{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "stelradgroupplc": "http://stelradgroupplc.com/xbrl/2024", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://stelradgroupplc.com/xbrl/2024/2138006LKVGN16PTVA73-2024-12-31.xsd" ] }, "facts": { "fact-12": { "value": "290577000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-13": { "value": "308193000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-14": { "value": "201617000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-15": { "value": "221343000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CostOfSales", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-16": { "value": "88960000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-17": { "value": "86850000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:GrossProfit", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-18": { "value": "41729000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:SellingAndDistributionExpenses", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-19": { "value": "42278000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:SellingAndDistributionExpenses", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-20": { "value": "17165000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:AdministrativeExpensesExcludingExceptionalItems", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-21": { "value": "16624000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:AdministrativeExpensesExcludingExceptionalItems", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-22": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:ExceptionalItemsRelatingToAdministrativeExpenses", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-23": { "value": "2466000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:ExceptionalItemsRelatingToAdministrativeExpenses", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-24": { "value": "17165000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-25": { "value": "19090000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-26": { "value": "1319000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-27": { "value": "1199000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherOperatingIncomeExpense", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-28": { "value": "31385000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-29": { "value": "26681000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-30": { "value": "186000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-31": { "value": "182000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-32": { "value": "8189000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-33": { "value": "7681000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-34": { "value": "23382000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-35": { "value": "19182000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-36": { "value": "6864000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-37": { "value": "3758000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-38": { "value": "16518000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-39": { "value": "15424000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-40": { "value": "0.1297", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-41": { "value": "0.1211", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-42": { "value": "0.1287", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-43": { "value": "0.1211", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-44": { "value": "16518000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-45": { "value": "15424000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-46": { "value": "867000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-47": { "value": "674000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-48": { "value": "217000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-49": { "value": "158000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-50": { "value": "-4711000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-51": { "value": "-2250000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-52": { "value": "-4061000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-53": { "value": "-1734000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-54": { "value": "-925000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-55": { "value": "-936000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-56": { "value": "-232000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-57": { "value": "-206000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-58": { "value": "-693000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-59": { "value": "-730000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-60": { "value": "-4754000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-61": { "value": "-2464000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-62": { "value": "11764000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-63": { "value": "12960000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-64": { "value": "79173000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-65": { "value": "87247000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-66": { "value": "4652000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-67": { "value": "5251000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-68": { "value": "284000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-69": { "value": "301000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-70": { "value": "4821000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-71": { "value": "6685000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-72": { "value": "88930000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-73": { "value": "99484000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-74": { "value": "67311000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-75": { "value": "63376000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-76": { "value": "45478000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-77": { "value": "50674000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-78": { "value": "235000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-79": { "value": "243000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-80": { "value": "293000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-81": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentFinancialAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-82": { "value": "18633000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-83": { "value": "21442000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-84": { "value": "131950000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-85": { "value": "135735000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-86": { "value": "220880000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-87": { "value": "235219000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-88": { "value": "127000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-89": { "value": "127000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-90": { "value": "-114469000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-91": { "value": "-114469000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:MergerReserve", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-92": { "value": "239788000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-93": { "value": "233329000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-94": { "value": "-67853000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-95": { "value": "-63792000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-96": { "value": "57593000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-97": { "value": "55195000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-98": { "value": "83329000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-99": { "value": "88227000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-100": { "value": "209000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-101": { "value": "218000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-102": { "value": "1910000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-103": { "value": "1980000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-104": { "value": "5118000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-105": { "value": "4053000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-106": { "value": "90566000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-107": { "value": "94478000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-108": { "value": "69210000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-109": { "value": "78056000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-110": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-111": { "value": "318000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentFinancialLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-112": { "value": "2212000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-113": { "value": "2469000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-114": { "value": "550000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-115": { "value": "1686000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-116": { "value": "749000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-117": { "value": "3017000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentProvisions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-118": { "value": "72721000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-119": { "value": "85546000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-120": { "value": "163287000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-121": { "value": "180024000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-122": { "value": "220880000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-123": { "value": "235219000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-1": { "value": "The financial statements on pages 102 to 138 were approved by the Board of Directors on 7 March 2025 and signed on its behalf by: Leigh Wilcox Chief Financial Officer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-124": { "value": "127000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-125": { "value": "-114469000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-126": { "value": "227849000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-127": { "value": "-62058000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-128": { "value": "51449000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-129": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-130": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-131": { "value": "15424000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-132": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-133": { "value": "15424000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-134": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-135": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-136": { "value": "-730000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-137": { "value": "-1734000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-138": { "value": "-2464000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-139": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-140": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-141": { "value": "14694000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-142": { "value": "-1734000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-143": { "value": "12960000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-144": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-145": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-146": { "value": "515000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-147": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-148": { "value": "515000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-149": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-150": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-151": { "value": "9729000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-152": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-153": { "value": "9729000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-154": { "value": "127000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-155": { "value": "-114469000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-156": { "value": "233329000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-157": { "value": "-63792000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-158": { "value": "55195000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-159": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-160": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-161": { "value": "16518000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-162": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-163": { "value": "16518000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-164": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-165": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-166": { "value": "-693000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-167": { "value": "-4061000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-168": { "value": "-4754000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-169": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-170": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-171": { "value": "15825000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-172": { "value": "-4061000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-173": { "value": "11764000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-174": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-175": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-176": { "value": "440000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-177": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-178": { "value": "440000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-179": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-180": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-181": { "value": "9806000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-182": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-183": { "value": "9806000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-184": { "value": "127000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "fact-185": { "value": "-114469000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:GBP" } }, "fact-186": { "value": "239788000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "fact-187": { "value": "-67853000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "fact-188": { "value": "57593000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-189": { "value": "23382000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-190": { "value": "19182000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-191": { "value": "11692000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationExpense", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-192": { "value": "11615000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationExpense", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-193": { "value": "468000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-194": { "value": "457000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForAmortisationExpense", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-195": { "value": "118000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-196": { "value": "-11000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-197": { "value": "440000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-198": { "value": "515000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-199": { "value": "186000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-200": { "value": "182000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-201": { "value": "8189000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-202": { "value": "7681000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-203": { "value": "3885000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-204": { "value": "8237000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-205": { "value": "-6143000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-206": { "value": "12884000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-207": { "value": "-6743000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-208": { "value": "-20364000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-209": { "value": "-2176000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-210": { "value": "2214000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-211": { "value": "-610000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:AdjustmentsForMovementInOtherFinancialLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-212": { "value": "319000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:AdjustmentsForMovementInOtherFinancialLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-213": { "value": "-7000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:AdjustmentsForDecreaseInOtherPensionProvisions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-214": { "value": "-7000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:AdjustmentsForDecreaseInOtherPensionProvisions", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-215": { "value": "-581000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-216": { "value": "-1674000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-217": { "value": "31492000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-218": { "value": "40888000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-219": { "value": "6265000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-220": { "value": "7497000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-221": { "value": "186000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-222": { "value": "182000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-223": { "value": "25413000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-224": { "value": "33573000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-225": { "value": "341000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:ProceedsFromSaleOfPropertyPlantEquipmentAndIntangibleAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-226": { "value": "352000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:ProceedsFromSaleOfPropertyPlantEquipmentAndIntangibleAssets", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-227": { "value": "5861000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-228": { "value": "6586000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-229": { "value": "100000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-230": { "value": "507000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-231": { "value": "-5620000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-232": { "value": "-6741000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-233": { "value": "-0.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:TransactionCostsRelatedToRefinancingClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-234": { "value": "500000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:TransactionCostsRelatedToRefinancingClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-235": { "value": "3388000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-236": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-237": { "value": "5150000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:RepaymentOfExternalBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-238": { "value": "8350000.0", "decimals": -3, "dimensions": { "concept": "stelradgroupplc:RepaymentOfExternalBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-239": { "value": "2865000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-240": { "value": "2619000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-241": { "value": "7372000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-242": { "value": "6428000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-243": { "value": "9806000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-244": { "value": "9729000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-245": { "value": "-21805000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-246": { "value": "-27626000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-247": { "value": "-2012000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-248": { "value": "-794000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-249": { "value": "-797000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-250": { "value": "-405000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-251": { "value": "21442000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-252": { "value": "22641000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-253": { "value": "18633000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-254": { "value": "21442000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-257": { "value": "
1 Corporate information
The consolidated financial statements of Stelrad Group plc and its subsidiaries (collectively, the \u201cGroup\u201d) for the year ended
31 December 2024 were authorised for issue by the Board of Directors on 7 March 2025.
Stelrad Group plc (the \u201cCompany\u201d) was incorporated in England and Wales on 8 October 2021 as a public company, limited
by shares. The Company is incorporated, domiciled and registered in England and Wales, with its registered office situated
at 69\u201375 Side, Newcastle upon Tyne, Tyne and Wear, United Kingdom NE1 3JE.
The principal activity of the Group is the manufacture and distribution of radiators. The principal activity of the Company is
that of a holding company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Stelrad Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "value": "Stelrad Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "public company, limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "69\u201375 Side, Newcastle upon Tyne, Tyne and Wear, United Kingdom NE1 3JE", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-7": { "value": "The principal activity of the Group is the manufacture and distribution of radiators.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "value": "
2 Basis of preparation
The consolidated financial statements of Stelrad Group plc have been prepared in accordance with UK\u2011adopted international
accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under these
standards and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority.
The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments
which, where used, are measured at fair value. The consolidated financial statements are presented in GB Pounds and all
values are rounded to the nearest thousand (\u00a3\u2019000), except when otherwise indicated. The consolidated financial statements
have been prepared on a going concern basis. Details of the going concern assessment can be found in the Strategic Report
on page 55.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-301": { "value": "The consolidated financial statements of Stelrad Group plc have been prepared in accordance with UK\u2011adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under these standards and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom\u2019s Financial Conduct Authority. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "value": "3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries for the year ended 31 December 2024. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group\u2019s accounting policies. All intra\u2011Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A list of the subsidiaries of the Group can be found in note 13 of the Company financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "value": "
4 Material accounting policy information
The accounting policies outlined below have been applied consistently, other than where new policies have been adopted.
A. Current versus non-current classification
The Group presents assets and liabilities in the balance sheet based on current/non\u2011current classification. An asset is current
when it is:
\u2022 expected to be realised or intended to be sold or consumed in the normal operating cycle;
\u2022 expected to be realised within twelve months after the reporting period; or
\u2022 cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after
the reporting period.
All other assets are classified as non\u2011current.
A liability is current when:
\u2022 it is expected to be settled in the normal operating cycle;
\u2022 it is due to be settled within twelve months after the reporting period; or
\u2022 there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period.
The Group classifies all other liabilities as non\u2011current. Deferred tax assets and liabilities are classified as non\u2011current assets
and liabilities.
B. Fair value measurement
The Group measures financial instruments, such as derivatives, at fair value at each balance sheet date. The fair values of
financial instruments measured at amortised cost are disclosed in note 30.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value measurement is based on the presumption that the transaction
to sell the asset or transfer the liability takes place either:
\u2022 in the principal market for the asset or liability; or
\u2022 in the absence of a principal market, in the most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non\u2011financial asset takes into account a market participant\u2019s ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset
in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available
to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement
as a whole:
\u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly
or indirectly observable.
\u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether
transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is
significant to the fair value measurement as a whole) at the end of each reporting period.
C. Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary
economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are
presented in GB Pounds (\u00a3), which is the Company\u2019s functional and the Group\u2019s presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of
the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement
of such transactions and from the translation at year\u2011end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the income statement, except when deferred in other comprehensive income/(expense) as qualifying
net investment hedges or because the monetary asset or liability forms part of the net investment in the foreign operation.
Foreign exchange gains and losses are presented in other operating income/(expenses) within the income statement.
Group companies
The results and financial position of all the Group entities that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
\u2022 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
\u2022 income and expenses for each income statement are translated at average exchange rates; and
\u2022 all resulting exchange differences are recognised in other comprehensive income/(expense).
On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of
borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive
income/(expense).
D. Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue
can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the
consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty.
The Group has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the
revenue arrangements, has pricing latitude and is also exposed to inventory and credit risks.
In accordance with IFRS 15 Revenue from Contracts with Customers, the Group follows a five\u2011step process to determine
whether to recognise revenue:
1. Identifying the contract with a customer.
2. Identifying the performance obligations.
3. Determining the transaction price.
4. Allocating the transaction price to its performance obligations.
5. Recognising revenue when/as performance obligation(s) are satisfied.
Revenue is recognised at a point in time, when the Group satisfies performance obligations by transferring the promised
goods to its customers, which is upon delivery of the goods to customers.
The specific recognition criteria described below must also be met before revenue is recognised.
Interest income
For all financial instruments measured at amortised cost, interest income is recorded using the effective interest rate (\u201cEIR\u201d).
Rebates
Rebates are paid to certain direct customers and end consumers of goods sold (end consumers being installers, contractors
or housebuilders which install the Group\u2019s products). Rebates represent either: an agreed percentage discount on the gross
invoice value of each purchased product; or, less frequently, an agreed discount based on annual sales volume incentives.
Estimated rebates to direct customers are based upon the terms of sales contracts and are recorded in the same period
as the related gross sale as a deduction from revenue. Where rebates are volume related, these are recognised when the
associated targets are met or deemed likely to be met, with the expected outcome being reassessed at each reporting date.
Volume rebates result in variable revenue; in accordance with IFRS 15, recognition of volume rebates is only made when it is
highly probable that a significant reversal will not occur. For indirect rebates paid to the end consumer, the Group estimates
the rebates based on historical take\u2011up rates and rebate values per product category to ensure it is highly probable that a
significant reversal would not occur. Rebates paid to direct customers are offset against trade receivables whereas indirect
rebates, which are payable to the end consumer, are disclosed as other payables.
E. Taxation
Current income tax
Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from
or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date in the countries where the Group operates and generates taxable income.
Current income tax is recognised in income unless it relates to items recognised in other comprehensive income/(expense)
or directly in equity, in which case the current income tax is recognised in other comprehensive income/(expense) or directly
in equity respectively. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
\u2022 when the deferred tax liability arises from the initial recognition of goodwill (taxable temporary differences only) or an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss; or
\u2022 in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal
of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the
foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and
any unused tax losses.
Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the
deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except:
\u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an
asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither
the accounting profit nor taxable profit or loss; or
\u2022 in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are
recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future
and taxable profit will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised
deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that
future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised
or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in income unless it relates to items recognised in other comprehensive income/(expense)
or directly in equity, in which case the deferred tax is recognised in other comprehensive income/(expense) or directly
in equity respectively.
F. Property, plant and equipment
Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses,
if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long\u2011term
construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required
to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them
accordingly. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and
equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised
in profit or loss as incurred.
Land is not depreciated. Depreciation on other assets is calculated using the straight\u2011line method to allocate their cost to
their residual values over their estimated useful lives as follows:
Freehold buildings \u2013 10 to 50 years
Leasehold buildings \u2013 period of lease
Plant and equipment \u2013 3 to 10 years
Fixtures, fittings and motor vehicles \u2013 2 to 5 years
The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset\u2019s carrying value is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than
its estimated recoverable amount.
Assets under construction are transferred to the appropriate category of property, plant and equipment upon completion
of a project. Depreciation commences upon transfer.
See note 4N.(i) for the accounting policy related to right\u2011of\u2011use assets.
G. Business combinations and goodwill
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the
consideration transferred measured at acquisition date. When the Group acquires a business, it assesses the financial assets
and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic
circumstances and pertinent conditions as at the acquisition date.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the fair values
of net identifiable assets acquired, liabilities assumed and contingent liabilities.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash\u2011generating
units that are expected to benefit from the combination.
Where goodwill has been allocated to a cash\u2011generating unit and part of the operation within that unit is disposed of, the
goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the
gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed
operation and the portion of the cash\u2011generating unit retained.
H. Intangible assets \u2013 other
Intangible assets acquired in a business combination
Intangible assets acquired in a business combination are identified and recognised separately from goodwill where they
satisfy the definition of an intangible asset and their fair values can be measured reliably. The cost of such intangible assets
is their fair value at the business combination date.
The fair value of customer relationships acquired and recognised as part of a business combination is determined using
the multiperiod excess earnings method.
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated
amortisation and accumulated impairment losses.
Research and development Research costs are expensed as incurred. Other intangible assets purchased or produced internally are recorded as assets when the use of the asset is likely to generate future economic benefits and when the cost of the asset can be determined in a reliable manner. These assets are valued at the cost of purchase or production and amortised at constant rates over their estimated useful life. Subsequent measurement of intangible assets Intangible assets with a finite life are amortised on a straight\u2011line basis over their estimated useful lives as follows: Technology and software costs \u2013 4 years Customer relationships \u2013 13 years The estimated useful life and amortisation methods are reviewed at the end of each reporting period, with the effect of any changes in estimates being accounted for on a prospective basis. I. Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss or at amortised cost, as appropriate. With the exception of trade receivables, which are recognised at transaction price, all financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a timeframe established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e. the date that the Group commits to purchase or sell the asset. Subsequent measurement For the purposes of subsequent measurement, financial assets of the Group are classified in two categories: \u2022 financial assets at fair value through profit or loss; and \u2022 financial assets at amortised cost (debt instruments). Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets at amortised cost (debt instruments) This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: \u2022 the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables. Derecognition A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated balance sheet) when the rights to receive cash flows from the asset have expired, or the Group has transferred its rights to receive cash flows from the asset. ii) Impairment of financial assets The Group recognises an allowance for expected credit losses (\u201cECLs\u201d) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Trade receivables are the Group\u2019s only financial asset for which ECLs need to be calculated.
iii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
borrowings or payables, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly
attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial
guarantee contracts and derivative financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term.
This category also includes derivative financial instruments entered into by the Group that are not designated as hedging
instruments in hedge relationships as defined by IFRS 9.
Gains or losses on liabilities held for trading are recognised in the income statement.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date
of recognition and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair
value through profit or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest\u2011bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR. The EIR amortisation is included as finance costs in the income statement.
This category generally applies to interest\u2011bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement.
J. Derivative financial instruments
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its
foreign currency risks and interest rate risks respectively. Such derivative financial instruments are initially recognised at fair
value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives
are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.
Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss.
For the purpose of hedge accounting, hedges are classified as:
\u2022 hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which
the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument and the hedged item, the nature of the risk being
hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements
(including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship
qualifies for hedge accounting if it meets all of the following effectiveness requirements:
\u2022 there is \u201can economic relationship\u201d between the hedged item and the hedging instrument;
\u2022 the effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and
\u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity
of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below:
Hedges of a net investment
Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the
net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to
the effective portion of the hedge are recognised as other comprehensive income/(expense) while any gains or losses relating
to the ineffective portion are recognised in the income statement. On disposal of the foreign operation, the cumulative value
of any such gains or losses recorded in equity is transferred to the income statement.
The Group uses a loan as a hedge of its exposure to foreign currency risk.
K. Inventories
Inventories are valued at the lower of cost and net realisable value.
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
\u2022 raw materials: purchase cost on a first\u2011in, first\u2011out basis; and
\u2022 finished goods and work in progress: cost of direct materials and labour and a proportion of manufacturing overheads
based on the normal operating capacity, but excluding borrowing costs.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and
the estimated costs necessary to make the sale.
L. Impairment of non-financial assets
Intangible assets, including goodwill, that have an indefinite useful life are not subject to amortisation and are tested annually
for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or circumstances
indicate that the carrying amount may not be recoverable.
