2013 the Bank Net (Cash)/Debt: Bank EBITDA ratio which must remain below 2.5x. At 30 August 2025 the ratio was (0.1x) (2024: 0.3x); \u2022 Interest cover \u2013 the consolidated net interest: Bank EBITDA ratio which must remain above 4x. As at 30 August 2025 the ratio was 79x (2024: 17.9x); 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 period. 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. At 30 August 2025, the Group had available \u00a336.4m (2024: \u00a320.5m) of undrawn committed borrowing facilities comprising the \u00a337.9m (2024: \u00a322.0m) RCF above less letters of credit of \u00a31.5m (2024: \u00a31.5m). In addition, the facility includes a \u00a310m accordion facility option. There were no breaches of loan agreements during either the current or prior periods. 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 period was \u00a36.6m (2024: \u00a326.7m). 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
2025
Bank and other borrowings
(2.1)
\u2013
\u2013
\u2013
(2.1)
Trade and other payables
(127. 2)
\u2013
\u2013
\u2013
(127. 2)
Leases
(7.8)
(7. 1)
(6.0)
(18.2)
(39.1)
Total
(137.1)
(7.1)
(6.0)
(18.2)
(168.4)
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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-432": { "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 assets are held in Sterling, with \u00a30.4m (2024: \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. The Group does not consider interest rate risk to be sensitive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-433": { "value": "
Credit risk
The Group considers its exposure to credit risk to be as follows:
\u00a3m
2025
2024
Bank deposits and money market funds
8.2
7.0
Trade and other receivables*
100.6
103.0
108.8 110.0
* Comparatives have been restated as detailed in Note 1(26).
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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-380": { "value": "
17. Leases
The balance sheet shows the following right-of-use assets in relation to leases:
Equipment and Land and
\u00a3m vehicles
buildings
Total
Cost:
At 1 September 2024
1.5
49.2
50.7
Additions
1.2
5.6
6.8
Disposals
(0.4)
(4.2)
(4.6)
At 30 August 2025
2.3
50.6
52.9
Accumulated depreciation:
At 1 September 2024
(0.9)
(20.3)
(21.2)
Depreciation charge
(0.3)
(6.2)
(6.5)
Disposals
0.4
3.8
4.2
At 30 August 2025
(0.8)
(22.7)
(23.5)
Net book value at 30 August 2025
1.5
27.9
29.4
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
Amounts recognised in respect of leases
\u00a3m
2025
2024
Interest expense (included in finance cost)
2.4
2.0
Expense relating to low-value leases (included in cost of sales and administrative expenses)
0.6
0.5
Property rental income
(0.2)
(0.4)
Total cash outflow from leases 8.9 7.9
Maturity analysis of lease liabilities
\u00a3m
2025
2024
Current
(5.6)
(5.5)
Non-current
(24.9)
(25.4)
Total (30.5) (30.9)
Amounts recognised as lessor:
At the balance sheet date, the Group had contracted with tenants for the following future minimum lease payments:
\u00a3m
2025
2024
Within one year
0.2
0.3
In the second to fifth years inclusive
0.2
0.6
0.4 0.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-414": { "value": "The balance sheet shows the following right-of-use assets in relation to leases:
Equipment and Land and
\u00a3m vehicles
