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"value": "The Group\u2019s financial statements have been prepared and approved by the Directors in accordance",
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"value": "The Group\u2019s financial statements have been prepared and approved by the Directors in accordance",
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"s8_notes__6__12": {
"value": "New accounting standards in issue but not yet effective The following UK-adopted IFRSs have been issued but have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have a material effect on the financial statements unless otherwise indicated: y Amendments to IAS 1, Non-current liabilities with Covenants and Classification of Liabilities as Current or Non-current (effective date 1 January 2024). y Amendments to IFRS 16, Lease Liability in a Sale and Leaseback (effective date 1 January 2024). y Amendments to IAS 7 and IFRS7, Supplier Finance Arrangements (effective date 1 January 2024). y Amendments to IAS 21, Lack of Exchangeability (effective date 1 January 2025- not yet adopted by the UK Endorsement Board). y IFRS 18 Presentation and Disclosures in Financial Statements (effective date 1 January 2027- not yet adopted by the UK Endorsement Board). The Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods.The Group does not consider that any other standards, amendments or interpretations issued by the IASB, but not yet applicable, will have a significant impact on the financial statements.",
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"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__13": {
"value": "3. Significant accounting policiesBasis of consolidationThe Group\u2019s financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d).Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are deconsolidated from the date on which control ceases. Subsidiary undertakings acquired during the period are recorded under the acquisition method of accounting. The cost of the acquisition is measured at the aggregate fair value of the consideration given. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u201cBusiness Combinations\u201d are recognised at their fair value at the date the Group assumes control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. All intercompany balances and transactions have been eliminated in full.A list of all the subsidiaries of the Group is included in Note 19 to the Group financial statements. All subsidiaries apply accounting policies which are consistent with those of the rest of the Group.Discontinued OperationsFollowing the closure of the German operations in the previous year, the German operations are treated as a discontinued activity under IFRS5 and the results and cashflows are therefore shown separately on the face of each of the primary statements. Further details are included in note 35.Going concernFurther information on our risks are shown on pages 40 to 47. Notwithstanding net current liabilities of \u00a39.1m as at 31 March 2024, the financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons:The Group meets its day-to-day working capital requirements from its cash balances and the availability of its \u00a380m revolving credit facility (which, following agreement with the lenders in March 2024, the maturity has now been extended by one year to April 2027). The Directors have prepared base and sensitised cash flow forecasts for the Group for a period of 12 months from the expected approval of the financial statements (\u201cthe going concern period\u201d) which indicate that the Group will remain compliant with its covenants and will have sufficient funds through its existing cash balances and availability of funds from its revolving credit facility to meet its liabilities as they fall due for that period. The forecasts take account of current trading, management\u2019s view on future performance and their assessment of the impact of market uncertainty and volatility. In assessing the going concern basis, the Directors have taken into account severe but plausible downsides to sensitise its base case and have also run these in combination. These primarily include: y Restricting growth in FY25 and in the subsequent periods to account for how the overall electrical online market could be impacted by the continuing macro-economic factors such as inflation, consumer confidence, interest rate increases; y Changes in margin including the impact of any changes in the Group\u2019s policy with regard to charging; y The impact of a change in product protection plan cancellations as a result of a macroeconomic event e.g., continued interest rate increases, utilising data seen where other events have happened (e.g., Covid outbreak, initial cost of living crisis); and y Changes in other revenue including the impact of a reduction in logistics third-party income.Under these severe but plausible downside scenarios the Group continues to demonstrate headroom on its banking facilities and remains compliant with its quarterly covenants which are interest cover (Adjusted EBITDA being at least 4x net finance costs) and leverage (Net debt to be no more than 2.5x EBITDA). The likelihood of a breach of covenants is considered remote and hence headroom against its covenants has not been disclosed. In addition, the Directors have considered mitigating actions including limiting discretionary spend and managing working capital should there be any pressure on headroom. These would provide additional headroom but have not been built into the going concern forecast. Consequently, the Directors are confident that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.Revenue recognitionIFRS 15 \u201cRevenue from Contracts with Customers\u201d is a principle- based model of recognising revenue from customer contracts. It has a five-step model that requires revenue to be recognised when control over goods and services are transferred to the customer. The following paragraphs (which align with the disaggregation of revenue shown in Note 5) describe the types of contracts, when performance obligations are satisfied, and the timing of revenue recognition.Product revenueThe Group operates through a number of websites with the main one being ao.com \u2013 as well as selling products through third party websites. All websites are for the sale of electrical products. Revenue from the sale of goods is recognised when a Group entity delivers a product to the customer. Payment of the transaction price is due immediately when the customer purchases the product or, in the case of certain business to business transactions, on credit terms. It is the Group\u2019s policy to sell its products to the end customer with a right of return up to 100 days. Therefore, a returns liability (included in accruals) and a right to the returned goods (included in inventories) are recognised for the products expected to be returned.Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date.Service revenueIn addition to the sale of the product, the Group offers the delivery, collection, connection and disposal of new and old appliances. Revenue from these services is recognised in line with when the product is delivered. Included in Services revenue is income related to the Groups membership subscription (which span a year) and is recognised over the length of the subscription.Commission revenueCommission revenue principally relates to revenue received by the Group in its role as agent/broker for a third party. The two principal sources are:a. Product protection plansCommission receivable for sales of product protection plans for which the Group acts as an agent (on the basis that the plan is a contract between the customer and Domestic & General, and the Group has no ongoing obligations following the sale of such plans) is included within revenue based on the estimated future commissions receivable over the estimated life of the product protection plan. Revenue is recognised on the basis that the Group has fulfilled its obligations to the customer at the point of sale. The amounts recognised take into consideration, amongst other things, the length of the plan and the historical rate of customer attrition and is discounted. Further details are included in Note 4 and Note 22.b. Network commissionsThe Group operates under contracts with a number of Mobile Network Operators (\u201cMNO\u201d). Over the life of these contracts, the service provided is the procurement of connections to the MNO\u2019s network and the delivery of the handset to the end customer. The individual consumer enters into a contract with the MNO for the MNO to supply the ongoing airtime over that contract period and with the Group for the supply of the handset. The Group earns a commission for the service provided to each MNO (\u201cnetwork commission\u201d).The method of estimating the revenue and the associated contract asset in the month of connection is to estimate all future cash flows that will be received from the network and discount these based on their timing of receipt. The determined commission is recognised in full in the month of connection of the consumer to the MNO as this is the point at which the Group has completed the service obligation relating to the consumer connection.Commission revenue is only recognised to the extent it can be reliably measured for each consumer. The level of network commission earned is based on an agreed contractual percentage share of the monthly payments made by the consumer to the MNO. The total consideration receivable is determined by both fixed (monthly line rental) and variable elements (being out of bundle and out of contract revenue share).The Group recognises all of the fixed revenue share expected over a consumer\u2019s contract when a consumer is connected to the MNO. This gives rise to a contract asset being recognised, which is collected over the consumer\u2019s contract.Estimating in advance variable elements of revenue, including any constraints, is based on historical data, is subject to significant judgements and is dependent on consumer behaviour after the point of recognition. The Group does consider that the amount of out of bundle and out of contract revenue can be measured reliably in advance for certain MNOs, and therefore these revenues are recognised when a consumer is connected to the MNO. For certain MNOs, where they are not considered reliably measurable they are recognised in the month received.Logistics revenueThe Group provides third-party logistics services to a number of customers. Revenue from logistics is recognised on completion of the delivery and service.Recycling revenueRevenue from the recycling of used electrical products is recognised at the point of sale to the end user.Volume and marketing-related expenditureAt the year end, the Group recognises supplier income receivable from agreements for volume rebates. These are largely agreed in the month after recognition and where estimates are required, these are calculated based on historical data, adjusted for expected changes in future purchases from suppliers, and reviewed in line with current supplier contracts.Commercial income can be recognised as volume rebates or as strategic marketing investment funding. Volume rebates are recognised in the income statement as a reduction in cost of sales in line with the recognition of the sale of a product. Strategic marketing investment funding is recognised in one of two ways: y In advertising costs or cost of sales to offset directly attributable costs incurred by the Group on behalf of the suppliers; and y The remainder of funding is recognised in revenue as it represents distinct marketing services provided to suppliers. Income is recognised once performance conditions upon the Group are met, such as the finalisation of marketing and promotional campaigns.Employee benefitsThe Group contributes to a defined contribution pension scheme for employees who have enrolled in the scheme. A defined contribution scheme is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the years during which services are rendered by employees.Share-based paymentsThe cost of share-based payment transactions with employees is measured by reference to the fair value of the equity instruments at the date on which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award.Fair value is generally determined by an external valuer using an appropriate pricing model (see Note 31). In valuing equity- settled transactions, no account is taken of any service and performance (vesting) conditions, other than performance conditions linked to the price of the shares of the Company (market conditions). Any other conditions that are required to be met in order for an employee to become fully entitled to an award are considered to be non-vesting conditions. Like market performance conditions, non-vesting conditions are taken into account in determining the grant date fair value.No expense is recognised for awards that do not ultimately vest, except for awards under the AO Sharesave Scheme that are cancelled. These awards are treated as if they had vested on the date of cancellation, and any cost not yet recognised in the income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over the fair value of the settled award being treated as an expense in the income statement.Where there has been a change to an award during the period which constitutes a modification for IFRS 2 purposes, the fair value of both the original award and the new award will be valued at the date the modification takes effect. The fair value of the original award (measured at the original grant date) will be recognised over the original vesting period as a minimum and any incremental increase to the fair value of the new award will be recognised over the period from the modification date to the vesting date of the new award. At each statement of financial position date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of service and non-market vesting conditions and of the number of equity instruments that will ultimately vest or, in the case of cancelled options in the AO Sharesave Scheme, be treated as vesting as described above.The movement in cumulative expense since the previous statement of financial position date is recognised in the consolidated income statement with a corresponding entry in equity. On vesting, amounts held in the share-based payments reserves are transferred to retained losses.Employee benefit trustThe Group operates an employee benefit trust (\u201cEBT\u201d). Own shares held by the EBT are treated as Treasury shares on consolidation and are shown as a reduction in equity in the statement of financial position.Finance income and costsFinance income is recognised in the consolidated income statement in the period to which it relates using the effective interest rate method.Finance income comprises: y Income arising from the unwinding of the discount applied to the contract assets in relation to product protection plans and network commissions in excess of their previously recognised value; and y Bank interest.Finance costs are recognised in the consolidated income statement in the period to which they occur.Finance costs principally comprise: y Finance costs incurred on finance leases and right of use lease liabilities, which are recognised in the income statement using the effective interest method; and y Financing costs of raising debt and ongoing utilisation/non-utilisation fees.TaxationTax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment for items of income or expense that are taxable or deductible in other years or that are never taxable or deductible.Research and development credits are accounted for in accordance with IAS 20. The credit is recognised once a reasonable estimate of the amount can be made.Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and its tax base as at the reporting date. The following temporary differences are not provided for: the initial recognition of goodwill; and the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (other than in a business combination) to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date.A deferred tax liability is recognised at the expected future tax rate on the value of intangible assets with finite lives, which are acquired through business combinations representing the tax effect of the amortisation of these assets in the future. These liabilities will decrease in line with the amortisation of the related assets with the deferred tax credits recognised in the statement of comprehensive income in accordance with IAS 12.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets and liabilities are offset, and presented net on the balance sheet, when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority, and the Group intends to settle its current tax assets and liabilities on a net basis.The Group has applied the mandatory temporary exception to the requirements of IAS12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two rules.Goodwill and intangible assetsGoodwill represents the excess of the total consideration transferred for an acquired entity, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Goodwill is stated at cost. Goodwill is allocated to CGUs and is not amortised but is tested annually for impairment.Other intangible assets are stated at cost less accumulated amortisation. Amortisation is charged to the consolidated income statement in administrative expenses on the basis stated below over the estimated useful lives of each asset. The estimated useful lives are as follows:Asset class Amortisation method and rateMarketing related assets (including domain names) 5 to 10 years straight-lineSoftware 3 to 5 years straight-lineCustomer lists 5 years straight-lineSoftware costs incurred as part of a service agreement are only capitalised when it can be evidenced that the Group has control over the resources defined in the arrangement. Any expenditure capitalised includes the cost of materials, direct labour and overhead costs that are directly attributable to preparing the asset for its intended use and capitalised borrowing costs. Costs relating to software not controlled by the Group are charged to the income statementOther development expenditure is recognised in the income statement as an expense as incurred.Amortisation methods, useful lives and residual values are reviewed at each statement of financial position date.Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.Depreciation is recognised so as to write off the cost of assets (other than Land) less their residual values over their useful lives on the following bases:Asset class Depreciation method and rateLand and buildings 25 years straight-line (excluding Land)Property alterations 10 years straight-line or over the life of the lease to which the assets relateFixtures, fittings and plant 15% reducing balance or 3 to 10 years and machinerystraight-lineMotor vehicles 2 to 10 years straight-lineComputer equipment 3 to 5 years straight\u2013lineOffice equipment 15% reducing balance or 3 to 5 years straight lineFreehold land is not depreciated.The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting year, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.Right of use assets and liabilitiesThe Group has applied IFRS 16 in these financial statements.The two capitalisation exemptions proposed by the standard: y lease contracts with a lease term of less than 12 months; and y lease contracts for which the underlying asset has a low value (on acquisition)have been taken by the Group. The payments for such leases are recognised in the income statement on a straight-line basis over the lease term. AO World PLC as a lesseeAt inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement about whether it depends on a specified asset, whether the Group obtains substantially all the economic benefits from the use of that asset and whether the Group has the right to direct the use of the asset.The Group recognises a right of use (\u201cROU\u201d) asset and a lease liability at the lease commencement date. The ROU asset is initially measured based on the present value of lease payments plus any initial direct costs incurred and the costs of obligations to refurbish the asset, less any incentives received. The ROU asset is subsequently depreciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the ROU asset is subject to testing for impairment if there is any indication of impairment.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Groups incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The lease liability generally includes fixed payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the Group considers reasonably certain to be exercised, the cost of the extension or option is included in the lease payments.ROU assets are separately disclosed as a line in the balance sheet. The corresponding lease liability is separately disclosed as \u201clease liabilities\u201d in both current and non-current liabilities. The Group has classified the principal portion of lease payments, as well as the interest portion, within financing activities. Lease payments for short-term leases, lease payments for leases of low-value assets and variable lease payments not included in the measurement of the lease liability are classified as cash flows from operating activities.The Group has elected to disclose its lease liabilities split by those which ownership transfers to the Group at the end of the lease (\u201cOwned asset lease liabilities\u201d) and are disclosed within the Property Plant and Equipment table in note 18, and those leases which are rental agreements and where ownership does not transfer to the Group at the end of the lease as Right of use asset lease liabilities which are disclosed within the Right of use assets table. This is to give the users of these Financial Statements additional information that the Directors feel will be useful to the readers understanding of the business. Subsequent measurementThe Group applies IAS 36 to determine whether a right of use asset is impaired and accounts for any identified impairment loss.All leases are subject to the Group\u2019s annual review to assess whether the current lease terms are still in line with the overall intentions of the Group. It is the Group\u2019s policy that all leases relating to right of use assets \u2013 land and buildings are specifically reviewed once the remaining life of the lease becomes less than three years. If the Group intends to extend the lease beyond the initial lease period then this is reflected at that time. Any leases, where the expected lease life is expected to be reduced or ended, are adjusted once the Group is satisfied that the change or event has occurred.Based on the past experience of the Group, the likelihood of extending leases that relate to all other asset categories beyond their initial lease period is considered to be low. AO World PLC as lessor Where the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. It assesses the lease classification of a sublease with reference to the right of use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease, then it classifies the sublease as an operating lease. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as other operating income. The Group has classified cash flows from operating leases as operating activities.Impairment of assetsAt each statement of financial position date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs.Goodwill is not amortised but is reviewed for impairment annually, or more frequently where there is an indication that the goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s CGUs expected to benefit from synergies of the combination.The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro-rata basis.An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.InventoriesInventories are stated at the lower of cost and net realisable value. Cost comprises direct purchase cost net of rebates. Net realisable value represents the estimated selling price less all estimated and directly attributable costs of selling and distribution. Net realisable value includes, where necessary, provisions for slow-moving and damaged inventory.Trade and other receivables (excluding contract assets)Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any allowance for expected credit losses.Contract assetsContract assets arising from sale of product protection plans and network contracts are recognised in line with the revenue recognition policies for commission revenue and are disclosed as a contract asset within trade and other receivables.It represents the right to consideration in exchange for the service provided at the balance sheet date in relation to revenue recognised for the commissions. While the revenue is recognised at the point of sale, the cash receipts, which reduce the contract asset, are received over time.As the consideration is receivable over time but is conditional on the behaviour of customers post provision of the service, it is classified as a contract asset under IFRS 15 rather than a receivable under IFRS 9.Cash and cash equivalentsCash and cash equivalents comprise cash at bank, in hand, on demand deposits and cash in transit.Financial instrumentsFinancial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument.Financial assets and liabilitiesFinancial assets and liabilities comprise trade and other receivables (excluding contract assets), cash and cash equivalents, loans and borrowings, trade and other payables.Trade and other payablesTrade and other payables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method.Advanced payments on accountAdvanced payments on account relate to payments on account from Mobile Network Operators where there is no right of set off with the contract asset within the mobile business. Amounts are initially recognised within creditors at fair value. Subsequent to initial recognition they are measured at amortised cost. Financial liabilities and equity componentsDebt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement and in conjunction with the application of IFRSs. Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions:a. they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company (or Group); andb. where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the Company exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company\u2019s own shares, the amounts presented in these financial statements for called-up share capital and share premium account exclude amounts in relation to those shares.Interest-bearing borrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method less any impairment losses.ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. The estimated cash outflow is discounted to net present value.Foreign currency translationThe individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group company are expressed in pounds sterling, which is the presentational currency of the Group and its consolidated financial statements.Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency at the rates of exchange at the reporting date. Exchange differences on monetary items are recognised in the income statement. Alternative performance measuresThe Group tracks a number of alternative performance measures in managing its business. These are not defined or specified under the requirements of IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. The Group believes that these alternative performance measures, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional helpful information on the performance of the business. These alternative performance measures are consistent with how the business performance is planned and reported within the internal management reporting to the Board. Some of these alternative performance measures are also used for the purpose of setting remuneration targets. These alternative performance measures should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated financial statements relating to the Group, which are prepared in accordance with IFRS. The Group believes that these alternative performance measures are useful indicators of its performance. Adjusted Profit Before Tax Adjusted Profit Before Tax \u201cPBT\u201d is calculated by adding back or deducting Adjusting items to Profit Before Tax. Adjusting items are those items that the Group excludes in order to present a further measure of the Group\u2019s performance. Each of these items, costs or incomes is considered to be significant in nature and/or quantum or are 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 Chief Operating Decision Maker.There are no Adjusting items in the current year.The Adjusting Item for the prior year arose following the Group\u2019s change of strategy to focus on the UK business, in which it started a simplification of its operations which included removing areas of the business that didn\u2019t fit the current priorities, including the trial with Tesco and housebuilder contracts; simplifying the organisational structure and associated contracts and exiting surplus properties. As a consequence, the Group recognised an expense of \u00a34.5m relating to the restructuring which, due to its size and nature, was added back in arriving at Adjusted EBITDA and Adjusted PBT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__15": {
"value": "Basis of consolidationThe Group\u2019s financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d).Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are deconsolidated from the date on which control ceases. Subsidiary undertakings acquired during the period are recorded under the acquisition method of accounting. The cost of the acquisition is measured at the aggregate fair value of the consideration given. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u201cBusiness Combinations\u201d are recognised at their fair value at the date the Group assumes control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. All intercompany balances and transactions have been eliminated in full.A list of all the subsidiaries of the Group is included in Note 19 to the Group financial statements. All subsidiaries apply accounting policies which are consistent with those of the rest of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__14": {
"value": "Basis of consolidationThe Group\u2019s financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d).Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are deconsolidated from the date on which control ceases. Subsidiary undertakings acquired during the period are recorded under the acquisition method of accounting. The cost of the acquisition is measured at the aggregate fair value of the consideration given. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u201cBusiness Combinations\u201d are recognised at their fair value at the date the Group assumes control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. All intercompany balances and transactions have been eliminated in full.A list of all the subsidiaries of the Group is included in Note 19 to the Group financial statements. All subsidiaries apply accounting policies which are consistent with those of the rest of the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__16-1": {
"value": "Discontinued OperationsFollowing the closure of the German operations in the previous year, the German operations are treated as a discontinued activity under IFRS5 and the results and cashflows are therefore shown separately on the face of each of the primary statements. Further details are included in note 35.35. Discontinued operationsFollowing the closure of the Groups German business in the previous period, the business has been treated and presented as a discontinued operation in the year ended 31 March 2024. The tables below show the results of the German operation for the relevant reporting periods:20242023\u00a3m\u00a3mRevenue 0.2 36.2Cost of sales \u2013 (40.4)Gross profit / (loss) 0.2 (4.2)Administrative expenses and other operating income (0.2) (13.5)Operating loss \u2013 (17.7)Finance income \u2013 6.4Loss before tax \u2013 (11.3)Taxation charge \u2013 (0.1)Loss after tax \u2013 (11.4)Gain on remeasurement of assets \u2013 2.6Loss after tax of discontinued operations \u2013 (8.8)Basic loss per share from discontinued operations is 0.00p (2023: 1.61p loss per share). Diluted loss per share from discontinued operations is 0.00p (2023: 1.56p loss per share).The table below summarises the cashflows of the German operation for the relevant reporting periods:20242023\u00a3m\u00a3mNet cash flows from operating activities (0.5) (8.8)Net cash flows from investing activities \u2013 9.8Net cash flows from financing activities (0.1) (8.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__17": {
"value": "Going concernFurther information on our risks are shown on pages 40 to 47. Notwithstanding net current liabilities of \u00a39.1m as at 31 March 2024, the financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons:The Group meets its day-to-day working capital requirements from its cash balances and the availability of its \u00a380m revolving credit facility (which, following agreement with the lenders in March 2024, the maturity has now been extended by one year to April 2027). The Directors have prepared base and sensitised cash flow forecasts for the Group for a period of 12 months from the expected approval of the financial statements (\u201cthe going concern period\u201d) which indicate that the Group will remain compliant with its covenants and will have sufficient funds through its existing cash balances and availability of funds from its revolving credit facility to meet its liabilities as they fall due for that period. The forecasts take account of current trading, management\u2019s view on future performance and their assessment of the impact of market uncertainty and volatility. In assessing the going concern basis, the Directors have taken into account severe but plausible downsides to sensitise its base case and have also run these in combination. These primarily include: y Restricting growth in FY25 and in the subsequent periods to account for how the overall electrical online market could be impacted by the continuing macro-economic factors such as inflation, consumer confidence, interest rate increases; y Changes in margin including the impact of any changes in the Group\u2019s policy with regard to charging; y The impact of a change in product protection plan cancellations as a result of a macroeconomic event e.g., continued interest rate increases, utilising data seen where other events have happened (e.g., Covid outbreak, initial cost of living crisis); and y Changes in other revenue including the impact of a reduction in logistics third-party income.Under these severe but plausible downside scenarios the Group continues to demonstrate headroom on its banking facilities and remains compliant with its quarterly covenants which are interest cover (Adjusted EBITDA being at least 4x net finance costs) and leverage (Net debt to be no more than 2.5x EBITDA). The likelihood of a breach of covenants is considered remote and hence headroom against its covenants has not been disclosed. In addition, the Directors have considered mitigating actions including limiting discretionary spend and managing working capital should there be any pressure on headroom. These would provide additional headroom but have not been built into the going concern forecast. Consequently, the Directors are confident that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__5": {