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication
exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An
asset\u2019s recoverable amount is the higher of an asset\u2019s or cash\u2011generating unit\u2019s (\u201cCGU\u2019s\u201d) fair value less costs of disposal and its
value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that
are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds
its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
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. In determining
fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified,
an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for
publicly traded companies or other available fair value indicators.
The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for
each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover
a period of three years. For longer periods, a long\u2011term growth rate is calculated and applied to project future cash flows after
the third year.
An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount,
where the recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and value in use. Impairment losses
of continuing operations, including impairment on inventories, are recognised in the income statement in expense categories
consistent with the function of the impaired asset.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that
previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the
asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in
the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal
is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount
that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years.
Such reversal is recognised in the income statement.
M. Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short\u2011term deposits with an original
maturity of three months or less.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts.
N. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease \u2013 that is, if the contract conveys the right
to control the use of an identified asset for a period of time in exchange for consideration.
Group as lessee
The Group applies a single recognition and measurement approach for all leases, except for short\u2011term leases and leases of
low value assets. The Group recognises lease liabilities to make lease payments and right\u2011of\u2011use assets representing the right
to use the underlying assets.
i) Right-of-use assets
The Group recognises right\u2011of\u2011use assets at the commencement date of the lease (i.e. the date the underlying asset is available
for use). Right\u2011of\u2011use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for
any remeasurement of lease liabilities. The cost of right\u2011of\u2011use assets includes the amount of lease liabilities recognised, initial
direct costs incurred and lease payments made at or before the commencement date less any lease incentives received.
Right\u2011of\u2011use assets are depreciated on a straight\u2011line basis over the shorter of the lease term and the estimated useful lives
of the assets, as follows:
Leasehold buildings \u2013 period of lease
Plant and machinery \u2013 3 to 10 years
Fixtures, fittings and motor vehicles \u2013 2 to 5 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a
purchase option, depreciation is calculated using the estimated useful life of the asset.
The right\u2011of\u2011use assets are also subject to impairment. Refer to the accounting policies in section L. Impairment of
non\u2011financial assets.
ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including in\u2011substance fixed payments)
less any lease incentives receivable, variable lease payments that depend on an index or a rate and amounts expected to be
paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably
certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as
expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the
payment occurs.
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing
rate is calculated based on the Group\u2019s external borrowing rate. After the commencement date, the amount of lease liabilities
is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount
of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments
(e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments)
or a change in the assessment of an option to purchase the underlying asset.
The Group\u2019s lease liabilities are included in the interest\u2011bearing loans and borrowings (see note 19).
iii) Short-term leases and leases of low value assets
The Group applies the short\u2011term lease recognition exemption to its short\u2011term leases of plant and machinery (i.e. those leases
that have a lease term of twelve months or less from the commencement date and do not contain a purchase option). It also
applies the lease of low value assets recognition exemption to leases of office equipment that are considered to be low value.
Lease payments on short\u2011term leases and leases of low\u2011value assets are recognised as expense on a straight\u2011line basis over
the lease term.
O. Provisions
General
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event; it is probable
that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can
be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example
under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is
virtually certain. The expense relating to a provision is presented in the income statement net of any reimbursement.
The effect of the time value of money is not material and therefore the provisions are not discounted.
No warranty provision is made for steel panel radiators based on the very low claims history. The Group sells electrical radiators and
a small volume of boilers and provision for these is made on a \u00a3 per unit sold basis, driven by historical warranty claims data.
A provision is recognised in respect of an unused vacation pay liability due to certain employees in Turkey. The provision is
calculated based on the number of unused days and the salary rates applicable.
Restructuring provisions are recognised only when the Group has a constructive obligation, which is when a detailed formal
proposal identifies the business or part of the business concerned, the location and number of employees affected, a detailed
estimate of the associated costs and an appropriate timeline, and when the employees affected have been notified of the
proposal\u2019s main features.
P. Pensions and other post-employment benefits
The Group has an obligation to provide lump sum termination payments to certain employees in Turkey and also in Italy;
these schemes are accounted for under IAS 19.
The cost of providing benefits under the schemes is determined using the projected unit credit method.
Remeasurements, comprising actuarial gains and losses, are recognised immediately in the balance sheet with a corresponding
debit or credit to retained earnings through other comprehensive income/(expense) in the period in which they occur.
Remeasurements are not reclassified to profit or loss in subsequent periods.
Past service costs are recognised in profit or loss on the earlier of:
\u2022 the date of the plan amendment or curtailment; and
\u2022 the date that the Group recognises restructuring\u2011related costs.
Net interest is calculated by applying the discount rate to the defined benefit liability. The Group recognises the following
changes in the defined benefit obligation under \u201ccost of sales\u201d, \u201cadministration expenses\u201d and \u201cselling and distribution
expenses\u201d in the consolidated income statement (by function):
\u2022 service costs comprising current service costs, past service costs, gains and losses on curtailments and non\u2011routine settlements.
For the defined contribution schemes operated by the Group, the amount charged to the income statement in respect of
pension costs and other post\u2011retirement benefits is the contributions payable in exchange for services rendered in the period.
Differences between contributions payable in the period and contributions actually paid are shown as either accruals or
prepayments in the balance sheet.
Q. Share-based payments (IFRS 2)
The fair value of equity\u2011settled share options granted is recognised as an employee expense with a corresponding increase
in equity. The fair value is measured as at the date the options are granted and the charge is only amended if vesting does
not take place due to non\u2011market conditions not being met. Various option pricing models are used according to the
terms of the option scheme under which the options were granted. The fair value is spread over the period during which
the employees become unconditionally entitled to the options. At the balance sheet date, if it is expected that non\u2011market
conditions will not be satisfied, the cumulative expense recognised in relation to the relevant options is reversed.
With respect to share\u2011based payments, a deferred tax asset is recognised on the relevant tax base. The tax base is then
compared to the cumulative share\u2011based payment expense recognised in the income statement. Deferred tax arising on
the excess of the tax base over the cumulative share\u2011based payment expense recognised in the income statement has been
recognised directly in equity outside the SOCI as share\u2011based payments are considered to be transactions with shareholders.
Where the Company grants options over its own shares to employees of its subsidiaries, it recognises, in its individual financial
statements, an increase in the cost of investment in its subsidiaries equivalent to the equity\u2011settled share\u2011based payment
charge recognised in its consolidated financial statements, with the corresponding credit being recognised in equity.
R. Exceptional items
Exceptional items are disclosed by virtue of their nature, size or incidence to allow a better understanding of the underlying
trading performance of the Group.
S. Dividends
Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s
shareholders. Interim dividends are recorded in the period in which they are approved and paid.
T. New standards applied in the year
Several amendments and interpretations apply for the first time in 2024, but do not have a material impact on the
consolidated financial statements of the Group. These include:
\u2022 Classification of Liabilities as Current or Non\u2011current and Non\u2011current Liabilities with Covenants \u2013 Amendments to IAS 1
\u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16
\u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier Finance
U. New standards and interpretations not applied
The International Accounting Standards Board has issued the following standards and interpretations with an effective date
after the date of these financial statements:
Effective date
(period beginning
International Accounting Standards (IAS/IFRSs) on or after)
Lack of Exchangeability \u2013 Amendments to IAS 21
1 January 2025
Classification and Measurement of Financial Instruments \u2013 Amendments to
IFRS 9 and IFRS 7
1 January 2026
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
1 January 2026
Presentation and Disclosure in Financial Statements \u2013 IFRS 18
1 January 2027
Subsidiaries without Public Accountability: Disclosures \u2013 IFRS 19
1 January 2027
It is anticipated that adoption of these standards and interpretations will not have a material impact on the Group\u2019s
financial statements.
The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-260": { "value": "A. Current versus non-current classification The Group presents assets and liabilities in the balance sheet based on current/non\u2011current classification. An asset is current when it is: \u2022 expected to be realised or intended to be sold or consumed in the normal operating cycle; \u2022 expected to be realised within twelve months after the reporting period; or \u2022 cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non\u2011current. A liability is current when: \u2022 it is expected to be settled in the normal operating cycle; \u2022 it is due to be settled within twelve months after the reporting period; or \u2022 there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Group classifies all other liabilities as non\u2011current. Deferred tax assets and liabilities are classified as non\u2011current assets and liabilities. ", "dimensions": { "concept": "stelradgroupplc:DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassification", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-261": { "value": "B. Fair value measurement The Group measures financial instruments, such as derivatives, at fair value at each balance sheet date. The fair values of financial instruments measured at amortised cost are disclosed in note 30. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 in the principal market for the asset or liability; or \u2022 in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non\u2011financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. \u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
I. Financial instruments \u2013 initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument
of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss or at amortised cost,
as appropriate. With the exception of trade receivables, which are recognised at transaction price, all financial assets are
recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction
costs that are attributable to the acquisition of the financial asset.
Purchases or sales of financial assets that require delivery of assets within a timeframe established by regulation or convention
in the marketplace (regular way trades) are recognised on the trade date, i.e. the date that the Group commits to purchase or
sell the asset.
Subsequent measurement
For the purposes of subsequent measurement, financial assets of the Group are classified in two categories:
\u2022 financial assets at fair value through profit or loss; and
\u2022 financial assets at amortised cost (debt instruments).
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon
initial recognition at fair value through profit or loss.
Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following
conditions are met:
\u2022 the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual
cash flows; and
\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject
to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Derecognition
A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated balance sheet) when the rights to
receive cash flows from the asset have expired, or the Group has transferred its rights to receive cash flows from the asset.
ii) Impairment of financial assets
The Group recognises an allowance for expected credit losses (\u201cECLs\u201d) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and
all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate.
The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral
to the contractual terms.
Trade receivables are the Group\u2019s only financial asset for which ECLs need to be calculated.
iii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognised in the income statement. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. Loans and borrowings This is the category most relevant to the Group. After initial recognition, interest\u2011bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the income statement. This category generally applies to interest\u2011bearing loans and borrowings. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement. J. Derivative financial instruments Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss. For the purpose of hedge accounting, hedges are classified as: \u2022 hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument and the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u201can economic relationship\u201d between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below: Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as other comprehensive income/(expense) while any gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the income statement. The Group uses a loan as a hedge of its exposure to foreign currency risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-302": { "value": "B. Fair value measurement The Group measures financial instruments, such as derivatives, at fair value at each balance sheet date. The fair values of financial instruments measured at amortised cost are disclosed in note 30. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 in the principal market for the asset or liability; or \u2022 in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non\u2011financial asset takes into account a market participant\u2019s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities. \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. \u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-262": { "value": "C. Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in GB Pounds (\u00a3), which is the Company\u2019s functional and the Group\u2019s presentation currency. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year\u2011end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income/(expense) as qualifying net investment hedges or because the monetary asset or liability forms part of the net investment in the foreign operation. Foreign exchange gains and losses are presented in other operating income/(expenses) within the income statement. Group companies The results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet; \u2022 income and expenses for each income statement are translated at average exchange rates; and \u2022 all resulting exchange differences are recognised in other comprehensive income/(expense). On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to other comprehensive income/(expense).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-303": { "value": "Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the \u201cfunctional currency\u201d). The consolidated financial statements are presented in GB Pounds (\u00a3), which is the Company\u2019s functional and the Group\u2019s presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-263": { "value": "D. Revenue recognition Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. The Group has concluded that it is the principal in all of its revenue arrangements since it is the primary obligor in all the revenue arrangements, has pricing latitude and is also exposed to inventory and credit risks. In accordance with IFRS 15 Revenue from Contracts with Customers, the Group follows a five\u2011step process to determine whether to recognise revenue: 1. Identifying the contract with a customer. 2. Identifying the performance obligations. 3. Determining the transaction price. 4. Allocating the transaction price to its performance obligations. 5. Recognising revenue when/as performance obligation(s) are satisfied. Revenue is recognised at a point in time, when the Group satisfies performance obligations by transferring the promised goods to its customers, which is upon delivery of the goods to customers. The specific recognition criteria described below must also be met before revenue is recognised. Interest income For all financial instruments measured at amortised cost, interest income is recorded using the effective interest rate (\u201cEIR\u201d). Rebates Rebates are paid to certain direct customers and end consumers of goods sold (end consumers being installers, contractors or housebuilders which install the Group\u2019s products). Rebates represent either: an agreed percentage discount on the gross invoice value of each purchased product; or, less frequently, an agreed discount based on annual sales volume incentives. Estimated rebates to direct customers are based upon the terms of sales contracts and are recorded in the same period as the related gross sale as a deduction from revenue. Where rebates are volume related, these are recognised when the associated targets are met or deemed likely to be met, with the expected outcome being reassessed at each reporting date. Volume rebates result in variable revenue; in accordance with IFRS 15, recognition of volume rebates is only made when it is highly probable that a significant reversal will not occur. For indirect rebates paid to the end consumer, the Group estimates the rebates based on historical take\u2011up rates and rebate values per product category to ensure it is highly probable that a significant reversal would not occur. Rebates paid to direct customers are offset against trade receivables whereas indirect rebates, which are payable to the end consumer, are disclosed as other payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-304": { "value": "Rebates Rebates are paid to certain direct customers and end consumers of goods sold (end consumers being installers, contractors or housebuilders which install the Group\u2019s products). Rebates represent either: an agreed percentage discount on the gross invoice value of each purchased product; or, less frequently, an agreed discount based on annual sales volume incentives. Estimated rebates to direct customers are based upon the terms of sales contracts and are recorded in the same period as the related gross sale as a deduction from revenue. Where rebates are volume related, these are recognised when the associated targets are met or deemed likely to be met, with the expected outcome being reassessed at each reporting date. Volume rebates result in variable revenue; in accordance with IFRS 15, recognition of volume rebates is only made when it is highly probable that a significant reversal will not occur. For indirect rebates paid to the end consumer, the Group estimates the rebates based on historical take\u2011up rates and rebate values per product category to ensure it is highly probable that a significant reversal would not occur. Rebates paid to direct customers are offset against trade receivables whereas indirect rebates, which are payable to the end consumer, are disclosed as other payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-264": { "value": "E. Taxation Current income tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and generates taxable income. Current income tax is recognised in income unless it relates to items recognised in other comprehensive income/(expense) or directly in equity, in which case the current income tax is recognised in other comprehensive income/(expense) or directly in equity respectively. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2022 when the deferred tax liability arises from the initial recognition of goodwill (taxable temporary differences only) or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in income unless it relates to items recognised in other comprehensive income/(expense) or directly in equity, in which case the deferred tax is recognised in other comprehensive income/(expense) or directly in equity respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-305": { "value": "Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2022 when the deferred tax liability arises from the initial recognition of goodwill (taxable temporary differences only) or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; or \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in income unless it relates to items recognised in other comprehensive income/(expense) or directly in equity, in which case the deferred tax is recognised in other comprehensive income/(expense) or directly in equity respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-306": { "value": "F. Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long\u2011term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. Land is not depreciated. Depreciation on other assets is calculated using the straight\u2011line method to allocate their cost to their residual values over their estimated useful lives as follows: Freehold buildings \u2013 10 to 50 years Leasehold buildings \u2013 period of lease Plant and equipment \u2013 3 to 10 years Fixtures, fittings and motor vehicles \u2013 2 to 5 years The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Assets under construction are transferred to the appropriate category of property, plant and equipment upon completion of a project. Depreciation commences upon transfer. See note 4N.(i) for the accounting policy related to right\u2011of\u2011use assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-265": { "value": "F. Property, plant and equipment Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. Such cost includes the cost of replacing part of the property, plant and equipment and borrowing costs for long\u2011term construction projects if the recognition criteria are met. When significant parts of property, plant and equipment are required to be replaced at intervals, the Group recognises such parts as individual assets with specific useful lives and depreciates them accordingly. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss as incurred. Land is not depreciated. Depreciation on other assets is calculated using the straight\u2011line method to allocate their cost to their residual values over their estimated useful lives as follows: Freehold buildings \u2013 10 to 50 years Leasehold buildings \u2013 period of lease Plant and equipment \u2013 3 to 10 years Fixtures, fittings and motor vehicles \u2013 2 to 5 years The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Assets under construction are transferred to the appropriate category of property, plant and equipment upon completion of a project. Depreciation commences upon transfer. See note 4N.(i) for the accounting policy related to right\u2011of\u2011use assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-337": { "value": "G. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the consideration transferred measured at acquisition date. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the fair values of net identifiable assets acquired, liabilities assumed and contingent liabilities. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash\u2011generating units that are expected to benefit from the combination. Where goodwill has been allocated to a cash\u2011generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash\u2011generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-266": { "value": "G. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the consideration transferred measured at acquisition date. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the fair values of net identifiable assets acquired, liabilities assumed and contingent liabilities. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash\u2011generating units that are expected to benefit from the combination. Where goodwill has been allocated to a cash\u2011generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash\u2011generating unit retained. H. Intangible assets \u2013 other Intangible assets acquired in a business combination Intangible assets acquired in a business combination are identified and recognised separately from goodwill where they satisfy the definition of an intangible asset and their fair values can be measured reliably. The cost of such intangible assets is their fair value at the business combination date. The fair value of customer relationships acquired and recognised as part of a business combination is determined using the multiperiod excess earnings method. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses. Research and development Research costs are expensed as incurred. Other intangible assets purchased or produced internally are recorded as assets when the use of the asset is likely to generate future economic benefits and when the cost of the asset can be determined in a reliable manner. These assets are valued at the cost of purchase or production and amortised at constant rates over their estimated useful life. Subsequent measurement of intangible assets Intangible assets with a finite life are amortised on a straight\u2011line basis over their estimated useful lives as follows: Technology and software costs \u2013 4 years Customer relationships \u2013 13 years The estimated useful life and amortisation methods are reviewed at the end of each reporting period, with the effect of any changes in estimates being accounted for on a prospective basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-307": { "value": "G. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the consideration transferred measured at acquisition date. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the fair values of net identifiable assets acquired, liabilities assumed and contingent liabilities. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash\u2011generating units that are expected to benefit from the combination. Where goodwill has been allocated to a cash\u2011generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash\u2011generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "value": "G. Business combinations and goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the consideration transferred measured at acquisition date. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the fair values of net identifiable assets acquired, liabilities assumed and contingent liabilities. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash\u2011generating units that are expected to benefit from the combination. Where goodwill has been allocated to a cash\u2011generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash\u2011generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-308": { "value": "H. Intangible assets \u2013 other Intangible assets acquired in a business combination Intangible assets acquired in a business combination are identified and recognised separately from goodwill where they satisfy the definition of an intangible asset and their fair values can be measured reliably. The cost of such intangible assets is their fair value at the business combination date. The fair value of customer relationships acquired and recognised as part of a business combination is determined using the multiperiod excess earnings method. Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortisation and accumulated impairment losses.
Research and development
Research costs are expensed as incurred.
Other intangible assets purchased or produced internally are recorded as assets when the use of the asset is likely to generate
future economic benefits and when the cost of the asset can be determined in a reliable manner. These assets are valued at
the cost of purchase or production and amortised at constant rates over their estimated useful life.