buildings
Total
Cost:
At 1 September 2024
1.5
49.2
50.7
Additions
1.2
5.6
6.8
Disposals
(0.4)
(4.2)
(4.6)
At 30 August 2025
2.3
50.6
52.9
Accumulated depreciation:
At 1 September 2024
(0.9)
(20.3)
(21.2)
Depreciation charge
(0.3)
(6.2)
(6.5)
Disposals
0.4
3.8
4.2
At 30 August 2025
(0.8)
(22.7)
(23.5)
Net book value at 30 August 2025
1.5
27.9
29.4
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-434": { "value": "18. Deferred tax Deferred tax assets and liabilities are attributable to the following:
Share- Other
based temporary
\u00a3m
Fixed assets
payments
differences
Total
At 1 September 2024
\u2013
0.9
0.4
1.3
Charge to income
(0.3)
(0.1)
\u2013
(0.4)
Charge to equity
\u2013
(0.1)
\u2013
(0.1)
At 30 August 2025
(0.3)
0.7
0.4
0.8
Deferred tax assets
\u2013
0.7
0.4
1.1
Deferred tax liabilities
(0.3)
\u2013
\u2013
(0.3)
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
Deferred tax assets
\u2013
0.9
0.4
1.3
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. The Group has capital losses carried forward of \u00a320.2m (2024: \u00a320.2m). Deferred tax assets of \u00a35.1m (2024: \u00a35.1m) have not been recognised in respect of the capital losses carried forward due to the uncertainty of their utilisation. These capital losses do not have an expiry period. Deferred tax assets and liabilities at the period end have 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-416": { "value": "18. Deferred tax Deferred tax assets and liabilities are attributable to the following:
Share- Other
based temporary
\u00a3m
Fixed assets
payments
differences
Total
At 1 September 2024
\u2013
0.9
0.4
1.3
Charge to income
(0.3)
(0.1)
\u2013
(0.4)
Charge to equity
\u2013
(0.1)
\u2013
(0.1)
At 30 August 2025
(0.3)
0.7
0.4
0.8
Deferred tax assets
\u2013
0.7
0.4
1.1
Deferred tax liabilities
(0.3)
\u2013
\u2013
(0.3)
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
Deferred tax assets
\u2013
0.9
0.4
1.3
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. The Group has capital losses carried forward of \u00a320.2m (2024: \u00a320.2m). Deferred tax assets of \u00a35.1m (2024: \u00a35.1m) have not been recognised in respect of the capital losses carried forward due to the uncertainty of their utilisation. These capital losses do not have an expiry period. Deferred tax assets and liabilities at the period end have 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-381": { "value": "
19. Provisions
Insurance
Reorganisation and legal Property
\u00a3m provisions provisions
provisions
Total
At 1 September 2024
(0.2)
(0.5)
(5.2)
(5.9)
Transfer
0.1
(0.1)
\u2013
\u2013
Charged to income statement
(0.1)
(0.1)
\u2013
(0.2)
Credited to income statement
\u2013
\u2013
0.2
0.2
Utilised in period
0.1
0.3
0.6
1.0
Unwinding of discount utilisation
\u2013
\u2013
(0.2)
(0.2)
At 30 August 2025
(0.1)
(0.4)
(4.6)
(5.1)
\u00a3m
2025
Included within current liabilities
(0.5)
Included within non-current liabilities
(4.6)
Total (5.1)
Reorganisation provisions of \u00a30.1m (2024: \u00a30.2m) 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 \u00a30.4m (2024: \u00a30.5m) 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 2035 with all of the liability falling within ten years
and greater than one year.
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 +/- \u00a30.2m (2024: +/- \u00a30.1m).