"value": "Notes to the consolidated financial statementsFor the year ended 31 March 20241. Authorisation of financial statements and statement of compliance with IFRSsAO World PLC is a public limited company and is incorporatedin the United Kingdom under the Companies Act. The Company\u2019s ordinary shares are traded on the London Stock Exchange. The Group\u2019s financial statements have been prepared and approved by the Directors in accordance with UK adopted International Accounting Standards (\u201cUK adopted IFRS\u201d ).The address of the registered office is given on page 187. The nature of the Group\u2019s operations and its principal activities are set out in Note 19 and in the Strategic Report on pages 2 to 81.These financial statements are presented in pounds sterling (\u00a3m) as that is the currency of the primary economic environment in which the Group operates. 2. Adoption of new and revised standardsThe accounting policies set out in Note 3 have been applied inpreparing these financial statements.The following standards, interpretations and amendments, issued by the International Accounting Standards Board (\u201cIASB\u201d) effective for the period ended 31 March 2024, are relevant to the Group but have had no material impact on the Group\u2019s Financial Statements: y IFRS 17 Insurance Contracts y Amendments to IAS 1 and IFRS Practice Statement 2 y Amendments to IAS 8 y Amendments to IAS 12New accounting standards in issue but not yet effective The following UK-adopted IFRSs have been issued but have not been applied by the Group in these consolidated financial statements. Their adoption is not expected to have a material effect on the financial statements unless otherwise indicated: y Amendments to IAS 1, Non-current liabilities with Covenants and Classification of Liabilities as Current or Non-current (effective date 1 January 2024). y Amendments to IFRS 16, Lease Liability in a Sale and Leaseback (effective date 1 January 2024). y Amendments to IAS 7 and IFRS7, Supplier Finance Arrangements (effective date 1 January 2024). y Amendments to IAS 21, Lack of Exchangeability (effective date 1 January 2025- not yet adopted by the UK Endorsement Board). y IFRS 18 Presentation and Disclosures in Financial Statements (effective date 1 January 2027- not yet adopted by the UK Endorsement Board). The Group continues to monitor the potential impact of other new standards and interpretations which may be endorsed and require adoption by the Group in future reporting periods.The Group does not consider that any other standards, amendments or interpretations issued by the IASB, but not yet applicable, will have a significant impact on the financial statements.3. Significant accounting policiesBasis of consolidationThe Group\u2019s financial statements consolidate those of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d).Subsidiary undertakings are all entities over which the Group has control. The Group controls an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are deconsolidated from the date on which control ceases. Subsidiary undertakings acquired during the period are recorded under the acquisition method of accounting. The cost of the acquisition is measured at the aggregate fair value of the consideration given. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 \u201cBusiness Combinations\u201d are recognised at their fair value at the date the Group assumes control of the acquiree. Acquisition-related costs are recognised in the consolidated income statement as incurred. All intercompany balances and transactions have been eliminated in full.A list of all the subsidiaries of the Group is included in Note 19 to the Group financial statements. All subsidiaries apply accounting policies which are consistent with those of the rest of the Group.Discontinued OperationsFollowing the closure of the German operations in the previous year, the German operations are treated as a discontinued activity under IFRS5 and the results and cashflows are therefore shown separately on the face of each of the primary statements. Further details are included in note 35.Going concernFurther information on our risks are shown on pages 40 to 47. Notwithstanding net current liabilities of \u00a39.1m as at 31 March 2024, the financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons:The Group meets its day-to-day working capital requirements from its cash balances and the availability of its \u00a380m revolving credit facility (which, following agreement with the lenders in March 2024, the maturity has now been extended by one year to April 2027). The Directors have prepared base and sensitised cash flow forecasts for the Group for a period of 12 months from the expected approval of the financial statements (\u201cthe going concern period\u201d) which indicate that the Group will remain compliant with its covenants and will have sufficient funds through its existing cash balances and availability of funds from its revolving credit facility to meet its liabilities as they fall due for that period. The forecasts take account of current trading, management\u2019s view on future performance and their assessment of the impact of market uncertainty and volatility. In assessing the going concern basis, the Directors have taken into account severe but plausible downsides to sensitise its base case and have also run these in combination. These primarily include: y Restricting growth in FY25 and in the subsequent periods to account for how the overall electrical online market could be impacted by the continuing macro-economic factors such as inflation, consumer confidence, interest rate increases; y Changes in margin including the impact of any changes in the Group\u2019s policy with regard to charging; y The impact of a change in product protection plan cancellations as a result of a macroeconomic event e.g., continued interest rate increases, utilising data seen where other events have happened (e.g., Covid outbreak, initial cost of living crisis); and y Changes in other revenue including the impact of a reduction in logistics third-party income.Under these severe but plausible downside scenarios the Group continues to demonstrate headroom on its banking facilities and remains compliant with its quarterly covenants which are interest cover (Adjusted EBITDA being at least 4x net finance costs) and leverage (Net debt to be no more than 2.5x EBITDA). The likelihood of a breach of covenants is considered remote and hence headroom against its covenants has not been disclosed. In addition, the Directors have considered mitigating actions including limiting discretionary spend and managing working capital should there be any pressure on headroom. These would provide additional headroom but have not been built into the going concern forecast. Consequently, the Directors are confident that the Group and Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.Revenue recognitionIFRS 15 \u201cRevenue from Contracts with Customers\u201d is a principle- based model of recognising revenue from customer contracts. It has a five-step model that requires revenue to be recognised when control over goods and services are transferred to the customer. The following paragraphs (which align with the disaggregation of revenue shown in Note 5) describe the types of contracts, when performance obligations are satisfied, and the timing of revenue recognition.Product revenueThe Group operates through a number of websites with the main one being ao.com \u2013 as well as selling products through third party websites. All websites are for the sale of electrical products. Revenue from the sale of goods is recognised when a Group entity delivers a product to the customer. Payment of the transaction price is due immediately when the customer purchases the product or, in the case of certain business to business transactions, on credit terms. It is the Group\u2019s policy to sell its products to the end customer with a right of return up to 100 days. Therefore, a returns liability (included in accruals) and a right to the returned goods (included in inventories) are recognised for the products expected to be returned.Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date.Service revenueIn addition to the sale of the product, the Group offers the delivery, collection, connection and disposal of new and old appliances. Revenue from these services is recognised in line with when the product is delivered. Included in Services revenue is income related to the Groups membership subscription (which span a year) and is recognised over the length of the subscription.Commission revenueCommission revenue principally relates to revenue received by the Group in its role as agent/broker for a third party. The two principal sources are:a. Product protection plansCommission receivable for sales of product protection plans for which the Group acts as an agent (on the basis that the plan is a contract between the customer and Domestic & General, and the Group has no ongoing obligations following the sale of such plans) is included within revenue based on the estimated future commissions receivable over the estimated life of the product protection plan. Revenue is recognised on the basis that the Group has fulfilled its obligations to the customer at the point of sale. The amounts recognised take into consideration, amongst other things, the length of the plan and the historical rate of customer attrition and is discounted. Further details are included in Note 4 and Note 22.b. Network commissionsThe Group operates under contracts with a number of Mobile Network Operators (\u201cMNO\u201d). Over the life of these contracts, the service provided is the procurement of connections to the MNO\u2019s network and the delivery of the handset to the end customer. The individual consumer enters into a contract with the MNO for the MNO to supply the ongoing airtime over that contract period and with the Group for the supply of the handset. The Group earns a commission for the service provided to each MNO (\u201cnetwork commission\u201d).The method of estimating the revenue and the associated contract asset in the month of connection is to estimate all future cash flows that will be received from the network and discount these based on their timing of receipt. The determined commission is recognised in full in the month of connection of the consumer to the MNO as this is the point at which the Group has completed the service obligation relating to the consumer connection.Commission revenue is only recognised to the extent it can be reliably measured for each consumer. The level of network commission earned is based on an agreed contractual percentage share of the monthly payments made by the consumer to the MNO. The total consideration receivable is determined by both fixed (monthly line rental) and variable elements (being out of bundle and out of contract revenue share).The Group recognises all of the fixed revenue share expected over a consumer\u2019s contract when a consumer is connected to the MNO. This gives rise to a contract asset being recognised, which is collected over the consumer\u2019s contract.Estimating in advance variable elements of revenue, including any constraints, is based on historical data, is subject to significant judgements and is dependent on consumer behaviour after the point of recognition. The Group does consider that the amount of out of bundle and out of contract revenue can be measured reliably in advance for certain MNOs, and therefore these revenues are recognised when a consumer is connected to the MNO. For certain MNOs, where they are not considered reliably measurable they are recognised in the month received.Logistics revenueThe Group provides third-party logistics services to a number of customers. Revenue from logistics is recognised on completion of the delivery and service.Recycling revenueRevenue from the recycling of used electrical products is recognised at the point of sale to the end user.Volume and marketing-related expenditureAt the year end, the Group recognises supplier income receivable from agreements for volume rebates. These are largely agreed in the month after recognition and where estimates are required, these are calculated based on historical data, adjusted for expected changes in future purchases from suppliers, and reviewed in line with current supplier contracts.Commercial income can be recognised as volume rebates or as strategic marketing investment funding. Volume rebates are recognised in the income statement as a reduction in cost of sales in line with the recognition of the sale of a product. Strategic marketing investment funding is recognised in one of two ways: y In advertising costs or cost of sales to offset directly attributable costs incurred by the Group on behalf of the suppliers; and y The remainder of funding is recognised in revenue as it represents distinct marketing services provided to suppliers. Income is recognised once performance conditions upon the Group are met, such as the finalisation of marketing and promotional campaigns.Employee benefitsThe Group contributes to a defined contribution pension scheme for employees who have enrolled in the scheme. A defined contribution scheme is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the years during which services are rendered by employees.Share-based paymentsThe cost of share-based payment transactions with employees is measured by reference to the fair value of the equity instruments at the date on which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award.Fair value is generally determined by an external valuer using an appropriate pricing model (see Note 31). In valuing equity- settled transactions, no account is taken of any service and performance (vesting) conditions, other than performance conditions linked to the price of the shares of the Company (market conditions). Any other conditions that are required to be met in order for an employee to become fully entitled to an award are considered to be non-vesting conditions. Like market performance conditions, non-vesting conditions are taken into account in determining the grant date fair value.No expense is recognised for awards that do not ultimately vest, except for awards under the AO Sharesave Scheme that are cancelled. These awards are treated as if they had vested on the date of cancellation, and any cost not yet recognised in the income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over the fair value of the settled award being treated as an expense in the income statement.Where there has been a change to an award during the period which constitutes a modification for IFRS 2 purposes, the fair value of both the original award and the new award will be valued at the date the modification takes effect. The fair value of the original award (measured at the original grant date) will be recognised over the original vesting period as a minimum and any incremental increase to the fair value of the new award will be recognised over the period from the modification date to the vesting date of the new award. At each statement of financial position date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of service and non-market vesting conditions and of the number of equity instruments that will ultimately vest or, in the case of cancelled options in the AO Sharesave Scheme, be treated as vesting as described above.The movement in cumulative expense since the previous statement of financial position date is recognised in the consolidated income statement with a corresponding entry in equity. On vesting, amounts held in the share-based payments reserves are transferred to retained losses.Employee benefit trustThe Group operates an employee benefit trust (\u201cEBT\u201d). Own shares held by the EBT are treated as Treasury shares on consolidation and are shown as a reduction in equity in the statement of financial position.Finance income and costsFinance income is recognised in the consolidated income statement in the period to which it relates using the effective interest rate method.Finance income comprises: y Income arising from the unwinding of the discount applied to the contract assets in relation to product protection plans and network commissions in excess of their previously recognised value; and y Bank interest.Finance costs are recognised in the consolidated income statement in the period to which they occur.Finance costs principally comprise: y Finance costs incurred on finance leases and right of use lease liabilities, which are recognised in the income statement using the effective interest method; and y Financing costs of raising debt and ongoing utilisation/non-utilisation fees.TaxationTax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment for items of income or expense that are taxable or deductible in other years or that are never taxable or deductible.Research and development credits are accounted for in accordance with IAS 20. The credit is recognised once a reasonable estimate of the amount can be made.Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and its tax base as at the reporting date. The following temporary differences are not provided for: the initial recognition of goodwill; and the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (other than in a business combination) to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date.A deferred tax liability is recognised at the expected future tax rate on the value of intangible assets with finite lives, which are acquired through business combinations representing the tax effect of the amortisation of these assets in the future. These liabilities will decrease in line with the amortisation of the related assets with the deferred tax credits recognised in the statement of comprehensive income in accordance with IAS 12.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets and liabilities are offset, and presented net on the balance sheet, when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority, and the Group intends to settle its current tax assets and liabilities on a net basis.The Group has applied the mandatory temporary exception to the requirements of IAS12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two rules.Goodwill and intangible assetsGoodwill represents the excess of the total consideration transferred for an acquired entity, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Goodwill is stated at cost. Goodwill is allocated to CGUs and is not amortised but is tested annually for impairment.Other intangible assets are stated at cost less accumulated amortisation. Amortisation is charged to the consolidated income statement in administrative expenses on the basis stated below over the estimated useful lives of each asset. The estimated useful lives are as follows:Asset class Amortisation method and rateMarketing related assets (including domain names) 5 to 10 years straight-lineSoftware 3 to 5 years straight-lineCustomer lists 5 years straight-lineSoftware costs incurred as part of a service agreement are only capitalised when it can be evidenced that the Group has control over the resources defined in the arrangement. Any expenditure capitalised includes the cost of materials, direct labour and overhead costs that are directly attributable to preparing the asset for its intended use and capitalised borrowing costs. Costs relating to software not controlled by the Group are charged to the income statementOther development expenditure is recognised in the income statement as an expense as incurred.Amortisation methods, useful lives and residual values are reviewed at each statement of financial position date.Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.Depreciation is recognised so as to write off the cost of assets (other than Land) less their residual values over their useful lives on the following bases:Asset class Depreciation method and rateLand and buildings 25 years straight-line (excluding Land)Property alterations 10 years straight-line or over the life of the lease to which the assets relateFixtures, fittings and plant 15% reducing balance or 3 to 10 years and machinerystraight-lineMotor vehicles 2 to 10 years straight-lineComputer equipment 3 to 5 years straight\u2013lineOffice equipment 15% reducing balance or 3 to 5 years straight lineFreehold land is not depreciated.The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting year, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.Right of use assets and liabilitiesThe Group has applied IFRS 16 in these financial statements.The two capitalisation exemptions proposed by the standard: y lease contracts with a lease term of less than 12 months; and y lease contracts for which the underlying asset has a low value (on acquisition)have been taken by the Group. The payments for such leases are recognised in the income statement on a straight-line basis over the lease term. AO World PLC as a lesseeAt inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement about whether it depends on a specified asset, whether the Group obtains substantially all the economic benefits from the use of that asset and whether the Group has the right to direct the use of the asset.The Group recognises a right of use (\u201cROU\u201d) asset and a lease liability at the lease commencement date. The ROU asset is initially measured based on the present value of lease payments plus any initial direct costs incurred and the costs of obligations to refurbish the asset, less any incentives received. The ROU asset is subsequently depreciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the ROU asset is subject to testing for impairment if there is any indication of impairment.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Groups incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The lease liability generally includes fixed payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the Group considers reasonably certain to be exercised, the cost of the extension or option is included in the lease payments.ROU assets are separately disclosed as a line in the balance sheet. The corresponding lease liability is separately disclosed as \u201clease liabilities\u201d in both current and non-current liabilities. The Group has classified the principal portion of lease payments, as well as the interest portion, within financing activities. Lease payments for short-term leases, lease payments for leases of low-value assets and variable lease payments not included in the measurement of the lease liability are classified as cash flows from operating activities.The Group has elected to disclose its lease liabilities split by those which ownership transfers to the Group at the end of the lease (\u201cOwned asset lease liabilities\u201d) and are disclosed within the Property Plant and Equipment table in note 18, and those leases which are rental agreements and where ownership does not transfer to the Group at the end of the lease as Right of use asset lease liabilities which are disclosed within the Right of use assets table. This is to give the users of these Financial Statements additional information that the Directors feel will be useful to the readers understanding of the business. Subsequent measurementThe Group applies IAS 36 to determine whether a right of use asset is impaired and accounts for any identified impairment loss.All leases are subject to the Group\u2019s annual review to assess whether the current lease terms are still in line with the overall intentions of the Group. It is the Group\u2019s policy that all leases relating to right of use assets \u2013 land and buildings are specifically reviewed once the remaining life of the lease becomes less than three years. If the Group intends to extend the lease beyond the initial lease period then this is reflected at that time. Any leases, where the expected lease life is expected to be reduced or ended, are adjusted once the Group is satisfied that the change or event has occurred.Based on the past experience of the Group, the likelihood of extending leases that relate to all other asset categories beyond their initial lease period is considered to be low. AO World PLC as lessor Where the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. It assesses the lease classification of a sublease with reference to the right of use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease, then it classifies the sublease as an operating lease. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as other operating income. The Group has classified cash flows from operating leases as operating activities.Impairment of assetsAt each statement of financial position date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs.Goodwill is not amortised but is reviewed for impairment annually, or more frequently where there is an indication that the goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s CGUs expected to benefit from synergies of the combination.The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro-rata basis.An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.InventoriesInventories are stated at the lower of cost and net realisable value. Cost comprises direct purchase cost net of rebates. Net realisable value represents the estimated selling price less all estimated and directly attributable costs of selling and distribution. Net realisable value includes, where necessary, provisions for slow-moving and damaged inventory.Trade and other receivables (excluding contract assets)Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any allowance for expected credit losses.Contract assetsContract assets arising from sale of product protection plans and network contracts are recognised in line with the revenue recognition policies for commission revenue and are disclosed as a contract asset within trade and other receivables.It represents the right to consideration in exchange for the service provided at the balance sheet date in relation to revenue recognised for the commissions. While the revenue is recognised at the point of sale, the cash receipts, which reduce the contract asset, are received over time.As the consideration is receivable over time but is conditional on the behaviour of customers post provision of the service, it is classified as a contract asset under IFRS 15 rather than a receivable under IFRS 9.Cash and cash equivalentsCash and cash equivalents comprise cash at bank, in hand, on demand deposits and cash in transit.Financial instrumentsFinancial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument.Financial assets and liabilitiesFinancial assets and liabilities comprise trade and other receivables (excluding contract assets), cash and cash equivalents, loans and borrowings, trade and other payables.Trade and other payablesTrade and other payables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method.Advanced payments on accountAdvanced payments on account relate to payments on account from Mobile Network Operators where there is no right of set off with the contract asset within the mobile business. Amounts are initially recognised within creditors at fair value. Subsequent to initial recognition they are measured at amortised cost. Financial liabilities and equity componentsDebt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement and in conjunction with the application of IFRSs. Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions:a. they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company (or Group); andb. where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the Company exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company\u2019s own shares, the amounts presented in these financial statements for called-up share capital and share premium account exclude amounts in relation to those shares.Interest-bearing borrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method less any impairment losses.ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. The estimated cash outflow is discounted to net present value.Foreign currency translationThe individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group company are expressed in pounds sterling, which is the presentational currency of the Group and its consolidated financial statements.Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency at the rates of exchange at the reporting date. Exchange differences on monetary items are recognised in the income statement. Alternative performance measuresThe Group tracks a number of alternative performance measures in managing its business. These are not defined or specified under the requirements of IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. The Group believes that these alternative performance measures, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional helpful information on the performance of the business. These alternative performance measures are consistent with how the business performance is planned and reported within the internal management reporting to the Board. Some of these alternative performance measures are also used for the purpose of setting remuneration targets. These alternative performance measures should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated financial statements relating to the Group, which are prepared in accordance with IFRS. The Group believes that these alternative performance measures are useful indicators of its performance. Adjusted Profit Before Tax Adjusted Profit Before Tax \u201cPBT\u201d is calculated by adding back or deducting Adjusting items to Profit Before Tax. Adjusting items are those items that the Group excludes in order to present a further measure of the Group\u2019s performance. Each of these items, costs or incomes is considered to be significant in nature and/or quantum or are 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 Chief Operating Decision Maker.There are no Adjusting items in the current year.The Adjusting Item for the prior year arose following the Group\u2019s change of strategy to focus on the UK business, in which it started a simplification of its operations which included removing areas of the business that didn\u2019t fit the current priorities, including the trial with Tesco and housebuilder contracts; simplifying the organisational structure and associated contracts and exiting surplus properties. As a consequence, the Group recognised an expense of \u00a34.5m relating to the restructuring which, due to its size and nature, was added back in arriving at Adjusted EBITDA and Adjusted PBT.4. Key sources of estimation uncertaintyIn the application of the Group\u2019s accounting policies, which are described in Note 3, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant and are reviewed on an ongoing basis. Actual results could differ from these estimates and any subsequent changes are accounted for with an effect on income at the time such updated information becomes available.Accounting standards require the Directors to disclose those areas of critical accounting judgement and key sources of estimation uncertainty that carry a significant risk of causing material adjustment to the carrying value of assets and liabilities within the next 12 months. As a result of macro-economic factors in recent years, the Directors consider that impairment of intangibles and goodwill and revenue recognition in respect of commission for product protection plans and network connections include significant areas of accounting estimation.With regard to revenue recognition in respect of commission for product protection plans and network connections, the Directors have applied the variable consideration guidance in IFRS 15 and as a result of revenue restrictions do not believe there is a significant risk of a material downward adjustment. Revenue has been restricted to ensure that it is only recognised when it is highly probable and therefore subsequently, there could be a material reversal of restrictions.The information below sets out the estimates and judgements used in these areas.Revenue recognition and recoverability of income from product protection plansRevenue recognised in respect of commissions receivable over the lifetime of the plan for the sale of product protection plans is recognised in line with the principles of IFRS 15, when the Group obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party).Revenue in any one year therefore represents an estimate of the commission due on the plans sold, which management estimate reliably based upon a number of key inputs, including: y the contractual agreed margins; y the number of live plans; y the discount rate; y the estimated length of the plan; y the estimate of profit share relating to the scheme as a whole; y the estimated rate of attrition based on historic data; and y the estimated overall performance of the scheme.Commission receivable also depends for certain transactions on customer behaviour after the point of sale. Assumptions are therefore required, particularly in relation to levels of customer attrition within the contract period, expected levels of customer spend, and customer behaviour beyond the initial contract period. Such assumptions are based on extensive historical evidence, and adjustment to the amount of revenue recognised is made for the risk of potential changes in customer behaviour, but they are nonetheless inherently uncertain.Reliance on historical data assumes that current and future experience will follow past trends. The Directors believe that the quantity and quality of historical data available provides an appropriate proxy for current and future trends. Any information about future market trends, or economic conditions that we believe suggests historical experience would need to be adjusted, is taken into account when finalising our assumptions each year. Our experience over the last decade, which has been a turbulent period for the UK economy as a whole, is that variations in economic conditions have not had a material impact on consumer behaviour and, therefore, no adjustment to commissions is made for future market trends and economic conditions. In assessing how consistent our observations have been, we compare cash received in a period versus the forecast expectation for that period as we believe this is the most appropriate check on revenue recognised. Small variations in this measure support the assumptions made.For plans sold prior to 1 December 2016, the commission rates receivable are based on pre-determined rates. For plans sold after that date, base-assumed commissions will continue to be earned on pre-determined rates but overall commissions now include a variable element based on the future overall performance of the scheme. Changes in estimates recognised as an increase or decrease to revenue may be made, where for example, more reliable information is available, and any such changes are required to be recognised in the income statement. During the year, management have refined estimations in relation to the valuation of plans which has resulted in \u00a32.8m of previously recognised revenue which has now been reversed in the year ended 31 March 2024. The commission receivable balance as at 31 March 2024 was \u00a396.5m (2023: \u00a393.1m). The rate used to discount the revenue for the FY24 cohort is 5.85% (2023: 5.45%). The weighted average of discount rates used in the years prior to FY24 was 4.34% (2023: 3.91%).Revenue recognition and recoverability of income in relation to network commissionsRevenue in respect of commissions receivable from the Mobile Network Operators (\u201cMNOs\u201d) for the brokerage of network contracts is recognised in line with the principles of IFRS 15, when the Group obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party).Revenue in any one year therefore represents an estimate of the commission due on the contracts sold, which management estimates reliably based upon a number of key inputs, including: y The contractually agreed revenue share percentage \u2013 the percentage of the consumer\u2019s spend (to MNOs) to which the Group is entitled; y The discount rate using external market data (including risk free rate and counter party credit risk) 4.49% (2023: 2.86%); y The length of contract entered into by the consumer (12 \u2013 24 months) and the resulting estimated consumer average tenure which takes account of both the default rate during the contract period and the expectations that some customers will continue beyond the initial contract period and generate out of contract (\u201cOOC\u201d) revenue (c7%).The commission receivable on mobile phone connections can therefore depend on customer behaviour after the point of sale. The revenue recognised and associated receivable in the month of connection is estimated based on all future cash flows that will be received from the MNO and these are discounted based on the timing of receipt. This also takes into account the potential clawback of commission by the MNOs and any additional churn expected as a result of recent price increases announced and applied by the MNOs, for which a restriction to revenue is made based on historical experience. The Directors consider that the quality and quantity of the data available from the MNOs is appropriate for making these estimates and, as the contracts are primarily for 24 months, the period over which the amounts are estimated is relatively short. As with commissions recognised on the sale of product protection plans, the Directors compare the cash received to the initial amount recognised in assessing the appropriateness of the assumptions used.Changes in estimates recognised as an increase or decrease to revenue may be made where, for example, more reliable information is available, and any such changes are required to be recognised in the income statement. During the year, management have refined the estimations in relation to the valuation of connections which has resulted in a \u00a33.0m of previously constrained revenue which has now been recognised in the year ended 31 March 2024. In line with the requirements of IFRS 15, the Group only recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with its variable consideration is subsequently resolved. This \u2018constraint\u2019 results in potential revenue of \u00a33.2m being restricted at 31 March 2024 (31 March 2023: \u00a38.7m).Whilst there is estimation uncertainty in valuing the contract asset, reasonably possible changes in assumptions are not expected to result in material changes to the valuation of the asset in the next financial year.The commission receivable balance as at 31 March 2024 was \u00a363.1m (2023: \u00a381.3m). The rate used to discount the current year revenue is 4.49% (2023: 2.83%).Impairment of intangible assets and goodwillAs part of the acquisition of Mobile Phones Direct Limited in 2018, the Group recognised amounts totalling \u00a316.3m in relation to the valuation of the intangible assets and \u00a314.7m in relation to residual goodwill. At 31 March 2024 these had a carrying value of \u00a321.8m. In February 2024, the Group acquired further intangible assets mainly related to the websites and domains of affordablemobiles.co.uk and buymobiles.net (together referred to as \u201cAffordable Mobiles\u201d) totalling \u00a32.3m which at 31 March 2024 had a carrying value of \u00a32.2m (see note 16 for consideration of Cash Generating Units). Intangible assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is reviewed for impairment on an annual basis. When a review for impairment is conducted, the recoverable amount is determined based on the higher of value in use and fair value less costs to sell. The value in use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the three-year strategic plan period and the long-term growth rate to be applied beyond this three-year period.Whilst at 31 March 2024 the Directors have concluded that the carrying value of the intangibles and goodwill is appropriate, significant changes in any of these assumptions, which could be driven by the end customer behaviour with the Mobile Network Operators, could give rise to an impairment in the carrying value which is outlined in note 16.5. RevenueThe table below shows the Group\u2019s revenue by major business area. Revenue recognition for each area is outlined in Note 3.20242023Major product/services lines\u00a3m\u00a3mProduct revenue 798.3 874.8Services revenue 63.1 56.2Commission revenue 128.1 156.4Third-party logistics revenue 27.6 27.6Recycling revenue 22.3 23.61,039.3 1,138.5Details of the revenue in each category are set out in note 3.6. Segmental analysisOperating segments are determined by the internal reporting regularly provided to the Group\u2019s Chief Operating Decision Maker. The Chief Operating Decision Maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Directors.In the periods prior to FY23, the Group had two reportable segments; online retailing of domestic appliances and ancillary services to customers in the UK, and online retailing of domestic appliances and ancillary services to customers in Germany. Following the decision in June 2022 to close the German operations (which are now treated as discontinued (see note 35)), the UK operation is now the only reportable segment. 7. Administrative expenses20242023 \u00a3m\u00a3mMarketing and advertising expenses 40.5 38.0Warehousing expenses 52.2 59.8Other administrative expenses 115.0 128.6207.7 226.48. Operating profit for the yearOperating profit for the year has been arrived at after charging/(crediting):20242023 \u00a3m\u00a3mDepreciation of:Owned assets 5.1 6.6Owned assets financed by lease 1.5 1.9Right of use assets 15.4 18.0Amortisation 2.3 2.6(Profit)/ loss on disposal of property, plant and equipment (0.1) 0.2Cost of inventory 705.9 799.9Staff costs 122.3 133.0Other operating income:Short-term sublets (0.6) (0.7)Adjusting items (see Note 3)Restructuring costs (included in other administrative expenses) \u2013 4.59. Auditor\u2019s remunerationThe analysis of the Auditor\u2019s remuneration is as follows:20242023 \u00a3m\u00a3mFees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts 0.1 0.1Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s subsidiaries and interim financial statements 0.8 0.7Total Auditor\u2019s remuneration 0.9 0.8Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than another supplier and how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on page 107. No services were provided on a contingent fee basis. Non-audit fees of \u00a370,000 were incurred in relation to the review of the interim financial statements (2023: \u00a389,700).10. Staff numbers and costsThe average monthly number of employees (including Directors) was:20242023 NumberNumberSales, marketing and distribution 2,834 3,366Directors (Executive and Non-Executive) 8 72,842 3,373Their aggregate remuneration comprised:20242023 \u00a3m\u00a3mWages and salaries 100.2 110.4Social security costs 11.1 12.4Contributions to defined contribution plans (see Note 32) 4.3 4.9Share-based payment charge (see Note 31) 6.7 5.3122.3 133.011. Finance income20242023 \u00a3m\u00a3mBank interest 0.7 \u2013Unwind of discounting on non-current contract assets 3.8 2.94.5 2.912. Finance costs20242023 \u00a3m\u00a3mInterest on lease liabilities 3.8 4.2Interest on bank loans 0.9 2.3Other finance costs 1.7 1.26.4 7.813. Tax20242023 \u00a3m\u00a3mCorporation taxCurrent year 3.7 0.3Adjustments in respect of prior years 0.1 0.23.8 0.5Deferred tax (see Note 20)Current year 6.0 0.1Adjustments in respect of prior years (0.2) 0.65.8 0.7Total tax charge 9.6 1.2The expected corporation tax charge for the year is calculated at the UK corporation tax rate of 25% (2023: 19%) on the profit before tax for the year. The charge for the year can be reconciled to the profit in the statement of comprehensive income as follows:20242023 Year ended 31 March\u00a3m\u00a3mProfit before tax on continuing operations 34.3 7.6Tax at the UK corporation tax rate of 25% (2023: 19%) 8.6 1.5Ineligible expenses 0.5 0.2Impact of difference in current and deferred tax rates \u2013 (0.7)Income not taxable (0.1) \u2013Group relief claimed from discontinued operations \u2013 (1.6)Share-based payments 0.6 1.0R&D tax credit 0.1 \u2013Prior period adjustments (0.1) 0.8Tax charge for the year 9.6 1.2Pillar Two legislation has been enacted in the UK to introduce the multinational top-up tax and domestic top-up tax to accounting periods beginning on or after 31 December 2023. The legislation will be effective for the Group\u2019s financial year beginning 1 April 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes.Based on the assessment performed on the latest financial information for the year ended 31 March 2024, and forecast information for periods to 31 March 2027, the Pillar Two effective tax rates in all jurisdictions in which the Group operates are expected to be above 15%. Therefore, the Group does not expect a potential exposure to Pillar Two top-up taxes. 