Subsequent measurement of intangible assets
Intangible assets with a finite life are amortised on a straight\u2011line basis over their estimated useful lives as follows:
Technology and software costs \u2013 4 years
Customer relationships \u2013 13 years
The estimated useful life and amortisation methods are reviewed at the end of each reporting period, with the effect of any
changes in estimates being accounted for on a prospective basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-309": { "value": "of another entity. i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as financial assets at fair value through profit or loss or at amortised cost, as appropriate. With the exception of trade receivables, which are recognised at transaction price, all financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or sales of financial assets that require delivery of assets within a timeframe established by regulation or convention in the marketplace (regular way trades) are recognised on the trade date, i.e. the date that the Group commits to purchase or sell the asset. Subsequent measurement For the purposes of subsequent measurement, financial assets of the Group are classified in two categories: \u2022 financial assets at fair value through profit or loss; and \u2022 financial assets at amortised cost (debt instruments). Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial assets at amortised cost (debt instruments) This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met: \u2022 the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest rate (\u201cEIR\u201d) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables. Derecognition A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated balance sheet) when the rights to receive cash flows from the asset have expired, or the Group has transferred its rights to receive cash flows from the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-339": { "value": "Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets held for trading and financial assets designated upon initial recognition at fair value through profit or loss. Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognised in the income statement. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-340": { "value": "Derecognition A financial asset is primarily derecognised (i.e. removed from the Group\u2019s consolidated balance sheet) when the rights to receive cash flows from the asset have expired, or the Group has transferred its rights to receive cash flows from the asset. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-338": { "value": "ii) Impairment of financial assets The Group recognises an allowance for expected credit losses (\u201cECLs\u201d) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Trade receivables are the Group\u2019s only financial asset for which ECLs need to be calculated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-310": { "value": "ii) Impairment of financial assets The Group recognises an allowance for expected credit losses (\u201cECLs\u201d) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. Trade receivables are the Group\u2019s only financial asset for which ECLs need to be calculated. L. Impairment of non-financial assets Intangible assets, including goodwill, that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash\u2011generating unit\u2019s (\u201cCGU\u2019s\u201d) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of three years. For longer periods, a long\u2011term growth rate is calculated and applied to project future cash flows after the third year. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, where the recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and value in use. Impairment losses of continuing operations, including impairment on inventories, are recognised in the income statement in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-311": { "value": "iii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, financial guarantee contracts and derivative financial instruments. Subsequent measurement The measurement of financial liabilities depends on their classification, as described below: Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by IFRS 9. Gains or losses on liabilities held for trading are recognised in the income statement. Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability as at fair value through profit or loss. Loans and borrowings This is the category most relevant to the Group. After initial recognition, interest\u2011bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the income statement. This category generally applies to interest\u2011bearing loans and borrowings. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled, or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-341": { "value": "Loans and borrowings This is the category most relevant to the Group. After initial recognition, interest\u2011bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the income statement. This category generally applies to interest\u2011bearing loans and borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "J. Derivative financial instruments Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss. For the purpose of hedge accounting, hedges are classified as: \u2022 hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument and the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u201can economic relationship\u201d between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below: Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as other comprehensive income/(expense) while any gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the income statement. The Group uses a loan as a hedge of its exposure to foreign currency risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-342": { "value": "J. Derivative financial instruments Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss. For the purpose of hedge accounting, hedges are classified as: \u2022 hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument and the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u201can economic relationship\u201d between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below: Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as other comprehensive income/(expense) while any gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the income statement. The Group uses a loan as a hedge of its exposure to foreign currency risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-312": { "value": "J. Derivative financial instruments Initial recognition and subsequent measurement The Group uses derivative financial instruments, such as forward currency contracts and interest rate swaps, to hedge its foreign currency risks and interest rate risks respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss. For the purpose of hedge accounting, hedges are classified as: \u2022 hedges of a net investment in a foreign operation. At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument and the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u201can economic relationship\u201d between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. Hedges that meet all the qualifying criteria for hedge accounting are accounted for as described below: Hedges of a net investment Hedges of a net investment in a foreign operation, including a hedge of a monetary item that is accounted for as part of the net investment, are accounted for in a way similar to cash flow hedges. Gains or losses on the hedging instrument relating to the effective portion of the hedge are recognised as other comprehensive income/(expense) while any gains or losses relating to the ineffective portion are recognised in the income statement. On disposal of the foreign operation, the cumulative value of any such gains or losses recorded in equity is transferred to the income statement. The Group uses a loan as a hedge of its exposure to foreign currency risk. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-268": { "value": "K. Inventories Inventories are valued at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows: \u2022 raw materials: purchase cost on a first\u2011in, first\u2011out basis; and \u2022 finished goods and work in progress: cost of direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-267": { "value": "L. Impairment of non-financial assets Intangible assets, including goodwill, that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the higher of an asset\u2019s or cash\u2011generating unit\u2019s (\u201cCGU\u2019s\u201d) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. 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. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators. The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately for each of the Group\u2019s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally cover a period of three years. For longer periods, a long\u2011term growth rate is calculated and applied to project future cash flows after the third year. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount, where the recoverable amount is the higher of the asset\u2019s fair value less costs of disposal and value in use. Impairment losses of continuing operations, including impairment on inventories, are recognised in the income statement in expense categories consistent with the function of the impaired asset. For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset\u2019s or CGU\u2019s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-269": { "value": "M. Cash and cash equivalents Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short\u2011term deposits with an original maturity of three months or less. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-270": { "value": "N. Leases The Group assesses at contract inception whether a contract is, or contains, a lease \u2013 that is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as lessee The Group applies a single recognition and measurement approach for all leases, except for short\u2011term leases and leases of low value assets. The Group recognises lease liabilities to make lease payments and right\u2011of\u2011use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognises right\u2011of\u2011use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right\u2011of\u2011use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right\u2011of\u2011use assets includes the amount of lease liabilities recognised, initial direct costs incurred and lease payments made at or before the commencement date less any lease incentives received. Right\u2011of\u2011use assets are depreciated on a straight\u2011line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: Leasehold buildings \u2013 period of lease Plant and machinery \u2013 3 to 10 years Fixtures, fittings and motor vehicles \u2013 2 to 5 years If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right\u2011of\u2011use assets are also subject to impairment. Refer to the accounting policies in section L. Impairment of non\u2011financial assets. ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in\u2011substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is calculated based on the Group\u2019s external borrowing rate. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. The Group\u2019s lease liabilities are included in the interest\u2011bearing loans and borrowings (see note 19). iii) Short-term leases and leases of low value assets The Group applies the short\u2011term lease recognition exemption to its short\u2011term leases of plant and machinery (i.e. those leases that have a lease term of twelve months or less from the commencement date and do not contain a purchase option). It also applies the lease of low value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short\u2011term leases and leases of low\u2011value assets are recognised as expense on a straight\u2011line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-271": { "value": "O. Provisions General Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event; it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the income statement net of any reimbursement. The effect of the time value of money is not material and therefore the provisions are not discounted. No warranty provision is made for steel panel radiators based on the very low claims history. The Group sells electrical radiators and a small volume of boilers and provision for these is made on a \u00a3 per unit sold basis, driven by historical warranty claims data. A provision is recognised in respect of an unused vacation pay liability due to certain employees in Turkey. The provision is calculated based on the number of unused days and the salary rates applicable. Restructuring provisions are recognised only when the Group has a constructive obligation, which is when a detailed formal proposal identifies the business or part of the business concerned, the location and number of employees affected, a detailed estimate of the associated costs and an appropriate timeline, and when the employees affected have been notified of the proposal\u2019s main features. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-272": { "value": "P. Pensions and other post-employment benefits The Group has an obligation to provide lump sum termination payments to certain employees in Turkey and also in Italy; these schemes are accounted for under IAS 19. The cost of providing benefits under the schemes is determined using the projected unit credit method. Remeasurements, comprising actuarial gains and losses, are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through other comprehensive income/(expense) in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods. Past service costs are recognised in profit or loss on the earlier of: \u2022 the date of the plan amendment or curtailment; and \u2022 the date that the Group recognises restructuring\u2011related costs. Net interest is calculated by applying the discount rate to the defined benefit liability. The Group recognises the following changes in the defined benefit obligation under \u201ccost of sales\u201d, \u201cadministration expenses\u201d and \u201cselling and distribution expenses\u201d in the consolidated income statement (by function): \u2022 service costs comprising current service costs, past service costs, gains and losses on curtailments and non\u2011routine settlements. For the defined contribution schemes operated by the Group, the amount charged to the income statement in respect of pension costs and other post\u2011retirement benefits is the contributions payable in exchange for services rendered in the period. Differences between contributions payable in the period and contributions actually paid are shown as either accruals or prepayments in the balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-273": { "value": "Q. Share-based payments (IFRS 2) The fair value of equity\u2011settled share options granted is recognised as an employee expense with a corresponding increase in equity. The fair value is measured as at the date the options are granted and the charge is only amended if vesting does not take place due to non\u2011market conditions not being met. Various option pricing models are used according to the terms of the option scheme under which the options were granted. The fair value is spread over the period during which the employees become unconditionally entitled to the options. At the balance sheet date, if it is expected that non\u2011market conditions will not be satisfied, the cumulative expense recognised in relation to the relevant options is reversed. With respect to share\u2011based payments, a deferred tax asset is recognised on the relevant tax base. The tax base is then compared to the cumulative share\u2011based payment expense recognised in the income statement. Deferred tax arising on the excess of the tax base over the cumulative share\u2011based payment expense recognised in the income statement has been recognised directly in equity outside the SOCI as share\u2011based payments are considered to be transactions with shareholders. Where the Company grants options over its own shares to employees of its subsidiaries, it recognises, in its individual financial statements, an increase in the cost of investment in its subsidiaries equivalent to the equity\u2011settled share\u2011based payment charge recognised in its consolidated financial statements, with the corresponding credit being recognised in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-274": { "value": "R. Exceptional items Exceptional items are disclosed by virtue of their nature, size or incidence to allow a better understanding of the underlying trading performance of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-275": { "value": "S. Dividends Final dividends are recorded in the financial statements in the period in which they are approved by the Company\u2019s shareholders. Interim dividends are recorded in the period in which they are approved and paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-313": { "value": "T. New standards applied in the year Several amendments and interpretations apply for the first time in 2024, but do not have a material impact on the consolidated financial statements of the Group. These include: \u2022 Classification of Liabilities as Current or Non\u2011current and Non\u2011current Liabilities with Covenants \u2013 Amendments to IAS 1 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier Finance ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-276": { "value": "T. New standards applied in the year Several amendments and interpretations apply for the first time in 2024, but do not have a material impact on the consolidated financial statements of the Group. These include: \u2022 Classification of Liabilities as Current or Non\u2011current and Non\u2011current Liabilities with Covenants \u2013 Amendments to IAS 1 \u2022 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2022 Amendment to IAS 7 and IFRS 7 \u2013 Supplier Finance U. New standards and interpretations not applied The International Accounting Standards Board has issued the following standards and interpretations with an effective date after the date of these financial statements:
Effective date
(period beginning
International Accounting Standards (IAS/IFRSs) on or after)
Lack of Exchangeability \u2013 Amendments to IAS 21
1 January 2025
Classification and Measurement of Financial Instruments \u2013 Amendments to
IFRS 9 and IFRS 7
1 January 2026
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
1 January 2026
Presentation and Disclosure in Financial Statements \u2013 IFRS 18
1 January 2027
Subsidiaries without Public Accountability: Disclosures \u2013 IFRS 19
1 January 2027
It is anticipated that adoption of these standards and interpretations will not have a material impact on the Group\u2019s financial statements. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-314": { "value": "U. New standards and interpretations not applied The International Accounting Standards Board has issued the following standards and interpretations with an effective date after the date of these financial statements:
Effective date
(period beginning
International Accounting Standards (IAS/IFRSs) on or after)
Lack of Exchangeability \u2013 Amendments to IAS 21
1 January 2025
Classification and Measurement of Financial Instruments \u2013 Amendments to
IFRS 9 and IFRS 7
1 January 2026
Annual Improvements to IFRS Accounting Standards \u2013 Volume 11
1 January 2026
Presentation and Disclosure in Financial Statements \u2013 IFRS 18
1 January 2027
Subsidiaries without Public Accountability: Disclosures \u2013 IFRS 19
1 January 2027
It is anticipated that adoption of these standards and interpretations will not have a material impact on the Group\u2019s financial statements. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-277": { "value": "
5 Significant accounting judgements, estimates and assumptions
The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that
require a material adjustment to the carrying amount of assets or liabilities affected in future periods.
Judgements
In the process of applying the Group\u2019s accounting policies, management has made judgements which would have a
significant effect on the amounts recognised in the consolidated financial statements.
Impairment of non-financial assets
Intangible assets, including goodwill, that have an indefinite useful life are not subject to amortisation and are tested annually
for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or circumstances
indicate that the carrying amount may not be recoverable. Details of the impairment assessment of goodwill, which includes
key estimates, are disclosed in note 18.
There is an additional judgement relating to the renewal of a significant supply contract with an existing customer.
The contract ends on 31 December 2025 and the base scenario assumes that it is successfully renegotiated on the basis
of management\u2019s assessment of the strength of the Group\u2019s position with the customer. Further details of the sensitivity
analysis undertaken can be found in note 18.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The Group based its assumptions and estimates on parameters available when the
consolidated financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising beyond the control of the Group. Such changes are
reflected in the assumptions when they occur.
Rebates
A proportion of rebates is paid to the end consumers of goods sold. Uncertainties exist over the value of the rebates
recognised as, until claims are made by end consumers, the Group cannot be certain which consumers have purchased
which products. Due to this uncertainty, estimates are made over what contractual rates, if any, will apply to goods sold.
Management make significant estimates and assumptions in order to assess the level of rebate required at the balance
sheet date. Management is able to utilise market information and historical/current data and trends in order to make an
appropriate estimate.
A reasonably possible change in the estimates surrounding rebates would not result in a material impact on the
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-278": { "value": "
6 Segmental information
IFRS 8 Operating Segments requires operating segments to be determined from the Group\u2019s internal reporting to the Chief
Operating Decision Maker (\u201cCODM\u201d). The CODM has been determined to be the Chief Executive Officer and Chief Financial
Officer. The operating segments are determined to be the key geographical regions in which the Group operates. The CODM
receive management information as part of the internal reporting framework based upon the key geographical regions. The
CODM assesses the performance of geographical segments based on a measure of revenue and adjusted operating profit.
Adjusted operating profit is earnings before interest, tax, amortisation of customer relationships and exceptional items.
Revenue by geographical market
2024 2023
\u00a3\u2019000 \u00a3\u2019000
UK & Ireland
137,351
139,422
Europe
138,971
149,063
Turkey & International
14,255
19,708
Total revenue
290,577
308,193
The revenue arising in the UK, being the Company\u2019s country of domicile, was \u00a3134,442,000 (2023: \u00a3133,323,000).
All revenue arising in the UK was to external customers.
Adjusted operating profit by geographical market
2024 2023
\u00a3\u2019000 \u00a3\u2019000
UK & Ireland
29,548
24,485
Europe
7,937
9,061
Turkey & International
1,042
1,348
Central costs
(7,005)
(5,606)
Adjusted operating profit
31,522
29,288
Exceptional items
\u2014
(2,466)
Amortisation of customer relationships
(137)
(141)
Operating profit
31,385
26,681
In the year ended 31 December 2023 the exceptional items relate to a \u00a32,908,000 restructuring exercise undertaken
in quarter four of the year in order to drive cost savings for future periods, partially offset by exceptional income related
to the acquisition of Radiators SpA of \u00a3442,000.
All exceptional items have been presented as such because they are one\u2011off in nature and separate disclosure allows
the underlying trading performance of the Group to be better understood.
The revenue information above is based on the locations of the customers. All revenue arises from the sale of goods.
One customer has revenues in excess of 10% of revenue (2023: none).
Non-current operating assets
2024 2023
\u00a3\u2019000 \u00a3\u2019000
UK
16,324
17,547
The Netherlands
17,453
20,581
Turkey
25,549
26,500
Italy
23,894
26,818
Other
605
1,052
Total
83,825
92,498
The CODM review the non\u2011current operating assets based on the geographical regions in the table above, rather than
those used when reviewing revenue and adjusted operating profit, because this is the physical location of the assets.