If the repair cost per square foot changes by +/-\u00a31.00p, the property provision would change by +/- \u00a30.5m (2024: +/- \u00a30.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-415": { "value": "19. Provisions
Insurance
Reorganisation and legal Property
\u00a3m provisions provisions
provisions
Total
At 1 September 2024
(0.2)
(0.5)
(5.2)
(5.9)
Transfer
0.1
(0.1)
\u2013
\u2013
Charged to income statement
(0.1)
(0.1)
\u2013
(0.2)
Credited to income statement
\u2013
\u2013
0.2
0.2
Utilised in period
0.1
0.3
0.6
1.0
Unwinding of discount utilisation
\u2013
\u2013
(0.2)
(0.2)
At 30 August 2025
(0.1)
(0.4)
(4.6)
(5.1)
\u00a3m
2025
Included within current liabilities
(0.5)
Included within non-current liabilities
(4.6)
Total (5.1)
Reorganisation provisions of \u00a30.1m (2024: \u00a30.2m) 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 \u00a30.4m (2024: \u00a30.5m) 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 2035 with all of the liability falling within ten years and greater than one year. 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 +/- \u00a30.2m (2024: +/- \u00a30.1m). If the repair cost per square foot changes by +/-\u00a31.00p, the property provision would change by +/- \u00a30.5m (2024: +/- \u00a30.3m). 20. Contingent assets, liabilities and capital commitments Bank and other guarantees As at 30 August 2025, the Group had approved letters of credit of \u00a31.5m (2024: \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, during the year the Company incurred \u00a30.7m of legal costs in considering and responding to two extensive enquiry requests (October 2024 and June 2025) from the Pension Regulator (tPR) in relation to tPR\u2019s ongoing investigation into the Tuffnells defined benefit pension scheme and the Company\u2019s period of ownership of Tuffnells, which had concluded with its sale in May 2020. The Company has continued to engage with tPR after period end and understands that the Company remains part of tPR\u2019s investigations as one of a number of potential targets relevant to its regulatory powers under the Pensions Act 2004. tPR are yet to issue a Warning Notice as at the date of these financial statements, and it is not known when, or if it will be issued (up to tPR\u2019s stated statutory deadline of 20 February 2026). The Board has nevertheless considered the nature and circumstances of tPR\u2019s investigation to date and concluded, at the date of authorisation of the financial statements, that no provision is required, particularly given that no Warning Notice has been issued, it remains uncertain at this time as to how tPR may proceed with the information before it or whether any future obligation (including the nature thereof) will arise at all, and the Company therefore does not currently have a present obligation that could lead to an outflow of resources. Accordingly, the Board has concluded that the matter represents a possible obligation only and has disclosed a contingent liability. tPR has communicated that the Tuffnells defined benefit scheme had an estimated s75 liability of \u00a33.355m (however the final certified liability is yet to be confirmed) and that any Warning Notice, if issued, will be made under its wide-ranging Financial Support Direction powers available to it (which are based on a \u201cno-fault\u201d liability-regime). With support of legal advice, the Board maintains the view that the Company has acted reasonably throughout its time as parent of Tuffnells and notes that it was an overall net contributor of funding to Tuffnells during its period of ownership. The Company continues to make itself available to provide further assistance to tPR as required. 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. Reversionary lease Other potential liabilities that could crystallise are in respect of the previous assignment of a lease 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 the rental commitment at 30 August 2025 was \u00a30.9m (2024: \u00a30.4m), which increased during the period following a review of market rent. This lease is expected to end in 2033. Capital commitments Contracts placed for future capital expenditure approved by the Directors but not provided for amount to \u00a30.1m (2024: \u00a32.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-382": { "value": "
20. Contingent assets, liabilities and capital commitments
Bank and other guarantees
As at 30 August 2025, the Group had approved letters of credit of \u00a31.5m (2024: \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, during the year the Company incurred \u00a30.7m of legal costs in considering and responding to two extensive enquiry requests
(October 2024 and June 2025) from the Pension Regulator (tPR) in relation to tPR\u2019s ongoing investigation into the Tuffnells defined benefit pension
scheme and the Company\u2019s period of ownership of Tuffnells, which had concluded with its sale in May 2020.
The Company has continued to engage with tPR after period end and understands that the Company remains part of tPR\u2019s investigations as one
of a number of potential targets relevant to its regulatory powers under the Pensions Act 2004.
tPR are yet to issue a Warning Notice as at the date of these financial statements, and it is not known when, or if it will be issued (up to tPR\u2019s stated
statutory deadline of 20 February 2026). The Board has nevertheless considered the nature and circumstances of tPR\u2019s investigation to date and
concluded, at the date of authorisation of the financial statements, that no provision is required, particularly given that no Warning Notice has been
issued, it remains uncertain at this time as to how tPR may proceed with the information before it or whether any future obligation (including the nature
thereof) will arise at all, and the Company therefore does not currently have a present obligation that could lead to an outflow of resources. Accordingly,
the Board has concluded that the matter represents a possible obligation only and has disclosed a contingent liability.
tPR has communicated that the Tuffnells defined benefit scheme had an estimated s75 liability of \u00a33.355m (however the final certified liability is yet to
be confirmed) and that any Warning Notice, if issued, will be made under its wide-ranging Financial Support Direction powers available to it (which are
based on a \u201cno-fault\u201d liability-regime).