14. DividendsThe Directors do not propose a dividend for the year ended 31 March 2024 (2023: \u00a3nil).15. Earnings/ (loss) per shareThe calculation of the basic and diluted earnings/ (loss) per share is based on the following data:20242023\u00a3m\u00a3mProfit attributable to Owners of the Parent Company from continuing operations 24.7 6.2Loss attributable to Owners of the Parent Company from discontinued operations \u2013 (8.8)24.7 (2.6)Number of sharesWeighted average shares in issue for the purposes of basic earnings/ (loss) per share 577,184,050 548,947,969Potentially dilutive shares 21,058,825 15,509,762Weighted average number of diluted ordinary shares 598,242,875 564,457,731Earnings per share from continuing operations (pence per share) Basic earnings per share 4.29 1.13Diluted earnings per share 4.14 1.10Earnings/ (loss) per share from continuing and discontinued operations (pence per share) Basic earnings/ (loss) per share 4.29 (0.48)Diluted earnings/ (loss) per share 4.14 (0.47)16. Goodwill\u00a3mCarrying value at 31 March 2023 and at 31 March 2024 28.2Goodwill relates to purchase of Expert Logistics Limited, the purchase by DRL Holdings Limited (now AO World PLC) of DRL Limited (now AO Retail Limited), the acquisition of AO Recycling Limited (formerly The Recycling Group Limited) and the acquisition of Mobile Phones Direct Limited (now AO Mobile Limited) by AO Limited.Impairment of goodwillUK CGU \u2013 \u00a313.5mAt 31 March 2024, goodwill acquired through UK business combinations (excluding Mobile Phones Direct Limited) was allocated to the UK (excluding Mobile) cash-generating unit (\u201cCGU\u201d). This represents the lowest level within the Group at which goodwill is monitored for internal management purposes.The Group performed its annual impairment test as at 31 March 2024. The recoverable amount of the CGU has been determined based on the value in use calculations. The Group prepares cash flow forecasts derived from the most recent financial budget and financial plan for three years. The final year cash flow is used to calculate a terminal value and is based on an estimated growth rate of 1%. This rate does not exceed the average long term growth rate for the market. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to this CGU. In arriving at the appropriate discount rate to use, we adjust the CGU\u2019s post-tax weighted average cost of capital to reflect the impact of risks and tax effects specific to the cash flows. The weighted average pre-tax discount rate we used was approximately 11.9% (2023: 13.1%).The key assumptions, which take account of historic trends, upon which management has based their cash flow projections are sales growth rates, selling prices and product margin. Management do not believe that any reasonable possible sensitivity would result in any impairment to this goodwill.Mobile Phones Direct Limited \u2013 \u00a314.7mAt 31 March 2024, the goodwill allocated to the Mobile cash generating unit (\u201cCGU\u201d) was \u00a314.7m (2023: \u00a314.7m). In addition to goodwill, at 31 March 2024 other intangibles assets relating to this CGU were \u00a39.3m (2023: \u00a37.8m.)Included in the intangible assets noted above are the websites and domains of affordablemobiles.co.uk and buymobiles.net and other intangible assets (together referred to as \u201cAffordable Mobiles\u201d) which the Group acquired in the year. Management believed this acquisition was an appropriate event to reassess the Mobile CGU. After considering a number of factors such as; whether cash inflows are independently generated, the transactions flow of the new websites, the monitoring of operations and overall management responsibilities, management have concluded that Affordable Mobiles should be included in the Mobile CGU and as such, at 31 March 2024 the assessment of the carrying value of the Mobile CGU includes the assets acquired during the year. During the period, the Group has seen a significant reduction in demand for new connections, partly driven by the exceptional inflationary increases applied by the networks. With the results of the mobile business partly reliant on volume related targets, competition in the mobile market for a smaller number of connections has had a material adverse effect on the results compared to management\u2019s expectations. Consequently, management have assessed the recoverable amount of the CGU using a value in use model. This has been based on management\u2019s Board approved, risk adjusted, forecast cashflows for the business up to FY29 with the final year being the basis for a perpetuity calculation using a long term growth rate of 2%.Following the acquisition of affordablemobiles.co.uk and buymobiles.net, as well as the rebase of the business strategy to focus on profitable connections rather than volumes (as set out in the Chief Financial Officer\u2019s Review on page 33), the key assumptions for the first year of the forecast (year ending 31 March 2025) are considered to be: y Revenue growth of 35%; y Gross margin increase of 10 percentage points; and y The normalisation of working capital during FY25 resulting in a cash inflow of \u00a37.1mKey assumptions applied within the remaining forecast period (FY26-29) are: y Revenue growth of 2% on FY25 assumed levels; and y Cost inflation and cost saving of between +3% and -3% based on expectations for inflation, management\u2019s estimate of product price changes based on industry knowledge and reductions in brand spend.A pre-tax discount rate of 12.4% has been applied to the cash flows based on the capital structure of an equivalent business and reflecting market risk and volatility due to current macro- economic uncertainty. The total recoverable amount of the CGU is greater than it\u2019s carrying value by \u00a31.3m in managements base case and therefore no impairment is required. However, given the minimal amount of headroom at 31 March 2024, reasonably plausible changes in assumptions could lead to a material impairment in the future as demonstrated below:(Impairment)/ Key assumption Sensitivity appliedheadroomRevenue growth Revenue growth in FY25 restricted by 50%, no growth beyond FY25 (\u00a37.6m)Working capital Initiatives to unwind working in FY25 capital do not materialise (\u00a35.2m)Gross margin in year 1 Gross margin reduces/ increases by 1 percentage point (\u00a314.4)/ \u00a316.9mCost inflation/ savings beyond year 1 Increase of 5% in total costs and reduction of 5% in savings (\u00a34.3m)Pre-tax discount rate Increase/Decrease of 1% (\u00a35.2m)/ \u00a36.6m17. Other intangible assetsMarketingrelatedassets (including CustomerSoftwaredomain names) listsTotal\u00a3m\u00a3m\u00a3m\u00a3mCostAt 31 March 2022 7.8 16.0 0.4 24.2Additions 0.1 \u2013 \u2013 0.1Disposals (1.5) \u2013 \u2013 (1.5)At 31 March 2023 6.4 16.0 0.4 22.8Additions 0.1 2.0 0.3 2.4Disposals (0.4) (0.2) \u2013 (0.6)At 31 March 2024 6.1 17.8 0.7 24.6Amortisation At 31 March 2022 5.7 6.1 0.2 12.0Charge for the year 1.0 1.5 0.1 2.6Disposals (1.4) \u2013 \u2013 (1.4)At 31 March 2023 5.3 7.6 0.3 13.2Charge for the year 0.7 1.6 0.1 2.3Disposals (0.3) 0.2) \u2013 (0.5)At 31 March 2024 5.7 8.9 0.4 15.0Carrying amount At 31 March 2024 0.3 8.9 0.4 9.6At 31 March 2023 1.1 8.4 0.2 9.6Amortisation is charged to administrative expenses in the consolidated income statement.In February 2024, the Group acquired the websites and domains of affordablemobiles.co.uk and buymobiles.net, which are included within marketing related assets in the table above, and a customer list totalling \u00a32.3m 18. Property, plant and equipmentFixtures, Assets held fittings,ComputerforLand andPropertyplant andMotorand officerental buildingsalterationsmachineryvehiclesequipmentpurposesTotalOwned assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 31 March 2022 5.8 17.0 23.8 18.0 13.4 0.3 78.3Additions \u2013 0.2 1.2 0.5 0.5 \u2013 2.4Disposals (4.8) (2.6) (3.6) (1.8) (1.0) (0.3) (14.0)Exchange differences 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.2At 31 March 2023 1.1 14.6 21.5 16.7 13.0 \u2013 67.0Additions 3.5 0.2 0.9 0.3 0.9 \u2013 5.8Disposals \u2013 (3.2) (0.4) (1.0) (0.2) \u2013 (4.8)At 31 March 2024 4.6 11.6 22.0 16.0 13.7 \u2013 67. 9Accumulated depreciationAt 31 March 2022 1.9 8.8 11.2 12.9 10.7 0.1 45.6Charge for the year 0.3 2.1 3.0 1.7 1.6 0.1 8.8Disposals (2.1) (0.8) (2.7) (1.8) (0.9) (0.2) (8.5)At 31 March 2023 0.1 10.1 11.6 12.9 11.4 \u2013 46.1Charge for the year 0.1 1.4 2.4 1.5 1.2 \u2013 6.6Disposals \u2013 (3.1) (0.4) (1.0) (0.2) \u2013 (4.8)At 31 March 2024 0.2 8.4 13.5 13.3 12.4 \u2013 47.8Carrying amountAt 31 March 2024 4.4 3.2 8.5 2.7 1.3 \u2013 20.1At 31 March 2023 1.0 4.5 9.9 3.8 1.6 \u2013 20.9At 31 March 2024, the Group had capital expenditure committments of \u00a33.5m (2023: \u00a3nil).At 31 March 2024, the net carrying amount of plant and machinery, historically recognised as finance lease assets prior to the introduction of IFRS 16, included in the owned assets table was \u00a34.5m (2023: \u00a36.0m). As disclosed in Note 24, the Group has elected to disclose its leases split by the nature that they relate to. This is to give the user of these Financial Statements additional information that the Directors believe will be useful to the reader\u2019s understanding of the business. Right of use assets recognised are reflected in the following asset classes:Land andMotor Computer buildingsvehiclesequipmentTotalRight of use assets\u00a3m\u00a3m\u00a3m\u00a3mCostAt 31 March 2022 115.3 43.0 1.0 159.3Additions 4.1 6.7 \u2013 10.8Disposals (23.0) (17.8) (0.2) (41.0)At 31 March 2023 96.3 32.0 0.8 129.1Additions 3.0 0.5 0.3 3.9Disposals (7.8) (2.2) (0.8) (10.8)At 31 March 2024 91.6 30.3 0.3 122.2Accumulated depreciationAt 31 March 2022 48.7 23.3 0.8 72.8Charge for the year 11.2 7.3 0.1 18.6Disposals (14.8) (16.7) (0.2) (31.7)At 31 March 2023 45.1 13.9 0.8 59.7Charge for the year 8.8 6.5 0.1 15.4Disposals (6.2) (2.1) (0.8) (9.1)At 31 March 2024 47.7 18.2 0.1 65.9Carrying amountAt 31 March 2024 43.9 12.1 0.2 56.2At 31 March 2023 51.2 18.1 \u2013 69.4The expense relating to short-term leases and low value assets included within the Income Statement amounted to \u00a31.3m (2023: \u00a30.5m). At 31 March 2024, the Group was committed to leases which had not yet commenced totalling \u00a30.5m (2023: nil).19. SubsidiariesThe Group consists of the parent Company, AO World PLC, incorporated in the UK and a number of subsidiaries held directly/indirectly by AO World PLC.The table below shows details of all subsidiaries of AO World PLC as at 31 March 2024.Proportion of ownership Principal place Class of interests and voting rights Name of subsidiaryof businessshares heldheld by AO World PLC Principal activity\u2020AO Retail Limited United Kingdom Ordinary 100%RetailElekdirect Limited United Kingdom Ordinary 100% RetailElectrical Appliance Outlet Limited United Kingdom Ordinary 100% Retail\u2020Affordable Mobiles Limited United Kingdom Ordinary 100%Retail\u2020Expert Logistics Ltd United Kingdom Ordinary 100%Logistics and transportAO Recycling Limited United Kingdom Ordinary 100% WEEE recyclingWorry Free Limited United Kingdom Ordinary 100% Holding companyAppliances Online Ltd United Kingdom Ordinary 100% Holding companyAO Ltd United Kingdom Ordinary 100% Holding company\u2021AO Deutschland Limited Germany Ordinary 100% Non trading (see note 35)AO.BE SA Belgium Ordinary 99.99%* DormantWEEE Collect It Limited United Kingdom Ordinary 100%** DormantWEEE Re-use It Limited United Kingdom Ordinary 100%** DormantMobile Phones Direct Limited United Kingdom Ordinary 100% Dormant\u2020AO Mobile Limited United Kingdom Ordinary 100% DormantAO Business Limited United Kingdom Ordinary 100% DormantAO B2B Limited United Kingdom Ordinary 100% DormantProportion of ownership Principal place Class of interests and voting rights Name of subsidiaryof businessshares heldheld by AO World PLC Principal activityAO Trade Limited United Kingdom Ordinary 100% DormantAO Rental Limited United Kingdom Ordinary 100% DormantAO Care Limited United Kingdom Ordinary 100% DormantAO Premium Club Limited United Kingdom Ordinary 100% DormantAO Club Limited United Kingdom Ordinary 100% DormantAO Distribution Limited United Kingdom Ordinary 100% DormantAO Logistics Limited United Kingdom Ordinary 100% DormantAll companies within the Group are registered at the same address disclosed on page 187 apart from AO.BE SA who are registered at:AO.BE SANaamloze Vennootschap EsplanadeHeysel 1Bus 941020 Brussels* 0.01% of the investment in AO.BE SA is owned by AO Deutschland Limited.** Indirectly owned through AO Recycling Limited.\u2020 Indirectly owned through AO Limited.\u2021 Indirectly owned through Worry Free Limited (50%) and Appliances Online Limited (50%).20. Deferred taxDeferred tax is recognised by the Group as shown in the table below:Short-term Transitional Losses and Share Accelerated timing Intangible relief on IFRS unused tax optionsdepreciationdifferencefixed assets16 adoptionreliefTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 31 March 2022 0.7 1.1 0.5 (2.5) 0.8 8.4 9.0(Debit)/credit to income statement (0.1) 0.3 0.4 0.3 (0.2) (1.4) (0.7)At 31 March 2023 0.7 1.3 0.9 (2.2) 0.6 7.0 8.3Credit/(debit) to income statement 0.8 (0.3) (0.8) 0.4 (0.2) (5.8) (5.8)Credit to reserves 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 0.3At 31 March 2024 1.9 1.0 0.1 (1.8) 0.4 1.3 2.9A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The Group has an unrecognised deferred tax asset of \u00a30.1m (2023: \u00a30.1m) in respect of unused losses carried forward. 21. Inventories20242023\u00a3m\u00a3mFinished goods 79.5 73.1Included within inventories are stock provisions of \u00a31.4m (2023: \u00a30.6m).22. Trade and other receivables20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Contract assets 159.6 174.4Prepayments and accrued income 27.9 34.9Other receivables \u2013 0.2205.1 231.1The trade and other receivables are classified as:20242023\u00a3m\u00a3mNon-current assets 90.0 93.3Current assets 115.1 137.8205.1 231.1All of the amounts classified as non-current assets relate to contract assets.Contract assets Contract assets represent the expected future commissions receivable in respect of product protection plans and mobile phone connections. The Group recognises revenue in relation to these plans and connections when it obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party). Revenue in any one year therefore represents the estimate of the commission due on the plans sold or connections made. The reconciliation of opening and closing balances for contract assets is shown below:20242023\u00a3m\u00a3mBalance brought forward 174.4 174.1Revenue recognised 120.8 148.7Cash received (139.6) (154.0)Revisions to estimates 0.2 2.7Unwind of discounting 3.8 2.9Balance carried forward 159.6 174.4Included in the contract asset above in relation to product protection plans at 31 March 2023, was an amount of \u00a3(2.8)m in relation to variable consideration recognised as revenue up to that date which has reversed in the year ended 31 March 2024. This arose as a result of the cost of claims being higher than forecast, principally as a result of continued high inflation and is included in the \u201cRevisions to estimates\u201d above. Also included is previously constrained revenue of \u00a33.0m in relation to network commissions (out of contract revenue) which has now been recognised in the year ended 31 March 2024.The Group still recognises that there is inherent risk in the amount of revenue recognised as it is dependent on future customer behaviour which is outside of the Group\u2019s control. Customer contracts with the MNOs are ordinarily for a duration of 24 months. Management assess each half year, the expected tenure of the live contracts based primarily on cancellations and cash collection. As a consequence, in line with the requirements of IFRS 15, the Group only recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with its variable consideration is subsequently resolved. This \u2018constraint\u2019 results in potential revenue of \u00a33.2m being restricted at 31 March 2024 in relation to network commissions (31 March 2023: \u00a38.7m).Product protection plansUnder our arrangement with Domestic & General (\u201cD&G\u201d), the Group receives commission in relation to its role as agent for introducing its customers to D&G and recognises revenue at the point of sale as it has no future obligations following this introduction. It also receives a share of the overall profitability of the scheme. A discounted cash flow methodology is used to measure the estimated value of the revenue and contract assets in the month of sale of the relevant plan, by estimating all future cash flows that will be received from D&G and discounting these based on the expected timing of receipt. Subsequently, the contract asset is measured at the present value of the estimated future cash flows. The key inputs into the model which forms the base case for management\u2019s considerations are: y the contractually agreed margins, which differ for each individual product covered by the plan as is included in the agreement with D&G; y the number of live plans based on information provided by D&G; y the discount rate for plans sold in the year using external market data \u2013 5.85% (2023: 5.45%); y the estimate of profit share relating to the scheme as a whole based on information provided by D&G; y historic rate of customer attrition that uses actual cancellation data for each month for the previous 6 years to form an estimate of the cancellation rates to use by month going forward (range of 0% to 9.0% weighted average cancellation by month); and y the estimated length of the plan based on historical data plus external assessments of the potential life of products (5 to 16 years).The last two inputs are estimated based on extensive historical evidence obtained from our own records and from D&G. The Group has accumulated historical empirical data over the last 15 years from c.3.4m plans that have been sold. Of these, c.1.09m are live. Applying all the information above, management calculates their initial estimate of commission receivable. Consideration is then given to other factors outside of the historical data noted above that could impact the valuation. This primarily considers the reliance on historical data as this assumes that current and future experience will follow past trends. There is, therefore, a risk that changes in consumer behaviour could reduce or increase the total cash flows ultimately realised over the forecast period. Management makes a regular assessment of the data and assumptions with a detailed review at half year and full year to ensure this continues to reflect the best estimate of expected future trends. As set out in Note 4, the Directors do not believe there is a significant risk of a downward material adjustment to the revenue recognised in relation to these plans over the next 12 months. The sensitivity analysis below is disclosed as we believe it provides useful insight to the users of the financial statements into the factors taken into account when calculating the revenue to be recognised. The table shows the sensitivity of the carrying value of the commission receivables and revenue to a reasonably possible change in inputs to the discounted cash flow model over the next 12 months. Impact on contract asset and revenueSensitivity\u00a3mCancellations (increase) or decrease by 2% (1.5)/ 1.5Profit share entitlement- (increase) or decrease in claims costby 10% (1.9)/ 2.3Backstop (reduce)/ increase by 12months (2.4)/ 1.9Cancellations The number of cancellations and therefore the cancellation rate can fluctuate based on a number of factors including macroeconomic changes such as unemployment and cost of living. The impact of reasonable potential changes is shown in the sensitivities above.Profit shareThe profit share attaching to the overall scheme is dependent on factors such as the price of the plan, the cost and incidence of claims and the administration of the scheme itself. Given changes in macro-economic conditions, there is an increased risk that claims cost could increase. The above sensitivity considers what any reasonable change in claims cost could mean to the overall profit share.BackstopManagement apply an acceleration of cancellations beyond the anticipated life of certain products upto a backstop which is currently based on the oldest actual plans in existence. Currently no revenue is recognised beyond that date. The sensitivity applied shows what the impact to the calculation of estimated future revenue would be if the backstop was extended a further year (given a small number of plans have now reached the current backstop) or alternatively the backstop was tightened as there are a relatively lower number of plans which are approaching the backstop.Network commissions The Group operates under contracts with a number of Mobile Network Operators (\u201cMNOs\u201d). Over the life of these contracts, the service provided by the Group to each MNO is the procurement of connections to the MNO\u2019s networks. The individual consumer enters into a contract with the MNO for the MNO to supply the ongoing airtime over that contract period. The Group earns a commission for the service provided to each MNO. Revenue is recognised at the point the individual consumer signs a contract and is connected with the MNO. Consideration from the MNO becomes receivable over the course of the contract between the MNO and the consumer. The Group has determined that the number and value of consumers provided to each MNO in any given month represents the measure of satisfaction of each performance obligation under the contract. A discounted cash flow methodology is used to measure the estimated value of the revenue and contract assets in the month of connection, by estimating all future cash flows that will be received from the MNOs and discounting these based on the expected timing of receipt. Subsequently, the contract asset is measured at the present value of the estimated future cash flows. The key inputs to management\u2019s base case model are: y revenue share percentage, i.e. the percentage of the consumer\u2019s spend (to the MNO) to which the Group is entitled; y the discount rate using external market data \u2013 4.49% (2023: 2.83%); y the length of contract entered into by the consumer (12 \u2013 24 months) and the resulting estimated consumer average tenure that takes account of both the default rate during the contract period and the expectations that some customers will continue beyond the initial contract period and generate out of contract revenue.The input is estimated based on extensive historical evidence obtained from the networks, and adjustment is made for the risk of potential changes in consumer behaviour. Applying all the information above, management calculates their initial estimate of commission receivable. Consideration is then given to other factors outside of the historical data noted above which could impact the valuation. This primarily considers the reliance on historical data as this assumes that current and future experience will follow past trends. The risk remains that changes in consumer behaviour could reduce or increase the total cash flows ultimately realised over the forecast period. Management make a regular assessment of the data and assumptions with a detailed review at half year and full year to ensure this continues to reflect the best estimate of expected future trends and appropriate revisions are made to the estimates. As set out in Note 4, the Directors do not believe there is a significant risk of a downward material adjustment to the revenue recognised in relation to these plans over the next 12 months given the variable revenue constraints applied.The sensitivity analysis below is disclosed as we believe it provides useful insight to the users of the financial statements by giving insight into the factors taken into account when calculating the revenue to be recognised. The table shows the sensitivity of the carrying value of the commission receivables and revenue to a reasonably possible change in inputs to the discounted cash flow model over the next 12 months, having taken account of the changes in behaviour experienced in the period. Impact on contract asset and revenueSensitivity\u00a3m2% decrease/ (increase) in expected cancellations 1.4/ (1.4)Cancellations The number of cancellations and, therefore, the cancellation rate, can fluctuate based on a number of factors. These include macroeconomic changes e.g., unemployment, interest rates and inflation. The impact of reasonable potential changes is shown in the sensitivities above.23. Trade and other payables20242023\u00a3m\u00a3mTrade payables 145.3 163.4Accruals 20.9 19.4Advanced payments on account 29.8 37.2Deferred income 17.9 14.2Other payables 14.2 20.1228.1 254.3Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 55 days (2023: 51 days). Advanced payments on account relate to payments on account from Mobile Network Operators where there is no right of set off with the contract asset within the mobile business. Trade and other payables are classified as:20242023\u00a3m\u00a3mCurrent liabilities 225.6 249.5Long-term liabilities 2.5 4.8228.1 254.324. Net debt20242023\u00a3m\u00a3mCash and cash equivalents at year end 40.1 19.1Borrowings \u2013 Repayable within one year (0.2) (10.0)Borrowings \u2013 Repayable after one year (1.9) \u2013Owned asset lease liabilities \u2013 Repayable within one year (1.6) (1.9)Owned asset lease liabilities \u2013 Repayable after one year (2.0) (3.6)Net funds (excluding leases relating to right of use assets) 34.4 3.6Right of use asset lease liabilities \u2013 Repayable within one year (15.4) (15.8)Right of use asset lease liabilities \u2013 Repayable after one year (49.8) (63.9)Net debt (30.8) (76.1)Whilst not required by IAS 1 Presentation of Financial Statements, the Group has elected to disclose its lease liabilities split by those which ownership transfers to the Group at the end of the lease (\u201cOwned asset lease liabilities\u201d) and are disclosed within the Property Plant and Equipment table in note 18, and those leases which are rental agreements and where ownership does not transfer to the Group at the end of the lease as Right of use asset lease liabilities which are disclosed within the Right of use assets table. This is to give the users of these Financial Statements additional information that the Directors feel will be useful to the readers understanding of the business. Movement in financial liabilities in the year was as follows:LeaseBorrowings liabilities \u00a3m\u00a3mBalance at 1 April 2023 10.0 85.3Changes from financing cash flowsPayment of interest (0.9) (3.8)Repayment of lease liabilities \u2013 (18.4)Repayment of borrowings (10.1) \u2013New borrowings 2.2 \u2013Total changes from financing cash flows (8.8) (22.2)Other changesNew lease liabilities \u2013 3.8Reassessment of lease term \u2013 (1.9)Interest expense 0.9 3.8Total other changes 0.9 5.7Balance at 31 March 2024 2.1 68.8Reassessment of lease terms relate to leases the Group exited during the period.On 14 July, AO Recycling Limited, a wholly owned subsidiary, acquired the land and building at its Halesfield site for \u00a33.5m. This was partly funded by a ten year commercial mortgage of \u00a32.2m which is shown as New borrowings in the reconciliation above.LeaseBorrowings liabilities \u00a3m\u00a3mBalance at 1 April 2022 45.0 108.6Changes from financing cash flowsPayment of interest (2.3) (4.2)Repayment of lease liabilities \u2013 (17.7)Repayment of borrowings (35.0) \u2013Repayment of lease liabilities by discontinued operations \u2013 (8.3)Total changes from financing cash flows (37.3) (30.2)Other changesNew lease liabilities \u2013 11.0Reassessment of lease term \u2013 (8.2)Interest expense 2.3 4.2Exchange differences \u2013 (0.1)Total other changes 2.3 6.9Balance at 31 March 2023 10.0 85.325. Borrowings20242023\u00a3m\u00a3mSecured borrowing at amortised costBank loan 2.1 \u2013Drawdowns on Revolving Credit Facility \u2013 10.0Amount due for settlement within 12 months 0.2 10.0Amount due for settlement after 12 months 1.9 \u2013On 6 April 2023, the Group renewed its \u00a380m revolving credit facility and, following agreement with the lenders in March 2024, the maturity has now been extended by one year to April 2027. The total amount utilised at 31 March 2024 on the existing facility was \u00a33.7m and represents guarantees and letters of credit (2023: \u00a310.0m cash drawings and \u00a30.2m of letters of credit). The bank loan relates to a new ten year commercial mortgage in relation to the acquisition of land and a building in AO Recycling Limited, a wholly owned subsidiary. 26. Lease liabilitiesMinimum lease payments20242023\u00a3m\u00a3mAmounts payable under lease liabilities: Within one year 20.6 21.6Within one to two years 16.1 20.8Within two to three years 12.3 15.8Within three to four years 8.8 11.7Within four to five years 7.2 8.5Greater than five years 15.0 20.680.1 99.1Present value of minimum lease payments2024 2023\u00a3m\u00a3mAmounts payable under lease liabilities: Within one year 16.9 17.8Within one to two years 13.9 17.5Within two to three years 10.5 13.7Within three to four years 7.6 10.2Within four to five years 6.4 7.4Greater than five years 13.5 18.768.8 85.327. Provisions20242023\u00a3m\u00a3mProvisions 4.4 5.0Provisions are classified as:20242023\u00a3m\u00a3mCurrent liabilities 0.6 1.2Non-current liabilities 3.9 3.84.4 5.0The provisions all relate to restructuring and dilapidations and the movement in the year is shown below:Restructuring DilapidationsprovisionprovisionTotal\u00a3m\u00a3m\u00a3mAt 31 March 2023 0.8 4.2 5.0Provisions created in the year \u2013 0.6 0.6Utilised in the year (0.3) (0.9) (1.2)At 31 March 2024 0.5 3.9 4.4The dilapidations provision is created for leases where the Group is liable to return the assets to their original state at the end of the lease and therefore the provision represents the estimated cost to fulfil this. The provision will be utilised as leased assets expire. The restructuring provision relates to the simplification of operations in the prior year which included the early termination of existing contracts.28. Share capital, investment in own shares and share premiumNumberShareShareof sharescapitalpremiumm\u00a3m\u00a3mAt 1 April 2023 576.9 1.4 108.2Share issue 1.6 \u2013 0.3At 31 March 2024 578.6 1.4 108.5On 5 July 2023, the Company issued 1,443,526 to satisfy options granted in July 2019 under the AFY20 AO Incentive Plan (see note 31). These shares were acquired and are held in an Employee Benefit Trust (\u201cEBT\u201d), at nominal values, and the EBT transfers to the participants as they are exercised. As the shares are held by the EBT, they are treated as Treasury shares on consolidation and are shown as a reduction in equity in the Statement of financial position. On the same date, the Company issued 205,933 shares to satisfy the exercise of shares under the SAYE scheme and subsequently, 381,487 shares were exercised with proceeds totalling \u00a30.3m for the scheme. Shares over and above the issue on 5 July were satisfied using existing shares held by the EBT. As at 31 March 2024, the number of shares held by the EBT was 788,578 (2023: 520,212). 29. Non-controlling interest20242023\u00a3m\u00a3mBalance at 1 April \u2013 1.0Share of (profit)/ loss for the year \u2013 (0.2)Acquisition of minority interest \u2013 (0.8)Balance at 31 March \u2013 \u2013In the prior year, the Company exercised its final call option to acquire the remaining shares in AO Recycling Limited from its founders and accordingly, AO Recycling Limited is now a wholly owned subsidiary.30. ReservesThe analysis of movements in reserves is shown in the statement of changes in equity. Details of the amounts included in other reserves (excluding share-based payment reserve) are set out below:The merger reserve arose on the purchase of DRL Limited (now AO Retail Limited) in the year ended 31 March 2008 and Mobile Phones Direct Limited in the year ended 31 March 2019. In the prior year, the difference between the nominal value and fair value of the shares issued as part of the Capital Raise of \u00a337.0m was been taken to the merger reserve.The capital redemption reserve arose as a result of the redemption of ordinary and preference shares in the year ended 31 March 2012 and 2014 respectively.The translation reserve represents the cumulative exchange differences arising from the translation of overseas subsidiaries. The other reserve arose on the acquisition of AO Recycling Limited, which is now a wholly owned subsidiary, and relates to the difference between the gross and fair valuation of the put option.31. Share-based payments Performance Share PlanThe table below summarises the amounts recognised in the income statement during the year.20242023\u00a3m\u00a3mFY20 AO Incentive Plan \u2013 0.7FY21 AO Incentive Plan 1.1 1.0FY22 AO Incentive Plan 0.1 0.1FY23 AO Incentive Plan 0.9 0.5FY24 AO Incentive Plan 0.9 \u2013Value Creation Plan (\u201cVCP\u201d) 3.1 1.9Sharesave scheme 0.6 1.1Total share scheme charge 6.7 5.3The details regarding each of the schemes are as follows:Schemes vesting in the current yearDuring the year, the conditional deferred shares under the FY20 AO Incentive Plan vested. The number of shares vesting was 1,443,526.FY21 AO Incentive PlanThe number of conditional share awards was initially calculated based on the performance criteria for the year ended 31 March 2021. The vesting date for the conditional shares is July 2024.Based on the performance criteria achieved, and subject to continued employment, the number of outstanding conditional shares relating to the scheme, as at 31 March 2024, was 1,629,655.FY22 AO Incentive PlanThe number of conditional share awards was initially calculated based on the performance criteria for the year ended 31 March 2022. The vesting date for the conditional shares is July 2025.Based on the performance criteria achieved, and subject to continued employment, the number of outstanding conditional shares relating to the scheme, as at 31 March 2024, was 1,417,157.FY23 AO Incentive PlanThe number of conditional share awards was initially calculated based on the performance criteria for the year ended 31 March 2023. The vesting date for the conditional shares is July 2026.Based on the performance criteria achieved, and subject to continued employment, the number of outstanding conditional shares relating to the scheme, as at 31 March 2024, was 3,909,320.FY24 AO Incentive PlanOn 6 July 2023, the Company adopted the FY24 AO Incentive plan award in which the Directors and key members of staff participate. The Plan combines an annual bonus element (33.33%) and a conditional share award (66.67%) based on performance conditions along three sets of deliverables as detailed below as well as the continuing employment of the individuals:1. Financial (output) metrics- focused on profit before tax and average liquidity (70% weighting);2. Stakeholder impact measures- focusing on customers and employees (20% weighting); and3. Strategic measure- tied to delivering a new strategic plan (10% weighting)The bonus and number of conditional share awards was initially calculated based on the performance criteria for the year ended 31 March 2024. The vesting date for the conditional shares is July 2027. The Remuneration Committee of the Board determines the extent to which this target has been met.The fair value was determined to be the share price at grant date of \u00a30.814.The number of awards made were 6,195,947 and based on the performance criteria achieved, and subject to continued employment, the number of conditional shares relating to the scheme at 31 March 2024 is 5,668,326.Value Creation Plan (\u201cVCP\u201d)The Group has a value Creation Plan (\u201cVCP\u201d), initially launched during FY21 and replaced in FY23, which is aimed at incentivising and rewarding exceptional performance and retaining the talented team whilst driving exceptional value for shareholders. The VCP resulted in conditional awards being granted to Executives and Employees which would vest at the end of measurement periods subject to the participants remaining in employment and meeting certain performance conditions.The principal features of the VCP are as follows:Executive AwardsThere are 2 Executive units which vest in equal tranches as shown in the table below. The initial hurdle share price is \u00a31 (equivalent to a market capitalisation of \u00a3575m). Any excess above \u00a3575m is measured at 1.1% of the excess up to a maximum of \u00a34.2bn. The maximum amount which can vest for Executive awards is \u00a320m per Executive.The fair value on inception (which has been calculated using the Black Scholes model) and the main assumptions used in arriving at the fair value of each unit are as follows:31 March 31 March 31 March 202720282029Number of units 2 2 2Fair value per unit 151,889 176,637 194,716Market cap at grant date \u00a3322.2m \u00a3322.2m \u00a3322.2mDividend yield 0% 0% 0%Expected term 4.29 years 5.29 years 6.29 yearsRisk-free rate 3.13% 3.13% 3.13%Volatility 50% 50% 50%At the date of the replacement, the fair values of the original awards were \u00a31,278, \u00a33,267 and \u00a38,872 respectively. Employee AwardsThere are a maximum of 1,766,880 Employee units which vest in a single tranche on 31 March 2027. To the extent that the Company\u2019s share price increases between 31 March 2027 and the second and third measurement dates of 31 March 2028 and 31 March 2029, at the Board\u2019s discretion, the further incremental value will be delivered on the awards in line with the following table which also shows the fair value on inception (which has been calculated on a Monte Carlo valuation basis) and the main assumptions used in arriving at the fair value of each unit are as follows:31 March 31 March 31 March 202720282029Max number of units 1,766,880 1,766,880 1,766,880Fair value per unit \u00a32.11 \u00a31.03 \u00a30.96Market cap at grant date \u00a3322.2m \u00a3322.2m \u00a3322.2mHurdle \u00a3575m \u00a3575m \u00a3575mCap \u00a36.0bn \u00a36.0bn \u00a36.0bnDividend yield 0% 0% 0%Expected term 4.29 years 5.29 years 6.29 yearsRisk-free rate 3.13% 3.13% 3.13%Volatility 50% 50% 50%At the date of the replacement, the fair values of the original awards were \u00a30.02, \u00a30.10 and \u00a30.24 respectively. The original grant date fair value expense for the original scheme continues to be recognised over the original vesting period and the incremental fair value expense (being the difference between the fair value of the new scheme and the fair value of the old one) being recognised over the period from modification/replacement until the end of the new vesting date. The hurdles between which the Executive and Employee awards participate in the old scheme have been recalculated by reference to the number of Executives who still held awards and the number of shares in issue at the modification date.Any new awards, e.g., to employees who commenced employment after the last awards were made under the old VCP, are treated as new awards at the new fair value and the charge spread over the period from award to the new vesting date.During the year ended 31 March 2024, additional Employee Awards of 121,133 were granted on 5 July 2023 and 88,527 were granted on 21 November 2023 which have fair values (calculated using the Black Scholes model) as set out below:31 March 31 March 31 March 5 July 2023202720282029Number of units granted 121,133 121,133 121,133Fair value per unit \u00a34.84 \u00a32.03 \u00a31.6331 March 31 March 31 March 21 November 2023202720282029Number of units granted 88,527 88,527 88,527Fair value per unit \u00a34.60 \u00a32.98 \u00a31.65Having taken account of the new awards in the period and the impact of leavers, the number of outstanding units at 31 March 2024 is 1,354,156. As a consequence, the charge to the income statement for the year ended 31 March 2024 was \u00a33.0m.AO Sharesave scheme (referred to as SAYE scheme)The Group has a savings-related share option plan under which employees save on a monthly basis, over a three-year period, towards the purchase of shares at a fixed price determined when the option is granted. The price is set at a discount being 20% of the average share price during a specified averaging period prior to the grant date. The option must be exercised within six months of maturity of the SAYE contract, otherwise it lapses. As per IFRS 2, these grants have been valued using a Black\u2013Scholes model. The following table illustrates the number and weighted average exercise price (\u201cWAEP\u201d) of, and movements in, share options granted under the Sharesave scheme:20242023No. of2024No. of2023optionsWAEP (\u00a3)*optionsWAEP (\u00a3)*Outstanding at the beginning of the year 6,422,665 0.63 6,046,594 0.96Granted during the year 2,708,138 0.53 5,452,718 0.53Forfeited during the year (1,412,963) 0.71 (4,829,808) 0.90Exercised during the period (381,487) 0.89 \u2013 \u2013Lapsed in the year (220,885) 1.01 (246,839) 1.01Outstanding at the end of the year 7,115,468 0.62 6,422,665 0.63* Weighted average exercise price.During the year ended 31 March 2024, options were granted on 22 December 2023. For the shares outstanding at 31 March 2024, the remaining weighted average contractual life is 2.21 years (2023: 2.50 years). The weighted average fair value of options granted during the year was \u00a30.53 per share.The following table gives the assumptions made during the year ended 31 March 2024:1 Feb22 Jan25 Jan23 Dec 22 Dec21 DecFor options granted on201920202021202120222023Risk-free rate 0.79% 0.79% 0.79% 0.58% 3.58% 4.16%Expected volatility 46.5% 46.5% 46.5% 45.0% 45.0% 60%Expected dividend yield 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Option life 3 years 3 years 3 years 3 years 3 years 3 yearsExpected volatility under both the LTIP and the SAYE schemes was calculated by considering both the Company\u2019s historical daily share price volatility data and that of a group of listed comparator companies over a period commensurate with the expected term of the awards. 