These values agree to the measurement of the assets per the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-343": { "value": "Revenue by geographical market
2024 2023
\u00a3\u2019000 \u00a3\u2019000
UK & Ireland
137,351
139,422
Europe
138,971
149,063
Turkey & International
14,255
19,708
Total revenue
290,577
308,193
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-315": { "value": "Revenue by geographical market
2024 2023
\u00a3\u2019000 \u00a3\u2019000
UK & Ireland
137,351
139,422
Europe
138,971
149,063
Turkey & International
14,255
19,708
Total revenue
290,577
308,193
The revenue arising in the UK, being the Company\u2019s country of domicile, was \u00a3134,442,000 (2023: \u00a3133,323,000). All revenue arising in the UK was to external customers. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-279": { "value": "
7 Other operating income/(expenses)
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Net gain/(loss) on disposal of property, plant and equipment
118
(11)
Foreign currency gains
723
1,736
Net losses on forward derivative contracts
(35)
(689)
Sundry other expenses \u2013 environmental claim
\u2014
(104)
Sundry other income
513
267
1,319
1,199
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "value": "7 Other operating income/(expenses)
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Net gain/(loss) on disposal of property, plant and equipment
118
(11)
Foreign currency gains
723
1,736
Net losses on forward derivative contracts
(35)
(689)
Sundry other expenses \u2013 environmental claim
\u2014
(104)
Sundry other income
513
267
1,319
1,199
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-316": { "value": "7 Other operating income/(expenses)
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Net gain/(loss) on disposal of property, plant and equipment
118
(11)
Foreign currency gains
723
1,736
Net losses on forward derivative contracts
(35)
(689)
Sundry other expenses \u2013 environmental claim
\u2014
(104)
Sundry other income
513
267
1,319
1,199
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-280": { "value": "
8 Operating profit
Operating profit is stated after charging/(crediting):
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013 Audit of the Company and consolidated financial statements
169
155
\u2013 Audit of subsidiaries
316
275
485
430
\u2013 Non\u2011audit services \u2013 interim review fee
38
36
\u2013 Non\u2011audit services \u2013 other
8
8
46
44
Total auditors\u2019 remuneration
531
474
Depreciation of owned assets
8,926
9,085
Depreciation of right\u2011of\u2011use assets
2,766
2,530
11,692
11,615
Amortisation of customer relationships
137
141
Amortisation of other intangibles
331
316
468
457
(Profit)/loss on sale of property, plant and equipment
(118)
11
Other exchange gains
(688)
(1,047)
Research and development costs
1,552
1,591
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "8 Operating profit Operating profit is stated after charging/(crediting):
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013 Audit of the Company and consolidated financial statements
169
155
\u2013 Audit of subsidiaries
316
275
485
430
\u2013 Non\u2011audit services \u2013 interim review fee
38
36
\u2013 Non\u2011audit services \u2013 other
8
8
46
44
Total auditors\u2019 remuneration
531
474
Depreciation of owned assets
8,926
9,085
Depreciation of right\u2011of\u2011use assets
2,766
2,530
11,692
11,615
Amortisation of customer relationships
137
141
Amortisation of other intangibles
331
316
468
457
(Profit)/loss on sale of property, plant and equipment
(118)
11
Other exchange gains
(688)
(1,047)
Research and development costs
1,552
1,591
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "value": "8 Operating profit Operating profit is stated after charging/(crediting):
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013 Audit of the Company and consolidated financial statements
169
155
\u2013 Audit of subsidiaries
316
275
485
430
\u2013 Non\u2011audit services \u2013 interim review fee
38
36
\u2013 Non\u2011audit services \u2013 other
8
8
46
44
Total auditors\u2019 remuneration
531
474
Depreciation of owned assets
8,926
9,085
Depreciation of right\u2011of\u2011use assets
2,766
2,530
11,692
11,615
Amortisation of customer relationships
137
141
Amortisation of other intangibles
331
316
468
457
(Profit)/loss on sale of property, plant and equipment
(118)
11
Other exchange gains
(688)
(1,047)
Research and development costs
1,552
1,591
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "value": "8 Operating profit Operating profit is stated after charging/(crediting):
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013 Audit of the Company and consolidated financial statements
169
155
\u2013 Audit of subsidiaries
316
275
485
430
\u2013 Non\u2011audit services \u2013 interim review fee
38
36
\u2013 Non\u2011audit services \u2013 other
8
8
46
44
Total auditors\u2019 remuneration
531
474
Depreciation of owned assets
8,926
9,085
Depreciation of right\u2011of\u2011use assets
2,766
2,530
11,692
11,615
Amortisation of customer relationships
137
141
Amortisation of other intangibles
331
316
468
457
(Profit)/loss on sale of property, plant and equipment
(118)
11
Other exchange gains
(688)
(1,047)
Research and development costs
1,552
1,591
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "value": "8 Operating profit Operating profit is stated after charging/(crediting):
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013 Audit of the Company and consolidated financial statements
169
155
\u2013 Audit of subsidiaries
316
275
485
430
\u2013 Non\u2011audit services \u2013 interim review fee
38
36
\u2013 Non\u2011audit services \u2013 other
8
8
46
44
Total auditors\u2019 remuneration
531
474
Depreciation of owned assets
8,926
9,085
Depreciation of right\u2011of\u2011use assets
2,766
2,530
11,692
11,615
Amortisation of customer relationships
137
141
Amortisation of other intangibles
331
316
468
457
(Profit)/loss on sale of property, plant and equipment
(118)
11
Other exchange gains
(688)
(1,047)
Research and development costs
1,552
1,591
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-317": { "value": "8 Operating profit Operating profit is stated after charging/(crediting): 2024 2023 \u00a3\u2019000 \u00a3\u2019000 Auditors\u2019 remuneration: \u2013 Audit of the Company and consolidated financial statements 169 155 \u2013 Audit of subsidiaries 316 275 485 430 \u2013 Non\u2011audit services \u2013 interim review fee 38 36 \u2013 Non\u2011audit services \u2013 other 8 8 46 44 Total auditors\u2019 remuneration 531 474 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-318": { "value": "
9 Employee benefits expense
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
44,815
42,232
Social security costs
8,323
7,327
Other pension costs
3,082
3,349
Share\u2011based payment charge (note 11)
440
515
56,660
53,423
The average monthly number of employees during the year was made up as follows:
2024 2023
Number Number
Cost of sales
779
788
Selling and distribution
526
560
Administration
130
131
1 ,4 35
1,479
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-281": { "value": "9 Employee benefits expense
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
44,815
42,232
Social security costs
8,323
7,327
Other pension costs
3,082
3,349
Share\u2011based payment charge (note 11)
440
515
56,660
53,423
The average monthly number of employees during the year was made up as follows:
2024 2023
Number Number
Cost of sales
779
788
Selling and distribution
526
560
Administration
130
131
1 ,4 35
1,479
27 Pensions and other post-employment plans
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Net employee defined benefit liability
Turkish scheme \u2013 IAS 19
4,476
3,148
Italian scheme \u2013 IAS 19
600
860
Other retirement obligations \u2013 non\u2011IAS 19
42
45
5,118
4,053
Turkish scheme In Turkey there is an obligation to provide lump sum termination payments to certain employees; this represents 30 days\u2019 pay (subject to a cap imposed by the Turkish government) for each year of service. The IAS 19 valuation gives a liability of \u00a34,476,000 (2023: \u00a33,148,000). There are no assets held in this plan (2023: \u00a3nil). The expected contributions to the plan for the next reporting period to cover benefits paid are \u00a3207,000. The service cost in the year was \u00a3383,000 (2023: \u00a3372,000). Italian scheme The Italian pension scheme, the Trattamento di Fine Rapporto, is a deferred compensation scheme established by Italian law. Employers are required to provide a benefit to employees when, for any reason, their employment is terminated. The IAS 19 valuation gives a net liability of \u00a3600,000 (2023: \u00a3860,000). The expected contributions to the plan for the next reporting period to cover benefits paid are \u00a368,000. The service cost in the year was \u00a3nil (2023: \u00a3nil). UK scheme The UK has one defined contribution pension scheme, following the transfer of all pension arrangements to a Master Trust in 2020. The total employer contributions made in the year were \u00a31,122,000 (2023: \u00a31,222,000). There were outstanding contributions totalling \u00a366,000 (2023: \u00a3nil) due to the scheme at the balance sheet date. Other overseas retirement obligations The Group operates a number of defined contribution pension schemes in its overseas entities and also has certain other retirement obligations. The contributions to overseas pension schemes in the year and any movements in the provision for other retirement obligations are reported as part of the employee benefits note and total \u00a31,577,000 (2023: \u00a31,755,000). IAS 19 accounting \u2013 Turkish and Italian schemes Movement in defined benefit obligation
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2024 2024 2023 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January
860
3,148
944
3,546
Current service cost
\u2014
380
\u2014
329
Interest cost
26
893
33
291
Plan curtailments \u2013 service cost
\u2014
3
\u2014
43
Plan curtailments \u2013 interest cost
\u2014
2
\u2014
33
Amounts recognised in income statement
26
1,278
33
696
Actuarial (gains)/losses
(3)
928
11
925
Benefits paid
(248)
(326)
(107)
(473)
Exchange differences
(35)
(552)
(21)
(1,546)
At 31 December
600
4,476
860
3,148
Amounts recognised in other comprehensive income/(expense)
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2024 2024 2023 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Experience adjustments \u2013 obligation
3
(1,010)
6
(1,055)
Changes in demographic assumptions \u2013 obligation
\u2014
(35)
\u2014
(93)
Changes in financial assumptions \u2013 obligation
\u2014
117
(17)
223
At 31 December
3
(928)
(11)
(925)
Principal actuarial assumptions
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2024 2024 2023 2023
Discount rate (per annum)
3.2%
29.3%
3.2%
25.0%
Future salary increases (per annum)
n/a
25.6%
n/a
22.0%
Quantitative sensitivity analysis
2024 2024
Discount rate Future salary increases
(per annum) (per annum)
+1% -1% +1% -1%
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
(Decrease)/increase in defined benefit obligation \u2013 Italian scheme
(43)
47
\u2014
\u2014
(Decrease)/increase in defined benefit obligation \u2013 Turkish scheme
(250)
279
286
(260)
The sensitivity analysis above has been determined based on a method that extrapolates the impact on the net defined
benefit obligation as a result of reasonable changes in key assumptions at the end of the reporting year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-282": { "value": "
10 Directors\u2019 remuneration
The Remuneration Policy is described in the Remuneration Report on pages 74 to 91.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Aggregate remuneration
1,735
1,715
The amounts in respect of the highest paid Director are as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Aggregate remuneration
969
832
Aggregate remuneration is inclusive of basic salary, annual bonus (including any accrued bonuses), pension contributions and
other taxable benefits. No retirement benefits are accruing to Directors under a defined contribution scheme or a defined benefit
scheme (2023: \u00a3nil). Further details on Directors\u2019 remuneration can be found in the Remuneration Report on pages 74 to 91.
", "dimensions": { "concept": "stelradgroupplc:DisclosureOfDirectorsRemuneration", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-283": { "value": "
11 Share-based payments
Long Term Incentive Plans
The Executive Directors and selected members of the senior management team across the Group participate in the Stelrad
Group plc Long Term Incentive Plan (\u201cLTIP\u201d), which was set up and launched during the year ended 31 December 2022.
A second award was made during the year ended 31 December 2024. The LTIP provides for the Executive Directors and
selected members of the senior management team to be awarded nil\u2011cost shares in the Group, conditional on specified
performance conditions being met over a period of three years. The grants made to date have been based on two conditions
\u2013 adjusted EPS (a non\u2011market condition) and relative TSR as compared to the selected benchmark index (a market condition).
Refer to the Remuneration Report on pages 74 to 91 for further details of the LTIP.
The expense recognised for the LTIP during the year ended 31 December 2024 was \u00a3339,000 (2023: \u00a3406,000).
During the year ended 31 December 2024, LTIP awards were granted to selected members of the senior management team
and the Executive Directors. The senior management team awards were 100% based on an adjusted EPS target (a non\u2011market
condition). The Executive Director awards were 80% based on an adjusted EPS target (a non\u2011market condition) and 20% on
relative TSR compared to a selected benchmark index (a market condition), with the total award value being equal to 50% of
salary. Due to the low proportion of market condition\u2011based awards granted in the year ended 31 December 2024, the inputs
to the Monte Carlo model used to value the 2022 LTIP awards have been used to value the LTIP awards granted in the year
ended 31 December 2024. The inputs to the model used for the awards granted in the year ended 31 December 2024 were:
2024
Stelrad Group plc:
Share price at date of grant
\u00a31.17
Dividend yield
0.0%
Risk-free rate
1.6%
Future share price volatility
25.0%
Selected comparator group:
Future share price volatility
47.9%
Correlation between companies
1.0%
The fair value of the LTIP awards granted (based on non\u2011market conditions) is equal to the share price at the date of grant.
The following table shows the number of share awards for the LTIP:
2024
2023
Outstanding at the beginning of the year
985,729
985,729
Granted during the year
1,368,487
\u2014
Lapsed during the year
(985,729)
\u2014
Forfeited during the year
(111,972)
\u2014
Outstanding at the end of the year
1,256,515
985,729
The weighted average share price of the share awards at the year end was \u00a31.36 (2023: \u00a31.31).
The weighted average fair value of awards granted during the year ended 31 December 2024 was \u00a31.17 (2023: nil).
The weighted average remaining contractual life of the awards was 2.21 years (2023: 1.39 years).
There were no awards exercised in the year (2023: nil).
Deferred Share Bonus Plan
The Deferred Share Bonus Plan (\u201cDSBP\u201d) provides for the Executive Directors of the Group to be awarded shares in the Group
conditional on the achievement of financial and strategic targets. The shares are deferred over a two\u2011year period. The DSBP
awards are not subject to any market\u2011based conditions. Therefore, the fair value of the awards is equal to the share price at
the date of grant. Refer to the Remuneration Report on pages 74 to 91 for further details of the DSBP.
The expense recognised for the DSBP during the year ended 31 December 2024 was \u00a3101,000 (2023: \u00a3109,000).
95,266 share awards have been granted under the DSBP during the year ended 31 December 2024 (2023: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-284": { "value": "
12 Finance income
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest on cash deposits
186
182
13 Finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest on bank loans
5,723
5,663
Amortisation of loan issue costs
375
513
Interest expense on defined benefit liabilities
921
357
Finance charges payable on lease liabilities
129
120
Other finance charges
1,041
1,028
8,189
7,681
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "12 Finance income
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest on cash deposits
186
182
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "12 Finance income
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest on cash deposits
186
182
13 Finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest on bank loans
5,723
5,663
Amortisation of loan issue costs
375
513
Interest expense on defined benefit liabilities
921
357
Finance charges payable on lease liabilities
129
120
Other finance charges
1,041
1,028
8,189
7,681
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-319": { "value": "12 Finance income
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest on cash deposits
186
182
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "value": "13 Finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest on bank loans
5,723
5,663
Amortisation of loan issue costs
375
513
Interest expense on defined benefit liabilities
921
357
Finance charges payable on lease liabilities
129
120
Other finance charges
1,041
1,028
8,189
7,681
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-320": { "value": "13 Finance costs
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest on bank loans
5,723
5,663
Amortisation of loan issue costs
375
513
Interest expense on defined benefit liabilities
921
357
Finance charges payable on lease liabilities
129
120
Other finance charges
1,041
1,028
8,189
7,681
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-285": { "value": "
14 Income tax expense
The major components of income tax expense are as follows:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Consolidated income statement
Current income tax:
Current income tax charge
5,083
7, 214
Adjustments in respect of current income tax charge of previous year
(127)
10
Deferred tax:
Relating to origination and reversal of temporary differences
1,908
(3,466)
Income tax expense reported in the income statement
6,864
3,758
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Consolidated statement of comprehensive income
Tax related to items recognised in other comprehensive income/(expense) during the year:
Deferred tax on actuarial loss
(232)
(206)
Current tax on monetary items forming part of net investment and on hedges of net
investment
217
158
Income tax credited to other comprehensive income
(15)
(48)
Reconciliation of tax expense and the accounting profit at the tax rate in the United Kingdom of 25% (2023: 23.5%):
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Profit before tax
23,382
19,182
Profit before tax multiplied by standard rate of corporation tax in the UK of 25% (2023: 23.5%)
5,846
4,508
Adjustments in respect of current income tax charge of previous year
(127)
10
Non\u2011deductible expenses
352
60
Differences arising due to tax losses
286
1,205
Other timing differences (including 2023 inflation adjustment to Turkish tax assets)
721
(3,163)
Benefit of overseas investment incentives
(220)
(263)
Withholding tax on dividend income
1,032
1,760
Effect of different overseas tax rates
(1,026)
(359)
Total tax expense reported in the income statement
6,864
3,758
Deferred tax
Deferred tax relates to the following:
Consolidated balance sheet Consolidated income statement
2024 2023 2024 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Capital allowances
(641)
279
(742)
(538)
Pension
1,010
719
99
(275)
Fixed asset fair value adjustments
(1,303)
(1,421)
58
252
Losses available for offsetting against future income
3,322
4,387
(965)
(1,039)
Other temporary differences
2,224
2,503
(358)
5,066
Deferred tax (charge)/credit
(1,908)
3,466
Net deferred tax assets
4,612
6,467
Reflected in the balance sheet as:
Deferred tax assets
4,821
6,685
Deferred tax liabilities
(209)
(218)
Deferred tax assets, net
4,612
6,467
Reconciliation of deferred tax assets, net
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Opening balance as at 1 January
6,467
2,786
Tax (charge)/income recognised in income statement
(1,908)
3,466
Tax income recognised in other comprehensive income/(expense)
232
206
Exchange adjustment
(179)
9
Closing balance as at 31 December
4,612
6,467
The Group offsets tax assets and liabilities if it has a legally enforceable right to set them off and they are levied by the same
tax authority. Deferred tax assets in respect of losses of \u00a32,118,000 (2023: \u00a32,130,000) have been recognised in respect of
two (2023: two) loss\u2011making subsidiary companies; these are recognised on the grounds of future projected performance.
Deferred tax asset recognition
During the year ended 31 December 2023, the Group chose to derecognise certain tax losses, in particular those arising
from Corporate Interest Restriction (\u201cCIR\u201d) rules. An increase in debt to finance the acquisition of Radiators SpA and an
increase in interest rates mean that these tax losses will take longer to utilise and therefore an element has been derecognised.
During the year ended 31 December 2024, the Group also chose not to recognise tax assets connected with higher tax asset
values allowed by the Turkish government due to hyperinflation of the Turkish Lira, on the basis that the recoverability of the
these assets is uncertain.
The deferred tax assets have been analysed in detail at the year end and the recognition of assets, in particular those in respect
of tax losses, has been scrutinised in detail with modelling undertaken to ensure that they are likely to be utilised over a period
of time where profitability can be estimated with reasonable certainty.
Unrecognised deferred tax balances
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Capital allowances
13
20
Losses available for offsetting against future income
3,486
3,733
3,499
3,753
The Group has tax losses which arose in the United Kingdom of \u00a313,944,000 (2023: \u00a314,932,000) that are available
indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have
not been recognised in respect of these losses as they either relate to CIR losses which cannot be reliably utilised in the
short term or they arose prior to April 2017 in subsidiaries that are not profit making and where there is no evidence of
recoverability in the near future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "value": "Deferred tax Deferred tax relates to the following:
Consolidated balance sheet Consolidated income statement
2024 2023 2024 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Capital allowances
(641)
279
(742)
(538)
Pension
1,010
719
99
(275)
Fixed asset fair value adjustments
(1,303)
(1,421)
58
252
Losses available for offsetting against future income
3,322
4,387
(965)
(1,039)
Other temporary differences
2,224
2,503
(358)
5,066
Deferred tax (charge)/credit
(1,908)
3,466
Net deferred tax assets
4,612
6,467
Reflected in the balance sheet as:
Deferred tax assets
4,821
6,685
Deferred tax liabilities
(209)
(218)
Deferred tax assets, net
4,612
6,467
Reconciliation of deferred tax assets, net
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Opening balance as at 1 January
6,467
2,786
Tax (charge)/income recognised in income statement
(1,908)
3,466
Tax income recognised in other comprehensive income/(expense)
232
206
Exchange adjustment
(179)
9
Closing balance as at 31 December
4,612
6,467
The Group offsets tax assets and liabilities if it has a legally enforceable right to set them off and they are levied by the same tax authority. Deferred tax assets in respect of losses of \u00a32,118,000 (2023: \u00a32,130,000) have been recognised in respect of two (2023: two) loss\u2011making subsidiary companies; these are recognised on the grounds of future projected performance. Deferred tax asset recognition During the year ended 31 December 2023, the Group chose to derecognise certain tax losses, in particular those arising from Corporate Interest Restriction (\u201cCIR\u201d) rules. An increase in debt to finance the acquisition of Radiators SpA and an increase in interest rates mean that these tax losses will take longer to utilise and therefore an element has been derecognised. During the year ended 31 December 2024, the Group also chose not to recognise tax assets connected with higher tax asset values allowed by the Turkish government due to hyperinflation of the Turkish Lira, on the basis that the recoverability of the these assets is uncertain. The deferred tax assets have been analysed in detail at the year end and the recognition of assets, in particular those in respect of tax losses, has been scrutinised in detail with modelling undertaken to ensure that they are likely to be utilised over a period of time where profitability can be estimated with reasonable certainty. Unrecognised deferred tax balances
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Capital allowances
13
20
Losses available for offsetting against future income
3,486
3,733
3,499
3,753
The Group has tax losses which arose in the United Kingdom of \u00a313,944,000 (2023: \u00a314,932,000) that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they either relate to CIR losses which cannot be reliably utilised in the short term or they arose prior to April 2017 in subsidiaries that are not profit making and where there is no evidence of recoverability in the near future.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-321": { "value": "Deferred tax Deferred tax relates to the following:
Consolidated balance sheet Consolidated income statement
2024 2023 2024 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Capital allowances
(641)
279
(742)
(538)
Pension
1,010
719
99
(275)
Fixed asset fair value adjustments
(1,303)
(1,421)
58
252
Losses available for offsetting against future income
3,322
4,387
(965)
(1,039)
Other temporary differences
2,224
2,503
(358)
5,066
Deferred tax (charge)/credit
(1,908)
3,466
Net deferred tax assets
4,612
6,467
Reflected in the balance sheet as:
Deferred tax assets
4,821
6,685
Deferred tax liabilities
(209)
(218)
Deferred tax assets, net
4,612
6,467
Reconciliation of deferred tax assets, net
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Opening balance as at 1 January
6,467
2,786
Tax (charge)/income recognised in income statement
(1,908)
3,466
Tax income recognised in other comprehensive income/(expense)
232
206
Exchange adjustment
(179)
9
Closing balance as at 31 December
4,612
6,467
The Group offsets tax assets and liabilities if it has a legally enforceable right to set them off and they are levied by the same tax authority. Deferred tax assets in respect of losses of \u00a32,118,000 (2023: \u00a32,130,000) have been recognised in respect of two (2023: two) loss\u2011making subsidiary companies; these are recognised on the grounds of future projected performance. Deferred tax asset recognition During the year ended 31 December 2023, the Group chose to derecognise certain tax losses, in particular those arising from Corporate Interest Restriction (\u201cCIR\u201d) rules. An increase in debt to finance the acquisition of Radiators SpA and an increase in interest rates mean that these tax losses will take longer to utilise and therefore an element has been derecognised. During the year ended 31 December 2024, the Group also chose not to recognise tax assets connected with higher tax asset values allowed by the Turkish government due to hyperinflation of the Turkish Lira, on the basis that the recoverability of the these assets is uncertain. The deferred tax assets have been analysed in detail at the year end and the recognition of assets, in particular those in respect of tax losses, has been scrutinised in detail with modelling undertaken to ensure that they are likely to be utilised over a period of time where profitability can be estimated with reasonable certainty. Unrecognised deferred tax balances
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Capital allowances
13
20
Losses available for offsetting against future income
3,486
3,733
3,499
3,753
The Group has tax losses which arose in the United Kingdom of \u00a313,944,000 (2023: \u00a314,932,000) that are available indefinitely for offsetting against future taxable profits of the companies in which the losses arose. Deferred tax assets have not been recognised in respect of these losses as they either relate to CIR losses which cannot be reliably utilised in the short term or they arose prior to April 2017 in subsidiaries that are not profit making and where there is no evidence of recoverability in the near future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-286": { "value": "
15 Earnings per share
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Net profit for the year attributable to owners of the parent
16,518
15,424
Exceptional items
\u2014
2,466
Amortisation of customer relationships
137
141
Tax on exceptional items
\u2014
(651)
Tax on amortisation of customer relationships
(38)
(39)
Adjusted net profit for the year attributable to owners of the parent
16,617
17,341
2024 2023
Number Number
Basic weighted average number of shares in issue
127,352,555
127,352,555
Diluted weighted average number of shares in issue
128,389,983
127,352,555
Earnings per share
Basic earnings per share (pence per share)
12.97
12.11
Diluted earnings per share (pence per share)
12.87
12.11
Adjusted earnings per share
Basic earnings per share (pence per share)
13.05
13.62
Diluted earnings per share (pence per share)
12.94
13.62
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-287": { "value": "
16 Dividends paid
The Board is recommending a final dividend of 4.81 pence per share (2023: 4.72 pence per share), which, if approved,
will mean a final dividend payment of \u00a36,126,000 (2023: \u00a36,011,000).