With support of legal advice, the Board maintains the view that the Company has acted reasonably throughout its time as parent of Tuffnells and notes
that it was an overall net contributor of funding to Tuffnells during its period of ownership. The Company continues to make itself available to provide
further assistance to tPR as required.
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.
Reversionary lease
Other potential liabilities that could crystallise are in respect of the previous assignment of a lease 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 the rental commitment at 30 August 2025
was \u00a30.9m (2024: \u00a30.4m), which increased during the period following a review of market rent. This lease is expected to end in 2033.
Capital commitments
Contracts placed for future capital expenditure approved by the Directors but not provided for amount to \u00a30.1m (2024: \u00a32.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-444": { "value": "20. Contingent assets, liabilities and capital commitments Bank and other guarantees As at 30 August 2025, the Group had approved letters of credit of \u00a31.5m (2024: \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, during the year the Company incurred \u00a30.7m of legal costs in considering and responding to two extensive enquiry requests (October 2024 and June 2025) from the Pension Regulator (tPR) in relation to tPR\u2019s ongoing investigation into the Tuffnells defined benefit pension scheme and the Company\u2019s period of ownership of Tuffnells, which had concluded with its sale in May 2020. The Company has continued to engage with tPR after period end and understands that the Company remains part of tPR\u2019s investigations as one of a number of potential targets relevant to its regulatory powers under the Pensions Act 2004. tPR are yet to issue a Warning Notice as at the date of these financial statements, and it is not known when, or if it will be issued (up to tPR\u2019s stated statutory deadline of 20 February 2026). The Board has nevertheless considered the nature and circumstances of tPR\u2019s investigation to date and concluded, at the date of authorisation of the financial statements, that no provision is required, particularly given that no Warning Notice has been issued, it remains uncertain at this time as to how tPR may proceed with the information before it or whether any future obligation (including the nature thereof) will arise at all, and the Company therefore does not currently have a present obligation that could lead to an outflow of resources. Accordingly, the Board has concluded that the matter represents a possible obligation only and has disclosed a contingent liability. tPR has communicated that the Tuffnells defined benefit scheme had an estimated s75 liability of \u00a33.355m (however the final certified liability is yet to be confirmed) and that any Warning Notice, if issued, will be made under its wide-ranging Financial Support Direction powers available to it (which are based on a \u201cno-fault\u201d liability-regime). With support of legal advice, the Board maintains the view that the Company has acted reasonably throughout its time as parent of Tuffnells and notes that it was an overall net contributor of funding to Tuffnells during its period of ownership. The Company continues to make itself available to provide further assistance to tPR as required. 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. Reversionary lease Other potential liabilities that could crystallise are in respect of the previous assignment of a lease 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 the rental commitment at 30 August 2025 was \u00a30.9m (2024: \u00a30.4m), which increased during the period following a review of market rent. This lease is expected to end in 2033. Capital commitments Contracts placed for future capital expenditure approved by the Directors but not provided for amount to \u00a30.1m (2024: \u00a32.