32. Retirement benefit schemesDefined contribution schemesThe pension cost charge for the year represents contributions payable by the Group and amounted to \u00a34.3m (2023: \u00a35.4m). Contributions totalling \u00a30.6m (2023: \u00a30.6m) were payable at the end of the year and are included in accruals.33. Financial instrumentsa) Fair values of financial instrumentsReceivables and payables For receivables and payables classified as financial assets and liabilities in accordance with IAS 32, fair value is estimated to be equivalent to book value. These values are shown in Notes 22 and 23, respectively. The categories of financial assets and liabilities and their related accounting policy are set out in Note 3.Cash and cash equivalentsThe fair value of cash and cash equivalents is estimated as its carrying amount.BorrowingsBorrowings are stated at their amortised cost using the effective interest method.The fair value of borrowings, calculated based on the discounted value of future cash flows, is not materially different to their carrying value.Lease liabilitesThe carrying value of lease liabilities are measured in accordance with IFRS 16.Fair valuesThe fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the statement of financial position, are as follows. 2024202420232023Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets designated as fair value through profit or lossLoans and receivablesCash and cash equivalents 40.1 40.1 19.1 19.1Trade receivables (see Note 22) 17.7 17.7 21.6 21.6Prepayments and other receivables (see Note 22) 27.9 27.9 35.1 35.1Total financial assets 85.7 85.7 75.8 75.8Financial liabilities measured at amortised costTrade payables (see Note 23) (145.3) (145.3) (163.4) (163.4)Other payables excluding deferred income (see Note 23) (64.9) (64.9) (76.9) (76.9)Borrowings (see Note 25) (2.1) (2.1) (10.0) (10.0)Total financial liabilities (212.3) (212.3) (250.2) (250.2)Total financial instruments (126.6) (126.6) (174.4) (174.4)b) Credit riskFinancial risk managementCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers, with a maximum exposure equal to the book value of these assets.The Group\u2019s trade receivable balances comprise a number of individually small amounts from unrelated customers over a number of geographical areas. Concentration of risk is therefore limited. Sales to retail customers are made predominantly in cash or via major credit cards. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. New credit customers are assessed using an external rating report which is used to establish a credit limit. Such limits are reviewed periodically on both a proactive and reactive basis, for example, when a customer wishes to place an order in excess of their existing credit limit. Receivable balances are monitored regularly with the result that the Group\u2019s exposure to bad debts is not significant. Management therefore believe that there is no further credit risk provision required in excess of the normal provision for doubtful receivables.Exposure to credit riskThe maximum exposure to credit risk at the statement of financial position date by class of financial instrument was:20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Credit quality of financial assets and impairment lossesThe ageing of trade receivables at the statement of financial position date was:GrossImpairment Net\u00a3m\u00a3m\u00a3mNot past due 15.3 \u2013 15.3Past due 0\u201330 days 1.4 \u2013 1.4Past due 31 \u2013 120 days 0.7 (0.2) 0.5More than 120 days 0.8 (0.4) 0.4At 31 March 2024 18.3 (0.6) 1 7.7Not past due 18.3 \u2013 18.3Past due 0\u201330 days 1.6 \u2013 1.6Past due 31\u2013120 days 0.9 (0.1) 0.8More than 120 days 1.4 (0.5) 0.9At 31 March 2023 22.2 (0.6) 21.6The current year includes an impairment charge of \u00a30.6m (2023: \u00a30.6m) to trade receivables. Contract assets are also assessed for credit risk. Total contract assets at 31 March 2024 were \u00a3159.6m (2023: \u00a3174.4m). Management assesses the counterparty risk relating to these assets that comprise commissions receivable from blue chip Mobile Network Operators or from the Group\u2019s, protection plan partner. The level of counterparty risk is considered low. Having applied IFRS 15 to the balances on initial recognition of revenue, restrictions on the amounts recognised based on assumptions from historical data provide further reassurance that the amount recognised is recoverable and hence no further expected credit loss provision is required. Expected credit losses on other financial assets held at amortised cost are not considered to be material.c) Liquidity riskFinancial risk managementLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowings, committed bank and other facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying this policy, the Group continuously monitors forecast and actual cash flows against the maturity profiles of financial assets and liabilities. Uncommitted facilities are used if available on advantageous terms. It is Group treasury policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements are produced and are stress tested for different scenarios including, but not limited to, reasonably possible decreases in profit margins and increases in interest rates on the Group\u2019s borrowing facilities and the weakening of sterling against other functional currencies within the Group.The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:BetweenBetween CarryingContractualWithin 1 and 5 5 and 10 amountcash flows1 yearyearsyears \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesTrade and other payables 210.2 210.2 207.7 2.5 \u2013Bank loans 2.1 3.0 0.4 1.4 1.2Lease liabilities 68.7 80.1 20.6 44.5 15.0At 31 March 2024 281.1 293.3 228.7 48.3 16.2d) Market riskFinancial risk managementMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group\u2019s income or the value of its holdings of financial instruments (and hence no sensitivity analysis is performed).Foreign currency risk Refer to Note 33f.Interest rate riskThe principal interest rate risks of the Group arise in respect of borrowings. As the interest expense on variable rate financial instruments is immaterial, the Group does not actively manage the exposure to this risk.At the statement of financial position date, the interest rate profile of the Group\u2019s interest-bearing financial instruments was:20242023\u00a3m\u00a3mFixed and variable rate instrumentsFixed rate 3.6 5.5Variable rate 2.1 10.05.7 15.5If interest rates increased by 1% there would be an impact on the finance cost of approximately \u00a30.1m.e) Capital managementIt is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business.The capital structure of the Group consists of net cash, borrowings (disclosed in Note 25) and equity of the Group. The Group is not subject to any externally imposed capital requirements. In addition, as set out in Note 25, the Group has access to an \u00a380m Revolving Credit Facility which expires in April 2027.The Board has delegated responsibility for routine capital expenditure to the management of the business. All significant expenditure is approved by the Board.f) Foreign currency risk managementThe Group previously undertook transactions denominated in foreign currencies; consequently, exposure to exchange rate fluctuations arose. However given the closure of the Germany operations, the Directors no longer deem foreign currency a material risk.34. Related-party transactionsBalances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its related parties are disclosed below.Transactions with Directors and key management personnel The compensation of key management personnel (including the Directors) is as follows:20242023\u00a3m\u00a3mShort- term employee benefits 3.7 3.6Share- based payments 2.6 2.3Post- employment benefits \u2013 \u2013Short- term employee benefits relate to cash remuneration paid to the directors of the Company, and its subsidiaries, during the year and include social security costs.Share based payments in the table above relate to the maximum potential share award granted to directors under the AO Incentive Plan for the performance period of FY24. Following partial attainment of the performance conditions, 98.7% of the award has vested (2023: 79.3% of the AO Incentive Plan for the performance period of FY23) and is payable in the form of a deferred share award. The deferred share award will be released in July 2027 subject to continued employment and attainment of the performance underpin based on overall business performance over the vesting period, following which Executives will be required to hold awarded shares for a further year.In addition, the directors were granted a conditional deferred share award pursuant to the FY21 AOIP Award which had a deferral period spanning FY22 to FY24 inclusive. The Remuneration Committee has deemed that the performance underpin has been met in full and accordingly 1,004,697 shares will be issued to the directors in July 2024. Based on the three-month average share price to 31 March 2024 of 90.26p these have a total value of \u00a30.9m. (2023: 867,231 shares issued in July 2023 pursuant to the FY20 AOIP Award with a value of \u00a30.5m based on a share price of 63.26p).There were no termination or other long- term benefits paid to key management personnel during the year ended 31 March 2024 (2023: nil).Further information about the remuneration of individual Board Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 108 to 114.35. Discontinued operationsFollowing the closure of the Groups German business in the previous period, the business has been treated and presented as a discontinued operation in the year ended 31 March 2024. The tables below show the results of the German operation for the relevant reporting periods:20242023\u00a3m\u00a3mRevenue 0.2 36.2Cost of sales \u2013 (40.4)Gross profit / (loss) 0.2 (4.2)Administrative expenses and other operating income (0.2) (13.5)Operating loss \u2013 (17.7)Finance income \u2013 6.4Loss before tax \u2013 (11.3)Taxation charge \u2013 (0.1)Loss after tax \u2013 (11.4)Gain on remeasurement of assets \u2013 2.6Loss after tax of discontinued operations \u2013 (8.8)Basic loss per share from discontinued operations is 0.00p (2023: 1.61p loss per share). Diluted loss per share from discontinued operations is 0.00p (2023: 1.56p loss per share).The table below summarises the cashflows of the German operation for the relevant reporting periods:20242023\u00a3m\u00a3mNet cash flows from operating activities (0.5) (8.8)Net cash flows from investing activities \u2013 9.8Net cash flows from financing activities (0.1) (8.6)",
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"s8_notes__6__18": {
"value": "Revenue recognitionIFRS 15 \u201cRevenue from Contracts with Customers\u201d is a principle- based model of recognising revenue from customer contracts. It has a five-step model that requires revenue to be recognised when control over goods and services are transferred to the customer. The following paragraphs (which align with the disaggregation of revenue shown in Note 5) describe the types of contracts, when performance obligations are satisfied, and the timing of revenue recognition.",
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"s8_notes__6__31": {
"value": "inventories) are recognised for the products expected to be returned.Accumulated experience is used to estimate such returns at the time of sale at a portfolio level (expected value method). Because the number of products returned has been steady for years, it is highly probable that a significant reversal in the cumulative revenue recognised will not occur. The validity of this assumption and the estimated amount of returns are reassessed at each reporting date.Service revenueIn addition to the sale of the product, the Group offers the delivery, collection, connection and disposal of new and old appliances. Revenue from these services is recognised in line with when the product is delivered. Included in Services revenue is income related to the Groups membership subscription (which span a year) and is recognised over the length of the subscription.Commission revenueCommission revenue principally relates to revenue received by the Group in its role as agent/broker for a third party. The two principal sources are:a. Product protection plansCommission receivable for sales of product protection plans for which the Group acts as an agent (on the basis that the plan is a contract between the customer and Domestic & General, and the Group has no ongoing obligations following the sale of such plans) is included within revenue based on the estimated future commissions receivable over the estimated life of the product protection plan. Revenue is recognised on the basis that the Group has fulfilled its obligations to the customer at the point of sale. The amounts recognised take into consideration, amongst other things, the length of the plan and the historical rate of customer attrition and is discounted. Further details are included in Note 4 and Note 22.b. Network commissionsThe Group operates under contracts with a number of Mobile Network Operators (\u201cMNO\u201d). Over the life of these contracts, the service provided is the procurement of connections to the MNO\u2019s network and the delivery of the handset to the end customer. The individual consumer enters into a contract with the MNO for the MNO to supply the ongoing airtime over that contract period and with the Group for the supply of the handset. The Group earns a commission for the service provided to each MNO (\u201cnetwork commission\u201d).The method of estimating the revenue and the associated contract asset in the month of connection is to estimate all future cash flows that will be received from the network and discount these based on their timing of receipt. The determined commission is recognised in full in the month of connection of the consumer to the MNO as this is the point at which the Group has completed the service obligation relating to the consumer connection.Commission revenue is only recognised to the extent it can be reliably measured for each consumer. The level of network commission earned is based on an agreed contractual percentage share of the monthly payments made by the consumer to the MNO. The total consideration receivable is determined by both fixed (monthly line rental) and variable elements (being out of bundle and out of contract revenue share).The Group recognises all of the fixed revenue share expected over a consumer\u2019s contract when a consumer is connected to the MNO. This gives rise to a contract asset being recognised, which is collected over the consumer\u2019s contract.Estimating in advance variable elements of revenue, including any constraints, is based on historical data, is subject to significant judgements and is dependent on consumer behaviour after the point of recognition. The Group does consider that the amount of out of bundle and out of contract revenue can be measured reliably in advance for certain MNOs, and therefore these revenues are recognised when a consumer is connected to the MNO. For certain MNOs, where they are not considered reliably measurable they are recognised in the month received.Logistics revenueThe Group provides third-party logistics services to a number of customers. Revenue from logistics is recognised on completion of the delivery and service.Recycling revenueRevenue from the recycling of used electrical products is recognised at the point of sale to the end user.Volume and marketing-related expenditureAt the year end, the Group recognises supplier income receivable from agreements for volume rebates. These are largely agreed in the month after recognition and where estimates are required, these are calculated based on historical data, adjusted for expected changes in future purchases from suppliers, and reviewed in line with current supplier contracts.Commercial income can be recognised as volume rebates or as strategic marketing investment funding. Volume rebates are recognised in the income statement as a reduction in cost of sales in line with the recognition of the sale of a product. Strategic marketing investment funding is recognised in one of two ways: y In advertising costs or cost of sales to offset directly attributable costs incurred by the Group on behalf of the suppliers; and y The remainder of funding is recognised in revenue as it represents distinct marketing services provided to suppliers. Income is recognised once performance conditions upon the Group are met, such as the finalisation of marketing and promotional campaigns.Employee benefitsThe Group contributes to a defined contribution pension scheme for employees who have enrolled in the scheme. A defined contribution scheme is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the years during which services are rendered by employees.Share-based paymentsThe cost of share-based payment transactions with employees is measured by reference to the fair value of the equity instruments at the date on which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award.Fair value is generally determined by an external valuer using an appropriate pricing model (see Note 31). In valuing equity- settled transactions, no account is taken of any service and performance (vesting) conditions, other than performance conditions linked to the price of the shares of the Company (market conditions). Any other conditions that are required to be met in order for an employee to become fully entitled to an award are considered to be non-vesting conditions. Like market performance conditions, non-vesting conditions are taken into account in determining the grant date fair value.No expense is recognised for awards that do not ultimately vest, except for awards under the AO Sharesave Scheme that are cancelled. These awards are treated as if they had vested on the date of cancellation, and any cost not yet recognised in the income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over the fair value of the settled award being treated as an expense in the income statement.Where there has been a change to an award during the period which constitutes a modification for IFRS 2 purposes, the fair value of both the original award and the new award will be valued at the date the modification takes effect. The fair value of the original award (measured at the original grant date) will be recognised over the original vesting period as a minimum and any incremental increase to the fair value of the new award will be recognised over the period from the modification date to the vesting date of the new award. At each statement of financial position date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of service and non-market vesting conditions and of the number of equity instruments that will ultimately vest or, in the case of cancelled options in the AO Sharesave Scheme, be treated as vesting as described above.The movement in cumulative expense since the previous statement of financial position date is recognised in the consolidated income statement with a corresponding entry in equity. On vesting, amounts held in the share-based payments reserves are transferred to retained losses.Employee benefit trustThe Group operates an employee benefit trust (\u201cEBT\u201d). Own shares held by the EBT are treated as Treasury shares on consolidation and are shown as a reduction in equity in the statement of financial position.Finance income and costsFinance income is recognised in the consolidated income statement in the period to which it relates using the effective interest rate method.Finance income comprises: y Income arising from the unwinding of the discount applied to the contract assets in relation to product protection plans and network commissions in excess of their previously recognised value; and y Bank interest.Finance costs are recognised in the consolidated income statement in the period to which they occur.Finance costs principally comprise: y Finance costs incurred on finance leases and right of use lease liabilities, which are recognised in the income statement using the effective interest method; and y Financing costs of raising debt and ongoing utilisation/non-utilisation fees.TaxationTax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment for items of income or expense that are taxable or deductible in other years or that are never taxable or deductible.Research and development credits are accounted for in accordance with IAS 20. The credit is recognised once a reasonable estimate of the amount can be made.Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and its tax base as at the reporting date. The following temporary differences are not provided for: the initial recognition of goodwill; and the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (other than in a business combination) to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date.A deferred tax liability is recognised at the expected future tax rate on the value of intangible assets with finite lives, which are acquired through business combinations representing the tax effect of the amortisation of these assets in the future. These liabilities will decrease in line with the amortisation of the related assets with the deferred tax credits recognised in the statement of comprehensive income in accordance with IAS 12.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets and liabilities are offset, and presented net on the balance sheet, when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority, and the Group intends to settle its current tax assets and liabilities on a net basis.The Group has applied the mandatory temporary exception to the requirements of IAS12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two rules.Goodwill and intangible assetsGoodwill represents the excess of the total consideration transferred for an acquired entity, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Goodwill is stated at cost. Goodwill is allocated to CGUs and is not amortised but is tested annually for impairment.Other intangible assets are stated at cost less accumulated amortisation. Amortisation is charged to the consolidated income statement in administrative expenses on the basis stated below over the estimated useful lives of each asset. The estimated useful lives are as follows:Asset class Amortisation method and rateMarketing related assets (including domain names) 5 to 10 years straight-lineSoftware 3 to 5 years straight-lineCustomer lists 5 years straight-lineSoftware costs incurred as part of a service agreement are only capitalised when it can be evidenced that the Group has control over the resources defined in the arrangement. Any expenditure capitalised includes the cost of materials, direct labour and overhead costs that are directly attributable to preparing the asset for its intended use and capitalised borrowing costs. Costs relating to software not controlled by the Group are charged to the income statementOther development expenditure is recognised in the income statement as an expense as incurred.Amortisation methods, useful lives and residual values are reviewed at each statement of financial position date.Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.Depreciation is recognised so as to write off the cost of assets (other than Land) less their residual values over their useful lives on the following bases:Asset class Depreciation method and rateLand and buildings 25 years straight-line (excluding Land)Property alterations 10 years straight-line or over the life of the lease to which the assets relateFixtures, fittings and plant 15% reducing balance or 3 to 10 years and machinerystraight-lineMotor vehicles 2 to 10 years straight-lineComputer equipment 3 to 5 years straight\u2013lineOffice equipment 15% reducing balance or 3 to 5 years straight lineFreehold land is not depreciated.The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting year, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.Right of use assets and liabilitiesThe Group has applied IFRS 16 in these financial statements.The two capitalisation exemptions proposed by the standard: y lease contracts with a lease term of less than 12 months; and y lease contracts for which the underlying asset has a low value (on acquisition)have been taken by the Group. The payments for such leases are recognised in the income statement on a straight-line basis over the lease term. AO World PLC as a lesseeAt inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement about whether it depends on a specified asset, whether the Group obtains substantially all the economic benefits from the use of that asset and whether the Group has the right to direct the use of the asset.The Group recognises a right of use (\u201cROU\u201d) asset and a lease liability at the lease commencement date. The ROU asset is initially measured based on the present value of lease payments plus any initial direct costs incurred and the costs of obligations to refurbish the asset, less any incentives received. The ROU asset is subsequently depreciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the ROU asset is subject to testing for impairment if there is any indication of impairment.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Groups incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The lease liability generally includes fixed payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the Group considers reasonably certain to be exercised, the cost of the extension or option is included in the lease payments.ROU assets are separately disclosed as a line in the balance sheet. The corresponding lease liability is separately disclosed as \u201clease liabilities\u201d in both current and non-current liabilities. The Group has classified the principal portion of lease payments, as well as the interest portion, within financing activities. Lease payments for short-term leases, lease payments for leases of low-value assets and variable lease payments not included in the measurement of the lease liability are classified as cash flows from operating activities.The Group has elected to disclose its lease liabilities split by those which ownership transfers to the Group at the end of the lease (\u201cOwned asset lease liabilities\u201d) and are disclosed within the Property Plant and Equipment table in note 18, and those leases which are rental agreements and where ownership does not transfer to the Group at the end of the lease as Right of use asset lease liabilities which are disclosed within the Right of use assets table. This is to give the users of these Financial Statements additional information that the Directors feel will be useful to the readers understanding of the business. Subsequent measurementThe Group applies IAS 36 to determine whether a right of use asset is impaired and accounts for any identified impairment loss.All leases are subject to the Group\u2019s annual review to assess whether the current lease terms are still in line with the overall intentions of the Group. It is the Group\u2019s policy that all leases relating to right of use assets \u2013 land and buildings are specifically reviewed once the remaining life of the lease becomes less than three years. If the Group intends to extend the lease beyond the initial lease period then this is reflected at that time. Any leases, where the expected lease life is expected to be reduced or ended, are adjusted once the Group is satisfied that the change or event has occurred.Based on the past experience of the Group, the likelihood of extending leases that relate to all other asset categories beyond their initial lease period is considered to be low. AO World PLC as lessor Where the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. It assesses the lease classification of a sublease with reference to the right of use asset arising from the head lease, not with reference to the underlying asset. If a head lease is a short-term lease, then it classifies the sublease as an operating lease. The Group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as other operating income. The Group has classified cash flows from operating leases as operating activities.Impairment of assetsAt each statement of financial position date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs.Goodwill is not amortised but is reviewed for impairment annually, or more frequently where there is an indication that the goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s CGUs expected to benefit from synergies of the combination.The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro-rata basis.An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.InventoriesInventories are stated at the lower of cost and net realisable value. Cost comprises direct purchase cost net of rebates. Net realisable value represents the estimated selling price less all estimated and directly attributable costs of selling and distribution. Net realisable value includes, where necessary, provisions for slow-moving and damaged inventory.",
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},
"s8_notes__6__19": {
"value": "Commission revenueCommission revenue principally relates to revenue received by the Group in its role as agent/broker for a third party. The two principal sources are:a. Product protection plansCommission receivable for sales of product protection plans for which the Group acts as an agent (on the basis that the plan is a contract between the customer and Domestic & General, and the Group has no ongoing obligations following the sale of such plans) is included within revenue based on the estimated future commissions receivable over the estimated life of the product protection plan. Revenue is recognised on the basis that the Group has fulfilled its obligations to the customer at the point of sale. The amounts recognised take into consideration, amongst other things, the length of the plan and the historical rate of customer attrition and is discounted. Further details are included in Note 4 and Note 22.b. Network commissionsThe Group operates under contracts with a number of Mobile Network Operators (\u201cMNO\u201d). Over the life of these contracts, the service provided is the procurement of connections to the MNO\u2019s network and the delivery of the handset to the end customer. The individual consumer enters into a contract with the MNO for the MNO to supply the ongoing airtime over that contract period and with the Group for the supply of the handset. The Group earns a commission for the service provided to each MNO (\u201cnetwork commission\u201d).The method of estimating the revenue and the associated contract asset in the month of connection is to estimate all future cash flows that will be received from the network and discount these based on their timing of receipt. The determined commission is recognised in full in the month of connection of the consumer to the MNO as this is the point at which the Group has completed the service obligation relating to the consumer connection.Commission revenue is only recognised to the extent it can be reliably measured for each consumer. The level of network commission earned is based on an agreed contractual percentage share of the monthly payments made by the consumer to the MNO. The total consideration receivable is determined by both fixed (monthly line rental) and variable elements (being out of bundle and out of contract revenue share).The Group recognises all of the fixed revenue share expected over a consumer\u2019s contract when a consumer is connected to the MNO. This gives rise to a contract asset being recognised, which is collected over the consumer\u2019s contract.Estimating in advance variable elements of revenue, including any constraints, is based on historical data, is subject to significant judgements and is dependent on consumer behaviour after the point of recognition. The Group does consider that the amount of out of bundle and out of contract revenue can be measured reliably in advance for certain MNOs, and therefore these revenues are recognised when a consumer is connected to the MNO. For certain MNOs, where they are not considered reliably measurable they are recognised in the month received.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__20": {
"value": "Employee benefitsThe Group contributes to a defined contribution pension scheme for employees who have enrolled in the scheme. A defined contribution scheme is a post-employment benefit plan under which the Group pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the income statement in the years during which services are rendered by employees.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__21": {
"value": "Share-based paymentsThe cost of share-based payment transactions with employees is measured by reference to the fair value of the equity instruments at the date on which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award.Fair value is generally determined by an external valuer using an appropriate pricing model (see Note 31). In valuing equity- settled transactions, no account is taken of any service and performance (vesting) conditions, other than performance conditions linked to the price of the shares of the Company (market conditions). Any other conditions that are required to be met in order for an employee to become fully entitled to an award are considered to be non-vesting conditions. Like market performance conditions, non-vesting conditions are taken into account in determining the grant date fair value.No expense is recognised for awards that do not ultimately vest, except for awards under the AO Sharesave Scheme that are cancelled. These awards are treated as if they had vested on the date of cancellation, and any cost not yet recognised in the income statement for the award is expensed immediately. Any compensation paid up to the fair value of the award at the cancellation or settlement date is deducted from equity, with any excess over the fair value of the settled award being treated as an expense in the income statement.Where there has been a change to an award during the period which constitutes a modification for IFRS 2 purposes, the fair value of both the original award and the new award will be valued at the date the modification takes effect. The fair value of the original award (measured at the original grant date) will be recognised over the original vesting period as a minimum and any incremental increase to the fair value of the new award will be recognised over the period from the modification date to the vesting date of the new award. At each statement of financial position date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of service and non-market vesting conditions and of the number of equity instruments that will ultimately vest or, in the case of cancelled options in the AO Sharesave Scheme, be treated as vesting as described above.The movement in cumulative expense since the previous statement of financial position date is recognised in the consolidated income statement with a corresponding entry in equity. On vesting, amounts held in the share-based payments reserves are transferred to retained losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__22": {
"value": "Finance income and costsFinance income is recognised in the consolidated income statement in the period to which it relates using the effective interest rate method.Finance income comprises: y Income arising from the unwinding of the discount applied to the contract assets in relation to product protection plans and network commissions in excess of their previously recognised value; and y Bank interest.Finance costs are recognised in the consolidated income statement in the period to which they occur.Finance costs principally comprise: y Finance costs incurred on finance leases and right of use lease liabilities, which are recognised in the income statement using the effective interest method; and y Financing costs of raising debt and ongoing utilisation/non-utilisation fees.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__24": {
"value": "TaxationTax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment for items of income or expense that are taxable or deductible in other years or that are never taxable or deductible.Research and development credits are accounted for in accordance with IAS 20. The credit is recognised once a reasonable estimate of the amount can be made.Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and its tax base as at the reporting date. The following temporary differences are not provided for: the initial recognition of goodwill; and the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (other than in a business combination) to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date.A deferred tax liability is recognised at the expected future tax rate on the value of intangible assets with finite lives, which are acquired through business combinations representing the tax effect of the amortisation of these assets in the future. These liabilities will decrease in line with the amortisation of the related assets with the deferred tax credits recognised in the statement of comprehensive income in accordance with IAS 12.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets and liabilities are offset, and presented net on the balance sheet, when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority, and the Group intends to settle its current tax assets and liabilities on a net basis.The Group has applied the mandatory temporary exception to the requirements of IAS12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two rules.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__23": {
"value": "TaxationTax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity.Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the statement of financial position date, and any adjustment for items of income or expense that are taxable or deductible in other years or that are never taxable or deductible.Research and development credits are accounted for in accordance with IAS 20. The credit is recognised once a reasonable estimate of the amount can be made.Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and its tax base as at the reporting date. The following temporary differences are not provided for: the initial recognition of goodwill; and the initial recognition of assets or liabilities that affect neither accounting nor taxable profit (other than in a business combination) to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date.A deferred tax liability is recognised at the expected future tax rate on the value of intangible assets with finite lives, which are acquired through business combinations representing the tax effect of the amortisation of these assets in the future. These liabilities will decrease in line with the amortisation of the related assets with the deferred tax credits recognised in the statement of comprehensive income in accordance with IAS 12.A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilised. Deferred tax assets and liabilities are offset, and presented net on the balance sheet, when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority, and the Group intends to settle its current tax assets and liabilities on a net basis.The Group has applied the mandatory temporary exception to the requirements of IAS12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed Pillar Two rules.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__25": {