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and has not been included
as a liability in these consolidated financial statements.
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Declared and paid during the year
Equity dividend on ordinary shares:
Final dividend for 2023: 4.72p per share (2022: 4.72p per share)
6,011
6,011
Interim dividend for 2024: 2.98p per share (2023: 2.92p per share)
3,795
3,718
9,806
9,729
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Dividend proposed (not recognised as a liability)
Equity dividend on ordinary shares:
Final dividend for 2024: 4.81p per share (2023: 4.72p per share)
6,126
6,011
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "0.0481", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-9": { "value": "0.0472", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-11": { "value": "6126000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-10": { "value": "6011000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-288": { "value": "
17 Property, plant and equipment
Fixtures, fittings
Freehold land Leasehold Assets under Plant and and motor
and buildings buildings construction equipment vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2023
46,473
12,222
7,269
83,388
11,234
160,586
Additions
233
1,100
3,616
2,833
1,483
9,265
Transfers
406
\u2014
(9,539)
8,434
699
\u2014
Disposals
(88)
(292)
\u2014
(3,779)
(1,006)
(5,165)
Exchange adjustment
(822)
(289)
(80)
(1,798)
(130)
(3,119)
At 31 December 2023
46,202
12,741
1,266
89,078
12,280
161,567
Additions
124
214
4,951
980
742
7,011
Transfers
214
\u2014
(4,438)
3,820
404
\u2014
Disposals
\u2014
(140)
\u2014
(829)
(806)
(1,775)
Exchange adjustment
(1,675)
(587)
(19)
(3,929)
(331)
(6,541)
At 31 December 2024
44,865
12,228
1,760
89,120
12,289
160,262
Accumulated depreciation and impairment
At 1 January 2023
13,375
4,683
\u2014
43,764
7,160
68,982
Depreciation charge
1,634
1,482
\u2014
6,676
1,823
11,615
Disposals
(88)
(292)
\u2014
(3,577)
(877)
(4,834)
Exchange adjustment
(172)
(113)
\u2014
(1,097)
(61)
(1,443)
At 31 December 2023
14,749
5,760
\u2014
45,766
8,045
74,320
Depreciation charge
1,616
1,489
\u2014
6,766
1,821
11,692
Disposals
\u2014
(47)
\u2014
(806)
(699)
(1,552)
Exchange adjustment
(411)
(298)
\u2014
(2,461)
(201)
(3,371)
At 31 December 2024
15,954
6,904
\u2014
49,265
8,966
81,089
Net book value
At 31 December 2024
28,911
5,324
1,760
39,855
3,323
79,173
At 31 December 2023
31,453
6,981
1,266
43,312
4,235
87,247
At 31 December 2022
33,098
7,539
7,269
39,624
4,074
91,604
The carrying value of right\u2011of\u2011use assets within property, plant and equipment, by line item, at the year end is:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
5,299
6,927
Plant and equipment
1,175
1,255
Fixtures, fittings and motor vehicles
1,255
1,700
7,729
9,882
Right\u2011of\u2011use asset additions within property, plant and equipment, by line item, during the year are:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
214
1,090
Plant and equipment
523
731
Fixtures, fittings and motor vehicles
413
858
1,150
2,679
Depreciation of right\u2011of\u2011use assets within property, plant and equipment, by line item, during the year is:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
1,462
1,456
Plant and equipment
565
374
Fixtures, fittings and motor vehicles
739
700
2,766
2,530
Land and buildings with a carrying amount of \u00a318,095,000 (2023: \u00a320,022,000) are subject to a first charge to secure the
Group\u2019s bank loan.
No borrowing costs have been capitalised since the assets have not met the criteria for qualifying assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-322": { "value": "Right\u2011of\u2011use asset additions within property, plant and equipment, by line item, during the year are:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
214
1,090
Plant and equipment
523
731
Fixtures, fittings and motor vehicles
413
858
1,150
2,679
Depreciation of right\u2011of\u2011use assets within property, plant and equipment, by line item, during the year is:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
1,462
1,456
Plant and equipment
565
374
Fixtures, fittings and motor vehicles
739
700
2,766
2,530
Land and buildings with a carrying amount of \u00a318,095,000 (2023: \u00a320,022,000) are subject to a first charge to secure the Group\u2019s bank loan. No borrowing costs have been capitalised since the assets have not met the criteria for qualifying assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-289": { "value": "
18 Intangible assets
Technology
Customer and software
Goodwill relationships costs Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
2,732
1,822
1,319
5,873
Additions
\u2014
\u2014
100
100
Exchange adjustment
(125)
(85)
(62)
(272)
At 31 December 2024
2,607
1,737
1,357
5,701
Accumulated amortisation and impairment
At 1 January 2024
\u2014
199
423
622
Amortisation
\u2014
137
331
468
Exchange adjustment
\u2014
(13)
(28)
(41)
At 31 December 2024
\u2014
323
726
1,049
Net book value
At 31 December 2024
2,607
1,414
631
4,652
At 31 December 2023
2,732
1,623
896
5,251
Included in technology and software costs are assets under construction of \u00a3nil (2023: \u00a3126,000), which are not amortised.
The remaining amortisation period of the customer relationships, being those acquired upon the acquisition of Radiators SpA,
is ten years and seven months .
Impairment assessment of goodwill Goodwill is subject to annual impairment testing. All of the goodwill recognised is allocated to a single cash\u2011generating unit (\u201cCGU\u201d), being the Radiators SpA division which has a total carrying value of \u00a322.9 million. A CGU represents the lowest level in the Group at which goodwill is monitored for internal management purposes. Impairment tests on the carrying amounts of goodwill are performed by analysing the carrying amount allocated to the CGU against the higher of fair value less costs to sell or its value in use. Both methods are calculated as the net present value of the CGU\u2019s discounted future cash flows covering a three\u2011year period. These cash flows are based on budgeted cash flows information for a period of three years. Terminal growth rates of 1.8% have been applied beyond this, based on historical macroeconomic performance and projections of the sector served by the CGUs. When assessing for impairment of goodwill, management has considered the impact of climate change, particularly in the context of the risks and opportunities identified within the Task Force on Climate\u2011related Financial Disclosures Report on pages 35 to 39 of the Strategic Report, and has not identified any material short\u2011term impacts from climate change that would impact the recoverable amount of the CGU. Over the longer term, the risks and opportunities are more uncertain, and management will continue to assess the quantitative impact of risks at each balance sheet date. For the value in use model, a pre\u2011tax discount rate of 15.1% has been applied in determining the recoverable amounts of the CGU. The pre\u2011tax discount rate is estimated based on the Group\u2019s risk adjusted cost of capital. Other key assumptions throughout the budget period are EBITDA, which is included in the terminal value at a margin of 8.6%, volumes, contribution per radiator sold and capital expenditure. The key assumptions have been determined using past experience or external sources of information. The Group has applied sensitivities to assess whether any reasonably possible changes in assumptions could cause an impairment that would be material to these consolidated financial statements. Details of the sensitivity analysis are disclosed in relation to Radiators SpA because it is sensitive to changes in assumptions. The base case scenario for Radiators SpA has headroom of \u00a31.5 million. A decrease in EBITDA margin of 0.5 ppts percentage points, holding all other assumptions constant, would erode the headroom to zero for Radiators SpA. An increase in discount rate of 0.64 ppts, holding all other assumptions constant, would erode the headroom to zero for Radiators SpA. A reasonably possible decrease in the EBITDA margin of 1.0 ppts would give rise to an impairment of \u00a31.6 million. A reasonably possible decrease in the plan sales volumes of 10% would give rise to an impairment of \u00a35.0 million. An extra sensitivity is the renewal of a significant supply contract with an existing customer. The contract ends on 31 December 2025 and the base scenario assumes that it is successfully renegotiated on the basis of management\u2019s assessment of the strength of the Group\u2019s position with the customer. Holding all other assumptions constant, the loss of the contract would give rise to an impairment of between \u00a38.6 million and \u00a311.8 million, depending on the ability to reduce costs, of the current value of all of the assets in the CGU, including property, plant and equipment. The impairment modelling makes the assumption that manufacturing capacity is not utilised for other customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-323": { "value": "18 Intangible assets
Technology
Customer and software
Goodwill relationships costs Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
2,732
1,822
1,319
5,873
Additions
\u2014
\u2014
100
100
Exchange adjustment
(125)
(85)
(62)
(272)
At 31 December 2024
2,607
1,737
1,357
5,701
Accumulated amortisation and impairment
At 1 January 2024
\u2014
199
423
622
Amortisation
\u2014
137
331
468
Exchange adjustment
\u2014
(13)
(28)
(41)
At 31 December 2024
\u2014
323
726
1,049
Net book value
At 31 December 2024
2,607
1,414
631
4,652
At 31 December 2023
2,732
1,623
896
5,251
Included in technology and software costs are assets under construction of \u00a3nil (2023: \u00a3126,000), which are not amortised. The remaining amortisation period of the customer relationships, being those acquired upon the acquisition of Radiators SpA, is ten years and seven months .
Impairment assessment of goodwill
Goodwill is subject to annual impairment testing. All of the goodwill recognised is allocated to a single cash\u2011generating unit
(\u201cCGU\u201d), being the Radiators SpA division which has a total carrying value of \u00a322.9 million. A CGU represents the lowest level
in the Group at which goodwill is monitored for internal management purposes.
Impairment tests on the carrying amounts of goodwill are performed by analysing the carrying amount allocated to the
CGU against the higher of fair value less costs to sell or its value in use. Both methods are calculated as the net present value
of the CGU\u2019s discounted future cash flows covering a three\u2011year period. These cash flows are based on budgeted cash flows
information for a period of three years.
Terminal growth rates of 1.8% have been applied beyond this, based on historical macroeconomic performance and
projections of the sector served by the CGUs.
When assessing for impairment of goodwill, management has considered the impact of climate change, particularly in the
context of the risks and opportunities identified within the Task Force on Climate\u2011related Financial Disclosures Report on
pages 35 to 39 of the Strategic Report, and has not identified any material short\u2011term impacts from climate change that
would impact the recoverable amount of the CGU. Over the longer term, the risks and opportunities are more uncertain, and
management will continue to assess the quantitative impact of risks at each balance sheet date.
For the value in use model, a pre\u2011tax discount rate of 15.1% has been applied in determining the recoverable amounts of
the CGU. The pre\u2011tax discount rate is estimated based on the Group\u2019s risk adjusted cost of capital. Other key assumptions
throughout the budget period are EBITDA, which is included in the terminal value at a margin of 8.6%, volumes, contribution
per radiator sold and capital expenditure. The key assumptions have been determined using past experience or external
sources of information.
The Group has applied sensitivities to assess whether any reasonably possible changes in assumptions could cause an
impairment that would be material to these consolidated financial statements. Details of the sensitivity analysis are disclosed
in relation to Radiators SpA because it is sensitive to changes in assumptions. The base case scenario for Radiators SpA has
headroom of \u00a31.5 million. A decrease in EBITDA margin of 0.5 ppts percentage points, holding all other assumptions constant,
would erode the headroom to zero for Radiators SpA. An increase in discount rate of 0.64 ppts, holding all other assumptions
constant, would erode the headroom to zero for Radiators SpA. A reasonably possible decrease in the EBITDA margin of
1.0 ppts would give rise to an impairment of \u00a31.6 million. A reasonably possible decrease in the plan sales volumes of 10%
would give rise to an impairment of \u00a35.0 million.
An extra sensitivity is the renewal of a significant supply contract with an existing customer. The contract ends on
31 December 2025 and the base scenario assumes that it is successfully renegotiated on the basis of management\u2019s
assessment of the strength of the Group\u2019s position with the customer. Holding all other assumptions constant, the loss of
the contract would give rise to an impairment of between \u00a38.6 million and \u00a311.8 million, depending on the ability to reduce
costs, of the current value of all of the assets in the CGU, including property, plant and equipment. The impairment modelling
makes the assumption that manufacturing capacity is not utilised for other customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "value": "18 Intangible assets
Technology
Customer and software
Goodwill relationships costs Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2024
2,732
1,822
1,319
5,873
Additions
\u2014
\u2014
100
100
Exchange adjustment
(125)
(85)
(62)
(272)
At 31 December 2024
2,607
1,737
1,357
5,701
Accumulated amortisation and impairment
At 1 January 2024
\u2014
199
423
622
Amortisation
\u2014
137
331
468
Exchange adjustment
\u2014
(13)
(28)
(41)
At 31 December 2024
\u2014
323
726
1,049
Net book value
At 31 December 2024
2,607
1,414
631
4,652
At 31 December 2023
2,732
1,623
896
5,251
Included in technology and software costs are assets under construction of \u00a3nil (2023: \u00a3126,000), which are not amortised. The remaining amortisation period of the customer relationships, being those acquired upon the acquisition of Radiators SpA, is ten years and seven months Impairment assessment of goodwill Goodwill is subject to annual impairment testing. All of the goodwill recognised is allocated to a single cash\u2011generating unit (\u201cCGU\u201d), being the Radiators SpA division which has a total carrying value of \u00a322.9 million. A CGU represents the lowest level in the Group at which goodwill is monitored for internal management purposes. Impairment tests on the carrying amounts of goodwill are performed by analysing the carrying amount allocated to the CGU against the higher of fair value less costs to sell or its value in use. Both methods are calculated as the net present value of the CGU\u2019s discounted future cash flows covering a three\u2011year period. These cash flows are based on budgeted cash flows information for a period of three years. Terminal growth rates of 1.8% have been applied beyond this, based on historical macroeconomic performance and projections of the sector served by the CGUs. When assessing for impairment of goodwill, management has considered the impact of climate change, particularly in the context of the risks and opportunities identified within the Task Force on Climate\u2011related Financial Disclosures Report on pages 35 to 39 of the Strategic Report, and has not identified any material short\u2011term impacts from climate change that would impact the recoverable amount of the CGU. Over the longer term, the risks and opportunities are more uncertain, and management will continue to assess the quantitative impact of risks at each balance sheet date. For the value in use model, a pre\u2011tax discount rate of 15.1% has been applied in determining the recoverable amounts of the CGU. The pre\u2011tax discount rate is estimated based on the Group\u2019s risk adjusted cost of capital. Other key assumptions throughout the budget period are EBITDA, which is included in the terminal value at a margin of 8.6%, volumes, contribution per radiator sold and capital expenditure. The key assumptions have been determined using past experience or external sources of information. The Group has applied sensitivities to assess whether any reasonably possible changes in assumptions could cause an impairment that would be material to these consolidated financial statements. Details of the sensitivity analysis are disclosed in relation to Radiators SpA because it is sensitive to changes in assumptions. The base case scenario for Radiators SpA has headroom of \u00a31.5 million. A decrease in EBITDA margin of 0.5 ppts percentage points, holding all other assumptions constant, would erode the headroom to zero for Radiators SpA. An increase in discount rate of 0.64 ppts, holding all other assumptions constant, would erode the headroom to zero for Radiators SpA. A reasonably possible decrease in the EBITDA margin of 1.0 ppts would give rise to an impairment of \u00a31.6 million. A reasonably possible decrease in the plan sales volumes of 10% would give rise to an impairment of \u00a35.0 million. An extra sensitivity is the renewal of a significant supply contract with an existing customer. The contract ends on 31 December 2025 and the base scenario assumes that it is successfully renegotiated on the basis of management\u2019s assessment of the strength of the Group\u2019s position with the customer. Holding all other assumptions constant, the loss of the contract would give rise to an impairment of between \u00a38.6 million and \u00a311.8 million, depending on the ability to reduce costs, of the current value of all of the assets in the CGU, including property, plant and equipment. The impairment modelling makes the assumption that manufacturing capacity is not utilised for other customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-290": { "value": "
19 Financial liabilities
Financial liabilities \u2013 other \u2013 not interest bearing
Financial instruments through profit or loss reflect the positive change in fair value of those foreign exchange forward
contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign
currency risk for expected sales and purchases.
Liabilities
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Financial instruments at fair value through profit or loss
Derivatives not designated as hedges \u2013 foreign exchange forward contracts
\u2014
318
Total instruments at fair value through profit or loss
\u2014
318
Current
\u2014
318
Non-current
\u2014
\u2014
Financial liabilities \u2013 interest-bearing loans and borrowings
Effective
interest rate 2024 2023
%
Maturity
\u00a3\u2019000 \u00a3\u2019000
Current interest-bearing loans and borrowings
Lease liabilities
2,212
2,469
2,212
2,469
Non-current interest-bearing loans and borrowings
Lease liabilities
5,671
7,402
Revolving credit facility \u2013 GBP
SONIA + 2.25%
9 Nov 2026
41,750
46,900
Revolving credit facility \u2013 Euro
Euribor + 2.25%
9 Nov 2026
13,146
10,399
Term loan
Euribor + 2.25%
9 Nov 2026
23,436
24,563
Unamortised loan costs
(674)
(1,037)
83,329
88,227
Total interest-bearing loans and borrowings
85,541
90,696
The Group has a \u00a3100 million loan facility jointly financed by National Westminster Bank plc and Barclays Bank plc. The facility
consists of a \u00a376.027 million revolving credit facility and a \u20ac28.346 million term loan facility.