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-435": { "value": "20. Contingent assets, liabilities and capital commitments Bank and other guarantees As at 30 August 2025, the Group had approved letters of credit of \u00a31.5m (2024: \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, during the year the Company incurred \u00a30.7m of legal costs in considering and responding to two extensive enquiry requests (October 2024 and June 2025) from the Pension Regulator (tPR) in relation to tPR\u2019s ongoing investigation into the Tuffnells defined benefit pension scheme and the Company\u2019s period of ownership of Tuffnells, which had concluded with its sale in May 2020. The Company has continued to engage with tPR after period end and understands that the Company remains part of tPR\u2019s investigations as one of a number of potential targets relevant to its regulatory powers under the Pensions Act 2004. tPR are yet to issue a Warning Notice as at the date of these financial statements, and it is not known when, or if it will be issued (up to tPR\u2019s stated statutory deadline of 20 February 2026). The Board has nevertheless considered the nature and circumstances of tPR\u2019s investigation to date and concluded, at the date of authorisation of the financial statements, that no provision is required, particularly given that no Warning Notice has been issued, it remains uncertain at this time as to how tPR may proceed with the information before it or whether any future obligation (including the nature thereof) will arise at all, and the Company therefore does not currently have a present obligation that could lead to an outflow of resources. Accordingly, the Board has concluded that the matter represents a possible obligation only and has disclosed a contingent liability. tPR has communicated that the Tuffnells defined benefit scheme had an estimated s75 liability of \u00a33.355m (however the final certified liability is yet to be confirmed) and that any Warning Notice, if issued, will be made under its wide-ranging Financial Support Direction powers available to it (which are based on a \u201cno-fault\u201d liability-regime). With support of legal advice, the Board maintains the view that the Company has acted reasonably throughout its time as parent of Tuffnells and notes that it was an overall net contributor of funding to Tuffnells during its period of ownership. The Company continues to make itself available to provide further assistance to tPR as required. 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. Reversionary lease Other potential liabilities that could crystallise are in respect of the previous assignment of a lease 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 the rental commitment at 30 August 2025 was \u00a30.9m (2024: \u00a30.4m), which increased during the period following a review of market rent. This lease is expected to end in 2033. Capital commitments Contracts placed for future capital expenditure approved by the Directors but not provided for amount to \u00a30.1m (2024: \u00a32.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-383": { "value": "
21. Net cash inflow from operating activities
\u00a3m
Note
2025
2024
Operating profit
3
41.2
40.0
Impairment reversal of investment in joint venture
11
\u2013
(0.3)
Share of loss of joint ventures
11
0.1
0.2
Depreciation of property, plant and equipment
10
2.5
2.2
Depreciation of right-of-use assets
17
6.5
5.9
Amortisation of intangible assets
9
0.5
0.4
Share-based payments
1.3
0.9
Decrease/(increase) in inventories
5.4
(4.4)
Decrease/(increase) in receivables
1.4
(1.0)
Decrease in payables
(1.4)
(12.2)
Decrease in provisions
(0.8)
(0.8)
Income tax paid
(8.8)
(8.5)
Refund of tax on pension surplus*
1.5
\u2013
Net cash inflow from operating activities 49.4 22.4
Net cash flow from operating activities is stated after the following adjusting items:
3
Recovery of McColl's trade receivables
5.4
\u2013
Refund of tax on pension surplus*
1.5
\u2013
Tuffnells costs
(1.0)
(0.1)
Technology transformation costs
(0.7)
(0.1)
Network and reorganisation costs
(0.1)
(0.2)
Total adjusting items cash flow 5.1 (0.4)
* During the period, the Company received a \u00a31.5m refund of an overpayment of tax made in respect of the wind up of the News Section of the WH Smith Pension Trust defined benefit pension scheme during
FY2022. This amount has been presented in other comprehensive income consistent with the original \u00a35.1m charge recognised during FY2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-417": { "value": "
22. Share capital
(a) Share capital
\u00a3m
2025
2024
Issued, authorised and fully paid:
247.7m (2024: 247.7m) ordinary shares of 5p each 12.4 12.4
(b) Movement in share capital
Ordinary shares
Number (m) of 5p each
At 31 August 2024 and at 30 August 2025
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
2025
2024
At 31 August 2024 and at 30 August 2025 60.5 60.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-384": { "value": "22. Share capital (a) Share capital
\u00a3m
2025
2024
Issued, authorised and fully paid:
247.7m (2024: 247.7m) ordinary shares of 5p each 12.4 12.4
(b) Movement in share capital