"value": "Goodwill and intangible assetsGoodwill represents the excess of the total consideration transferred for an acquired entity, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Goodwill is stated at cost. Goodwill is allocated to CGUs and is not amortised but is tested annually for impairment.Other intangible assets are stated at cost less accumulated amortisation. Amortisation is charged to the consolidated income statement in administrative expenses on the basis stated below over the estimated useful lives of each asset. The estimated useful lives are as follows:Asset class Amortisation method and rateMarketing related assets (including domain names) 5 to 10 years straight-lineSoftware 3 to 5 years straight-lineCustomer lists 5 years straight-lineSoftware costs incurred as part of a service agreement are only capitalised when it can be evidenced that the Group has control over the resources defined in the arrangement. Any expenditure capitalised includes the cost of materials, direct labour and overhead costs that are directly attributable to preparing the asset for its intended use and capitalised borrowing costs. Costs relating to software not controlled by the Group are charged to the income statementOther development expenditure is recognised in the income statement as an expense as incurred.Amortisation methods, useful lives and residual values are reviewed at each statement of financial position date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__27": {
"value": "Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.Depreciation is recognised so as to write off the cost of assets (other than Land) less their residual values over their useful lives on the following bases:Asset class Depreciation method and rateLand and buildings 25 years straight-line (excluding Land)Property alterations 10 years straight-line or over the life of the lease to which the assets relateFixtures, fittings and plant 15% reducing balance or 3 to 10 years and machinerystraight-lineMotor vehicles 2 to 10 years straight-lineComputer equipment 3 to 5 years straight\u2013lineOffice equipment 15% reducing balance or 3 to 5 years straight lineFreehold land is not depreciated.The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting year, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__26": {
"value": "Property, plant and equipmentProperty, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses.Depreciation is recognised so as to write off the cost of assets (other than Land) less their residual values over their useful lives on the following bases:Asset class Depreciation method and rateLand and buildings 25 years straight-line (excluding Land)Property alterations 10 years straight-line or over the life of the lease to which the assets relateFixtures, fittings and plant 15% reducing balance or 3 to 10 years and machinerystraight-lineMotor vehicles 2 to 10 years straight-lineComputer equipment 3 to 5 years straight\u2013lineOffice equipment 15% reducing balance or 3 to 5 years straight lineFreehold land is not depreciated.The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting year, with the effect of any changes in estimate accounted for on a prospective basis.An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__28": {
"value": "AO World PLC as a lesseeAt inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement about whether it depends on a specified asset, whether the Group obtains substantially all the economic benefits from the use of that asset and whether the Group has the right to direct the use of the asset.The Group recognises a right of use (\u201cROU\u201d) asset and a lease liability at the lease commencement date. The ROU asset is initially measured based on the present value of lease payments plus any initial direct costs incurred and the costs of obligations to refurbish the asset, less any incentives received. The ROU asset is subsequently depreciated using the straight-line method over the shorter of the lease term or the useful life of the underlying asset. In addition, the ROU asset is subject to testing for impairment if there is any indication of impairment.The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Groups incremental borrowing rate. The Group uses its incremental borrowing rate as the discount rate. The lease liability generally includes fixed payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the Group considers reasonably certain to be exercised, the cost of the extension or option is included in the lease payments.ROU assets are separately disclosed as a line in the balance sheet. The corresponding lease liability is separately disclosed as \u201clease liabilities\u201d in both current and non-current liabilities. The Group has classified the principal portion of lease payments, as well as the interest portion, within financing activities. Lease payments for short-term leases, lease payments for leases of low-value assets and variable lease payments not included in the measurement of the lease liability are classified as cash flows from operating activities.The Group has elected to disclose its lease liabilities split by those which ownership transfers to the Group at the end of the lease (\u201cOwned asset lease liabilities\u201d) and are disclosed within the Property Plant and Equipment table in note 18, and those leases which are rental agreements and where ownership does not transfer to the Group at the end of the lease as Right of use asset lease liabilities which are disclosed within the Right of use assets table. This is to give the users of these Financial Statements additional information that the Directors feel will be useful to the readers understanding of the business.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__29-1": {
"value": "Subsequent measurementThe Group applies IAS 36 to determine whether a right of use asset is impaired and accounts for any identified impairment loss.All leases are subject to the Group\u2019s annual review to assess whether the current lease terms are still in line with the overall intentions of the Group. It is the Group\u2019s policy that all leases relating to right of use assets \u2013 land and buildings are specifically reviewed once the remaining life of the lease becomes less than three years. If the Group intends to extend the lease beyond the initial lease period then this is reflected at that time. Any leases, where the expected lease life is expected to be reduced or ended, are adjusted once the Group is satisfied that the change or event has occurred.Based on the past experience of the Group, the likelihood of extending leases that relate to all other asset categories beyond their initial lease period is considered to be low.Impairment of assetsAt each statement of financial position date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit (\u201cCGU\u201d) to which the asset belongs.Goodwill is not amortised but is reviewed for impairment annually, or more frequently where there is an indication that the goodwill may be impaired. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s CGUs expected to benefit from synergies of the combination.The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit (group of units) on a pro-rata basis.An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior years are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__39": {
"value": "provisions for slow-moving and damaged inventory.Trade and other receivables (excluding contract assets)Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any allowance for expected credit losses.Contract assetsContract assets arising from sale of product protection plans and network contracts are recognised in line with the revenue recognition policies for commission revenue and are disclosed as a contract asset within trade and other receivables.It represents the right to consideration in exchange for the service provided at the balance sheet date in relation to revenue recognised for the commissions. While the revenue is recognised at the point of sale, the cash receipts, which reduce the contract asset, are received over time.As the consideration is receivable over time but is conditional on the behaviour of customers post provision of the service, it is classified as a contract asset under IFRS 15 rather than a receivable under IFRS 9.Cash and cash equivalentsCash and cash equivalents comprise cash at bank, in hand, on demand deposits and cash in transit.Financial instrumentsFinancial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument.Financial assets and liabilitiesFinancial assets and liabilities comprise trade and other receivables (excluding contract assets), cash and cash equivalents, loans and borrowings, trade and other payables.Trade and other payablesTrade and other payables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method.Advanced payments on accountAdvanced payments on account relate to payments on account from Mobile Network Operators where there is no right of set off with the contract asset within the mobile business. Amounts are initially recognised within creditors at fair value. Subsequent to initial recognition they are measured at amortised cost. Financial liabilities and equity componentsDebt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangement and in conjunction with the application of IFRSs. Financial instruments issued by the Group are treated as equity only to the extent that they meet the following two conditions:a. they include no contractual obligations upon the Company (or Group as the case may be) to deliver cash or other financial assets or to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the Company (or Group); andb. where the instrument will or may be settled in the Company\u2019s own equity instruments, it is either a non-derivative that includes no obligation to deliver a variable number of the Company\u2019s own equity instruments or is a derivative that will be settled by the Company exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.To the extent that this definition is not met, the proceeds of issue are classified as a financial liability. Where the instrument so classified takes the legal form of the Company\u2019s own shares, the amounts presented in these financial statements for called-up share capital and share premium account exclude amounts in relation to those shares.Interest-bearing borrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method less any impairment losses.ProvisionsProvisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. The estimated cash outflow is discounted to net present value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__32": {
"value": "Trade and other receivables",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__33": {
"value": "Financial instrumentsFinancial assets and financial liabilities are recognised in the Group\u2019s statement of financial position when the Group becomes a party to the contractual provisions of the instrument.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__35": {
"value": "Financial assets and liabilitiesFinancial assets and liabilities comprise trade and other receivables (excluding contract assets), cash and cash",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__34": {
"value": "Financial assets and liabilitiesFinancial assets and liabilities comprise trade and other receivables (excluding contract assets), cash and cash",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__36": {
"value": "trade and other payables.Trade and other payablesTrade and other payables are recognised initially at fair value. Subsequent to initial recognition, they are measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__38": {
"value": "Interest-bearing borrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method less any impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__37": {
"value": "Interest-bearing borrowingsInterest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost using the effective interest method less any impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__40": {
"value": "Foreign currency translationThe individual financial statements of each Group company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each Group company are expressed in pounds sterling, which is the presentational currency of the Group and its consolidated financial statements.Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into functional currency at the rates of exchange at the reporting date. Exchange differences on monetary items are recognised in the income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__41": {
"value": "Alternative performance measuresThe Group tracks a number of alternative performance measures in managing its business. These are not defined or specified under the requirements of IFRS because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. The Group believes that these alternative performance measures, which are not considered to be a substitute for, or superior to, IFRS measures, provide stakeholders with additional helpful information on the performance of the business. These alternative performance measures are consistent with how the business performance is planned and reported within the internal management reporting to the Board. Some of these alternative performance measures are also used for the purpose of setting remuneration targets. These alternative performance measures should be viewed as supplemental to, but not as a substitute for, measures presented in the consolidated financial statements relating to the Group, which are prepared in accordance with IFRS. The Group believes that these alternative performance measures are useful indicators of its performance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__45": {
"value": "4. Key sources of estimation uncertaintyIn the application of the Group\u2019s accounting policies, which are described in Note 3, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant and are reviewed on an ongoing basis. Actual results could differ from these estimates and any subsequent changes are accounted for with an effect on income at the time such updated information becomes available.Accounting standards require the Directors to disclose those areas of critical accounting judgement and key sources of estimation uncertainty that carry a significant risk of causing material adjustment to the carrying value of assets and liabilities within the next 12 months. As a result of macro-economic factors in recent years, the Directors consider that impairment of intangibles and goodwill and revenue recognition in respect of commission for product protection plans and network connections include significant areas of accounting estimation.With regard to revenue recognition in respect of commission for product protection plans and network connections, the Directors have applied the variable consideration guidance in IFRS 15 and as a result of revenue restrictions do not believe there is a significant risk of a material downward adjustment. Revenue has been restricted to ensure that it is only recognised when it is highly probable and therefore subsequently, there could be a material reversal of restrictions.The information below sets out the estimates and judgements used in these areas.Revenue recognition and recoverability of income from product protection plansRevenue recognised in respect of commissions receivable over the lifetime of the plan for the sale of product protection plans is recognised in line with the principles of IFRS 15, when the Group obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party).Revenue in any one year therefore represents an estimate of the commission due on the plans sold, which management estimate reliably based upon a number of key inputs, including: y the contractual agreed margins; y the number of live plans; y the discount rate; y the estimated length of the plan; y the estimate of profit share relating to the scheme as a whole; y the estimated rate of attrition based on historic data; and y the estimated overall performance of the scheme.Commission receivable also depends for certain transactions on customer behaviour after the point of sale. Assumptions are therefore required, particularly in relation to levels of customer attrition within the contract period, expected levels of customer spend, and customer behaviour beyond the initial contract period. Such assumptions are based on extensive historical evidence, and adjustment to the amount of revenue recognised is made for the risk of potential changes in customer behaviour, but they are nonetheless inherently uncertain.Reliance on historical data assumes that current and future experience will follow past trends. The Directors believe that the quantity and quality of historical data available provides an appropriate proxy for current and future trends. Any information about future market trends, or economic conditions that we believe suggests historical experience would need to be adjusted, is taken into account when finalising our assumptions each year. Our experience over the last decade, which has been a turbulent period for the UK economy as a whole, is that variations in economic conditions have not had a material impact on consumer behaviour and, therefore, no adjustment to commissions is made for future market trends and economic conditions. In assessing how consistent our observations have been, we compare cash received in a period versus the forecast expectation for that period as we believe this is the most appropriate check on revenue recognised. Small variations in this measure support the assumptions made.For plans sold prior to 1 December 2016, the commission rates receivable are based on pre-determined rates. For plans sold after that date, base-assumed commissions will continue to be earned on pre-determined rates but overall commissions now include a variable element based on the future overall performance of the scheme. Changes in estimates recognised as an increase or decrease to revenue may be made, where for example, more reliable information is available, and any such changes are required to be recognised in the income statement. During the year, management have refined estimations in relation to the valuation of plans which has resulted in \u00a32.8m of previously recognised revenue which has now been reversed in the year ended 31 March 2024. The commission receivable balance as at 31 March 2024 was \u00a396.5m (2023: \u00a393.1m). The rate used to discount the revenue for the FY24 cohort is 5.85% (2023: 5.45%). The weighted average of discount rates used in the years prior to FY24 was 4.34% (2023: 3.91%).Revenue recognition and recoverability of income in relation to network commissionsRevenue in respect of commissions receivable from the Mobile Network Operators (\u201cMNOs\u201d) for the brokerage of network contracts is recognised in line with the principles of IFRS 15, when the Group obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party).Revenue in any one year therefore represents an estimate of the commission due on the contracts sold, which management estimates reliably based upon a number of key inputs, including: y The contractually agreed revenue share percentage \u2013 the percentage of the consumer\u2019s spend (to MNOs) to which the Group is entitled; y The discount rate using external market data (including risk free rate and counter party credit risk) 4.49% (2023: 2.86%); y The length of contract entered into by the consumer (12 \u2013 24 months) and the resulting estimated consumer average tenure which takes account of both the default rate during the contract period and the expectations that some customers will continue beyond the initial contract period and generate out of contract (\u201cOOC\u201d) revenue (c7%).The commission receivable on mobile phone connections can therefore depend on customer behaviour after the point of sale. The revenue recognised and associated receivable in the month of connection is estimated based on all future cash flows that will be received from the MNO and these are discounted based on the timing of receipt. This also takes into account the potential clawback of commission by the MNOs and any additional churn expected as a result of recent price increases announced and applied by the MNOs, for which a restriction to revenue is made based on historical experience. The Directors consider that the quality and quantity of the data available from the MNOs is appropriate for making these estimates and, as the contracts are primarily for 24 months, the period over which the amounts are estimated is relatively short. As with commissions recognised on the sale of product protection plans, the Directors compare the cash received to the initial amount recognised in assessing the appropriateness of the assumptions used.Changes in estimates recognised as an increase or decrease to revenue may be made where, for example, more reliable information is available, and any such changes are required to be recognised in the income statement. During the year, management have refined the estimations in relation to the valuation of connections which has resulted in a \u00a33.0m of previously constrained revenue which has now been recognised in the year ended 31 March 2024. In line with the requirements of IFRS 15, the Group only recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with its variable consideration is subsequently resolved. This \u2018constraint\u2019 results in potential revenue of \u00a33.2m being restricted at 31 March 2024 (31 March 2023: \u00a38.7m).Whilst there is estimation uncertainty in valuing the contract asset, reasonably possible changes in assumptions are not expected to result in material changes to the valuation of the asset in the next financial year.The commission receivable balance as at 31 March 2024 was \u00a363.1m (2023: \u00a381.3m). The rate used to discount the current year revenue is 4.49% (2023: 2.83%).Impairment of intangible assets and goodwillAs part of the acquisition of Mobile Phones Direct Limited in 2018, the Group recognised amounts totalling \u00a316.3m in relation to the valuation of the intangible assets and \u00a314.7m in relation to residual goodwill. At 31 March 2024 these had a carrying value of \u00a321.8m. In February 2024, the Group acquired further intangible assets mainly related to the websites and domains of affordablemobiles.co.uk and buymobiles.net (together referred to as \u201cAffordable Mobiles\u201d) totalling \u00a32.3m which at 31 March 2024 had a carrying value of \u00a32.2m (see note 16 for consideration of Cash Generating Units). Intangible assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is reviewed for impairment on an annual basis. When a review for impairment is conducted, the recoverable amount is determined based on the higher of value in use and fair value less costs to sell. The value in use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the three-year strategic plan period and the long-term growth rate to be applied beyond this three-year period.Whilst at 31 March 2024 the Directors have concluded that the carrying value of the intangibles and goodwill is appropriate, significant changes in any of these assumptions, which could be driven by the end customer behaviour with the Mobile Network Operators, could give rise to an impairment in the carrying value which is outlined in note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__44": {
"value": "4. Key sources of estimation uncertaintyIn the application of the Group\u2019s accounting policies, which are described in Note 3, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant and are reviewed on an ongoing basis. Actual results could differ from these estimates and any subsequent changes are accounted for with an effect on income at the time such updated information becomes available.Accounting standards require the Directors to disclose those areas of critical accounting judgement and key sources of estimation uncertainty that carry a significant risk of causing material adjustment to the carrying value of assets and liabilities within the next 12 months. As a result of macro-economic factors in recent years, the Directors consider that impairment of intangibles and goodwill and revenue recognition in respect of commission for product protection plans and network connections include significant areas of accounting estimation.With regard to revenue recognition in respect of commission for product protection plans and network connections, the Directors have applied the variable consideration guidance in IFRS 15 and as a result of revenue restrictions do not believe there is a significant risk of a material downward adjustment. Revenue has been restricted to ensure that it is only recognised when it is highly probable and therefore subsequently, there could be a material reversal of restrictions.The information below sets out the estimates and judgements used in these areas.Revenue recognition and recoverability of income from product protection plansRevenue recognised in respect of commissions receivable over the lifetime of the plan for the sale of product protection plans is recognised in line with the principles of IFRS 15, when the Group obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party).Revenue in any one year therefore represents an estimate of the commission due on the plans sold, which management estimate reliably based upon a number of key inputs, including: y the contractual agreed margins; y the number of live plans; y the discount rate; y the estimated length of the plan; y the estimate of profit share relating to the scheme as a whole; y the estimated rate of attrition based on historic data; and y the estimated overall performance of the scheme.Commission receivable also depends for certain transactions on customer behaviour after the point of sale. Assumptions are therefore required, particularly in relation to levels of customer attrition within the contract period, expected levels of customer spend, and customer behaviour beyond the initial contract period. Such assumptions are based on extensive historical evidence, and adjustment to the amount of revenue recognised is made for the risk of potential changes in customer behaviour, but they are nonetheless inherently uncertain.Reliance on historical data assumes that current and future experience will follow past trends. The Directors believe that the quantity and quality of historical data available provides an appropriate proxy for current and future trends. Any information about future market trends, or economic conditions that we believe suggests historical experience would need to be adjusted, is taken into account when finalising our assumptions each year. Our experience over the last decade, which has been a turbulent period for the UK economy as a whole, is that variations in economic conditions have not had a material impact on consumer behaviour and, therefore, no adjustment to commissions is made for future market trends and economic conditions. In assessing how consistent our observations have been, we compare cash received in a period versus the forecast expectation for that period as we believe this is the most appropriate check on revenue recognised. Small variations in this measure support the assumptions made.For plans sold prior to 1 December 2016, the commission rates receivable are based on pre-determined rates. For plans sold after that date, base-assumed commissions will continue to be earned on pre-determined rates but overall commissions now include a variable element based on the future overall performance of the scheme. Changes in estimates recognised as an increase or decrease to revenue may be made, where for example, more reliable information is available, and any such changes are required to be recognised in the income statement. During the year, management have refined estimations in relation to the valuation of plans which has resulted in \u00a32.8m of previously recognised revenue which has now been reversed in the year ended 31 March 2024. The commission receivable balance as at 31 March 2024 was \u00a396.5m (2023: \u00a393.1m). The rate used to discount the revenue for the FY24 cohort is 5.85% (2023: 5.45%). The weighted average of discount rates used in the years prior to FY24 was 4.34% (2023: 3.91%).Revenue recognition and recoverability of income in relation to network commissionsRevenue in respect of commissions receivable from the Mobile Network Operators (\u201cMNOs\u201d) for the brokerage of network contracts is recognised in line with the principles of IFRS 15, when the Group obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party).Revenue in any one year therefore represents an estimate of the commission due on the contracts sold, which management estimates reliably based upon a number of key inputs, including: y The contractually agreed revenue share percentage \u2013 the percentage of the consumer\u2019s spend (to MNOs) to which the Group is entitled; y The discount rate using external market data (including risk free rate and counter party credit risk) 4.49% (2023: 2.86%); y The length of contract entered into by the consumer (12 \u2013 24 months) and the resulting estimated consumer average tenure which takes account of both the default rate during the contract period and the expectations that some customers will continue beyond the initial contract period and generate out of contract (\u201cOOC\u201d) revenue (c7%).The commission receivable on mobile phone connections can therefore depend on customer behaviour after the point of sale. The revenue recognised and associated receivable in the month of connection is estimated based on all future cash flows that will be received from the MNO and these are discounted based on the timing of receipt. This also takes into account the potential clawback of commission by the MNOs and any additional churn expected as a result of recent price increases announced and applied by the MNOs, for which a restriction to revenue is made based on historical experience. The Directors consider that the quality and quantity of the data available from the MNOs is appropriate for making these estimates and, as the contracts are primarily for 24 months, the period over which the amounts are estimated is relatively short. As with commissions recognised on the sale of product protection plans, the Directors compare the cash received to the initial amount recognised in assessing the appropriateness of the assumptions used.Changes in estimates recognised as an increase or decrease to revenue may be made where, for example, more reliable information is available, and any such changes are required to be recognised in the income statement. During the year, management have refined the estimations in relation to the valuation of connections which has resulted in a \u00a33.0m of previously constrained revenue which has now been recognised in the year ended 31 March 2024. In line with the requirements of IFRS 15, the Group only recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with its variable consideration is subsequently resolved. This \u2018constraint\u2019 results in potential revenue of \u00a33.2m being restricted at 31 March 2024 (31 March 2023: \u00a38.7m).Whilst there is estimation uncertainty in valuing the contract asset, reasonably possible changes in assumptions are not expected to result in material changes to the valuation of the asset in the next financial year.The commission receivable balance as at 31 March 2024 was \u00a363.1m (2023: \u00a381.3m). The rate used to discount the current year revenue is 4.49% (2023: 2.83%).Impairment of intangible assets and goodwillAs part of the acquisition of Mobile Phones Direct Limited in 2018, the Group recognised amounts totalling \u00a316.3m in relation to the valuation of the intangible assets and \u00a314.7m in relation to residual goodwill. At 31 March 2024 these had a carrying value of \u00a321.8m. In February 2024, the Group acquired further intangible assets mainly related to the websites and domains of affordablemobiles.co.uk and buymobiles.net (together referred to as \u201cAffordable Mobiles\u201d) totalling \u00a32.3m which at 31 March 2024 had a carrying value of \u00a32.2m (see note 16 for consideration of Cash Generating Units). Intangible assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is reviewed for impairment on an annual basis. When a review for impairment is conducted, the recoverable amount is determined based on the higher of value in use and fair value less costs to sell. The value in use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the three-year strategic plan period and the long-term growth rate to be applied beyond this three-year period.Whilst at 31 March 2024 the Directors have concluded that the carrying value of the intangibles and goodwill is appropriate, significant changes in any of these assumptions, which could be driven by the end customer behaviour with the Mobile Network Operators, could give rise to an impairment in the carrying value which is outlined in note 16.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__43": {
"value": "4. Key sources of estimation uncertaintyIn the application of the Group\u2019s accounting policies, which are described in Note 3, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant and are reviewed on an ongoing basis. Actual results could differ from these estimates and any subsequent changes are accounted for with an effect on income at the time such updated information becomes available.Accounting standards require the Directors to disclose those areas of critical accounting judgement and key sources of estimation uncertainty that carry a significant risk of causing material adjustment to the carrying value of assets and liabilities within the next 12 months. As a result of macro-economic factors in recent years, the Directors consider that impairment of intangibles and goodwill and revenue recognition in respect of commission for product protection plans and network connections include significant areas of accounting estimation.With regard to revenue recognition in respect of commission for product protection plans and network connections, the Directors have applied the variable consideration guidance in IFRS 15 and as a result of revenue restrictions do not believe there is a significant risk of a material downward adjustment. Revenue has been restricted to ensure that it is only recognised when it is highly probable and therefore subsequently, there could be a material reversal of restrictions.The information below sets out the estimates and judgements used in these areas.Revenue recognition and recoverability of income from product protection plansRevenue recognised in respect of commissions receivable over the lifetime of the plan for the sale of product protection plans is recognised in line with the principles of IFRS 15, when the Group obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party).Revenue in any one year therefore represents an estimate of the commission due on the plans sold, which management estimate reliably based upon a number of key inputs, including: y the contractual agreed margins; y the number of live plans; y the discount rate; y the estimated length of the plan; y the estimate of profit share relating to the scheme as a whole; y the estimated rate of attrition based on historic data; and y the estimated overall performance of the scheme.Commission receivable also depends for certain transactions on customer behaviour after the point of sale. Assumptions are therefore required, particularly in relation to levels of customer attrition within the contract period, expected levels of customer spend, and customer behaviour beyond the initial contract period. Such assumptions are based on extensive historical evidence, and adjustment to the amount of revenue recognised is made for the risk of potential changes in customer behaviour, but they are nonetheless inherently uncertain.Reliance on historical data assumes that current and future experience will follow past trends. The Directors believe that the quantity and quality of historical data available provides an appropriate proxy for current and future trends. Any information about future market trends, or economic conditions that we believe suggests historical experience would need to be adjusted, is taken into account when finalising our assumptions each year. Our experience over the last decade, which has been a turbulent period for the UK economy as a whole, is that variations in economic conditions have not had a material impact on consumer behaviour and, therefore, no adjustment to commissions is made for future market trends and economic conditions. In assessing how consistent our observations have been, we compare cash received in a period versus the forecast expectation for that period as we believe this is the most appropriate check on revenue recognised. Small variations in this measure support the assumptions made.For plans sold prior to 1 December 2016, the commission rates receivable are based on pre-determined rates. For plans sold after that date, base-assumed commissions will continue to be earned on pre-determined rates but overall commissions now include a variable element based on the future overall performance of the scheme. Changes in estimates recognised as an increase or decrease to revenue may be made, where for example, more reliable information is available, and any such changes are required to be recognised in the income statement. During the year, management have refined estimations in relation to the valuation of plans which has resulted in \u00a32.8m of previously recognised revenue which has now been reversed in the year ended 31 March 2024. The commission receivable balance as at 31 March 2024 was \u00a396.5m (2023: \u00a393.1m). The rate used to discount the revenue for the FY24 cohort is 5.85% (2023: 5.45%). The weighted average of discount rates used in the years prior to FY24 was 4.34% (2023: 3.91%).Revenue recognition and recoverability of income in relation to network commissionsRevenue in respect of commissions receivable from the Mobile Network Operators (\u201cMNOs\u201d) for the brokerage of network contracts is recognised in line with the principles of IFRS 15, when the Group obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party).Revenue in any one year therefore represents an estimate of the commission due on the contracts sold, which management estimates reliably based upon a number of key inputs, including: y The contractually agreed revenue share percentage \u2013 the percentage of the consumer\u2019s spend (to MNOs) to which the Group is entitled; y The discount rate using external market data (including risk free rate and counter party credit risk) 4.49% (2023: 2.86%); y The length of contract entered into by the consumer (12 \u2013 24 months) and the resulting estimated consumer average tenure which takes account of both the default rate during the contract period and the expectations that some customers will continue beyond the initial contract period and generate out of contract (\u201cOOC\u201d) revenue (c7%).The commission receivable on mobile phone connections can therefore depend on customer behaviour after the point of sale. The revenue recognised and associated receivable in the month of connection is estimated based on all future cash flows that will be received from the MNO and these are discounted based on the timing of receipt. This also takes into account the potential clawback of commission by the MNOs and any additional churn expected as a result of recent price increases announced and applied by the MNOs, for which a restriction to revenue is made based on historical experience. The Directors consider that the quality and quantity of the data available from the MNOs is appropriate for making these estimates and, as the contracts are primarily for 24 months, the period over which the amounts are estimated is relatively short. As with commissions recognised on the sale of product protection plans, the Directors compare the cash received to the initial amount recognised in assessing the appropriateness of the assumptions used.Changes in estimates recognised as an increase or decrease to revenue may be made where, for example, more reliable information is available, and any such changes are required to be recognised in the income statement. During the year, management have refined the estimations in relation to the valuation of connections which has resulted in a \u00a33.0m of previously constrained revenue which has now been recognised in the year ended 31 March 2024. In line with the requirements of IFRS 15, the Group only recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with its variable consideration is subsequently resolved. This \u2018constraint\u2019 results in potential revenue of \u00a33.2m being restricted at 31 March 2024 (31 March 2023: \u00a38.7m).Whilst there is estimation uncertainty in valuing the contract asset, reasonably possible changes in assumptions are not expected to result in material changes to the valuation of the asset in the next financial year.The commission receivable balance as at 31 March 2024 was \u00a363.1m (2023: \u00a381.3m). The rate used to discount the current year revenue is 4.49% (2023: 2.83%).Impairment of intangible assets and goodwillAs part of the acquisition of Mobile Phones Direct Limited in 2018, the Group recognised amounts totalling \u00a316.3m in relation to the valuation of the intangible assets and \u00a314.7m in relation to residual goodwill. At 31 March 2024 these had a carrying value of \u00a321.8m. In February 2024, the Group acquired further intangible assets mainly related to the websites and domains of affordablemobiles.co.uk and buymobiles.net (together referred to as \u201cAffordable Mobiles\u201d) totalling \u00a32.3m which at 31 March 2024 had a carrying value of \u00a32.2m (see note 16 for consideration of Cash Generating Units). Intangible assets are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Goodwill is reviewed for impairment on an annual basis. When a review for impairment is conducted, the recoverable amount is determined based on the higher of value in use and fair value less costs to sell. The value in use method requires the Group to determine appropriate assumptions (which are sources of estimation uncertainty) in relation to the cash flow projections over the three-year strategic plan period and the long-term growth rate to be applied beyond this three-year period.Whilst at 31 March 2024 the Directors have concluded that the carrying value of the intangibles and goodwill is appropriate, significant changes in any of these assumptions, which could be driven by the end customer behaviour with the Mobile Network Operators, could give rise to an impairment in the carrying value which is outlined in note 16.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__46": {