During the year ended 31 December 2023, the \u00a376.027 million revolving credit facility and the \u20ac28.346 million term loan facility
were extended by two years to 9 November 2026 by exercising the two\u2011year extension option included in the facility agreement.
The RCF and term loan facilities are secured on the assets of certain subsidiaries within the Group.
Changes in liabilities arising from financing activities
1 January Non-cash 31 December
2024 Cash flows changes 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Liabilities from financing activities
Revolving credit facility \u2013 GBP
46,900
(5,150)
\u2014
41,750
Revolving credit facility \u2013 Euro
10,399
3,388
(641)
13,146
Term loan
24,563
\u2014
(1,127)
23,436
Lease liabilities
9,871
(1,715)
(273)
7,883
91,733
(3,477)
(2,041)
86,215
Other assets
Cash and cash equivalents
(21,442)
2,012
797
(18,633)
(21,442)
2,012
797
(18,633)
Net liabilities arising from financing activities
70,291
(1,465)
(1,244)
67,582
The non\u2011cash changes all relate to foreign exchange differences.
30 Financial instrument disclosures
A. Fair value measurement hierarchy
The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities.
Total Level 1 Level 2 Level 3
As at 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets/(liabilities) measured at fair value
Derivative financial assets/(liabilities)
Foreign exchange forward contracts \u2013 GBP/EUR
(274)
(274)
\u2014
\u2014
Foreign exchange forward contracts \u2013 EUR/USD
567
567
\u2014
\u2014
293
293
\u2014
\u2014
Total Level 1 Level 2 Level 3
As at 31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets/(liabilities) measured at fair value
Derivative financial assets/(liabilities)
Foreign exchange forward contracts \u2013 GBP/EUR
(199)
(199)
\u2014
\u2014
Foreign exchange forward contracts \u2013 EUR/USD
(119)
(119)
\u2014
\u2014
(318)
(318)
\u2014
\u2014
Level 1: Quoted prices in active markets.
Level 2: Significant observable inputs.
Level 3: Significant unobservable inputs.
B. Hedging activity and derivatives
Derivatives not designated as hedging instruments
The Group uses foreign exchange forward contracts to manage some of its transaction exposures. Where used, foreign
exchange forward contracts are not designated as cash flow hedges and are entered into for periods consistent with foreign
currency exposure of the underlying transactions, generally from one to twelve months.
Hedge of net investments in foreign operations
Included in subsidiary loans at 31 December 2024 and at 31 December 2023 were Euro denominated borrowings which
have been designated as a hedge of the net investments in the Group\u2019s overseas subsidiaries. This borrowing is being used
to hedge the Group\u2019s exposure to the Euro foreign exchange risk on these investments.
Gains or losses on the retranslation of this borrowing are transferred to other comprehensive income/(expense) to offset
any gains or losses on translation of the net investments in the subsidiaries. There is no ineffectiveness in the years ended
31 December 2024 and 31 December 2023.
C. Fair value of financial instruments at amortised cost
Carrying amount Fair value
2024 2023 2024 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Lease liabilities
7,883
9,871
7,883
9,871
Revolving credit facility \u2013 GBP
41,750
46,900
41,750
46,900
Revolving credit facility \u2013 Euro
13,146
10,399
13,146
10,399
Term loan
23,436
24,563
23,436
24,563
86,215
91,733
86,215
91,733
The external loan balances are stated gross of any issue costs.
Management assessed that the fair values of cash and cash equivalents, trade and other receivables, trade and other
payables and other current assets and liabilities approximate their carrying amounts largely due to the short\u2011term maturities
of these instruments.
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged
in a current transaction between willing parties.
The following methods and assumptions were used to estimate the fair values:
\u2022 The Group enters into derivative financial instruments with various counterparties, principally financial institutions.
Derivatives valued using valuation techniques with market\u2011observable inputs are interest rate swaps and foreign exchange
forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using
present value calculations. The models incorporate various inputs, including the credit quality of counterparties, foreign
exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodity.
\u2022 Fair values of the Group\u2019s interest\u2011bearing loans and borrowings are determined by using the DCF method using a discount
rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting year. As the external debt is all at variable rate, the
fair values are deemed to be identical to the carrying values.
\u2022 The financial liabilities which are not recognised at fair value but for which fair value is disclosed are deemed to be level 2
hierarchy measurements.
\u2022 There are not deemed to be any significant unobservable inputs to valuation.
D. Financial risk management objectives and policies
The Group\u2019s principal financial liabilities, other than derivatives, comprise interest\u2011bearing borrowings and trade and other
payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations.
The Group\u2019s principal financial assets include trade and other receivables and cash and cash equivalents that derive directly
from its operations. The Group also enters into derivative transactions. Due to timing, there are unsettled derivative contracts
as at the end of the reporting year.
The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s senior management oversees the management
of these risks. All derivative activities for risk management purposes are carried out by individuals that have the appropriate
skills, experience and supervision. It is the Group\u2019s policy that no trading in derivatives for speculative purposes may be undertaken.
The Group has established a risk and financial management framework, the primary objectives of which are to protect the
Group from events that may hinder the achievement of financial performance objectives. These are summarised below.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk comprises three types of risk: interest rate risk, currency risk and commodity price risk. Financial
instruments affected by market risk include interest\u2011bearing borrowings and derivative financial instruments.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to long\u2011term
interest\u2011bearing borrowings.
The Group manages its interest rate risk by entering into interest rate swaps, where deemed appropriate, in which it agrees
to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference
to an agreed\u2011upon notional principal amount.
At 31 December 2023 and 31 December 2024, no interest rate swaps are in place. Approximately 9% (2023: 11%) of the
Group\u2019s borrowings are at a fixed rate of interest.
Interest rate risk \u2013 sensitivity
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans
and borrowings affected. The analysis does not include cash balances. With all other variables held constant, the Group\u2019s
profit before tax would be impacted as follows:
Effect on profit
Increase/ before tax
Year ended 31 December 2024 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(464)
SONIA/Euribor
-0.5%
464
Effect on profit
Increase/ before tax
Year ended 31 December 2023 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(469)
SONIA/Euribor
\u20110.5%
469
Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily
to the Group\u2019s operating activities (when revenue and expenses are denominated in different currencies) and the Group\u2019s
net investments in foreign subsidiaries.
The Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum
twelve\u2011month period. There were foreign currency exchange contracts in place at 31 December 2024 and 31 December 2023.
The Group hedges its exposure to fluctuations on the translation into GBP of its foreign operations by holding net borrowings
in foreign currencies, including intercompany loans.
Foreign currency risk \u2013 sensitivity
The following tables demonstrate the sensitivity to a reasonably possible change in the Euro, USD and TL exchange rates, with
all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary
assets and liabilities including non\u2011designated foreign currency derivatives. The Group\u2019s exposure to foreign currency changes
for all other currencies is not material.
The net gain/(loss) on qualifying hedges of net investments in foreign operations disclosed in the consolidated statement of
comprehensive income arises from changes in Euro denominated borrowings in the hedge of net investments in European
operations. These movements will offset the translation of the European operations\u2019 net assets into GBP \u2013 this movement is
not shown.
Effect on profit
Change in before tax
Euro rate
(1)
\u00a3\u2019000
2024
+10%
68
-10%
(83)
2023
+10 %
(17)
\u201110%
21
Effect on profit
Change in before tax
USD rate
(1)
\u00a3\u2019000
2024
+10%
74
-10%
(91)
2023
+10 %
(7)
\u201110%
9
(1) A + movement indicates GBP strengthening relative to the other currency.
Effect on profit
Change in before tax
TL rate
(1)
\u00a3\u2019000
2024
+10%
(230)
-10%
281
2023
+10 %
529
\u201110%
(646)
(1) A + movement indicates GBP strengthening relative to the other currency.
Commodity price risk
The Group is affected by the price volatility of certain commodities. Its operating activities require a continuous supply of
steel which poses a risk due to the volatility of the price of the steel. The Group seeks to manage its exposure to commodity
price risk by holding enough stock to negate short\u2011term price fluctuations and if necessary allow sufficient time to pass price
changes through to customers.
Demand risk
The market for the Group\u2019s goods is subject to movements in demand as the demand for new housing or upgrades to
existing housing stock varies. The Group manages these variations through careful forecasting and flexing of production
volumes. Financing arrangements anticipate demand changes and associated working capital movements.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to
a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
activities, including deposits with banks and other financial institutions, foreign exchange transactions and other financial instruments.
Trade receivables
Customer credit risk is managed by each business unit. Overseas subsidiaries have credit insurance policies in place to
minimise the risk of trade debts going bad without recompense. UK subsidiaries have no credit insurance policy in place due
to the cost of insurance not being justified by the low risk of non\u2011recoverability with a large proportion of receivables being due
from the three major customers with strong credit ratings.
Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined
in accordance with this assessment.
Outstanding customer receivables are regularly monitored.
An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number
of minor receivables are grouped into homogeneous groups and assessed for impairment collectively. The calculation is based
on actual incurred historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class
of financial assets.
The Group does not hold collateral as security. The Group evaluates the concentration of risk with respect to trade receivables
as medium, as it has several large customers in linked markets.
Note 21 discloses information about the credit risk exposure on the Group\u2019s trade receivables.
Deposits with banks and other financial institutions
Credit risk from balances with banks and other financial institutions is managed by the Group\u2019s treasury team in accordance
with the Group\u2019s policy. Investments of surplus funds are made only with approved counterparties. The Group\u2019s maximum
exposure to credit risk is the cash and cash equivalents balance outlined in the balance sheet at 31 December 2024.
Liquidity risk
Liquidity risk for the Group arises from the management of working capital commitments and meeting its financial obligations
as they fall due. The Group monitors its exposure to the risk of a shortage of funds using monitoring requirements on a daily
basis looking out over various time periods. The Group\u2019s objective is to maintain a balance between continuity of funding
and flexibility through the use of bank loans, bank revolver and finance leases. The Group\u2019s policy is that not more than 10%
of borrowings should mature in the next twelve\u2011month period.
Approximately 2.6% of the Group\u2019s debt will mature in less than one year at 31 December 2024 (2023: 2.7%) based on the
carrying value of borrowings reflected in the financial statements. The Group assessed the concentration of risk with respect
to refinancing its debt and concluded it to be low. Access to sources of funding is sufficiently available.
At 31 December 2024, the Group had available \u00a321,131,000 (2023: \u00a318,728,000) of undrawn committed borrowing facilities.
The table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments.
Interest\u2011bearing loans comprise interest and principal, with interest determined based on rates prevailing at the balance sheet
date. The foreign exchange forward contracts are subject to both a cash outflow and also a cash inflow and these are reported
on a net basis in the analysis below.
<1 year 1 to 5 years >5 years Total
As at 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
2,317
5,872
\u2014
8,189
Interest\u2011bearing loans
5,209
82,124
\u2014
87,333
Trade and other payables
65,388
\u2014
\u2014
65,388
Derivatives not designated as hedges \u2013 foreign exchange
forward contracts
274
\u2014
\u2014
274
73,188
87,996
\u2014
161,184
<1 year 1 to 5 years >5 years Total
As at 31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
2,582
7,826
\u2014
10,408
Interest\u2011bearing loans
6,240
90,142
\u2014
96,382
Trade and other payables
72,371
\u2014
\u2014
72,371
Derivatives not designated as hedges \u2013 foreign exchange
forward contracts
318
\u2014
\u2014
318
81,511
97,968
\u2014
179,479
Supplier finance arrangements
The Group participates in a supply chain financing arrangement (\u201cSCF\u201d). Under the arrangement, a bank agrees to pay
amounts to a participating supplier in respect of invoices owed by the Group and receives settlement from the Group at a later
date. The principal purpose of this arrangement is to facilitate efficient payment processing and enable the willing suppliers to
receive payments from the bank before the invoice due date.
31 December 2024
Carrying amount of liabilities that part of supplier financing arrangements
Presented within trade and other payables
\u2013 of which suppliers have received payment from finance provider (\u00a3\u2019000)
5,150
Range of payment due dates
Liabilities that are part of the arrangement
150-190 days after invoice date
Trade payables that are not part of the arrangement
120-150 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-324": { "value": "19 Financial liabilities Financial liabilities \u2013 other \u2013 not interest bearing Financial instruments through profit or loss reflect the positive change in fair value of those foreign exchange forward contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases. Liabilities
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Financial instruments at fair value through profit or loss
Derivatives not designated as hedges \u2013 foreign exchange forward contracts
\u2014
318
Total instruments at fair value through profit or loss
\u2014
318
Current
\u2014
318
Non-current
\u2014
\u2014
Financial liabilities \u2013 interest-bearing loans and borrowings
Effective
interest rate 2024 2023
%
Maturity
\u00a3\u2019000 \u00a3\u2019000
Current interest-bearing loans and borrowings
Lease liabilities
2,212
2,469
2,212
2,469
Non-current interest-bearing loans and borrowings
Lease liabilities
5,671
7,402
Revolving credit facility \u2013 GBP
SONIA + 2.25%
9 Nov 2026
41,750
46,900
Revolving credit facility \u2013 Euro
Euribor + 2.25%
9 Nov 2026
13,146
10,399
Term loan
Euribor + 2.25%
9 Nov 2026
23,436
24,563
Unamortised loan costs
(674)
(1,037)
83,329
88,227
Total interest-bearing loans and borrowings
85,541
90,696
The Group has a \u00a3100 million loan facility jointly financed by National Westminster Bank plc and Barclays Bank plc. The facility consists of a \u00a376.027 million revolving credit facility and a \u20ac28.346 million term loan facility. During the year ended 31 December 2023, the \u00a376.027 million revolving credit facility and the \u20ac28.346 million term loan facility were extended by two years to 9 November 2026 by exercising the two\u2011year extension option included in the facility agreement. The RCF and term loan facilities are secured on the assets of certain subsidiaries within the Group. Changes in liabilities arising from financing activities
1 January Non-cash 31 December
2024 Cash flows changes 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Liabilities from financing activities
Revolving credit facility \u2013 GBP
46,900
(5,150)
\u2014
41,750
Revolving credit facility \u2013 Euro
10,399
3,388
(641)
13,146
Term loan
24,563
\u2014
(1,127)
23,436
Lease liabilities
9,871
(1,715)
(273)
7,883
91,733
(3,477)
(2,041)
86,215
Other assets
Cash and cash equivalents
(21,442)
2,012
797
(18,633)
(21,442)
2,012
797
(18,633)
Net liabilities arising from financing activities
70,291
(1,465)
(1,244)
67,582
The non\u2011cash changes all relate to foreign exchange differences. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "value": "Financial liabilities \u2013 other \u2013 not interest bearing Financial instruments through profit or loss reflect the positive change in fair value of those foreign exchange forward contracts that are not designated in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases. Liabilities
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Financial instruments at fair value through profit or loss
Derivatives not designated as hedges \u2013 foreign exchange forward contracts
\u2014
318
Total instruments at fair value through profit or loss
\u2014
318
Current
\u2014
318
Non-current
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "value": "Financial liabilities \u2013 interest-bearing loans and borrowings
Effective
interest rate 2024 2023
%
Maturity
\u00a3\u2019000 \u00a3\u2019000
Current interest-bearing loans and borrowings
Lease liabilities
2,212
2,469
2,212
2,469
Non-current interest-bearing loans and borrowings
Lease liabilities
5,671
7,402
Revolving credit facility \u2013 GBP
SONIA + 2.25%
9 Nov 2026
41,750
46,900
Revolving credit facility \u2013 Euro
Euribor + 2.25%
9 Nov 2026
13,146
10,399
Term loan
Euribor + 2.25%
9 Nov 2026
23,436
24,563
Unamortised loan costs
(674)
(1,037)
83,329
88,227
Total interest-bearing loans and borrowings
85,541
90,696
The Group has a \u00a3100 million loan facility jointly financed by National Westminster Bank plc and Barclays Bank plc. The facility consists of a \u00a376.027 million revolving credit facility and a \u20ac28.346 million term loan facility. During the year ended 31 December 2023, the \u00a376.027 million revolving credit facility and the \u20ac28.346 million term loan facility were extended by two years to 9 November 2026 by exercising the two\u2011year extension option included in the facility agreement. The RCF and term loan facilities are secured on the assets of certain subsidiaries within the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "Changes in liabilities arising from financing activities
1 January Non-cash 31 December
2024 Cash flows changes 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Liabilities from financing activities
Revolving credit facility \u2013 GBP
46,900
(5,150)
\u2014
41,750
Revolving credit facility \u2013 Euro
10,399
3,388
(641)
13,146
Term loan
24,563
\u2014
(1,127)
23,436
Lease liabilities
9,871
(1,715)
(273)
7,883
91,733
(3,477)
(2,041)
86,215
Other assets
Cash and cash equivalents
(21,442)
2,012
797
(18,633)
(21,442)
2,012
797
(18,633)
Net liabilities arising from financing activities
70,291
(1,465)
(1,244)
67,582
The non\u2011cash changes all relate to foreign exchange differences. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-291": { "value": "
20 Inventories
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Raw materials
23,818
21,723
Work in progress
3,388
3,327
Finished goods
37,063
34,509
Other consumables
3,042
3,817
67,311
63,376
The cost of inventories recognised as an expense in the year was \u00a3201,617,000 (2023: \u00a3221,343,000). The provision for the
impairment of stocks increased in the year, giving rise to a cost of \u00a3760,000 (2023: cost of \u00a3355,000). At 31 December 2024,
the provision for the impairment of stocks was \u00a33,974,000 (2023: \u00a33,347,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-292": { "value": "
21 Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current
Trade receivables
42,279
47,619
Other receivables
2,629
2,462
Prepayments
570
593
45,478
50,674
Non-current
Other receivables
284
301
284
301
The table below sets out the movements in the allowance for expected credit losses of trade receivables:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
At 1 January
806
763
Charge for the year
14
155
Unused amounts reversed
(246)
(95)
Exchange adjustment
(26)
(17)
At 31 December
548
806
As at 31 December, the ageing of trade receivables (gross of impairment) are as follows:
Total Current <30 days 30\u201390 days >90 days
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Gross carrying amount
42,827
33,241
5,464
3,873
249
2023
Gross carrying amount
48,425
41,635
4,600
777
1,413
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "value": "21 Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current
Trade receivables
42,279
47,619
Other receivables
2,629
2,462
Prepayments
570
593
45,478
50,674
Non-current
Other receivables
284
301
284
301
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "value": "21 Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current
Trade receivables
42,279
47,619
Other receivables
2,629
2,462
Prepayments
570
593
45,478
50,674
Non-current
Other receivables
284
301
284
301
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "value": "21 Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current
Trade receivables
42,279
47,619
Other receivables
2,629
2,462
Prepayments
570
593
45,478
50,674
Non-current
Other receivables
284
301
284
301
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-325": { "value": "21 Trade and other receivables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current
Trade receivables
42,279
47,619
Other receivables
2,629
2,462
Prepayments
570
593
45,478
50,674
Non-current
Other receivables
284
301
284
301
The table below sets out the movements in the allowance for expected credit losses of trade receivables:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
At 1 January
806
763
Charge for the year
14
155
Unused amounts reversed
(246)
(95)
Exchange adjustment
(26)
(17)
At 31 December
548
806
As at 31 December, the ageing of trade receivables (gross of impairment) are as follows:
Total Current <30 days 30\u201390 days >90 days
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Gross carrying amount
42,827
33,241
5,464
3,873
249
2023
Gross carrying amount
48,425
41,635
4,600
777
1,413
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "The table below sets out the movements in the allowance for expected credit losses of trade receivables:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
At 1 January
806
763
Charge for the year
14
155
Unused amounts reversed
(246)
(95)
Exchange adjustment
(26)
(17)
At 31 December
548
806
As at 31 December, the ageing of trade receivables (gross of impairment) are as follows:
Total Current <30 days 30\u201390 days >90 days
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2024
Gross carrying amount
42,827
33,241
5,464
3,873
249
2023
Gross carrying amount
48,425
41,635
4,600
777
1,413
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-293": { "value": "
22 Cash and cash equivalents
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and on hand
18,633
21,442
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-326": { "value": "
23 Trade and other payables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
46,581
49,263
Other payables and accruals
18,485
22,319
Other taxes and social security
3,822
5,685
Interest payable
322
789
69,210
78,056
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-294": { "value": "23 Trade and other payables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
46,581
49,263
Other payables and accruals
18,485
22,319
Other taxes and social security
3,822
5,685
Interest payable
322
789
69,210
78,056
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "23 Trade and other payables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
46,581
49,263
Other payables and accruals
18,485
22,319
Other taxes and social security
3,822
5,685
Interest payable
322
789
69,210
78,056
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "value": "23 Trade and other payables
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
46,581
49,263
Other payables and accruals
18,485
22,319
Other taxes and social security
3,822
5,685
Interest payable
322
789
69,210
78,056
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-295": { "value": "
24 Provisions
Compensation Unused
Warranty fund Restructuring vacation Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2023
593
1,199
719
208
2,719
On business combination
\u2014
\u2014
131
\u2014
131
Arising during the year
864
50
2,652
728
4,294
Utilised
(696)
\u2014
(799)
(506)
(2,001)
Exchange adjustment
(15)
(29)
(19)
(83)
(146)
At 31 December 2023
746
1,220
2,684
347
4,997
Arising during the year
332
126
\u2014
765
1,223
Released
(169)
\u2014
\u2014
\u2014
(169)
Utilised
(430)
\u2014
(2,323)
(440)
(3,193)
Exchange adjustment
(27)
(59)
(52)
(61)
(199)
At 31 December 2024
452
1,287
309
611
2,659
Current
113
\u2014
309
327
749
Non-current
339
1,287
\u2014
284
1,910
Compensation fund
The supplementary customer compensation fund is made in accordance with European legislation to provide for potential
severance payments to agents.