Ordinary shares
Number (m) of 5p each
At 31 August 2024 and at 30 August 2025
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
2025
2024
At 31 August 2024 and at 30 August 2025 60.5 60.5
23. Reserves
(a) Demerger reserve
\u00a3m
2025
2024
At 31 August 2024 and at 30 August 2025 (280.1) (280.1)
The demerger reserve was created on demerger of the Group from 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
2025
2024
At beginning of the period
(3.7)
(4.4)
Acquired in the period
(1.6)
(3.3)
Disposed of on exercise of options
2.4
4.0
At end of the period (2.9) (3.7)
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 24). The number of ordinary shares held by the EBT as at 30
August 2025 was 5,665,315 (2024: 8,031,253). 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
2025
2024
At beginning of the period
0.2
0.4
Currency translation differences
\u2013
(0.2)
At end of the period 0.2 0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-418": { "value": "23. Reserves (a) Demerger reserve
\u00a3m
2025
2024
At 31 August 2024 and at 30 August 2025 (280.1) (280.1)
The demerger reserve was created on demerger of the Group from 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
2025
2024
At beginning of the period
(3.7)
(4.4)
Acquired in the period
(1.6)
(3.3)
Disposed of on exercise of options
2.4
4.0
At end of the period (2.9) (3.7)
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 24). The number of ordinary shares held by the EBT as at 30 August 2025 was 5,665,315 (2024: 8,031,253). 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
2025
2024
At beginning of the period
0.2
0.4
Currency translation differences
\u2013
(0.2)
At end of the period 0.2 0.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-436": { "value": "(b) Own shares reserve
\u00a3m
2025
2024
At beginning of the period
(3.7)
(4.4)
Acquired in the period
(1.6)
(3.3)
Disposed of on exercise of options
2.4
4.0
At end of the period (2.9) (3.7)
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 24). The number of ordinary shares held by the EBT as at 30 August 2025 was 5,665,315 (2024: 8,031,253). 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": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-385": { "value": "
24. Share-based payments
The Group recognised a total charge of \u00a31.3m (2024: \u00a30.9m) related to equity-settled share-based payment transactions during the period. The average
share price throughout the period was 58.2p (2024: 51.5p).
The Group operates the following share incentive schemes:
Sharesave Scheme
Under the terms of the Group Sharesave Scheme, the Board grants 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.
LTIP
Under the terms of the Group LTIP, executive directors and key senior executives are awarded each year 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 three-year performance
conditions, which is determined by the Remuneration Committee at the time of grant. Subject to the satisfaction of the
performance conditions, 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 are
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 which
are 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
shares price (p) shares price (p) shares price (p) shares price (p)
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
50.75
460,038
153.9
8,993,266
\u2013
1,186,979
\u2013
Granted
1,270,955
61.60
\u2013
\u2013
2,474,769
\u2013
1,279,212
\u2013
Exercised
(1,347,405)
\u2013
\u2013
\u2013
(2,261,850)
\u2013
(1,323,209)
\u2013
Expired/Forfeited
(327,398)
56.75
(460,038)
153.9
(2,988,807)
\u2013
(28,967)
\u2013
At 30 Aug 2025
4,442,549
55.50
\u2013
\u2013
6,2 17,378
\u2013
1,114,015
\u2013
Exercisable at 30 Aug 2025
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exercisable at 31 Aug 2024
\u2013
\u2013
460,038
153.9
\u2013
\u2013
\u2013
\u2013
The weighted average remaining contractual life in years of options/awards is as follows:
Sharesave
ESOS
LTIP
DBP
Outstanding at 30 August 2025
1.7
\u2013
1.2
1.6
Outstanding at 31 August 2024
1.0
0.3
1.2
1.6
Details of the options/awards granted or commencing during the period were as follows:
Sharesave
ESOS
LTIP
DBP
During 2025:
Effective date of grant or commencement date
Jul 2025
\u2013
Dec 2024
Dec 2024
Average fair value at date of grant or scheme commencement \u2013 pence
11.9
\u2013
43.5
60.6
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
The options outstanding at 30 August 2025 had exercise prices ranging from nil to 49.3p (2024: nil to 48.9p). The weighted average share price on the
date of exercise was 60.3p (2024: 45.4p).