"value": "5. RevenueThe table below shows the Group\u2019s revenue by major business area. Revenue recognition for each area is outlined in Note 3.20242023Major product/services lines\u00a3m\u00a3mProduct revenue 798.3 874.8Services revenue 63.1 56.2Commission revenue 128.1 156.4Third-party logistics revenue 27.6 27.6Recycling revenue 22.3 23.61,039.3 1,138.5Details of the revenue in each category are set out in note 3.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__47": {
"value": "6. Segmental analysisOperating segments are determined by the internal reporting regularly provided to the Group\u2019s Chief Operating Decision Maker. The Chief Operating Decision Maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Directors.In the periods prior to FY23, the Group had two reportable segments; online retailing of domestic appliances and ancillary services to customers in the UK, and online retailing of domestic appliances and ancillary services to customers in Germany. Following the decision in June 2022 to close the German operations (which are now treated as discontinued (see note 35)), the UK operation is now the only reportable segment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__48": {
"value": "7. Administrative expenses20242023 \u00a3m\u00a3mMarketing and advertising expenses 40.5 38.0Warehousing expenses 52.2 59.8Other administrative expenses 115.0 128.6207.7 226.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__53": {
"value": "8. Operating profit for the yearOperating profit for the year has been arrived at after charging/(crediting):20242023 \u00a3m\u00a3mDepreciation of:Owned assets 5.1 6.6Owned assets financed by lease 1.5 1.9Right of use assets 15.4 18.0Amortisation 2.3 2.6(Profit)/ loss on disposal of property, plant and equipment (0.1) 0.2Cost of inventory 705.9 799.9Staff costs 122.3 133.0Other operating income:Short-term sublets (0.6) (0.7)Adjusting items (see Note 3)Restructuring costs (included in other administrative expenses) \u2013 4.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__52": {
"value": "8. Operating profit for the yearOperating profit for the year has been arrived at after charging/(crediting):20242023 \u00a3m\u00a3mDepreciation of:Owned assets 5.1 6.6Owned assets financed by lease 1.5 1.9Right of use assets 15.4 18.0Amortisation 2.3 2.6(Profit)/ loss on disposal of property, plant and equipment (0.1) 0.2Cost of inventory 705.9 799.9Staff costs 122.3 133.0Other operating income:Short-term sublets (0.6) (0.7)Adjusting items (see Note 3)Restructuring costs (included in other administrative expenses) \u2013 4.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__51": {
"value": "8. Operating profit for the yearOperating profit for the year has been arrived at after charging/(crediting):20242023 \u00a3m\u00a3mDepreciation of:Owned assets 5.1 6.6Owned assets financed by lease 1.5 1.9Right of use assets 15.4 18.0Amortisation 2.3 2.6(Profit)/ loss on disposal of property, plant and equipment (0.1) 0.2Cost of inventory 705.9 799.9Staff costs 122.3 133.0Other operating income:Short-term sublets (0.6) (0.7)Adjusting items (see Note 3)Restructuring costs (included in other administrative expenses) \u2013 4.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__50": {
"value": "8. Operating profit for the yearOperating profit for the year has been arrived at after charging/(crediting):20242023 \u00a3m\u00a3mDepreciation of:Owned assets 5.1 6.6Owned assets financed by lease 1.5 1.9Right of use assets 15.4 18.0Amortisation 2.3 2.6(Profit)/ loss on disposal of property, plant and equipment (0.1) 0.2Cost of inventory 705.9 799.9Staff costs 122.3 133.0Other operating income:Short-term sublets (0.6) (0.7)Adjusting items (see Note 3)Restructuring costs (included in other administrative expenses) \u2013 4.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__49": {
"value": "8. Operating profit for the yearOperating profit for the year has been arrived at after charging/(crediting):20242023 \u00a3m\u00a3mDepreciation of:Owned assets 5.1 6.6Owned assets financed by lease 1.5 1.9Right of use assets 15.4 18.0Amortisation 2.3 2.6(Profit)/ loss on disposal of property, plant and equipment (0.1) 0.2Cost of inventory 705.9 799.9Staff costs 122.3 133.0Other operating income:Short-term sublets (0.6) (0.7)Adjusting items (see Note 3)Restructuring costs (included in other administrative expenses) \u2013 4.5",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__54": {
"value": "9. Auditor\u2019s remunerationThe analysis of the Auditor\u2019s remuneration is as follows:20242023 \u00a3m\u00a3mFees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s annual accounts 0.1 0.1Fees payable to the Company\u2019s Auditor and their associates for the audit of the Company\u2019s subsidiaries and interim financial statements 0.8 0.7Total Auditor\u2019s remuneration 0.9 0.8Details of the Company\u2019s policy on the use of auditors for non-audit services, the reasons why the Auditor was used rather than another supplier and how the Auditor\u2019s independence and objectivity were safeguarded are set out in the Audit Committee Report on page 107. No services were provided on a contingent fee basis. Non-audit fees of \u00a370,000 were incurred in relation to the review of the interim financial statements (2023: \u00a389,700).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__55": {
"value": "10. Staff numbers and costsThe average monthly number of employees (including Directors) was:20242023 NumberNumberSales, marketing and distribution 2,834 3,366Directors (Executive and Non-Executive) 8 72,842 3,373Their aggregate remuneration comprised:20242023 \u00a3m\u00a3mWages and salaries 100.2 110.4Social security costs 11.1 12.4Contributions to defined contribution plans (see Note 32) 4.3 4.9Share-based payment charge (see Note 31) 6.7 5.3122.3 133.0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__56": {
"value": "11. Finance income20242023 \u00a3m\u00a3mBank interest 0.7 \u2013Unwind of discounting on non-current contract assets 3.8 2.94.5 2.9",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__57": {
"value": "12. Finance costs20242023 \u00a3m\u00a3mInterest on lease liabilities 3.8 4.2Interest on bank loans 0.9 2.3Other finance costs 1.7 1.26.4 7.8",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__58": {
"value": "13. Tax20242023 \u00a3m\u00a3mCorporation taxCurrent year 3.7 0.3Adjustments in respect of prior years 0.1 0.23.8 0.5Deferred tax (see Note 20)Current year 6.0 0.1Adjustments in respect of prior years (0.2) 0.65.8 0.7Total tax charge 9.6 1.2The expected corporation tax charge for the year is calculated at the UK corporation tax rate of 25% (2023: 19%) on the profit before tax for the year. The charge for the year can be reconciled to the profit in the statement of comprehensive income as follows:20242023 Year ended 31 March\u00a3m\u00a3mProfit before tax on continuing operations 34.3 7.6Tax at the UK corporation tax rate of 25% (2023: 19%) 8.6 1.5Ineligible expenses 0.5 0.2Impact of difference in current and deferred tax rates \u2013 (0.7)Income not taxable (0.1) \u2013Group relief claimed from discontinued operations \u2013 (1.6)Share-based payments 0.6 1.0R&D tax credit 0.1 \u2013Prior period adjustments (0.1) 0.8Tax charge for the year 9.6 1.2Pillar Two legislation has been enacted in the UK to introduce the multinational top-up tax and domestic top-up tax to accounting periods beginning on or after 31 December 2023. The legislation will be effective for the Group\u2019s financial year beginning 1 April 2024. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes.Based on the assessment performed on the latest financial information for the year ended 31 March 2024, and forecast information for periods to 31 March 2027, the Pillar Two effective tax rates in all jurisdictions in which the Group operates are expected to be above 15%. Therefore, the Group does not expect a potential exposure to Pillar Two top-up taxes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__59": {
"value": "14. DividendsThe Directors do not propose a dividend for the year ended 31 March 2024 (2023: \u00a3nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__60": {
"value": "15. Earnings/ (loss) per shareThe calculation of the basic and diluted earnings/ (loss) per share is based on the following data:20242023\u00a3m\u00a3mProfit attributable to Owners of the Parent Company from continuing operations 24.7 6.2Loss attributable to Owners of the Parent Company from discontinued operations \u2013 (8.8)24.7 (2.6)Number of sharesWeighted average shares in issue for the purposes of basic earnings/ (loss) per share 577,184,050 548,947,969Potentially dilutive shares 21,058,825 15,509,762Weighted average number of diluted ordinary shares 598,242,875 564,457,731Earnings per share from continuing operations (pence per share) Basic earnings per share 4.29 1.13Diluted earnings per share 4.14 1.10Earnings/ (loss) per share from continuing and discontinued operations (pence per share) Basic earnings/ (loss) per share 4.29 (0.48)Diluted earnings/ (loss) per share 4.14 (0.47)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__62": {
"value": "16. Goodwill\u00a3mCarrying value at 31 March 2023 and at 31 March 2024 28.2Goodwill relates to purchase of Expert Logistics Limited, the purchase by DRL Holdings Limited (now AO World PLC) of DRL Limited (now AO Retail Limited), the acquisition of AO Recycling Limited (formerly The Recycling Group Limited) and the acquisition of Mobile Phones Direct Limited (now AO Mobile Limited) by AO Limited.Impairment of goodwillUK CGU \u2013 \u00a313.5mAt 31 March 2024, goodwill acquired through UK business combinations (excluding Mobile Phones Direct Limited) was allocated to the UK (excluding Mobile) cash-generating unit (\u201cCGU\u201d). This represents the lowest level within the Group at which goodwill is monitored for internal management purposes.The Group performed its annual impairment test as at 31 March 2024. The recoverable amount of the CGU has been determined based on the value in use calculations. The Group prepares cash flow forecasts derived from the most recent financial budget and financial plan for three years. The final year cash flow is used to calculate a terminal value and is based on an estimated growth rate of 1%. This rate does not exceed the average long term growth rate for the market. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to this CGU. In arriving at the appropriate discount rate to use, we adjust the CGU\u2019s post-tax weighted average cost of capital to reflect the impact of risks and tax effects specific to the cash flows. The weighted average pre-tax discount rate we used was approximately 11.9% (2023: 13.1%).The key assumptions, which take account of historic trends, upon which management has based their cash flow projections are sales growth rates, selling prices and product margin. Management do not believe that any reasonable possible sensitivity would result in any impairment to this goodwill.Mobile Phones Direct Limited \u2013 \u00a314.7mAt 31 March 2024, the goodwill allocated to the Mobile cash generating unit (\u201cCGU\u201d) was \u00a314.7m (2023: \u00a314.7m). In addition to goodwill, at 31 March 2024 other intangibles assets relating to this CGU were \u00a39.3m (2023: \u00a37.8m.)Included in the intangible assets noted above are the websites and domains of affordablemobiles.co.uk and buymobiles.net and other intangible assets (together referred to as \u201cAffordable Mobiles\u201d) which the Group acquired in the year. Management believed this acquisition was an appropriate event to reassess the Mobile CGU. After considering a number of factors such as; whether cash inflows are independently generated, the transactions flow of the new websites, the monitoring of operations and overall management responsibilities, management have concluded that Affordable Mobiles should be included in the Mobile CGU and as such, at 31 March 2024 the assessment of the carrying value of the Mobile CGU includes the assets acquired during the year. During the period, the Group has seen a significant reduction in demand for new connections, partly driven by the exceptional inflationary increases applied by the networks. With the results of the mobile business partly reliant on volume related targets, competition in the mobile market for a smaller number of connections has had a material adverse effect on the results compared to management\u2019s expectations. Consequently, management have assessed the recoverable amount of the CGU using a value in use model. This has been based on management\u2019s Board approved, risk adjusted, forecast cashflows for the business up to FY29 with the final year being the basis for a perpetuity calculation using a long term growth rate of 2%.Following the acquisition of affordablemobiles.co.uk and buymobiles.net, as well as the rebase of the business strategy to focus on profitable connections rather than volumes (as set out in the Chief Financial Officer\u2019s Review on page 33), the key assumptions for the first year of the forecast (year ending 31 March 2025) are considered to be: y Revenue growth of 35%; y Gross margin increase of 10 percentage points; and y The normalisation of working capital during FY25 resulting in a cash inflow of \u00a37.1mKey assumptions applied within the remaining forecast period (FY26-29) are: y Revenue growth of 2% on FY25 assumed levels; and y Cost inflation and cost saving of between +3% and -3% based on expectations for inflation, management\u2019s estimate of product price changes based on industry knowledge and reductions in brand spend.A pre-tax discount rate of 12.4% has been applied to the cash flows based on the capital structure of an equivalent business and reflecting market risk and volatility due to current macro- economic uncertainty. The total recoverable amount of the CGU is greater than it\u2019s carrying value by \u00a31.3m in managements base case and therefore no impairment is required. However, given the minimal amount of headroom at 31 March 2024, reasonably plausible changes in assumptions could lead to a material impairment in the future as demonstrated below:(Impairment)/ Key assumption Sensitivity appliedheadroomRevenue growth Revenue growth in FY25 restricted by 50%, no growth beyond FY25 (\u00a37.6m)Working capital Initiatives to unwind working in FY25 capital do not materialise (\u00a35.2m)Gross margin in year 1 Gross margin reduces/ increases by 1 percentage point (\u00a314.4)/ \u00a316.9mCost inflation/ savings beyond year 1 Increase of 5% in total costs and reduction of 5% in savings (\u00a34.3m)Pre-tax discount rate Increase/Decrease of 1% (\u00a35.2m)/ \u00a36.6m",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__61": {
"value": "16. Goodwill\u00a3mCarrying value at 31 March 2023 and at 31 March 2024 28.2Goodwill relates to purchase of Expert Logistics Limited, the purchase by DRL Holdings Limited (now AO World PLC) of DRL Limited (now AO Retail Limited), the acquisition of AO Recycling Limited (formerly The Recycling Group Limited) and the acquisition of Mobile Phones Direct Limited (now AO Mobile Limited) by AO Limited.Impairment of goodwillUK CGU \u2013 \u00a313.5mAt 31 March 2024, goodwill acquired through UK business combinations (excluding Mobile Phones Direct Limited) was allocated to the UK (excluding Mobile) cash-generating unit (\u201cCGU\u201d). This represents the lowest level within the Group at which goodwill is monitored for internal management purposes.The Group performed its annual impairment test as at 31 March 2024. The recoverable amount of the CGU has been determined based on the value in use calculations. The Group prepares cash flow forecasts derived from the most recent financial budget and financial plan for three years. The final year cash flow is used to calculate a terminal value and is based on an estimated growth rate of 1%. This rate does not exceed the average long term growth rate for the market. Management estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to this CGU. In arriving at the appropriate discount rate to use, we adjust the CGU\u2019s post-tax weighted average cost of capital to reflect the impact of risks and tax effects specific to the cash flows. The weighted average pre-tax discount rate we used was approximately 11.9% (2023: 13.1%).The key assumptions, which take account of historic trends, upon which management has based their cash flow projections are sales growth rates, selling prices and product margin. Management do not believe that any reasonable possible sensitivity would result in any impairment to this goodwill.Mobile Phones Direct Limited \u2013 \u00a314.7mAt 31 March 2024, the goodwill allocated to the Mobile cash generating unit (\u201cCGU\u201d) was \u00a314.7m (2023: \u00a314.7m). In addition to goodwill, at 31 March 2024 other intangibles assets relating to this CGU were \u00a39.3m (2023: \u00a37.8m.)Included in the intangible assets noted above are the websites and domains of affordablemobiles.co.uk and buymobiles.net and other intangible assets (together referred to as \u201cAffordable Mobiles\u201d) which the Group acquired in the year. Management believed this acquisition was an appropriate event to reassess the Mobile CGU. After considering a number of factors such as; whether cash inflows are independently generated, the transactions flow of the new websites, the monitoring of operations and overall management responsibilities, management have concluded that Affordable Mobiles should be included in the Mobile CGU and as such, at 31 March 2024 the assessment of the carrying value of the Mobile CGU includes the assets acquired during the year. During the period, the Group has seen a significant reduction in demand for new connections, partly driven by the exceptional inflationary increases applied by the networks. With the results of the mobile business partly reliant on volume related targets, competition in the mobile market for a smaller number of connections has had a material adverse effect on the results compared to management\u2019s expectations. Consequently, management have assessed the recoverable amount of the CGU using a value in use model. This has been based on management\u2019s Board approved, risk adjusted, forecast cashflows for the business up to FY29 with the final year being the basis for a perpetuity calculation using a long term growth rate of 2%.Following the acquisition of affordablemobiles.co.uk and buymobiles.net, as well as the rebase of the business strategy to focus on profitable connections rather than volumes (as set out in the Chief Financial Officer\u2019s Review on page 33), the key assumptions for the first year of the forecast (year ending 31 March 2025) are considered to be: y Revenue growth of 35%; y Gross margin increase of 10 percentage points; and y The normalisation of working capital during FY25 resulting in a cash inflow of \u00a37.1mKey assumptions applied within the remaining forecast period (FY26-29) are: y Revenue growth of 2% on FY25 assumed levels; and y Cost inflation and cost saving of between +3% and -3% based on expectations for inflation, management\u2019s estimate of product price changes based on industry knowledge and reductions in brand spend.A pre-tax discount rate of 12.4% has been applied to the cash flows based on the capital structure of an equivalent business and reflecting market risk and volatility due to current macro- economic uncertainty. The total recoverable amount of the CGU is greater than it\u2019s carrying value by \u00a31.3m in managements base case and therefore no impairment is required. However, given the minimal amount of headroom at 31 March 2024, reasonably plausible changes in assumptions could lead to a material impairment in the future as demonstrated below:(Impairment)/ Key assumption Sensitivity appliedheadroomRevenue growth Revenue growth in FY25 restricted by 50%, no growth beyond FY25 (\u00a37.6m)Working capital Initiatives to unwind working in FY25 capital do not materialise (\u00a35.2m)Gross margin in year 1 Gross margin reduces/ increases by 1 percentage point (\u00a314.4)/ \u00a316.9mCost inflation/ savings beyond year 1 Increase of 5% in total costs and reduction of 5% in savings (\u00a34.3m)Pre-tax discount rate Increase/Decrease of 1% (\u00a35.2m)/ \u00a36.6m",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__63": {
"value": "17. Other intangible assetsMarketingrelatedassets (including CustomerSoftwaredomain names) listsTotal\u00a3m\u00a3m\u00a3m\u00a3mCostAt 31 March 2022 7.8 16.0 0.4 24.2Additions 0.1 \u2013 \u2013 0.1Disposals (1.5) \u2013 \u2013 (1.5)At 31 March 2023 6.4 16.0 0.4 22.8Additions 0.1 2.0 0.3 2.4Disposals (0.4) (0.2) \u2013 (0.6)At 31 March 2024 6.1 17.8 0.7 24.6Amortisation At 31 March 2022 5.7 6.1 0.2 12.0Charge for the year 1.0 1.5 0.1 2.6Disposals (1.4) \u2013 \u2013 (1.4)At 31 March 2023 5.3 7.6 0.3 13.2Charge for the year 0.7 1.6 0.1 2.3Disposals (0.3) 0.2) \u2013 (0.5)At 31 March 2024 5.7 8.9 0.4 15.0Carrying amount At 31 March 2024 0.3 8.9 0.4 9.6At 31 March 2023 1.1 8.4 0.2 9.6Amortisation is charged to administrative expenses in the consolidated income statement.In February 2024, the Group acquired the websites and domains of affordablemobiles.co.uk and buymobiles.net, which are included within marketing related assets in the table above, and a customer list totalling \u00a32.3m",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__64": {
"value": "18. Property, plant and equipmentFixtures, Assets held fittings,ComputerforLand andPropertyplant andMotorand officerental buildingsalterationsmachineryvehiclesequipmentpurposesTotalOwned assets\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mCostAt 31 March 2022 5.8 17.0 23.8 18.0 13.4 0.3 78.3Additions \u2013 0.2 1.2 0.5 0.5 \u2013 2.4Disposals (4.8) (2.6) (3.6) (1.8) (1.0) (0.3) (14.0)Exchange differences 0.1 \u2013 \u2013 \u2013 \u2013 \u2013 0.2At 31 March 2023 1.1 14.6 21.5 16.7 13.0 \u2013 67.0Additions 3.5 0.2 0.9 0.3 0.9 \u2013 5.8Disposals \u2013 (3.2) (0.4) (1.0) (0.2) \u2013 (4.8)At 31 March 2024 4.6 11.6 22.0 16.0 13.7 \u2013 67. 9Accumulated depreciationAt 31 March 2022 1.9 8.8 11.2 12.9 10.7 0.1 45.6Charge for the year 0.3 2.1 3.0 1.7 1.6 0.1 8.8Disposals (2.1) (0.8) (2.7) (1.8) (0.9) (0.2) (8.5)At 31 March 2023 0.1 10.1 11.6 12.9 11.4 \u2013 46.1Charge for the year 0.1 1.4 2.4 1.5 1.2 \u2013 6.6Disposals \u2013 (3.1) (0.4) (1.0) (0.2) \u2013 (4.8)At 31 March 2024 0.2 8.4 13.5 13.3 12.4 \u2013 47.8Carrying amountAt 31 March 2024 4.4 3.2 8.5 2.7 1.3 \u2013 20.1At 31 March 2023 1.0 4.5 9.9 3.8 1.6 \u2013 20.9At 31 March 2024, the Group had capital expenditure committments of \u00a33.5m (2023: \u00a3nil).At 31 March 2024, the net carrying amount of plant and machinery, historically recognised as finance lease assets prior to the introduction of IFRS 16, included in the owned assets table was \u00a34.5m (2023: \u00a36.0m). As disclosed in Note 24, the Group has elected to disclose its leases split by the nature that they relate to. This is to give the user of these Financial Statements additional information that the Directors believe will be useful to the reader\u2019s understanding of the business. Right of use assets recognised are reflected in the following asset classes:Land andMotor Computer buildingsvehiclesequipmentTotalRight of use assets\u00a3m\u00a3m\u00a3m\u00a3mCostAt 31 March 2022 115.3 43.0 1.0 159.3Additions 4.1 6.7 \u2013 10.8Disposals (23.0) (17.8) (0.2) (41.0)At 31 March 2023 96.3 32.0 0.8 129.1Additions 3.0 0.5 0.3 3.9Disposals (7.8) (2.2) (0.8) (10.8)At 31 March 2024 91.6 30.3 0.3 122.2Accumulated depreciationAt 31 March 2022 48.7 23.3 0.8 72.8Charge for the year 11.2 7.3 0.1 18.6Disposals (14.8) (16.7) (0.2) (31.7)At 31 March 2023 45.1 13.9 0.8 59.7Charge for the year 8.8 6.5 0.1 15.4Disposals (6.2) (2.1) (0.8) (9.1)At 31 March 2024 47.7 18.2 0.1 65.9Carrying amountAt 31 March 2024 43.9 12.1 0.2 56.2At 31 March 2023 51.2 18.1 \u2013 69.4The expense relating to short-term leases and low value assets included within the Income Statement amounted to \u00a31.3m (2023: \u00a30.5m). At 31 March 2024, the Group was committed to leases which had not yet commenced totalling \u00a30.5m (2023: nil).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__65": {
"value": "19. SubsidiariesThe Group consists of the parent Company, AO World PLC, incorporated in the UK and a number of subsidiaries held directly/indirectly by AO World PLC.The table below shows details of all subsidiaries of AO World PLC as at 31 March 2024.Proportion of ownership Principal place Class of interests and voting rights Name of subsidiaryof businessshares heldheld by AO World PLC Principal activity\u2020AO Retail Limited United Kingdom Ordinary 100%RetailElekdirect Limited United Kingdom Ordinary 100% RetailElectrical Appliance Outlet Limited United Kingdom Ordinary 100% Retail\u2020Affordable Mobiles Limited United Kingdom Ordinary 100%Retail\u2020Expert Logistics Ltd United Kingdom Ordinary 100%Logistics and transportAO Recycling Limited United Kingdom Ordinary 100% WEEE recyclingWorry Free Limited United Kingdom Ordinary 100% Holding companyAppliances Online Ltd United Kingdom Ordinary 100% Holding companyAO Ltd United Kingdom Ordinary 100% Holding company\u2021AO Deutschland Limited Germany Ordinary 100% Non trading (see note 35)AO.BE SA Belgium Ordinary 99.99%* DormantWEEE Collect It Limited United Kingdom Ordinary 100%** DormantWEEE Re-use It Limited United Kingdom Ordinary 100%** DormantMobile Phones Direct Limited United Kingdom Ordinary 100% Dormant\u2020AO Mobile Limited United Kingdom Ordinary 100% DormantAO Business Limited United Kingdom Ordinary 100% DormantAO B2B Limited United Kingdom Ordinary 100% DormantProportion of ownership Principal place Class of interests and voting rights Name of subsidiaryof businessshares heldheld by AO World PLC Principal activityAO Trade Limited United Kingdom Ordinary 100% DormantAO Rental Limited United Kingdom Ordinary 100% DormantAO Care Limited United Kingdom Ordinary 100% DormantAO Premium Club Limited United Kingdom Ordinary 100% DormantAO Club Limited United Kingdom Ordinary 100% DormantAO Distribution Limited United Kingdom Ordinary 100% DormantAO Logistics Limited United Kingdom Ordinary 100% DormantAll companies within the Group are registered at the same address disclosed on page 187 apart from AO.BE SA who are registered at:AO.BE SANaamloze Vennootschap EsplanadeHeysel 1Bus 941020 Brussels* 0.01% of the investment in AO.BE SA is owned by AO Deutschland Limited.** Indirectly owned through AO Recycling Limited.\u2020 Indirectly owned through AO Limited.\u2021 Indirectly owned through Worry Free Limited (50%) and Appliances Online Limited (50%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__66": {
"value": "AO World PLC",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__67": {
"value": "20. Deferred taxDeferred tax is recognised by the Group as shown in the table below:Short-term Transitional Losses and Share Accelerated timing Intangible relief on IFRS unused tax optionsdepreciationdifferencefixed assets16 adoptionreliefTotal\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3m\u00a3mAt 31 March 2022 0.7 1.1 0.5 (2.5) 0.8 8.4 9.0(Debit)/credit to income statement (0.1) 0.3 0.4 0.3 (0.2) (1.4) (0.7)At 31 March 2023 0.7 1.3 0.9 (2.2) 0.6 7.0 8.3Credit/(debit) to income statement 0.8 (0.3) (0.8) 0.4 (0.2) (5.8) (5.8)Credit to reserves 0.3 \u2013 \u2013 \u2013 \u2013 \u2013 0.3At 31 March 2024 1.9 1.0 0.1 (1.8) 0.4 1.3 2.9A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The Group has an unrecognised deferred tax asset of \u00a30.1m (2023: \u00a30.1m) in respect of unused losses carried forward.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "21. Inventories20242023\u00a3m\u00a3mFinished goods 79.5 73.1Included within inventories are stock provisions of \u00a31.4m (2023: \u00a30.6m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__71": {
"value": "22. Trade and other receivables20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Contract assets 159.6 174.4Prepayments and accrued income 27.9 34.9Other receivables \u2013 0.2205.1 231.1The trade and other receivables are classified as:20242023\u00a3m\u00a3mNon-current assets 90.0 93.3Current assets 115.1 137.8205.1 231.1All of the amounts classified as non-current assets relate to contract assets.Contract assets Contract assets represent the expected future commissions receivable in respect of product protection plans and mobile phone connections. The Group recognises revenue in relation to these plans and connections when it obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party). Revenue in any one year therefore represents the estimate of the commission due on the plans sold or connections made. The reconciliation of opening and closing balances for contract assets is shown below:20242023\u00a3m\u00a3mBalance brought forward 174.4 174.1Revenue recognised 120.8 148.7Cash received (139.6) (154.0)Revisions to estimates 0.2 2.7Unwind of discounting 3.8 2.9Balance carried forward 159.6 174.4Included in the contract asset above in relation to product protection plans at 31 March 2023, was an amount of \u00a3(2.8)m in relation to variable consideration recognised as revenue up to that date which has reversed in the year ended 31 March 2024. This arose as a result of the cost of claims being higher than forecast, principally as a result of continued high inflation and is included in the \u201cRevisions to estimates\u201d above. Also included is previously constrained revenue of \u00a33.0m in relation to network commissions (out of contract revenue) which has now been recognised in the year ended 31 March 2024.The Group still recognises that there is inherent risk in the amount of revenue recognised as it is dependent on future customer behaviour which is outside of the Group\u2019s control. Customer contracts with the MNOs are ordinarily for a duration of 24 months. Management assess each half year, the expected tenure of the live contracts based primarily on cancellations and cash collection. As a consequence, in line with the requirements of IFRS 15, the Group only recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with its variable consideration is subsequently resolved. This \u2018constraint\u2019 results in potential revenue of \u00a33.2m being restricted at 31 March 2024 in relation to network commissions (31 March 2023: \u00a38.7m).Product protection plansUnder our arrangement with Domestic & General (\u201cD&G\u201d), the Group receives commission in relation to its role as agent for introducing its customers to D&G and recognises revenue at the point of sale as it has no future obligations following this introduction. It also receives a share of the overall profitability of the scheme. A discounted cash flow methodology is used to measure the estimated value of the revenue and contract assets in the month of sale of the relevant plan, by estimating all future cash flows that will be received from D&G and discounting these based on the expected timing of receipt. Subsequently, the contract asset is measured at the present value of the estimated future cash flows. The key inputs into the model which forms the base case for management\u2019s considerations are: y the contractually agreed margins, which differ for each individual product covered by the plan as is included in the agreement with D&G; y the number of live plans based on information provided by D&G; y the discount rate for plans sold in the year using external market data \u2013 5.85% (2023: 5.45%); y the estimate of profit share relating to the scheme as a whole based on information provided by D&G; y historic rate of customer attrition that uses actual cancellation data for each month for the previous 6 years to form an estimate of the cancellation rates to use by month going forward (range of 0% to 9.0% weighted average cancellation by month); and y the estimated length of the plan based on historical data plus external assessments of the potential life of products (5 to 16 years).The last two inputs are estimated based on extensive historical evidence obtained from our own records and from D&G. The Group has accumulated historical empirical data over the last 15 years from c.3.4m plans that have been sold. Of these, c.1.09m are live. Applying all the information above, management calculates their initial estimate of commission receivable. Consideration is then given to other factors outside of the historical data noted above that could impact the valuation. This primarily considers the reliance on historical data as this assumes that current and future experience will follow past trends. There is, therefore, a risk that changes in consumer behaviour could reduce or increase the total cash flows ultimately realised over the forecast period. Management makes a regular assessment of the data and assumptions with a detailed review at half year and full year to ensure this continues to reflect the best estimate of expected future trends. As set out in Note 4, the Directors do not believe there is a significant risk of a downward material adjustment to the revenue recognised in relation to these plans over the next 12 months. The sensitivity analysis below is disclosed as we believe it provides useful insight to the users of the financial statements into the factors taken into account when calculating the revenue to be recognised. The table shows the sensitivity of the carrying value of the commission receivables and revenue to a reasonably possible change in inputs to the discounted cash flow model over the next 12 months. Impact on contract asset and revenueSensitivity\u00a3mCancellations (increase) or decrease by 2% (1.5)/ 1.5Profit share entitlement- (increase) or decrease in claims costby 10% (1.9)/ 2.3Backstop (reduce)/ increase by 12months (2.4)/ 1.9Cancellations The number of cancellations and therefore the cancellation rate can fluctuate based on a number of factors including macroeconomic changes such as unemployment and cost of living. The impact of reasonable potential changes is shown in the sensitivities above.Profit shareThe profit share attaching to the overall scheme is dependent on factors such as the price of the plan, the cost and incidence of claims and the administration of the scheme itself. Given changes in macro-economic conditions, there is an increased risk that claims cost could increase. The above sensitivity considers what any reasonable change in claims cost could mean to the overall profit share.BackstopManagement apply an acceleration of cancellations beyond the anticipated life of certain products upto a backstop which is currently based on the oldest actual plans in existence. Currently no revenue is recognised beyond that date. The sensitivity applied shows what the impact to the calculation of estimated future revenue would be if the backstop was extended a further year (given a small number of plans have now reached the current backstop) or alternatively the backstop was tightened as there are a relatively lower number of plans which are approaching the backstop.Network commissions The Group operates under contracts with a number of Mobile Network Operators (\u201cMNOs\u201d). Over the life of these contracts, the service provided by the Group to each MNO is the procurement of connections to the MNO\u2019s networks. The individual consumer enters into a contract with the MNO for the MNO to supply the ongoing airtime over that contract period. The Group earns a commission for the service provided to each MNO. Revenue is recognised at the point the individual consumer signs a contract and is connected with the MNO. Consideration from the MNO becomes receivable over the course of the contract between the MNO and the consumer. The Group has determined that the number and value of consumers provided to each MNO in any given month represents the measure of satisfaction of each performance obligation under the contract. A discounted cash flow methodology is used to measure the estimated value of the revenue and contract assets in the month of connection, by estimating all future cash flows that will be received from the MNOs and discounting these based on the expected timing of receipt. Subsequently, the contract asset is measured at the present value of the estimated future cash flows. The key inputs to management\u2019s base case model are: y revenue share percentage, i.e. the percentage of the consumer\u2019s spend (to the MNO) to which the Group is entitled; y the discount rate using external market data \u2013 4.49% (2023: 2.83%); y the length of contract entered into by the consumer (12 \u2013 24 months) and the resulting estimated consumer average tenure that takes account of both the default rate during the contract period and the expectations that some customers will continue beyond the initial contract period and generate out of contract revenue.The input is estimated based on extensive historical evidence obtained from the networks, and adjustment is made for the risk of potential changes in consumer behaviour. Applying all the information above, management calculates their initial estimate of commission receivable. Consideration is then given to other factors outside of the historical data noted above which could impact the valuation. This primarily considers the reliance on historical data as this assumes that current and future experience will follow past trends. The risk remains that changes in consumer behaviour could reduce or increase the total cash flows ultimately realised over the forecast period. Management make a regular assessment of the data and assumptions with a detailed review at half year and full year to ensure this continues to reflect the best estimate of expected future trends and appropriate revisions are made to the estimates. As set out in Note 4, the Directors do not believe there is a significant risk of a downward material adjustment to the revenue recognised in relation to these plans over the next 12 months given the variable revenue constraints applied.The sensitivity analysis below is disclosed as we believe it provides useful insight to the users of the financial statements by giving insight into the factors taken into account when calculating the revenue to be recognised. The table shows the sensitivity of the carrying value of the commission receivables and revenue to a reasonably possible change in inputs to the discounted cash flow model over the next 12 months, having taken account of the changes in behaviour experienced in the period. Impact on contract asset and revenueSensitivity\u00a3m2% decrease/ (increase) in expected cancellations 1.4/ (1.4)Cancellations The number of cancellations and, therefore, the cancellation rate, can fluctuate based on a number of factors. These include macroeconomic changes e.g., unemployment, interest rates and inflation. The impact of reasonable potential changes is shown in the sensitivities above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__70": {