Restructuring
The restructuring provision relates to a Group\u2011wide restructuring programme undertaken to drive cost savings for
future periods.
Unused vacation
A provision is recognised in respect of an unused vacation pay liability due to certain employees in Turkey. The timing
of the provision is dependent on the rate at which employees take additional vacation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-296": { "value": "
25 Share capital and reserves
2024 2024 2023 2023
Number \u00a3 Number \u00a3
Authorised, called up and fully paid
Ordinary shares of \u00a30.001 each
127,352,555
127,353
127,352,555
127, 353
127,353
127,353
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "25 Share capital and reserves
2024 2024 2023 2023
Number \u00a3 Number \u00a3
Authorised, called up and fully paid
Ordinary shares of \u00a30.001 each
127,352,555
127,353
127,352,555
127, 353
127,353
127,353
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-327": { "value": "25 Share capital and reserves
2024 2024 2023 2023
Number \u00a3 Number \u00a3
Authorised, called up and fully paid
Ordinary shares of \u00a30.001 each
127,352,555
127,353
127,352,555
127, 353
127,353
127,353
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-297": { "value": "26 Commitments and contingencies Commitments Amounts contracted for but not provided in the financial statements amounted to \u00a3177,000 (2023: \u00a3215,000) for the Group. All amounts relate to property, plant and equipment. Contingent liabilities Termo Teknik Ticaret ve Sanayi A.S. has issued letters of guarantee and letters of credit to its steel suppliers amounting to $17,917,000 (2023: $18,309,000) and $18,071,000 (2023: $10,204,000) respectively. Termo Teknik Ticaret ve Sanayi A.S. has also issued letters of guarantee denominated in Turkish Lira totalling TL26,514,000 (2023: TL14,876,000). The Group enters into various forward currency contracts to manage the risk of foreign currency exposures on certain purchases and sales. The total amount of unsettled forward contracts as at 31 December 2024 is \u00a312,123,000 (2023: \u00a312,197,000) on purchases and \u00a317,500,000 (2023: \u00a320,750,000) on sales. The fair value of the unsettled forward contracts held at the balance sheet date, determined by reference to their market values, is an asset of \u00a3293,000 (2023: liability of \u00a3318,000). As part of the \u00a3100 million loan facility, entered into in November 2021, and amended on 8 July 2022, the Group is party to a cross\u2011collateral agreement secured on specific assets of certain Group companies. No liability is expected to arise from the agreement. Under an unlimited multilateral guarantee, the Company, in common with certain fellow subsidiary undertakings in the UK, has jointly and severally guaranteed the obligations falling due under the Company\u2019s net overdraft facilities. No liability is expected to arise from this arrangement.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-328": { "value": "Commitments Amounts contracted for but not provided in the financial statements amounted to \u00a3177,000 (2023: \u00a3215,000) for the Group. All amounts relate to property, plant and equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-329": { "value": "
Contingent liabilities
Termo Teknik Ticaret ve Sanayi A.S. has issued letters of guarantee and letters of credit to its steel suppliers amounting to
$17,917,000 (2023: $18,309,000) and $18,071,000 (2023: $10,204,000) respectively. Termo Teknik Ticaret ve Sanayi A.S.
has also issued letters of guarantee denominated in Turkish Lira totalling TL26,514,000 (2023: TL14,876,000).
The Group enters into various forward currency contracts to manage the risk of foreign currency exposures on certain
purchases and sales. The total amount of unsettled forward contracts as at 31 December 2024 is \u00a312,123,000
(2023: \u00a312,197,000) on purchases and \u00a317,500,000 (2023: \u00a320,750,000) on sales.
The fair value of the unsettled forward contracts held at the balance sheet date, determined by reference to their market
values, is an asset of \u00a3293,000 (2023: liability of \u00a3318,000).
As part of the \u00a3100 million loan facility, entered into in November 2021, and amended on 8 July 2022, the Group is party
to a cross\u2011collateral agreement secured on specific assets of certain Group companies. No liability is expected to arise from
the agreement.
Under an unlimited multilateral guarantee, the Company, in common with certain fellow subsidiary undertakings in the UK,
has jointly and severally guaranteed the obligations falling due under the Company\u2019s net overdraft facilities. No liability is
expected to arise from this arrangement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-330": { "value": "
Turkish scheme
In Turkey there is an obligation to provide lump sum termination payments to certain employees; this represents 30 days\u2019
pay (subject to a cap imposed by the Turkish government) for each year of service. The IAS 19 valuation gives a liability of
\u00a34,476,000 (2023: \u00a33,148,000). There are no assets held in this plan (2023: \u00a3nil). The expected contributions to the plan for
the next reporting period to cover benefits paid are \u00a3207,000. The service cost in the year was \u00a3383,000 (2023: \u00a3372,000).
Italian scheme
The Italian pension scheme, the Trattamento di Fine Rapporto, is a deferred compensation scheme established by Italian law.
Employers are required to provide a benefit to employees when, for any reason, their employment is terminated. The IAS 19
valuation gives a net liability of \u00a3600,000 (2023: \u00a3860,000). The expected contributions to the plan for the next reporting
period to cover benefits paid are \u00a368,000. The service cost in the year was \u00a3nil (2023: \u00a3nil).
UK scheme
The UK has one defined contribution pension scheme, following the transfer of all pension arrangements to a Master
Trust in 2020.
The total employer contributions made in the year were \u00a31,122,000 (2023: \u00a31,222,000). There were outstanding
contributions totalling \u00a366,000 (2023: \u00a3nil) due to the scheme at the balance sheet date.
Other overseas retirement obligations
The Group operates a number of defined contribution pension schemes in its overseas entities and also has certain other
retirement obligations. The contributions to overseas pension schemes in the year and any movements in the provision for
other retirement obligations are reported as part of the employee benefits note and total \u00a31,577,000 (2023: \u00a31,755,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-331": { "value": "
IAS 19 accounting \u2013 Turkish and Italian schemes
Movement in defined benefit obligation
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2024 2024 2023 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January
860
3,148
944
3,546
Current service cost
\u2014
380
\u2014
329
Interest cost
26
893
33
291
Plan curtailments \u2013 service cost
\u2014
3
\u2014
43
Plan curtailments \u2013 interest cost
\u2014
2
\u2014
33
Amounts recognised in income statement
26
1,278
33
696
Actuarial (gains)/losses
(3)
928
11
925
Benefits paid
(248)
(326)
(107)
(473)
Exchange differences
(35)
(552)
(21)
(1,546)
At 31 December
600
4,476
860
3,148
Amounts recognised in other comprehensive income/(expense)
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2024 2024 2023 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Experience adjustments \u2013 obligation
3
(1,010)
6
(1,055)
Changes in demographic assumptions \u2013 obligation
\u2014
(35)
\u2014
(93)
Changes in financial assumptions \u2013 obligation
\u2014
117
(17)
223
At 31 December
3
(928)
(11)
(925)
Principal actuarial assumptions
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2024 2024 2023 2023
Discount rate (per annum)
3.2%
29.3%
3.2%
25.0%
Future salary increases (per annum)
n/a
25.6%
n/a
22.0%
Quantitative sensitivity analysis
2024 2024
Discount rate Future salary increases
(per annum) (per annum)
+1% -1% +1% -1%
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
(Decrease)/increase in defined benefit obligation \u2013 Italian scheme
(43)
47
\u2014
\u2014
(Decrease)/increase in defined benefit obligation \u2013 Turkish scheme
(250)
279
286
(260)
The sensitivity analysis above has been determined based on a method that extrapolates the impact on the net defined benefit obligation as a result of reasonable changes in key assumptions at the end of the reporting year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "Quantitative sensitivity analysis
2024 2024
Discount rate Future salary increases
(per annum) (per annum)
+1% -1% +1% -1%
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
(Decrease)/increase in defined benefit obligation \u2013 Italian scheme
(43)
47
\u2014
\u2014
(Decrease)/increase in defined benefit obligation \u2013 Turkish scheme
(250)
279
286
(260)
The sensitivity analysis above has been determined based on a method that extrapolates the impact on the net defined benefit obligation as a result of reasonable changes in key assumptions at the end of the reporting year.", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-332": { "value": "
28 Related party disclosures
The Group does not consider that it has an ultimate controlling party. The Bregal Fund III LP does not have control of the
Group because its share of the Group is less than 50% and it does not have the power to affect its returns from the Group.
During the year, the Group spent \u00a33,000 (2023: \u00a33,000) on purchases from Polypal Netherlands BV (whose ultimate
controlling party is The Bregal Fund III LP); the balance outstanding at the year end was \u00a32,000 (2023: \u00a3nil). During the
year, the Group made purchases of \u00a34,047,000 (2023: \u00a33,742,000) from AMG Fabrications (NE) Limited (whose ultimate
controlling party is a close member of key management personnel\u2019s family); the balance outstanding at the year end was
\u00a3441,000 (2023: \u00a3447,000).
The key management personnel are considered to be the Executive Directors and Non\u2011Executive Directors of the Group.
The following table highlights the remuneration that is recorded in the income statement in respect of these personnel,
including Company social security costs:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short\u2011term employment benefits
1,975
1,952
Contributions to Group pension plans are disclosed in note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-298": { "value": "28 Related party disclosures The Group does not consider that it has an ultimate controlling party. The Bregal Fund III LP does not have control of the Group because its share of the Group is less than 50% and it does not have the power to affect its returns from the Group. During the year, the Group spent \u00a33,000 (2023: \u00a33,000) on purchases from Polypal Netherlands BV (whose ultimate controlling party is The Bregal Fund III LP); the balance outstanding at the year end was \u00a32,000 (2023: \u00a3nil). During the year, the Group made purchases of \u00a34,047,000 (2023: \u00a33,742,000) from AMG Fabrications (NE) Limited (whose ultimate controlling party is a close member of key management personnel\u2019s family); the balance outstanding at the year end was \u00a3441,000 (2023: \u00a3447,000). The key management personnel are considered to be the Executive Directors and Non\u2011Executive Directors of the Group. The following table highlights the remuneration that is recorded in the income statement in respect of these personnel, including Company social security costs:
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Short\u2011term employment benefits
1,975
1,952
Contributions to Group pension plans are disclosed in note 27", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-299": { "value": "
29 Capital management
For the purpose of the Group\u2019s capital management, capital includes issued capital and all other equity reserves attributable
to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to maximise the shareholder
value. In order to achieve this overall objective, the Group\u2019s capital management, amongst other things, aims to ensure that it
meets financial covenants attached to the interest\u2011bearing loans and borrowings that define capital structure requirements.
Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have
been no breaches in the financial covenants of any interest\u2011bearing loans and borrowings in the current year. The Group
manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of
the financial covenants.
Details of the issued capital and reserves are shown in note 25. Details of interest\u2011bearing loans and borrowings are shown
in note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-333": { "value": "A. Fair value measurement hierarchy The following table provides the fair value measurement hierarchy of the Group\u2019s assets and liabilities.
Total Level 1 Level 2 Level 3
As at 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets/(liabilities) measured at fair value
Derivative financial assets/(liabilities)
Foreign exchange forward contracts \u2013 GBP/EUR
(274)
(274)
\u2014
\u2014
Foreign exchange forward contracts \u2013 EUR/USD
567
567
\u2014
\u2014
293
293
\u2014
\u2014
Total Level 1 Level 2 Level 3
As at 31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets/(liabilities) measured at fair value
Derivative financial assets/(liabilities)
Foreign exchange forward contracts \u2013 GBP/EUR
(199)
(199)
\u2014
\u2014
Foreign exchange forward contracts \u2013 EUR/USD
(119)
(119)
\u2014
\u2014
(318)
(318)
\u2014
\u2014
Level 1: Quoted prices in active markets. Level 2: Significant observable inputs. Level 3: Significant unobservable inputs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "value": "B. Hedging activity and derivatives Derivatives not designated as hedging instruments The Group uses foreign exchange forward contracts to manage some of its transaction exposures. Where used, foreign exchange forward contracts are not designated as cash flow hedges and are entered into for periods consistent with foreign currency exposure of the underlying transactions, generally from one to twelve months. Hedge of net investments in foreign operations Included in subsidiary loans at 31 December 2024 and at 31 December 2023 were Euro denominated borrowings which have been designated as a hedge of the net investments in the Group\u2019s overseas subsidiaries. This borrowing is being used to hedge the Group\u2019s exposure to the Euro foreign exchange risk on these investments. Gains or losses on the retranslation of this borrowing are transferred to other comprehensive income/(expense) to offset any gains or losses on translation of the net investments in the subsidiaries. There is no ineffectiveness in the years ended 31 December 2024 and 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-334": { "value": "B. Hedging activity and derivatives Derivatives not designated as hedging instruments The Group uses foreign exchange forward contracts to manage some of its transaction exposures. Where used, foreign exchange forward contracts are not designated as cash flow hedges and are entered into for periods consistent with foreign currency exposure of the underlying transactions, generally from one to twelve months. Hedge of net investments in foreign operations Included in subsidiary loans at 31 December 2024 and at 31 December 2023 were Euro denominated borrowings which have been designated as a hedge of the net investments in the Group\u2019s overseas subsidiaries. This borrowing is being used to hedge the Group\u2019s exposure to the Euro foreign exchange risk on these investments. Gains or losses on the retranslation of this borrowing are transferred to other comprehensive income/(expense) to offset any gains or losses on translation of the net investments in the subsidiaries. There is no ineffectiveness in the years ended 31 December 2024 and 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-335": { "value": "C. Fair value of financial instruments at amortised cost
Carrying amount Fair value
2024 2023 2024 2023
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Lease liabilities
7,883
9,871
7,883
9,871
Revolving credit facility \u2013 GBP
41,750
46,900
41,750
46,900
Revolving credit facility \u2013 Euro
13,146
10,399
13,146
10,399
Term loan
23,436
24,563
23,436
24,563
86,215
91,733
86,215
91,733
The external loan balances are stated gross of any issue costs. Management assessed that the fair values of cash and cash equivalents, trade and other receivables, trade and other payables and other current assets and liabilities approximate their carrying amounts largely due to the short\u2011term maturities of these instruments. The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties. The following methods and assumptions were used to estimate the fair values: \u2022 The Group enters into derivative financial instruments with various counterparties, principally financial institutions. Derivatives valued using valuation techniques with market\u2011observable inputs are interest rate swaps and foreign exchange forward contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs, including the credit quality of counterparties, foreign exchange spot and forward rates, interest rate curves and forward rate curves of the underlying commodity. \u2022 Fair values of the Group\u2019s interest\u2011bearing loans and borrowings are determined by using the DCF method using a discount rate that reflects the issuer\u2019s borrowing rate as at the end of the reporting year. As the external debt is all at variable rate, the fair values are deemed to be identical to the carrying values. \u2022 The financial liabilities which are not recognised at fair value but for which fair value is disclosed are deemed to be level 2 hierarchy measurements. \u2022 There are not deemed to be any significant unobservable inputs to valuation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-336": { "value": "D. Financial risk management objectives and policies The Group\u2019s principal financial liabilities, other than derivatives, comprise interest\u2011bearing borrowings and trade and other payables. The main purpose of these financial liabilities is to finance the Group\u2019s operations. The Group\u2019s principal financial assets include trade and other receivables and cash and cash equivalents that derive directly from its operations. The Group also enters into derivative transactions. Due to timing, there are unsettled derivative contracts as at the end of the reporting year. The Group is exposed to market risk, credit risk and liquidity risk. The Group\u2019s senior management oversees the management of these risks. All derivative activities for risk management purposes are carried out by individuals that have the appropriate skills, experience and supervision. It is the Group\u2019s policy that no trading in derivatives for speculative purposes may be undertaken. The Group has established a risk and financial management framework, the primary objectives of which are to protect the Group from events that may hinder the achievement of financial performance objectives. These are summarised below. Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and commodity price risk. Financial instruments affected by market risk include interest\u2011bearing borrowings and derivative financial instruments. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to long\u2011term interest\u2011bearing borrowings. The Group manages its interest rate risk by entering into interest rate swaps, where deemed appropriate, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed\u2011upon notional principal amount. At 31 December 2023 and 31 December 2024, no interest rate swaps are in place. Approximately 9% (2023: 11%) of the Group\u2019s borrowings are at a fixed rate of interest. Interest rate risk \u2013 sensitivity The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. The analysis does not include cash balances. With all other variables held constant, the Group\u2019s profit before tax would be impacted as follows:
Effect on profit
Increase/ before tax
Year ended 31 December 2024 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(464)
SONIA/Euribor
-0.5%
464
Effect on profit
Increase/ before tax
Year ended 31 December 2023 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(469)
SONIA/Euribor
\u20110.5%
469
Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue and expenses are denominated in different currencies) and the Group\u2019s net investments in foreign subsidiaries. The Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum twelve\u2011month period. There were foreign currency exchange contracts in place at 31 December 2024 and 31 December 2023. The Group hedges its exposure to fluctuations on the translation into GBP of its foreign operations by holding net borrowings in foreign currencies, including intercompany loans. Foreign currency risk \u2013 sensitivity The following tables demonstrate the sensitivity to a reasonably possible change in the Euro, USD and TL exchange rates, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities including non\u2011designated foreign currency derivatives. The Group\u2019s exposure to foreign currency changes for all other currencies is not material. The net gain/(loss) on qualifying hedges of net investments in foreign operations disclosed in the consolidated statement of comprehensive income arises from changes in Euro denominated borrowings in the hedge of net investments in European operations. These movements will offset the translation of the European operations\u2019 net assets into GBP \u2013 this movement is not shown.