Sharesave options granted during each period have been valued using the Black-Scholes model. LTIP performance measures include a 60% (2024:
60%) 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
2025 options/awards:
Share price at grant date \u2013 pence
61.6
61
61
TSR adjustment \u2013 pence
\u2013
(29)
\u2013
Exercise price \u2013 pence
49.3
\u2013
\u2013
Expected volatility \u2013 per cent
33.6
\u2013
\u2013
Expected life \u2013 years
3
\u2013
\u2013
Risk free rate \u2013 per cent
3.8
\u2013
\u2013
Expected dividend yield \u2013 per cent
9.13
\u2013
\u2013
Weighted average fair value \u2013 pence
11
43
60
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
7.4 8
\u2013
\u2013
Weighted average fair value \u2013 pence
16
33
48
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-387": { "value": "
25. 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 there are no
other events in the current period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-386": { "value": "
26. 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
2025
2024
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.
There were no non-trading transactions with related parties during either period.
Directors\u2019 remuneration
\u00a3m
2025
2024
Salaries
0.9
0.8
Bonus
0.7
0.6
Non-executive director fees
0.4
0.4
2.0 1.8
Information concerning Directors\u2019 remuneration, interest in shares and share options is included in the Directors\u2019 Remuneration report.
There are two (2024: 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 (2024: \u00a3nil).
Key management personnel (including directors)
The remuneration of the Directors and the Executive Leadership 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
2025
2024
Short-term employee benefits
3.2
3.0
Share-based payments
0.9
0.8
4.1 3.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-419": { "value": "26. 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
2025
2024
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.
There were no non-trading transactions with related parties during either period.
Directors\u2019 remuneration
\u00a3m
2025
2024
Salaries
0.9
0.8
Bonus
0.7
0.6
Non-executive director fees
0.4
0.4
2.0 1.8
Information concerning Directors\u2019 remuneration, interest in shares and share options is included in the Directors\u2019 Remuneration report. There are two (2024: 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 (2024: \u00a3nil). Key management personnel (including directors) The remuneration of the Directors and the Executive Leadership 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
2025
2024
Short-term employee benefits
3.2
3.0
Share-based payments
0.9
0.8
4.1 3.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-437": { "value": "Key management personnel (including directors) The remuneration of the Directors and the Executive Leadership 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
2025
2024
Short-term employee benefits
3.2
3.0
Share-based payments
0.9
0.8
4.1 3.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-388": { "value": "
27. Subsidiary and associated undertakings
The table below summarises the interests of the Group as at 30 August 2025:
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
Ordinary Shares
100%
Dawson Holdings Ltd(*)
Ordinary Shares
100%
02008952 00034273
Connect Logistics Limited
Ordinary Shares
100%
Martin Lavell Limited(*)
Ordinary Shares
100%
09172965 02654521
Connect News & Media Limited
Ordinary Shares
100%
Pass My Parcel Limited
Ordinary Shares
100%
08572634 09172022
Connect Parcel Freight Limited
Ordinary Shares
100%
Smiths News Holdings Limited
Ordinary Shares
100%
09295023 04236079
Connect Parcels Limited
Ordinary Shares
100%
Smiths News Instore Limited
Ordinary Shares
100%
09172850 03364589
Connect Services Limited
Ordinary Shares
100%
Smiths News Investments Limited(*)
Ordinary Shares
100%
08522170 06831284
Connect Specialist Distribution
Ordinary Shares
100%
Smiths News Distribution Limited
Ordinary Shares
100%
Group Limited 08506961
08458801
Connect2U Limited
Ordinary Shares
100%
Smiths News Trading Limited
Ordinary Shares
100%
03920619 00237811
Dawson Media Services Limited
Ordinary Shares
100%
Dawson Limited
Ordinary Shares
100%
06882722 03433262
Dawson Guarantee Company Limited
Ordinary Shares
100%
Dawson Media Direct Limited(*)
Ordinary Shares
100%
06882393 06882366
Germany
Dawson Media Direct GmbH
Ordinary Shares
100%
Johannstr. 39
40476
Dusseldorf, Germany
HRB 96649
Thailand
Dawson Media Direct Company Limited
Ordinary Shares
48.9%
87 M Thai Tower, All Seasons Place, 23rd Floor, Wittayu Road,
105558138385 Lumpini Sub-District, Pathumwan District, Bangkok, Thailand
* Audit exemption statement
For the 52 weeks ended 30 August 2025, 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 30 August 2025. The members of these companies have not required them to obtain an audit of their financial statements for
the 52 weeks ended 30 August 2025.
Structured entities
Further to the above, the Group consolidates the Smiths News Employee Benefit Trust (EBT), a trust for the purpose of purchasing and holding shares
in Smiths News plc to satisfy share schemes. The trust is registered with and administered by Computershare Trustees (Jersey) Limited (\u2018\u2019the Trustee\u2019\u2019),
13 Castle Street, St Helier, JE1 1ES, Jersey.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-420": { "value": "27. Subsidiary and associated undertakings The table below summarises the interests of the Group as at 30 August 2025:
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
Ordinary Shares
100%
Dawson Holdings Ltd(*)
Ordinary Shares
100%
02008952 00034273
Connect Logistics Limited
Ordinary Shares
100%
Martin Lavell Limited(*)
Ordinary Shares
100%
09172965 02654521
Connect News & Media Limited
Ordinary Shares
100%
Pass My Parcel Limited
Ordinary Shares
100%
08572634 09172022
Connect Parcel Freight Limited
Ordinary Shares
100%
Smiths News Holdings Limited
Ordinary Shares
100%
09295023 04236079
Connect Parcels Limited
Ordinary Shares
100%
Smiths News Instore Limited
Ordinary Shares
100%
09172850 03364589
Connect Services Limited
Ordinary Shares
100%
Smiths News Investments Limited(*)
Ordinary Shares
100%
08522170 06831284
Connect Specialist Distribution
Ordinary Shares
100%
Smiths News Distribution Limited
Ordinary Shares
100%
Group Limited 08506961
08458801
Connect2U Limited
Ordinary Shares
100%
Smiths News Trading Limited
Ordinary Shares
100%
03920619 00237811
Dawson Media Services Limited
Ordinary Shares
100%
Dawson Limited
Ordinary Shares
100%
06882722 03433262
Dawson Guarantee Company Limited
Ordinary Shares
100%
Dawson Media Direct Limited(*)
Ordinary Shares
100%
06882393 06882366
Germany
Dawson Media Direct GmbH
Ordinary Shares
100%
Johannstr. 39
40476
Dusseldorf, Germany
HRB 96649
Thailand
Dawson Media Direct Company Limited
Ordinary Shares
48.9%
87 M Thai Tower, All Seasons Place, 23rd Floor, Wittayu Road,
105558138385 Lumpini Sub-District, Pathumwan District, Bangkok, Thailand
* Audit exemption statement For the 52 weeks ended 30 August 2025, 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 30 August 2025. The members of these companies have not required them to obtain an audit of their financial statements for the 52 weeks ended 30 August 2025. Structured entities Further to the above, the Group consolidates the Smiths News Employee Benefit Trust (EBT), a trust for the purpose of purchasing and holding shares in Smiths News plc to satisfy share schemes. The trust is registered with and administered by Computershare Trustees (Jersey) Limited (\u2018\u2019the Trustee\u2019\u2019), 13 Castle Street, St Helier, JE1 1ES, Jersey.", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } }, "fact-6": { "value": "Rowan House, Cherry Orchard North, Kembrey Park, Swindon SN2 8UH ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138004O33ONVOOQXB02", "period": "2024-09-01T00:00:00/2025-08-31T00:00:00" } } } }