"value": "22. Trade and other receivables20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Contract assets 159.6 174.4Prepayments and accrued income 27.9 34.9Other receivables \u2013 0.2205.1 231.1The trade and other receivables are classified as:20242023\u00a3m\u00a3mNon-current assets 90.0 93.3Current assets 115.1 137.8205.1 231.1All of the amounts classified as non-current assets relate to contract assets.Contract assets Contract assets represent the expected future commissions receivable in respect of product protection plans and mobile phone connections. The Group recognises revenue in relation to these plans and connections when it obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party). Revenue in any one year therefore represents the estimate of the commission due on the plans sold or connections made. The reconciliation of opening and closing balances for contract assets is shown below:20242023\u00a3m\u00a3mBalance brought forward 174.4 174.1Revenue recognised 120.8 148.7Cash received (139.6) (154.0)Revisions to estimates 0.2 2.7Unwind of discounting 3.8 2.9Balance carried forward 159.6 174.4Included in the contract asset above in relation to product protection plans at 31 March 2023, was an amount of \u00a3(2.8)m in relation to variable consideration recognised as revenue up to that date which has reversed in the year ended 31 March 2024. This arose as a result of the cost of claims being higher than forecast, principally as a result of continued high inflation and is included in the \u201cRevisions to estimates\u201d above. Also included is previously constrained revenue of \u00a33.0m in relation to network commissions (out of contract revenue) which has now been recognised in the year ended 31 March 2024.The Group still recognises that there is inherent risk in the amount of revenue recognised as it is dependent on future customer behaviour which is outside of the Group\u2019s control. Customer contracts with the MNOs are ordinarily for a duration of 24 months. Management assess each half year, the expected tenure of the live contracts based primarily on cancellations and cash collection. As a consequence, in line with the requirements of IFRS 15, the Group only recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with its variable consideration is subsequently resolved. This \u2018constraint\u2019 results in potential revenue of \u00a33.2m being restricted at 31 March 2024 in relation to network commissions (31 March 2023: \u00a38.7m).Product protection plansUnder our arrangement with Domestic & General (\u201cD&G\u201d), the Group receives commission in relation to its role as agent for introducing its customers to D&G and recognises revenue at the point of sale as it has no future obligations following this introduction. It also receives a share of the overall profitability of the scheme. A discounted cash flow methodology is used to measure the estimated value of the revenue and contract assets in the month of sale of the relevant plan, by estimating all future cash flows that will be received from D&G and discounting these based on the expected timing of receipt. Subsequently, the contract asset is measured at the present value of the estimated future cash flows. The key inputs into the model which forms the base case for management\u2019s considerations are: y the contractually agreed margins, which differ for each individual product covered by the plan as is included in the agreement with D&G; y the number of live plans based on information provided by D&G; y the discount rate for plans sold in the year using external market data \u2013 5.85% (2023: 5.45%); y the estimate of profit share relating to the scheme as a whole based on information provided by D&G; y historic rate of customer attrition that uses actual cancellation data for each month for the previous 6 years to form an estimate of the cancellation rates to use by month going forward (range of 0% to 9.0% weighted average cancellation by month); and y the estimated length of the plan based on historical data plus external assessments of the potential life of products (5 to 16 years).The last two inputs are estimated based on extensive historical evidence obtained from our own records and from D&G. The Group has accumulated historical empirical data over the last 15 years from c.3.4m plans that have been sold. Of these, c.1.09m are live. Applying all the information above, management calculates their initial estimate of commission receivable. Consideration is then given to other factors outside of the historical data noted above that could impact the valuation. This primarily considers the reliance on historical data as this assumes that current and future experience will follow past trends. There is, therefore, a risk that changes in consumer behaviour could reduce or increase the total cash flows ultimately realised over the forecast period. Management makes a regular assessment of the data and assumptions with a detailed review at half year and full year to ensure this continues to reflect the best estimate of expected future trends. As set out in Note 4, the Directors do not believe there is a significant risk of a downward material adjustment to the revenue recognised in relation to these plans over the next 12 months. The sensitivity analysis below is disclosed as we believe it provides useful insight to the users of the financial statements into the factors taken into account when calculating the revenue to be recognised. The table shows the sensitivity of the carrying value of the commission receivables and revenue to a reasonably possible change in inputs to the discounted cash flow model over the next 12 months. Impact on contract asset and revenueSensitivity\u00a3mCancellations (increase) or decrease by 2% (1.5)/ 1.5Profit share entitlement- (increase) or decrease in claims costby 10% (1.9)/ 2.3Backstop (reduce)/ increase by 12months (2.4)/ 1.9Cancellations The number of cancellations and therefore the cancellation rate can fluctuate based on a number of factors including macroeconomic changes such as unemployment and cost of living. The impact of reasonable potential changes is shown in the sensitivities above.Profit shareThe profit share attaching to the overall scheme is dependent on factors such as the price of the plan, the cost and incidence of claims and the administration of the scheme itself. Given changes in macro-economic conditions, there is an increased risk that claims cost could increase. The above sensitivity considers what any reasonable change in claims cost could mean to the overall profit share.BackstopManagement apply an acceleration of cancellations beyond the anticipated life of certain products upto a backstop which is currently based on the oldest actual plans in existence. Currently no revenue is recognised beyond that date. The sensitivity applied shows what the impact to the calculation of estimated future revenue would be if the backstop was extended a further year (given a small number of plans have now reached the current backstop) or alternatively the backstop was tightened as there are a relatively lower number of plans which are approaching the backstop.Network commissions The Group operates under contracts with a number of Mobile Network Operators (\u201cMNOs\u201d). Over the life of these contracts, the service provided by the Group to each MNO is the procurement of connections to the MNO\u2019s networks. The individual consumer enters into a contract with the MNO for the MNO to supply the ongoing airtime over that contract period. The Group earns a commission for the service provided to each MNO. Revenue is recognised at the point the individual consumer signs a contract and is connected with the MNO. Consideration from the MNO becomes receivable over the course of the contract between the MNO and the consumer. The Group has determined that the number and value of consumers provided to each MNO in any given month represents the measure of satisfaction of each performance obligation under the contract. A discounted cash flow methodology is used to measure the estimated value of the revenue and contract assets in the month of connection, by estimating all future cash flows that will be received from the MNOs and discounting these based on the expected timing of receipt. Subsequently, the contract asset is measured at the present value of the estimated future cash flows. The key inputs to management\u2019s base case model are: y revenue share percentage, i.e. the percentage of the consumer\u2019s spend (to the MNO) to which the Group is entitled; y the discount rate using external market data \u2013 4.49% (2023: 2.83%); y the length of contract entered into by the consumer (12 \u2013 24 months) and the resulting estimated consumer average tenure that takes account of both the default rate during the contract period and the expectations that some customers will continue beyond the initial contract period and generate out of contract revenue.The input is estimated based on extensive historical evidence obtained from the networks, and adjustment is made for the risk of potential changes in consumer behaviour. Applying all the information above, management calculates their initial estimate of commission receivable. Consideration is then given to other factors outside of the historical data noted above which could impact the valuation. This primarily considers the reliance on historical data as this assumes that current and future experience will follow past trends. The risk remains that changes in consumer behaviour could reduce or increase the total cash flows ultimately realised over the forecast period. Management make a regular assessment of the data and assumptions with a detailed review at half year and full year to ensure this continues to reflect the best estimate of expected future trends and appropriate revisions are made to the estimates. As set out in Note 4, the Directors do not believe there is a significant risk of a downward material adjustment to the revenue recognised in relation to these plans over the next 12 months given the variable revenue constraints applied.The sensitivity analysis below is disclosed as we believe it provides useful insight to the users of the financial statements by giving insight into the factors taken into account when calculating the revenue to be recognised. The table shows the sensitivity of the carrying value of the commission receivables and revenue to a reasonably possible change in inputs to the discounted cash flow model over the next 12 months, having taken account of the changes in behaviour experienced in the period. Impact on contract asset and revenueSensitivity\u00a3m2% decrease/ (increase) in expected cancellations 1.4/ (1.4)Cancellations The number of cancellations and, therefore, the cancellation rate, can fluctuate based on a number of factors. These include macroeconomic changes e.g., unemployment, interest rates and inflation. The impact of reasonable potential changes is shown in the sensitivities above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__69": {
"value": "22. Trade and other receivables20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Contract assets 159.6 174.4Prepayments and accrued income 27.9 34.9Other receivables \u2013 0.2205.1 231.1The trade and other receivables are classified as:20242023\u00a3m\u00a3mNon-current assets 90.0 93.3Current assets 115.1 137.8205.1 231.1All of the amounts classified as non-current assets relate to contract assets.Contract assets Contract assets represent the expected future commissions receivable in respect of product protection plans and mobile phone connections. The Group recognises revenue in relation to these plans and connections when it obtains the right to consideration as a result of performance of its contractual obligations (acting as an agent for a third party). Revenue in any one year therefore represents the estimate of the commission due on the plans sold or connections made. The reconciliation of opening and closing balances for contract assets is shown below:20242023\u00a3m\u00a3mBalance brought forward 174.4 174.1Revenue recognised 120.8 148.7Cash received (139.6) (154.0)Revisions to estimates 0.2 2.7Unwind of discounting 3.8 2.9Balance carried forward 159.6 174.4Included in the contract asset above in relation to product protection plans at 31 March 2023, was an amount of \u00a3(2.8)m in relation to variable consideration recognised as revenue up to that date which has reversed in the year ended 31 March 2024. This arose as a result of the cost of claims being higher than forecast, principally as a result of continued high inflation and is included in the \u201cRevisions to estimates\u201d above. Also included is previously constrained revenue of \u00a33.0m in relation to network commissions (out of contract revenue) which has now been recognised in the year ended 31 March 2024.The Group still recognises that there is inherent risk in the amount of revenue recognised as it is dependent on future customer behaviour which is outside of the Group\u2019s control. Customer contracts with the MNOs are ordinarily for a duration of 24 months. Management assess each half year, the expected tenure of the live contracts based primarily on cancellations and cash collection. As a consequence, in line with the requirements of IFRS 15, the Group only recognises revenue to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue will not occur when the uncertainty associated with its variable consideration is subsequently resolved. This \u2018constraint\u2019 results in potential revenue of \u00a33.2m being restricted at 31 March 2024 in relation to network commissions (31 March 2023: \u00a38.7m).Product protection plansUnder our arrangement with Domestic & General (\u201cD&G\u201d), the Group receives commission in relation to its role as agent for introducing its customers to D&G and recognises revenue at the point of sale as it has no future obligations following this introduction. It also receives a share of the overall profitability of the scheme. A discounted cash flow methodology is used to measure the estimated value of the revenue and contract assets in the month of sale of the relevant plan, by estimating all future cash flows that will be received from D&G and discounting these based on the expected timing of receipt. Subsequently, the contract asset is measured at the present value of the estimated future cash flows. The key inputs into the model which forms the base case for management\u2019s considerations are: y the contractually agreed margins, which differ for each individual product covered by the plan as is included in the agreement with D&G; y the number of live plans based on information provided by D&G; y the discount rate for plans sold in the year using external market data \u2013 5.85% (2023: 5.45%); y the estimate of profit share relating to the scheme as a whole based on information provided by D&G; y historic rate of customer attrition that uses actual cancellation data for each month for the previous 6 years to form an estimate of the cancellation rates to use by month going forward (range of 0% to 9.0% weighted average cancellation by month); and y the estimated length of the plan based on historical data plus external assessments of the potential life of products (5 to 16 years).The last two inputs are estimated based on extensive historical evidence obtained from our own records and from D&G. The Group has accumulated historical empirical data over the last 15 years from c.3.4m plans that have been sold. Of these, c.1.09m are live. Applying all the information above, management calculates their initial estimate of commission receivable. Consideration is then given to other factors outside of the historical data noted above that could impact the valuation. This primarily considers the reliance on historical data as this assumes that current and future experience will follow past trends. There is, therefore, a risk that changes in consumer behaviour could reduce or increase the total cash flows ultimately realised over the forecast period. Management makes a regular assessment of the data and assumptions with a detailed review at half year and full year to ensure this continues to reflect the best estimate of expected future trends. As set out in Note 4, the Directors do not believe there is a significant risk of a downward material adjustment to the revenue recognised in relation to these plans over the next 12 months. The sensitivity analysis below is disclosed as we believe it provides useful insight to the users of the financial statements into the factors taken into account when calculating the revenue to be recognised. The table shows the sensitivity of the carrying value of the commission receivables and revenue to a reasonably possible change in inputs to the discounted cash flow model over the next 12 months. Impact on contract asset and revenueSensitivity\u00a3mCancellations (increase) or decrease by 2% (1.5)/ 1.5Profit share entitlement- (increase) or decrease in claims costby 10% (1.9)/ 2.3Backstop (reduce)/ increase by 12months (2.4)/ 1.9Cancellations The number of cancellations and therefore the cancellation rate can fluctuate based on a number of factors including macroeconomic changes such as unemployment and cost of living. The impact of reasonable potential changes is shown in the sensitivities above.Profit shareThe profit share attaching to the overall scheme is dependent on factors such as the price of the plan, the cost and incidence of claims and the administration of the scheme itself. Given changes in macro-economic conditions, there is an increased risk that claims cost could increase. The above sensitivity considers what any reasonable change in claims cost could mean to the overall profit share.BackstopManagement apply an acceleration of cancellations beyond the anticipated life of certain products upto a backstop which is currently based on the oldest actual plans in existence. Currently no revenue is recognised beyond that date. The sensitivity applied shows what the impact to the calculation of estimated future revenue would be if the backstop was extended a further year (given a small number of plans have now reached the current backstop) or alternatively the backstop was tightened as there are a relatively lower number of plans which are approaching the backstop.Network commissions The Group operates under contracts with a number of Mobile Network Operators (\u201cMNOs\u201d). Over the life of these contracts, the service provided by the Group to each MNO is the procurement of connections to the MNO\u2019s networks. The individual consumer enters into a contract with the MNO for the MNO to supply the ongoing airtime over that contract period. The Group earns a commission for the service provided to each MNO. Revenue is recognised at the point the individual consumer signs a contract and is connected with the MNO. Consideration from the MNO becomes receivable over the course of the contract between the MNO and the consumer. The Group has determined that the number and value of consumers provided to each MNO in any given month represents the measure of satisfaction of each performance obligation under the contract. A discounted cash flow methodology is used to measure the estimated value of the revenue and contract assets in the month of connection, by estimating all future cash flows that will be received from the MNOs and discounting these based on the expected timing of receipt. Subsequently, the contract asset is measured at the present value of the estimated future cash flows. The key inputs to management\u2019s base case model are: y revenue share percentage, i.e. the percentage of the consumer\u2019s spend (to the MNO) to which the Group is entitled; y the discount rate using external market data \u2013 4.49% (2023: 2.83%); y the length of contract entered into by the consumer (12 \u2013 24 months) and the resulting estimated consumer average tenure that takes account of both the default rate during the contract period and the expectations that some customers will continue beyond the initial contract period and generate out of contract revenue.The input is estimated based on extensive historical evidence obtained from the networks, and adjustment is made for the risk of potential changes in consumer behaviour. Applying all the information above, management calculates their initial estimate of commission receivable. Consideration is then given to other factors outside of the historical data noted above which could impact the valuation. This primarily considers the reliance on historical data as this assumes that current and future experience will follow past trends. The risk remains that changes in consumer behaviour could reduce or increase the total cash flows ultimately realised over the forecast period. Management make a regular assessment of the data and assumptions with a detailed review at half year and full year to ensure this continues to reflect the best estimate of expected future trends and appropriate revisions are made to the estimates. As set out in Note 4, the Directors do not believe there is a significant risk of a downward material adjustment to the revenue recognised in relation to these plans over the next 12 months given the variable revenue constraints applied.The sensitivity analysis below is disclosed as we believe it provides useful insight to the users of the financial statements by giving insight into the factors taken into account when calculating the revenue to be recognised. The table shows the sensitivity of the carrying value of the commission receivables and revenue to a reasonably possible change in inputs to the discounted cash flow model over the next 12 months, having taken account of the changes in behaviour experienced in the period. Impact on contract asset and revenueSensitivity\u00a3m2% decrease/ (increase) in expected cancellations 1.4/ (1.4)Cancellations The number of cancellations and, therefore, the cancellation rate, can fluctuate based on a number of factors. These include macroeconomic changes e.g., unemployment, interest rates and inflation. The impact of reasonable potential changes is shown in the sensitivities above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__74": {
"value": "23. Trade and other payables20242023\u00a3m\u00a3mTrade payables 145.3 163.4Accruals 20.9 19.4Advanced payments on account 29.8 37.2Deferred income 17.9 14.2Other payables 14.2 20.1228.1 254.3Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 55 days (2023: 51 days). Advanced payments on account relate to payments on account from Mobile Network Operators where there is no right of set off with the contract asset within the mobile business. Trade and other payables are classified as:20242023\u00a3m\u00a3mCurrent liabilities 225.6 249.5Long-term liabilities 2.5 4.8228.1 254.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__73": {
"value": "23. Trade and other payables20242023\u00a3m\u00a3mTrade payables 145.3 163.4Accruals 20.9 19.4Advanced payments on account 29.8 37.2Deferred income 17.9 14.2Other payables 14.2 20.1228.1 254.3Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 55 days (2023: 51 days). Advanced payments on account relate to payments on account from Mobile Network Operators where there is no right of set off with the contract asset within the mobile business. Trade and other payables are classified as:20242023\u00a3m\u00a3mCurrent liabilities 225.6 249.5Long-term liabilities 2.5 4.8228.1 254.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__72": {
"value": "23. Trade and other payables20242023\u00a3m\u00a3mTrade payables 145.3 163.4Accruals 20.9 19.4Advanced payments on account 29.8 37.2Deferred income 17.9 14.2Other payables 14.2 20.1228.1 254.3Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade purchases is 55 days (2023: 51 days). Advanced payments on account relate to payments on account from Mobile Network Operators where there is no right of set off with the contract asset within the mobile business. Trade and other payables are classified as:20242023\u00a3m\u00a3mCurrent liabilities 225.6 249.5Long-term liabilities 2.5 4.8228.1 254.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__75": {
"value": "",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__76": {
"value": "25. Borrowings20242023\u00a3m\u00a3mSecured borrowing at amortised costBank loan 2.1 \u2013Drawdowns on Revolving Credit Facility \u2013 10.0Amount due for settlement within 12 months 0.2 10.0Amount due for settlement after 12 months 1.9 \u2013On 6 April 2023, the Group renewed its \u00a380m revolving credit facility and, following agreement with the lenders in March 2024, the maturity has now been extended by one year to April 2027. The total amount utilised at 31 March 2024 on the existing facility was \u00a33.7m and represents guarantees and letters of credit (2023: \u00a310.0m cash drawings and \u00a30.2m of letters of credit). The bank loan relates to a new ten year commercial mortgage in relation to the acquisition of land and a building in AO Recycling Limited, a wholly owned subsidiary.",
"dimensions": {
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"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__77": {
"value": "26. Lease liabilitiesMinimum lease payments20242023\u00a3m\u00a3mAmounts payable under lease liabilities: Within one year 20.6 21.6Within one to two years 16.1 20.8Within two to three years 12.3 15.8Within three to four years 8.8 11.7Within four to five years 7.2 8.5Greater than five years 15.0 20.680.1 99.1Present value of minimum lease payments2024 2023\u00a3m\u00a3mAmounts payable under lease liabilities: Within one year 16.9 17.8Within one to two years 13.9 17.5Within two to three years 10.5 13.7Within three to four years 7.6 10.2Within four to five years 6.4 7.4Greater than five years 13.5 18.768.8 85.3",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__78": {
"value": "27. Provisions20242023\u00a3m\u00a3mProvisions 4.4 5.0Provisions are classified as:20242023\u00a3m\u00a3mCurrent liabilities 0.6 1.2Non-current liabilities 3.9 3.84.4 5.0The provisions all relate to restructuring and dilapidations and the movement in the year is shown below:Restructuring DilapidationsprovisionprovisionTotal\u00a3m\u00a3m\u00a3mAt 31 March 2023 0.8 4.2 5.0Provisions created in the year \u2013 0.6 0.6Utilised in the year (0.3) (0.9) (1.2)At 31 March 2024 0.5 3.9 4.4The dilapidations provision is created for leases where the Group is liable to return the assets to their original state at the end of the lease and therefore the provision represents the estimated cost to fulfil this. The provision will be utilised as leased assets expire. The restructuring provision relates to the simplification of operations in the prior year which included the early termination of existing contracts.",
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"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
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"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__80": {
"value": "28. Share capital, investment in own shares and share premiumNumberShareShareof sharescapitalpremiumm\u00a3m\u00a3mAt 1 April 2023 576.9 1.4 108.2Share issue 1.6 \u2013 0.3At 31 March 2024 578.6 1.4 108.5On 5 July 2023, the Company issued 1,443,526 to satisfy options granted in July 2019 under the AFY20 AO Incentive Plan (see note 31). These shares were acquired and are held in an Employee Benefit Trust (\u201cEBT\u201d), at nominal values, and the EBT transfers to the participants as they are exercised. As the shares are held by the EBT, they are treated as Treasury shares on consolidation and are shown as a reduction in equity in the Statement of financial position. On the same date, the Company issued 205,933 shares to satisfy the exercise of shares under the SAYE scheme and subsequently, 381,487 shares were exercised with proceeds totalling \u00a30.3m for the scheme. Shares over and above the issue on 5 July were satisfied using existing shares held by the EBT. As at 31 March 2024, the number of shares held by the EBT was 788,578 (2023: 520,212).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__79": {
"value": "28. Share capital, investment in own shares and share premiumNumberShareShareof sharescapitalpremiumm\u00a3m\u00a3mAt 1 April 2023 576.9 1.4 108.2Share issue 1.6 \u2013 0.3At 31 March 2024 578.6 1.4 108.5On 5 July 2023, the Company issued 1,443,526 to satisfy options granted in July 2019 under the AFY20 AO Incentive Plan (see note 31). These shares were acquired and are held in an Employee Benefit Trust (\u201cEBT\u201d), at nominal values, and the EBT transfers to the participants as they are exercised. As the shares are held by the EBT, they are treated as Treasury shares on consolidation and are shown as a reduction in equity in the Statement of financial position. On the same date, the Company issued 205,933 shares to satisfy the exercise of shares under the SAYE scheme and subsequently, 381,487 shares were exercised with proceeds totalling \u00a30.3m for the scheme. Shares over and above the issue on 5 July were satisfied using existing shares held by the EBT. As at 31 March 2024, the number of shares held by the EBT was 788,578 (2023: 520,212).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
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"s8_notes__6__81": {
"value": "29. Non-controlling interest20242023\u00a3m\u00a3mBalance at 1 April \u2013 1.0Share of (profit)/ loss for the year \u2013 (0.2)Acquisition of minority interest \u2013 (0.8)Balance at 31 March \u2013 \u2013In the prior year, the Company exercised its final call option to acquire the remaining shares in AO Recycling Limited from its founders and accordingly, AO Recycling Limited is now a wholly owned subsidiary.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__82": {
"value": "30. ReservesThe analysis of movements in reserves is shown in the statement of changes in equity. Details of the amounts included in other reserves (excluding share-based payment reserve) are set out below:The merger reserve arose on the purchase of DRL Limited (now AO Retail Limited) in the year ended 31 March 2008 and Mobile Phones Direct Limited in the year ended 31 March 2019. In the prior year, the difference between the nominal value and fair value of the shares issued as part of the Capital Raise of \u00a337.0m was been taken to the merger reserve.The capital redemption reserve arose as a result of the redemption of ordinary and preference shares in the year ended 31 March 2012 and 2014 respectively.The translation reserve represents the cumulative exchange differences arising from the translation of overseas subsidiaries. The other reserve arose on the acquisition of AO Recycling Limited, which is now a wholly owned subsidiary, and relates to the difference between the gross and fair valuation of the put option.",
"dimensions": {
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"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__83": {
"value": "31. Share-based payments Performance Share PlanThe table below summarises the amounts recognised in the income statement during the year.20242023\u00a3m\u00a3mFY20 AO Incentive Plan \u2013 0.7FY21 AO Incentive Plan 1.1 1.0FY22 AO Incentive Plan 0.1 0.1FY23 AO Incentive Plan 0.9 0.5FY24 AO Incentive Plan 0.9 \u2013Value Creation Plan (\u201cVCP\u201d) 3.1 1.9Sharesave scheme 0.6 1.1Total share scheme charge 6.7 5.3The details regarding each of the schemes are as follows:Schemes vesting in the current yearDuring the year, the conditional deferred shares under the FY20 AO Incentive Plan vested. The number of shares vesting was 1,443,526.FY21 AO Incentive PlanThe number of conditional share awards was initially calculated based on the performance criteria for the year ended 31 March 2021. The vesting date for the conditional shares is July 2024.Based on the performance criteria achieved, and subject to continued employment, the number of outstanding conditional shares relating to the scheme, as at 31 March 2024, was 1,629,655.FY22 AO Incentive PlanThe number of conditional share awards was initially calculated based on the performance criteria for the year ended 31 March 2022. The vesting date for the conditional shares is July 2025.Based on the performance criteria achieved, and subject to continued employment, the number of outstanding conditional shares relating to the scheme, as at 31 March 2024, was 1,417,157.FY23 AO Incentive PlanThe number of conditional share awards was initially calculated based on the performance criteria for the year ended 31 March 2023. The vesting date for the conditional shares is July 2026.Based on the performance criteria achieved, and subject to continued employment, the number of outstanding conditional shares relating to the scheme, as at 31 March 2024, was 3,909,320.FY24 AO Incentive PlanOn 6 July 2023, the Company adopted the FY24 AO Incentive plan award in which the Directors and key members of staff participate. The Plan combines an annual bonus element (33.33%) and a conditional share award (66.67%) based on performance conditions along three sets of deliverables as detailed below as well as the continuing employment of the individuals:1. Financial (output) metrics- focused on profit before tax and average liquidity (70% weighting);2. Stakeholder impact measures- focusing on customers and employees (20% weighting); and3. Strategic measure- tied to delivering a new strategic plan (10% weighting)The bonus and number of conditional share awards was initially calculated based on the performance criteria for the year ended 31 March 2024. The vesting date for the conditional shares is July 2027. The Remuneration Committee of the Board determines the extent to which this target has been met.The fair value was determined to be the share price at grant date of \u00a30.814.The number of awards made were 6,195,947 and based on the performance criteria achieved, and subject to continued employment, the number of conditional shares relating to the scheme at 31 March 2024 is 5,668,326.Value Creation Plan (\u201cVCP\u201d)The Group has a value Creation Plan (\u201cVCP\u201d), initially launched during FY21 and replaced in FY23, which is aimed at incentivising and rewarding exceptional performance and retaining the talented team whilst driving exceptional value for shareholders. The VCP resulted in conditional awards being granted to Executives and Employees which would vest at the end of measurement periods subject to the participants remaining in employment and meeting certain performance conditions.The principal features of the VCP are as follows:Executive AwardsThere are 2 Executive units which vest in equal tranches as shown in the table below. The initial hurdle share price is \u00a31 (equivalent to a market capitalisation of \u00a3575m). Any excess above \u00a3575m is measured at 1.1% of the excess up to a maximum of \u00a34.2bn. The maximum amount which can vest for Executive awards is \u00a320m per Executive.The fair value on inception (which has been calculated using the Black Scholes model) and the main assumptions used in arriving at the fair value of each unit are as follows:31 March 31 March 31 March 202720282029Number of units 2 2 2Fair value per unit 151,889 176,637 194,716Market cap at grant date \u00a3322.2m \u00a3322.2m \u00a3322.2mDividend yield 0% 0% 0%Expected term 4.29 years 5.29 years 6.29 yearsRisk-free rate 3.13% 3.13% 3.13%Volatility 50% 50% 50%At the date of the replacement, the fair values of the original awards were \u00a31,278, \u00a33,267 and \u00a38,872 respectively. Employee AwardsThere are a maximum of 1,766,880 Employee units which vest in a single tranche on 31 March 2027. To the extent that the Company\u2019s share price increases between 31 March 2027 and the second and third measurement dates of 31 March 2028 and 31 March 2029, at the Board\u2019s discretion, the further incremental value will be delivered on the awards in line with the following table which also shows the fair value on inception (which has been calculated on a Monte Carlo valuation basis) and the main assumptions used in arriving at the fair value of each unit are as follows:31 March 31 March 31 March 202720282029Max number of units 1,766,880 1,766,880 1,766,880Fair value per unit \u00a32.11 \u00a31.03 \u00a30.96Market cap at grant date \u00a3322.2m \u00a3322.2m \u00a3322.2mHurdle \u00a3575m \u00a3575m \u00a3575mCap \u00a36.0bn \u00a36.0bn \u00a36.0bnDividend yield 0% 0% 0%Expected term 4.29 years 5.29 years 6.29 yearsRisk-free rate 3.13% 3.13% 3.13%Volatility 50% 50% 50%At the date of the replacement, the fair values of the original awards were \u00a30.02, \u00a30.10 and \u00a30.24 respectively. The original grant date fair value expense for the original scheme continues to be recognised over the original vesting period and the incremental fair value expense (being the difference between the fair value of the new scheme and the fair value of the old one) being recognised over the period from modification/replacement until the end of the new vesting date. The hurdles between which the Executive and Employee awards participate in the old scheme have been recalculated by reference to the number of Executives who still held awards and the number of shares in issue at the modification date.Any new awards, e.g., to employees who commenced employment after the last awards were made under the old VCP, are treated as new awards at the new fair value and the charge spread over the period from award to the new vesting date.During the year ended 31 March 2024, additional Employee Awards of 121,133 were granted on 5 July 2023 and 88,527 were granted on 21 November 2023 which have fair values (calculated using the Black Scholes model) as set out below:31 March 31 March 31 March 5 July 2023202720282029Number of units granted 121,133 121,133 121,133Fair value per unit \u00a34.84 \u00a32.03 \u00a31.6331 March 31 March 31 March 21 November 2023202720282029Number of units granted 88,527 88,527 88,527Fair value per unit \u00a34.60 \u00a32.98 \u00a31.65Having taken account of the new awards in the period and the impact of leavers, the number of outstanding units at 31 March 2024 is 1,354,156. As a consequence, the charge to the income statement for the year ended 31 March 2024 was \u00a33.0m.AO Sharesave scheme (referred to as SAYE scheme)The Group has a savings-related share option plan under which employees save on a monthly basis, over a three-year period, towards the purchase of shares at a fixed price determined when the option is granted. The price is set at a discount being 20% of the average share price during a specified averaging period prior to the grant date. The option must be exercised within six months of maturity of the SAYE contract, otherwise it lapses. As per IFRS 2, these grants have been valued using a Black\u2013Scholes model. The following table illustrates the number and weighted average exercise price (\u201cWAEP\u201d) of, and movements in, share options granted under the Sharesave scheme:20242023No. of2024No. of2023optionsWAEP (\u00a3)*optionsWAEP (\u00a3)*Outstanding at the beginning of the year 6,422,665 0.63 6,046,594 0.96Granted during the year 2,708,138 0.53 5,452,718 0.53Forfeited during the year (1,412,963) 0.71 (4,829,808) 0.90Exercised during the period (381,487) 0.89 \u2013 \u2013Lapsed in the year (220,885) 1.01 (246,839) 1.01Outstanding at the end of the year 7,115,468 0.62 6,422,665 0.63* Weighted average exercise price.During the year ended 31 March 2024, options were granted on 22 December 2023. For the shares outstanding at 31 March 2024, the remaining weighted average contractual life is 2.21 years (2023: 2.50 years). The weighted average fair value of options granted during the year was \u00a30.53 per share.The following table gives the assumptions made during the year ended 31 March 2024:1 Feb22 Jan25 Jan23 Dec 22 Dec21 DecFor options granted on201920202021202120222023Risk-free rate 0.79% 0.79% 0.79% 0.58% 3.58% 4.16%Expected volatility 46.5% 46.5% 46.5% 45.0% 45.0% 60%Expected dividend yield 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Option life 3 years 3 years 3 years 3 years 3 years 3 yearsExpected volatility under both the LTIP and the SAYE schemes was calculated by considering both the Company\u2019s historical daily share price volatility data and that of a group of listed comparator companies over a period commensurate with the expected term of the awards.",
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"s8_notes__6__84": {
"value": "32. Retirement benefit schemesDefined contribution schemesThe pension cost charge for the year represents contributions payable by the Group and amounted to \u00a34.3m (2023: \u00a35.4m). Contributions totalling \u00a30.6m (2023: \u00a30.6m) were payable at the end of the year and are included in accruals.",
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"s8_notes__6__87": {
"value": "33. Financial instrumentsa) Fair values of financial instrumentsReceivables and payables For receivables and payables classified as financial assets and liabilities in accordance with IAS 32, fair value is estimated to be equivalent to book value. These values are shown in Notes 22 and 23, respectively. The categories of financial assets and liabilities and their related accounting policy are set out in Note 3.Cash and cash equivalentsThe fair value of cash and cash equivalents is estimated as its carrying amount.BorrowingsBorrowings are stated at their amortised cost using the effective interest method.The fair value of borrowings, calculated based on the discounted value of future cash flows, is not materially different to their carrying value.Lease liabilitesThe carrying value of lease liabilities are measured in accordance with IFRS 16.Fair valuesThe fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the statement of financial position, are as follows. 2024202420232023Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets designated as fair value through profit or lossLoans and receivablesCash and cash equivalents 40.1 40.1 19.1 19.1Trade receivables (see Note 22) 17.7 17.7 21.6 21.6Prepayments and other receivables (see Note 22) 27.9 27.9 35.1 35.1Total financial assets 85.7 85.7 75.8 75.8Financial liabilities measured at amortised costTrade payables (see Note 23) (145.3) (145.3) (163.4) (163.4)Other payables excluding deferred income (see Note 23) (64.9) (64.9) (76.9) (76.9)Borrowings (see Note 25) (2.1) (2.1) (10.0) (10.0)Total financial liabilities (212.3) (212.3) (250.2) (250.2)Total financial instruments (126.6) (126.6) (174.4) (174.4)b) Credit riskFinancial risk managementCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers, with a maximum exposure equal to the book value of these assets.The Group\u2019s trade receivable balances comprise a number of individually small amounts from unrelated customers over a number of geographical areas. Concentration of risk is therefore limited. Sales to retail customers are made predominantly in cash or via major credit cards. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. New credit customers are assessed using an external rating report which is used to establish a credit limit. Such limits are reviewed periodically on both a proactive and reactive basis, for example, when a customer wishes to place an order in excess of their existing credit limit. Receivable balances are monitored regularly with the result that the Group\u2019s exposure to bad debts is not significant. Management therefore believe that there is no further credit risk provision required in excess of the normal provision for doubtful receivables.Exposure to credit riskThe maximum exposure to credit risk at the statement of financial position date by class of financial instrument was:20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Credit quality of financial assets and impairment lossesThe ageing of trade receivables at the statement of financial position date was:GrossImpairment Net\u00a3m\u00a3m\u00a3mNot past due 15.3 \u2013 15.3Past due 0\u201330 days 1.4 \u2013 1.4Past due 31 \u2013 120 days 0.7 (0.2) 0.5More than 120 days 0.8 (0.4) 0.4At 31 March 2024 18.3 (0.6) 1 7.7Not past due 18.3 \u2013 18.3Past due 0\u201330 days 1.6 \u2013 1.6Past due 31\u2013120 days 0.9 (0.1) 0.8More than 120 days 1.4 (0.5) 0.9At 31 March 2023 22.2 (0.6) 21.6The current year includes an impairment charge of \u00a30.6m (2023: \u00a30.6m) to trade receivables. Contract assets are also assessed for credit risk. Total contract assets at 31 March 2024 were \u00a3159.6m (2023: \u00a3174.4m). Management assesses the counterparty risk relating to these assets that comprise commissions receivable from blue chip Mobile Network Operators or from the Group\u2019s, protection plan partner. The level of counterparty risk is considered low. Having applied IFRS 15 to the balances on initial recognition of revenue, restrictions on the amounts recognised based on assumptions from historical data provide further reassurance that the amount recognised is recoverable and hence no further expected credit loss provision is required. Expected credit losses on other financial assets held at amortised cost are not considered to be material.c) Liquidity riskFinancial risk managementLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowings, committed bank and other facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying this policy, the Group continuously monitors forecast and actual cash flows against the maturity profiles of financial assets and liabilities. Uncommitted facilities are used if available on advantageous terms. It is Group treasury policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements are produced and are stress tested for different scenarios including, but not limited to, reasonably possible decreases in profit margins and increases in interest rates on the Group\u2019s borrowing facilities and the weakening of sterling against other functional currencies within the Group.The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:BetweenBetween CarryingContractualWithin 1 and 5 5 and 10 amountcash flows1 yearyearsyears \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesTrade and other payables 210.2 210.2 207.7 2.5 \u2013Bank loans 2.1 3.0 0.4 1.4 1.2Lease liabilities 68.7 80.1 20.6 44.5 15.0At 31 March 2024 281.1 293.3 228.7 48.3 16.2d) Market riskFinancial risk managementMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group\u2019s income or the value of its holdings of financial instruments (and hence no sensitivity analysis is performed).Foreign currency risk Refer to Note 33f.Interest rate riskThe principal interest rate risks of the Group arise in respect of borrowings. As the interest expense on variable rate financial instruments is immaterial, the Group does not actively manage the exposure to this risk.At the statement of financial position date, the interest rate profile of the Group\u2019s interest-bearing financial instruments was:20242023\u00a3m\u00a3mFixed and variable rate instrumentsFixed rate 3.6 5.5Variable rate 2.1 10.05.7 15.5If interest rates increased by 1% there would be an impact on the finance cost of approximately \u00a30.1m.e) Capital managementIt is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business.The capital structure of the Group consists of net cash, borrowings (disclosed in Note 25) and equity of the Group. The Group is not subject to any externally imposed capital requirements. In addition, as set out in Note 25, the Group has access to an \u00a380m Revolving Credit Facility which expires in April 2027.The Board has delegated responsibility for routine capital expenditure to the management of the business. All significant expenditure is approved by the Board.f) Foreign currency risk managementThe Group previously undertook transactions denominated in foreign currencies; consequently, exposure to exchange rate fluctuations arose. However given the closure of the Germany operations, the Directors no longer deem foreign currency a material risk.",
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"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__86": {
"value": "33. Financial instrumentsa) Fair values of financial instrumentsReceivables and payables For receivables and payables classified as financial assets and liabilities in accordance with IAS 32, fair value is estimated to be equivalent to book value. These values are shown in Notes 22 and 23, respectively. The categories of financial assets and liabilities and their related accounting policy are set out in Note 3.Cash and cash equivalentsThe fair value of cash and cash equivalents is estimated as its carrying amount.BorrowingsBorrowings are stated at their amortised cost using the effective interest method.The fair value of borrowings, calculated based on the discounted value of future cash flows, is not materially different to their carrying value.Lease liabilitesThe carrying value of lease liabilities are measured in accordance with IFRS 16.Fair valuesThe fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the statement of financial position, are as follows. 2024202420232023Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets designated as fair value through profit or lossLoans and receivablesCash and cash equivalents 40.1 40.1 19.1 19.1Trade receivables (see Note 22) 17.7 17.7 21.6 21.6Prepayments and other receivables (see Note 22) 27.9 27.9 35.1 35.1Total financial assets 85.7 85.7 75.8 75.8Financial liabilities measured at amortised costTrade payables (see Note 23) (145.3) (145.3) (163.4) (163.4)Other payables excluding deferred income (see Note 23) (64.9) (64.9) (76.9) (76.9)Borrowings (see Note 25) (2.1) (2.1) (10.0) (10.0)Total financial liabilities (212.3) (212.3) (250.2) (250.2)Total financial instruments (126.6) (126.6) (174.4) (174.4)b) Credit riskFinancial risk managementCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers, with a maximum exposure equal to the book value of these assets.The Group\u2019s trade receivable balances comprise a number of individually small amounts from unrelated customers over a number of geographical areas. Concentration of risk is therefore limited. Sales to retail customers are made predominantly in cash or via major credit cards. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. New credit customers are assessed using an external rating report which is used to establish a credit limit. Such limits are reviewed periodically on both a proactive and reactive basis, for example, when a customer wishes to place an order in excess of their existing credit limit. Receivable balances are monitored regularly with the result that the Group\u2019s exposure to bad debts is not significant. Management therefore believe that there is no further credit risk provision required in excess of the normal provision for doubtful receivables.Exposure to credit riskThe maximum exposure to credit risk at the statement of financial position date by class of financial instrument was:20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Credit quality of financial assets and impairment lossesThe ageing of trade receivables at the statement of financial position date was:GrossImpairment Net\u00a3m\u00a3m\u00a3mNot past due 15.3 \u2013 15.3Past due 0\u201330 days 1.4 \u2013 1.4Past due 31 \u2013 120 days 0.7 (0.2) 0.5More than 120 days 0.8 (0.4) 0.4At 31 March 2024 18.3 (0.6) 1 7.7Not past due 18.3 \u2013 18.3Past due 0\u201330 days 1.6 \u2013 1.6Past due 31\u2013120 days 0.9 (0.1) 0.8More than 120 days 1.4 (0.5) 0.9At 31 March 2023 22.2 (0.6) 21.6The current year includes an impairment charge of \u00a30.6m (2023: \u00a30.6m) to trade receivables. Contract assets are also assessed for credit risk. Total contract assets at 31 March 2024 were \u00a3159.6m (2023: \u00a3174.4m). Management assesses the counterparty risk relating to these assets that comprise commissions receivable from blue chip Mobile Network Operators or from the Group\u2019s, protection plan partner. The level of counterparty risk is considered low. Having applied IFRS 15 to the balances on initial recognition of revenue, restrictions on the amounts recognised based on assumptions from historical data provide further reassurance that the amount recognised is recoverable and hence no further expected credit loss provision is required. Expected credit losses on other financial assets held at amortised cost are not considered to be material.c) Liquidity riskFinancial risk managementLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowings, committed bank and other facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying this policy, the Group continuously monitors forecast and actual cash flows against the maturity profiles of financial assets and liabilities. Uncommitted facilities are used if available on advantageous terms. It is Group treasury policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements are produced and are stress tested for different scenarios including, but not limited to, reasonably possible decreases in profit margins and increases in interest rates on the Group\u2019s borrowing facilities and the weakening of sterling against other functional currencies within the Group.The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:BetweenBetween CarryingContractualWithin 1 and 5 5 and 10 amountcash flows1 yearyearsyears \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesTrade and other payables 210.2 210.2 207.7 2.5 \u2013Bank loans 2.1 3.0 0.4 1.4 1.2Lease liabilities 68.7 80.1 20.6 44.5 15.0At 31 March 2024 281.1 293.3 228.7 48.3 16.2d) Market riskFinancial risk managementMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group\u2019s income or the value of its holdings of financial instruments (and hence no sensitivity analysis is performed).Foreign currency risk Refer to Note 33f.Interest rate riskThe principal interest rate risks of the Group arise in respect of borrowings. As the interest expense on variable rate financial instruments is immaterial, the Group does not actively manage the exposure to this risk.At the statement of financial position date, the interest rate profile of the Group\u2019s interest-bearing financial instruments was:20242023\u00a3m\u00a3mFixed and variable rate instrumentsFixed rate 3.6 5.5Variable rate 2.1 10.05.7 15.5If interest rates increased by 1% there would be an impact on the finance cost of approximately \u00a30.1m.e) Capital managementIt is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business.The capital structure of the Group consists of net cash, borrowings (disclosed in Note 25) and equity of the Group. The Group is not subject to any externally imposed capital requirements. In addition, as set out in Note 25, the Group has access to an \u00a380m Revolving Credit Facility which expires in April 2027.The Board has delegated responsibility for routine capital expenditure to the management of the business. All significant expenditure is approved by the Board.f) Foreign currency risk managementThe Group previously undertook transactions denominated in foreign currencies; consequently, exposure to exchange rate fluctuations arose. However given the closure of the Germany operations, the Directors no longer deem foreign currency a material risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__85": {
"value": "33. Financial instrumentsa) Fair values of financial instrumentsReceivables and payables For receivables and payables classified as financial assets and liabilities in accordance with IAS 32, fair value is estimated to be equivalent to book value. These values are shown in Notes 22 and 23, respectively. The categories of financial assets and liabilities and their related accounting policy are set out in Note 3.Cash and cash equivalentsThe fair value of cash and cash equivalents is estimated as its carrying amount.BorrowingsBorrowings are stated at their amortised cost using the effective interest method.The fair value of borrowings, calculated based on the discounted value of future cash flows, is not materially different to their carrying value.Lease liabilitesThe carrying value of lease liabilities are measured in accordance with IFRS 16.Fair valuesThe fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the statement of financial position, are as follows. 2024202420232023Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets designated as fair value through profit or lossLoans and receivablesCash and cash equivalents 40.1 40.1 19.1 19.1Trade receivables (see Note 22) 17.7 17.7 21.6 21.6Prepayments and other receivables (see Note 22) 27.9 27.9 35.1 35.1Total financial assets 85.7 85.7 75.8 75.8Financial liabilities measured at amortised costTrade payables (see Note 23) (145.3) (145.3) (163.4) (163.4)Other payables excluding deferred income (see Note 23) (64.9) (64.9) (76.9) (76.9)Borrowings (see Note 25) (2.1) (2.1) (10.0) (10.0)Total financial liabilities (212.3) (212.3) (250.2) (250.2)Total financial instruments (126.6) (126.6) (174.4) (174.4)b) Credit riskFinancial risk managementCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers, with a maximum exposure equal to the book value of these assets.The Group\u2019s trade receivable balances comprise a number of individually small amounts from unrelated customers over a number of geographical areas. Concentration of risk is therefore limited. Sales to retail customers are made predominantly in cash or via major credit cards. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. New credit customers are assessed using an external rating report which is used to establish a credit limit. Such limits are reviewed periodically on both a proactive and reactive basis, for example, when a customer wishes to place an order in excess of their existing credit limit. Receivable balances are monitored regularly with the result that the Group\u2019s exposure to bad debts is not significant. Management therefore believe that there is no further credit risk provision required in excess of the normal provision for doubtful receivables.Exposure to credit riskThe maximum exposure to credit risk at the statement of financial position date by class of financial instrument was:20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Credit quality of financial assets and impairment lossesThe ageing of trade receivables at the statement of financial position date was:GrossImpairment Net\u00a3m\u00a3m\u00a3mNot past due 15.3 \u2013 15.3Past due 0\u201330 days 1.4 \u2013 1.4Past due 31 \u2013 120 days 0.7 (0.2) 0.5More than 120 days 0.8 (0.4) 0.4At 31 March 2024 18.3 (0.6) 1 7.7Not past due 18.3 \u2013 18.3Past due 0\u201330 days 1.6 \u2013 1.6Past due 31\u2013120 days 0.9 (0.1) 0.8More than 120 days 1.4 (0.5) 0.9At 31 March 2023 22.2 (0.6) 21.6The current year includes an impairment charge of \u00a30.6m (2023: \u00a30.6m) to trade receivables. Contract assets are also assessed for credit risk. Total contract assets at 31 March 2024 were \u00a3159.6m (2023: \u00a3174.4m). Management assesses the counterparty risk relating to these assets that comprise commissions receivable from blue chip Mobile Network Operators or from the Group\u2019s, protection plan partner. The level of counterparty risk is considered low. Having applied IFRS 15 to the balances on initial recognition of revenue, restrictions on the amounts recognised based on assumptions from historical data provide further reassurance that the amount recognised is recoverable and hence no further expected credit loss provision is required. Expected credit losses on other financial assets held at amortised cost are not considered to be material.c) Liquidity riskFinancial risk managementLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowings, committed bank and other facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying this policy, the Group continuously monitors forecast and actual cash flows against the maturity profiles of financial assets and liabilities. Uncommitted facilities are used if available on advantageous terms. It is Group treasury policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements are produced and are stress tested for different scenarios including, but not limited to, reasonably possible decreases in profit margins and increases in interest rates on the Group\u2019s borrowing facilities and the weakening of sterling against other functional currencies within the Group.The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:BetweenBetween CarryingContractualWithin 1 and 5 5 and 10 amountcash flows1 yearyearsyears \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesTrade and other payables 210.2 210.2 207.7 2.5 \u2013Bank loans 2.1 3.0 0.4 1.4 1.2Lease liabilities 68.7 80.1 20.6 44.5 15.0At 31 March 2024 281.1 293.3 228.7 48.3 16.2d) Market riskFinancial risk managementMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group\u2019s income or the value of its holdings of financial instruments (and hence no sensitivity analysis is performed).Foreign currency risk Refer to Note 33f.Interest rate riskThe principal interest rate risks of the Group arise in respect of borrowings. As the interest expense on variable rate financial instruments is immaterial, the Group does not actively manage the exposure to this risk.At the statement of financial position date, the interest rate profile of the Group\u2019s interest-bearing financial instruments was:20242023\u00a3m\u00a3mFixed and variable rate instrumentsFixed rate 3.6 5.5Variable rate 2.1 10.05.7 15.5If interest rates increased by 1% there would be an impact on the finance cost of approximately \u00a30.1m.e) Capital managementIt is the Group\u2019s policy to maintain an appropriate equity capital base so as to maintain investor, creditor and market confidence and to sustain the future development of the business.The capital structure of the Group consists of net cash, borrowings (disclosed in Note 25) and equity of the Group. The Group is not subject to any externally imposed capital requirements. In addition, as set out in Note 25, the Group has access to an \u00a380m Revolving Credit Facility which expires in April 2027.The Board has delegated responsibility for routine capital expenditure to the management of the business. All significant expenditure is approved by the Board.f) Foreign currency risk managementThe Group previously undertook transactions denominated in foreign currencies; consequently, exposure to exchange rate fluctuations arose. However given the closure of the Germany operations, the Directors no longer deem foreign currency a material risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__89": {
"value": "a) Fair values of financial instrumentsReceivables and payables For receivables and payables classified as financial assets and liabilities in accordance with IAS 32, fair value is estimated to be equivalent to book value. These values are shown in Notes 22 and 23, respectively. The categories of financial assets and liabilities and their related accounting policy are set out in Note 3.Cash and cash equivalentsThe fair value of cash and cash equivalents is estimated as its carrying amount.BorrowingsBorrowings are stated at their amortised cost using the effective interest method.The fair value of borrowings, calculated based on the discounted value of future cash flows, is not materially different to their carrying value.Lease liabilitesThe carrying value of lease liabilities are measured in accordance with IFRS 16.Fair valuesThe fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the statement of financial position, are as follows. 2024202420232023Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets designated as fair value through profit or lossLoans and receivablesCash and cash equivalents 40.1 40.1 19.1 19.1Trade receivables (see Note 22) 17.7 17.7 21.6 21.6Prepayments and other receivables (see Note 22) 27.9 27.9 35.1 35.1Total financial assets 85.7 85.7 75.8 75.8Financial liabilities measured at amortised costTrade payables (see Note 23) (145.3) (145.3) (163.4) (163.4)Other payables excluding deferred income (see Note 23) (64.9) (64.9) (76.9) (76.9)Borrowings (see Note 25) (2.1) (2.1) (10.0) (10.0)Total financial liabilities (212.3) (212.3) (250.2) (250.2)Total financial instruments (126.6) (126.6) (174.4) (174.4)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__88": {
"value": "a) Fair values of financial instrumentsReceivables and payables For receivables and payables classified as financial assets and liabilities in accordance with IAS 32, fair value is estimated to be equivalent to book value. These values are shown in Notes 22 and 23, respectively. The categories of financial assets and liabilities and their related accounting policy are set out in Note 3.Cash and cash equivalentsThe fair value of cash and cash equivalents is estimated as its carrying amount.BorrowingsBorrowings are stated at their amortised cost using the effective interest method.The fair value of borrowings, calculated based on the discounted value of future cash flows, is not materially different to their carrying value.Lease liabilitesThe carrying value of lease liabilities are measured in accordance with IFRS 16.Fair valuesThe fair values of all financial assets and financial liabilities by class, together with their carrying amounts shown in the statement of financial position, are as follows. 2024202420232023Carrying Fair Carrying Fair amountvalueamountvalue\u00a3m\u00a3m\u00a3m\u00a3mFinancial assets designated as fair value through profit or lossLoans and receivablesCash and cash equivalents 40.1 40.1 19.1 19.1Trade receivables (see Note 22) 17.7 17.7 21.6 21.6Prepayments and other receivables (see Note 22) 27.9 27.9 35.1 35.1Total financial assets 85.7 85.7 75.8 75.8Financial liabilities measured at amortised costTrade payables (see Note 23) (145.3) (145.3) (163.4) (163.4)Other payables excluding deferred income (see Note 23) (64.9) (64.9) (76.9) (76.9)Borrowings (see Note 25) (2.1) (2.1) (10.0) (10.0)Total financial liabilities (212.3) (212.3) (250.2) (250.2)Total financial instruments (126.6) (126.6) (174.4) (174.4)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__91": {
"value": "b) Credit riskFinancial risk managementCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers, with a maximum exposure equal to the book value of these assets.The Group\u2019s trade receivable balances comprise a number of individually small amounts from unrelated customers over a number of geographical areas. Concentration of risk is therefore limited. Sales to retail customers are made predominantly in cash or via major credit cards. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. New credit customers are assessed using an external rating report which is used to establish a credit limit. Such limits are reviewed periodically on both a proactive and reactive basis, for example, when a customer wishes to place an order in excess of their existing credit limit. Receivable balances are monitored regularly with the result that the Group\u2019s exposure to bad debts is not significant. Management therefore believe that there is no further credit risk provision required in excess of the normal provision for doubtful receivables.Exposure to credit riskThe maximum exposure to credit risk at the statement of financial position date by class of financial instrument was:20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Credit quality of financial assets and impairment lossesThe ageing of trade receivables at the statement of financial position date was:GrossImpairment Net\u00a3m\u00a3m\u00a3mNot past due 15.3 \u2013 15.3Past due 0\u201330 days 1.4 \u2013 1.4Past due 31 \u2013 120 days 0.7 (0.2) 0.5More than 120 days 0.8 (0.4) 0.4At 31 March 2024 18.3 (0.6) 1 7.7Not past due 18.3 \u2013 18.3Past due 0\u201330 days 1.6 \u2013 1.6Past due 31\u2013120 days 0.9 (0.1) 0.8More than 120 days 1.4 (0.5) 0.9At 31 March 2023 22.2 (0.6) 21.6The current year includes an impairment charge of \u00a30.6m (2023: \u00a30.6m) to trade receivables. Contract assets are also assessed for credit risk. Total contract assets at 31 March 2024 were \u00a3159.6m (2023: \u00a3174.4m). Management assesses the counterparty risk relating to these assets that comprise commissions receivable from blue chip Mobile Network Operators or from the Group\u2019s, protection plan partner. The level of counterparty risk is considered low. Having applied IFRS 15 to the balances on initial recognition of revenue, restrictions on the amounts recognised based on assumptions from historical data provide further reassurance that the amount recognised is recoverable and hence no further expected credit loss provision is required. Expected credit losses on other financial assets held at amortised cost are not considered to be material.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__90": {
"value": "b) Credit riskFinancial risk managementCredit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group\u2019s receivables from customers, with a maximum exposure equal to the book value of these assets.The Group\u2019s trade receivable balances comprise a number of individually small amounts from unrelated customers over a number of geographical areas. Concentration of risk is therefore limited. Sales to retail customers are made predominantly in cash or via major credit cards. It is Group policy that all customers who wish to trade on credit terms are subject to credit verification procedures. New credit customers are assessed using an external rating report which is used to establish a credit limit. Such limits are reviewed periodically on both a proactive and reactive basis, for example, when a customer wishes to place an order in excess of their existing credit limit. Receivable balances are monitored regularly with the result that the Group\u2019s exposure to bad debts is not significant. Management therefore believe that there is no further credit risk provision required in excess of the normal provision for doubtful receivables.Exposure to credit riskThe maximum exposure to credit risk at the statement of financial position date by class of financial instrument was:20242023\u00a3m\u00a3mTrade receivables 17.7 21.6Credit quality of financial assets and impairment lossesThe ageing of trade receivables at the statement of financial position date was:GrossImpairment Net\u00a3m\u00a3m\u00a3mNot past due 15.3 \u2013 15.3Past due 0\u201330 days 1.4 \u2013 1.4Past due 31 \u2013 120 days 0.7 (0.2) 0.5More than 120 days 0.8 (0.4) 0.4At 31 March 2024 18.3 (0.6) 1 7.7Not past due 18.3 \u2013 18.3Past due 0\u201330 days 1.6 \u2013 1.6Past due 31\u2013120 days 0.9 (0.1) 0.8More than 120 days 1.4 (0.5) 0.9At 31 March 2023 22.2 (0.6) 21.6The current year includes an impairment charge of \u00a30.6m (2023: \u00a30.6m) to trade receivables. Contract assets are also assessed for credit risk. Total contract assets at 31 March 2024 were \u00a3159.6m (2023: \u00a3174.4m). Management assesses the counterparty risk relating to these assets that comprise commissions receivable from blue chip Mobile Network Operators or from the Group\u2019s, protection plan partner. The level of counterparty risk is considered low. Having applied IFRS 15 to the balances on initial recognition of revenue, restrictions on the amounts recognised based on assumptions from historical data provide further reassurance that the amount recognised is recoverable and hence no further expected credit loss provision is required. Expected credit losses on other financial assets held at amortised cost are not considered to be material.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__92": {
"value": "c) Liquidity riskFinancial risk managementLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. It is Group policy to maintain a balance of funds, borrowings, committed bank and other facilities sufficient to meet anticipated short-term and long-term financial requirements. In applying this policy, the Group continuously monitors forecast and actual cash flows against the maturity profiles of financial assets and liabilities. Uncommitted facilities are used if available on advantageous terms. It is Group treasury policy to ensure that a specific level of committed facilities is always available based on forecast working capital requirements. Cash forecasts identifying the Group\u2019s liquidity requirements are produced and are stress tested for different scenarios including, but not limited to, reasonably possible decreases in profit margins and increases in interest rates on the Group\u2019s borrowing facilities and the weakening of sterling against other functional currencies within the Group.The following are the contractual maturities of financial liabilities, including estimated interest payments and excluding the effect of netting agreements:BetweenBetween CarryingContractualWithin 1 and 5 5 and 10 amountcash flows1 yearyearsyears \u00a3m\u00a3m\u00a3m\u00a3m\u00a3mNon-derivative financial liabilitiesTrade and other payables 210.2 210.2 207.7 2.5 \u2013Bank loans 2.1 3.0 0.4 1.4 1.2Lease liabilities 68.7 80.1 20.6 44.5 15.0At 31 March 2024 281.1 293.3 228.7 48.3 16.2",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__93": {
"value": "d) Market riskFinancial risk managementMarket risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group\u2019s income or the value of its holdings of financial instruments (and hence no sensitivity analysis is performed).Foreign currency risk Refer to Note 33f.Interest rate riskThe principal interest rate risks of the Group arise in respect of borrowings. As the interest expense on variable rate financial instruments is immaterial, the Group does not actively manage the exposure to this risk.At the statement of financial position date, the interest rate profile of the Group\u2019s interest-bearing financial instruments was:20242023\u00a3m\u00a3mFixed and variable rate instrumentsFixed rate 3.6 5.5Variable rate 2.1 10.05.7 15.5If interest rates increased by 1% there would be an impact on the finance cost of approximately \u00a30.1m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__95": {
"value": "34. Related-party transactionsBalances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its related parties are disclosed below.Transactions with Directors and key management personnel The compensation of key management personnel (including the Directors) is as follows:20242023\u00a3m\u00a3mShort- term employee benefits 3.7 3.6Share- based payments 2.6 2.3Post- employment benefits \u2013 \u2013Short- term employee benefits relate to cash remuneration paid to the directors of the Company, and its subsidiaries, during the year and include social security costs.Share based payments in the table above relate to the maximum potential share award granted to directors under the AO Incentive Plan for the performance period of FY24. Following partial attainment of the performance conditions, 98.7% of the award has vested (2023: 79.3% of the AO Incentive Plan for the performance period of FY23) and is payable in the form of a deferred share award. The deferred share award will be released in July 2027 subject to continued employment and attainment of the performance underpin based on overall business performance over the vesting period, following which Executives will be required to hold awarded shares for a further year.In addition, the directors were granted a conditional deferred share award pursuant to the FY21 AOIP Award which had a deferral period spanning FY22 to FY24 inclusive. The Remuneration Committee has deemed that the performance underpin has been met in full and accordingly 1,004,697 shares will be issued to the directors in July 2024. Based on the three-month average share price to 31 March 2024 of 90.26p these have a total value of \u00a30.9m. (2023: 867,231 shares issued in July 2023 pursuant to the FY20 AOIP Award with a value of \u00a30.5m based on a share price of 63.26p).There were no termination or other long- term benefits paid to key management personnel during the year ended 31 March 2024 (2023: nil).Further information about the remuneration of individual Board Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 108 to 114.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__94": {
"value": "34. Related-party transactionsBalances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its related parties are disclosed below.Transactions with Directors and key management personnel The compensation of key management personnel (including the Directors) is as follows:20242023\u00a3m\u00a3mShort- term employee benefits 3.7 3.6Share- based payments 2.6 2.3Post- employment benefits \u2013 \u2013Short- term employee benefits relate to cash remuneration paid to the directors of the Company, and its subsidiaries, during the year and include social security costs.Share based payments in the table above relate to the maximum potential share award granted to directors under the AO Incentive Plan for the performance period of FY24. Following partial attainment of the performance conditions, 98.7% of the award has vested (2023: 79.3% of the AO Incentive Plan for the performance period of FY23) and is payable in the form of a deferred share award. The deferred share award will be released in July 2027 subject to continued employment and attainment of the performance underpin based on overall business performance over the vesting period, following which Executives will be required to hold awarded shares for a further year.In addition, the directors were granted a conditional deferred share award pursuant to the FY21 AOIP Award which had a deferral period spanning FY22 to FY24 inclusive. The Remuneration Committee has deemed that the performance underpin has been met in full and accordingly 1,004,697 shares will be issued to the directors in July 2024. Based on the three-month average share price to 31 March 2024 of 90.26p these have a total value of \u00a30.9m. (2023: 867,231 shares issued in July 2023 pursuant to the FY20 AOIP Award with a value of \u00a30.5m based on a share price of 63.26p).There were no termination or other long- term benefits paid to key management personnel during the year ended 31 March 2024 (2023: nil).Further information about the remuneration of individual Board Directors is provided in the audited part of the Directors\u2019 Remuneration Report on pages 108 to 114.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__98": {
"value": "35. Discontinued operationsFollowing the closure of the Groups German business in the previous period, the business has been treated and presented as a discontinued operation in the year ended 31 March 2024. The tables below show the results of the German operation for the relevant reporting periods:20242023\u00a3m\u00a3mRevenue 0.2 36.2Cost of sales \u2013 (40.4)Gross profit / (loss) 0.2 (4.2)Administrative expenses and other operating income (0.2) (13.5)Operating loss \u2013 (17.7)Finance income \u2013 6.4Loss before tax \u2013 (11.3)Taxation charge \u2013 (0.1)Loss after tax \u2013 (11.4)Gain on remeasurement of assets \u2013 2.6Loss after tax of discontinued operations \u2013 (8.8)Basic loss per share from discontinued operations is 0.00p (2023: 1.61p loss per share). Diluted loss per share from discontinued operations is 0.00p (2023: 1.56p loss per share).The table below summarises the cashflows of the German operation for the relevant reporting periods:20242023\u00a3m\u00a3mNet cash flows from operating activities (0.5) (8.8)Net cash flows from investing activities \u2013 9.8Net cash flows from financing activities (0.1) (8.6)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
},
"s8_notes__6__97": {
"value": "35. Discontinued operationsFollowing the closure of the Groups German business in the previous period, the business has been treated and presented as a discontinued operation in the year ended 31 March 2024. The tables below show the results of the German operation for the relevant reporting periods:20242023\u00a3m\u00a3mRevenue 0.2 36.2Cost of sales \u2013 (40.4)Gross profit / (loss) 0.2 (4.2)Administrative expenses and other operating income (0.2) (13.5)Operating loss \u2013 (17.7)Finance income \u2013 6.4Loss before tax \u2013 (11.3)Taxation charge \u2013 (0.1)Loss after tax \u2013 (11.4)Gain on remeasurement of assets \u2013 2.6Loss after tax of discontinued operations \u2013 (8.8)Basic loss per share from discontinued operations is 0.00p (2023: 1.61p loss per share). Diluted loss per share from discontinued operations is 0.00p (2023: 1.56p loss per share).The table below summarises the cashflows of the German operation for the relevant reporting periods:20242023\u00a3m\u00a3mNet cash flows from operating activities (0.5) (8.8)Net cash flows from investing activities \u2013 9.8Net cash flows from financing activities (0.1) (8.6)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138005FFOAJIUZY4375",
"period": "2023-04-01T00:00:00/2024-04-01T00:00:00"
}
}
}
}