Effect on profit
Change in before tax
Euro rate
(1)
\u00a3\u2019000
2024
+10%
68
-10%
(83)
2023
+10 %
(17)
\u201110%
21
Effect on profit
Change in before tax
USD rate
(1)
\u00a3\u2019000
2024
+10%
74
-10%
(91)
2023
+10 %
(7)
\u201110%
9
(1) A + movement indicates GBP strengthening relative to the other currency.
Effect on profit
Change in before tax
TL rate
(1)
\u00a3\u2019000
2024
+10%
(230)
-10%
281
2023
+10 %
529
\u201110%
(646)
(1) A + movement indicates GBP strengthening relative to the other currency. Commodity price risk The Group is affected by the price volatility of certain commodities. Its operating activities require a continuous supply of steel which poses a risk due to the volatility of the price of the steel. The Group seeks to manage its exposure to commodity price risk by holding enough stock to negate short\u2011term price fluctuations and if necessary allow sufficient time to pass price changes through to customers. Demand risk The market for the Group\u2019s goods is subject to movements in demand as the demand for new housing or upgrades to existing housing stock varies. The Group manages these variations through careful forecasting and flexing of production volumes. Financing arrangements anticipate demand changes and associated working capital movements. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and other financial institutions, foreign exchange transactions and other financial instruments. Trade receivables Customer credit risk is managed by each business unit. Overseas subsidiaries have credit insurance policies in place to minimise the risk of trade debts going bad without recompense. UK subsidiaries have no credit insurance policy in place due to the cost of insurance not being justified by the low risk of non\u2011recoverability with a large proportion of receivables being due from the three major customers with strong credit ratings. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively. The calculation is based on actual incurred historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respect to trade receivables as medium, as it has several large customers in linked markets. Note 21 discloses information about the credit risk exposure on the Group\u2019s trade receivables. Deposits with banks and other financial institutions Credit risk from balances with banks and other financial institutions is managed by the Group\u2019s treasury team in accordance with the Group\u2019s policy. Investments of surplus funds are made only with approved counterparties. The Group\u2019s maximum exposure to credit risk is the cash and cash equivalents balance outlined in the balance sheet at 31 December 2024. Liquidity risk Liquidity risk for the Group arises from the management of working capital commitments and meeting its financial obligations as they fall due. The Group monitors its exposure to the risk of a shortage of funds using monitoring requirements on a daily basis looking out over various time periods. The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans, bank revolver and finance leases. The Group\u2019s policy is that not more than 10% of borrowings should mature in the next twelve\u2011month period. Approximately 2.6% of the Group\u2019s debt will mature in less than one year at 31 December 2024 (2023: 2.7%) based on the carrying value of borrowings reflected in the financial statements. The Group assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. Access to sources of funding is sufficiently available. At 31 December 2024, the Group had available \u00a321,131,000 (2023: \u00a318,728,000) of undrawn committed borrowing facilities. The table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. Interest\u2011bearing loans comprise interest and principal, with interest determined based on rates prevailing at the balance sheet date. The foreign exchange forward contracts are subject to both a cash outflow and also a cash inflow and these are reported on a net basis in the analysis below.
<1 year 1 to 5 years >5 years Total
As at 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
2,317
5,872
\u2014
8,189
Interest\u2011bearing loans
5,209
82,124
\u2014
87,333
Trade and other payables
65,388
\u2014
\u2014
65,388
Derivatives not designated as hedges \u2013 foreign exchange
forward contracts
274
\u2014
\u2014
274
73,188
87,996
\u2014
161,184
<1 year 1 to 5 years >5 years Total
As at 31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
2,582
7,826
\u2014
10,408
Interest\u2011bearing loans
6,240
90,142
\u2014
96,382
Trade and other payables
72,371
\u2014
\u2014
72,371
Derivatives not designated as hedges \u2013 foreign exchange
forward contracts
318
\u2014
\u2014
318
81,511
97,968
\u2014
179,479
Supplier finance arrangements The Group participates in a supply chain financing arrangement (\u201cSCF\u201d). Under the arrangement, a bank agrees to pay amounts to a participating supplier in respect of invoices owed by the Group and receives settlement from the Group at a later date. The principal purpose of this arrangement is to facilitate efficient payment processing and enable the willing suppliers to receive payments from the bank before the invoice due date.
31 December 2024
Carrying amount of liabilities that part of supplier financing arrangements
Presented within trade and other payables
\u2013 of which suppliers have received payment from finance provider (\u00a3\u2019000)
5,150
Range of payment due dates
Liabilities that are part of the arrangement
150-190 days after invoice date
Trade payables that are not part of the arrangement
120-150 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and commodity price risk. Financial instruments affected by market risk include interest\u2011bearing borrowings and derivative financial instruments. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to long\u2011term interest\u2011bearing borrowings. The Group manages its interest rate risk by entering into interest rate swaps, where deemed appropriate, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed\u2011upon notional principal amount. At 31 December 2023 and 31 December 2024, no interest rate swaps are in place. Approximately 9% (2023: 11%) of the Group\u2019s borrowings are at a fixed rate of interest. Interest rate risk \u2013 sensitivity The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. The analysis does not include cash balances. With all other variables held constant, the Group\u2019s profit before tax would be impacted as follows:
Effect on profit
Increase/ before tax
Year ended 31 December 2024 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(464)
SONIA/Euribor
-0.5%
464
Effect on profit
Increase/ before tax
Year ended 31 December 2023 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(469)
SONIA/Euribor
\u20110.5%
469
Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue and expenses are denominated in different currencies) and the Group\u2019s net investments in foreign subsidiaries. The Group manages its foreign currency risk by hedging transactions that are expected to occur within a maximum twelve\u2011month period. There were foreign currency exchange contracts in place at 31 December 2024 and 31 December 2023. The Group hedges its exposure to fluctuations on the translation into GBP of its foreign operations by holding net borrowings in foreign currencies, including intercompany loans. Foreign currency risk \u2013 sensitivity The following tables demonstrate the sensitivity to a reasonably possible change in the Euro, USD and TL exchange rates, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities including non\u2011designated foreign currency derivatives. The Group\u2019s exposure to foreign currency changes for all other currencies is not material. The net gain/(loss) on qualifying hedges of net investments in foreign operations disclosed in the consolidated statement of comprehensive income arises from changes in Euro denominated borrowings in the hedge of net investments in European operations. These movements will offset the translation of the European operations\u2019 net assets into GBP \u2013 this movement is not shown.
Effect on profit
Change in before tax
Euro rate
(1)
\u00a3\u2019000
2024
+10%
68
-10%
(83)
2023
+10 %
(17)
\u201110%
21
Effect on profit
Change in before tax
USD rate
(1)
\u00a3\u2019000
2024
+10%
74
-10%
(91)
2023
+10 %
(7)
\u201110%
9
(1) A + movement indicates GBP strengthening relative to the other currency.
Effect on profit
Change in before tax
TL rate
(1)
\u00a3\u2019000
2024
+10%
(230)
-10%
281
2023
+10 %
529
\u201110%
(646)
(1) A + movement indicates GBP strengthening relative to the other currency. Commodity price risk The Group is affected by the price volatility of certain commodities. Its operating activities require a continuous supply of steel which poses a risk due to the volatility of the price of the steel. The Group seeks to manage its exposure to commodity price risk by holding enough stock to negate short\u2011term price fluctuations and if necessary allow sufficient time to pass price changes through to customers. Demand risk The market for the Group\u2019s goods is subject to movements in demand as the demand for new housing or upgrades to existing housing stock varies. The Group manages these variations through careful forecasting and flexing of production volumes. Financing arrangements anticipate demand changes and associated working capital movements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "value": "Interest rate risk \u2013 sensitivity The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. The analysis does not include cash balances. With all other variables held constant, the Group\u2019s profit before tax would be impacted as follows:
Effect on profit
Increase/ before tax
Year ended 31 December 2024 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(464)
SONIA/Euribor
-0.5%
464
Effect on profit
Increase/ before tax
Year ended 31 December 2023 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(469)
SONIA/Euribor
\u20110.5%
469
Foreign currency risk \u2013 sensitivity The following tables demonstrate the sensitivity to a reasonably possible change in the Euro, USD and TL exchange rates, with all other variables held constant. The impact on the Group\u2019s profit before tax is due to changes in the fair value of monetary assets and liabilities including non\u2011designated foreign currency derivatives. The Group\u2019s exposure to foreign currency changes for all other currencies is not material. The net gain/(loss) on qualifying hedges of net investments in foreign operations disclosed in the consolidated statement of comprehensive income arises from changes in Euro denominated borrowings in the hedge of net investments in European operations. These movements will offset the translation of the European operations\u2019 net assets into GBP \u2013 this movement is not shown.
Effect on profit
Change in before tax
Euro rate
(1)
\u00a3\u2019000
2024
+10%
68
-10%
(83)
2023
+10 %
(17)
\u201110%
21
Effect on profit
Change in before tax
USD rate
(1)
\u00a3\u2019000
2024
+10%
74
-10%
(91)
2023
+10 %
(7)
\u201110%
9
(1) A + movement indicates GBP strengthening relative to the other currency.
Effect on profit
Change in before tax
TL rate
(1)
\u00a3\u2019000
2024
+10%
(230)
-10%
281
2023
+10 %
529
\u201110%
(646)
(1) A + movement indicates GBP strengthening relative to the other currency. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and other financial institutions, foreign exchange transactions and other financial instruments. Trade receivables Customer credit risk is managed by each business unit. Overseas subsidiaries have credit insurance policies in place to minimise the risk of trade debts going bad without recompense. UK subsidiaries have no credit insurance policy in place due to the cost of insurance not being justified by the low risk of non\u2011recoverability with a large proportion of receivables being due from the three major customers with strong credit ratings. Credit quality of a customer is assessed based on an extensive credit rating scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables are regularly monitored. An impairment analysis is performed at each reporting date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed for impairment collectively. The calculation is based on actual incurred historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Group does not hold collateral as security. The Group evaluates the concentration of risk with respect to trade receivables as medium, as it has several large customers in linked markets. Note 21 discloses information about the credit risk exposure on the Group\u2019s trade receivables. Deposits with banks and other financial institutions Credit risk from balances with banks and other financial institutions is managed by the Group\u2019s treasury team in accordance with the Group\u2019s policy. Investments of surplus funds are made only with approved counterparties. The Group\u2019s maximum exposure to credit risk is the cash and cash equivalents balance outlined in the balance sheet at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "value": "Liquidity risk Liquidity risk for the Group arises from the management of working capital commitments and meeting its financial obligations as they fall due. The Group monitors its exposure to the risk of a shortage of funds using monitoring requirements on a daily basis looking out over various time periods. The Group\u2019s objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans, bank revolver and finance leases. The Group\u2019s policy is that not more than 10% of borrowings should mature in the next twelve\u2011month period. Approximately 2.6% of the Group\u2019s debt will mature in less than one year at 31 December 2024 (2023: 2.7%) based on the carrying value of borrowings reflected in the financial statements. The Group assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. Access to sources of funding is sufficiently available. At 31 December 2024, the Group had available \u00a321,131,000 (2023: \u00a318,728,000) of undrawn committed borrowing facilities. The table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. Interest\u2011bearing loans comprise interest and principal, with interest determined based on rates prevailing at the balance sheet date. The foreign exchange forward contracts are subject to both a cash outflow and also a cash inflow and these are reported on a net basis in the analysis below.
<1 year 1 to 5 years >5 years Total
As at 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
2,317
5,872
\u2014
8,189
Interest\u2011bearing loans
5,209
82,124
\u2014
87,333
Trade and other payables
65,388
\u2014
\u2014
65,388
Derivatives not designated as hedges \u2013 foreign exchange
forward contracts
274
\u2014
\u2014
274
73,188
87,996
\u2014
161,184
<1 year 1 to 5 years >5 years Total
As at 31 December 2023 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
2,582
7,826
\u2014
10,408
Interest\u2011bearing loans
6,240
90,142
\u2014
96,382
Trade and other payables
72,371
\u2014
\u2014
72,371
Derivatives not designated as hedges \u2013 foreign exchange
forward contracts
318
\u2014
\u2014
318
81,511
97,968
\u2014
179,479
Supplier finance arrangements The Group participates in a supply chain financing arrangement (\u201cSCF\u201d). Under the arrangement, a bank agrees to pay amounts to a participating supplier in respect of invoices owed by the Group and receives settlement from the Group at a later date. The principal purpose of this arrangement is to facilitate efficient payment processing and enable the willing suppliers to receive payments from the bank before the invoice due date.
31 December 2024
Carrying amount of liabilities that part of supplier financing arrangements
Presented within trade and other payables
\u2013 of which suppliers have received payment from finance provider (\u00a3\u2019000)
5,150
Range of payment due dates
Liabilities that are part of the arrangement
150-190 days after invoice date
Trade payables that are not part of the arrangement
120-150 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-300": { "value": "
31 Reconciliation of alternative performance measures
The Group uses some alternative performance measures to monitor and assess the underlying performance of the business.
These measures include adjusted operating profit and adjusted profit for the year. These measures are deemed useful as they
aid comparability year on year. The use of alternative performance measures compared to statutory IFRS measures does give
rise to limitations, including a lack of comparability across companies and the potential for them to present a more favourable
view. Further, these measures are not a substitute for IFRS measures of profit. Alternative performance measures are defined
in the glossary of terms on page 144. Alternative performance measures are reconciled to the appropriate financial statements
line item being disclosed.
Reconciliation of adjusted profit for the year and adjusted earnings per share
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Profit for the year
16,518
15,424
Adjusted for:
Exceptional items
\u2014
2,466
Amortisation of customer relationships
137
141
Tax on exceptional items
\u2014
(651)
Tax on amortisation of customer relationships
(38)
(39)
Adjusted profit for the year
16,617
17,341
Basic weighted average number of shares in issue
127,352,555
127,352,555
Diluted weighted average number of shares in issue
128,389,983
127,352,555
Earnings per share
Basic earnings per share (pence per share)
12.97
12.11
Diluted earnings per share (pence per share)
12.87
12.11
Adjusted earnings per share
Basic earnings per share (pence per share)
13.05
13.62
Diluted earnings per share (pence per share)
12.94
13.62
Reconciliation of adjusted operating profit and EBITDA
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Operating profit
31,385
26,681
Adjusted for:
Exceptional items
\u2014
2,466
Amortisation of customer relationships
137
141
Adjusted operating profit
31,522
29,288
Adjusted for:
Depreciation
11,692
11,615
Amortisation (excluding customer relationships)
331
316
EBITDA
43,545
41,219
Reconciliation of cash flow from operations, adjusted cash flow from operations and free cash flow
2024 2023
\u00a3\u2019000 \u00a3\u2019000
EBITDA (see reconciliation above)
43,545
41,219
Adjusted for:
Exceptional items
\u2014
(2,466)
(Gain)/loss on disposal of property, plant and equipment
(118)
11
Share\u2011based payments
440
515
Working capital adjustments
(12,375)
1,609
Net capital expenditure
(8,485)
(9,360)
Cash flow from operations
23,007
31,528
Income tax paid
(6,265)
(7,497)
Interest paid \u2013 net
(7,186)
(6,246)
Free cash flow
9,556
17,785
Cash flow from operations (see reconciliation above)
23,007
31,528
Adjusted for:
Exceptional items
\u2014
2,466
Exceptional items\u2019 impact on working capital
2,320
(2,237)
Adjusted cash flow from operations
25,327
31,757
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Decrease in trade and other receivables
3,885
8,237
(Increase)/decrease in inventories
(6,143)
12,884
Decrease in trade and other payables
(6,743)
(20,364)
(Decrease)/increase in provisions
(2,176)
2,214
Movement in other financial assets/liabilities
(610)
319
Decrease in other pension provisions
(7)
(7)
Difference between pension charges and cash contributions
(581)
(1,674)
Working capital adjustments
(12,375)
1,609
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Proceeds from sale of property, plant, equipment and intangible assets
341
352
Purchase of property, plant and equipment
(5,861)
(6,586)
Purchase of intangible assets
(100)
(507)
Payment of lease liabilities
(2,865)
(2,619)
Net capital expenditure
(8,485)
(9,360)
Reconciliation of business capital employed and return on capital employed
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
79,173
87, 247
Technology and software costs
631
896
Inventories
67,311
63,376
Trade and other receivables
45,762
50,975
Trade and other payables
(69,210)
(78,056)
Provisions
(2,659)
(4,997)
Net employee defined benefit liabilities
(5,118)
(4,053)
Financial assets/(liabilities)
293
(318)
Business capital employed
116,183
115,070
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Adjusted operating profit
31,522
29,288
Business capital employed
116,183
115,070
Return on capital employed
27.1%
25.5%
Reconciliation of net debt and leverage
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total interest\u2011bearing loans and borrowings
85,541
90,696
Cash and cash equivalents
(18,633)
(21,442)
Adjusted for:
Unamortised loan costs
674
1,037
Net debt
67,582
70,291
EBITDA (see reconciliation above)
43,545
41,219
Debt leverage ratio
1.55
1.71
Reconciliation of net debt and leverage before lease liabilities
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Total interest\u2011bearing loans and borrowings
85,541
90,696
Cash and cash equivalents
(18,633)
(21,442)
Adjusted for:
Unamortised loan costs
674
1,037
Lease liabilities
(7,883)
(9,871)
Net debt before lease liabilities
59,699
60,420
EBITDA (see reconciliation above)
43,545
41,219
Debt leverage ratio before lease liabilities
1.37
1.47
Loan facility covenant calculations
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Leverage calculation
Net debt (excluding IFRS 16 lease liabilities)/adjusted EBITDA (before exceptional items
and foreign exchange differences)
Net debt (see reconciliation above)
67,582
70,291
Adjusted for:
IFRS 16 lease liabilities
(7,036)
(9,388)
Interest payable
322
789
Non\u2011obligor cash excluded from the covenant calculation
1,863
3,407
Net debt (excluding IFRS 16 lease liabilities)
62,731
65,099
EBITDA (see reconciliation above)
43,545
41,219
Adjusted for:
Foreign currency gains
(723)
(1,736)
Net losses on forward derivative contracts
35
689
Adjusted EBITDA (before exceptional items and foreign exchange differences)
42,857
40,172
Leverage for loan facility covenant
1.46
1.62
2024 2023
\u00a3\u2019000 \u00a3\u2019000
Interest cover calculation
Adjusted EBITDA (before exceptional items and foreign exchange differences)/covenant interest
Adjusted EBITDA (before exceptional items and foreign exchange differences)
(see reconciliation above)
42,857
40,172
Finance costs
8,189
7,6 81
Finance income
(186)
(182)
Adjusted for:
Interest expense on defined benefit liabilities
(921)
(357)
Amortisation of loan issue costs
(375)
(513)
Finance charges payable on IFRS 16 lease liabilities
(124)
(113)
Covenant interest
6,583
6,516
Interest cover for loan facility covenant
6.51
6.17
", "dimensions": { "concept": "stelradgroupplc:DisclosureOfReconcilliationOfAlternativePerformanceMeasures", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }