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1 Corporate information
The consolidated financial statements of Stelrad Group plc and its subsidiaries
(collectively, the \u201cGroup\u201d) for the year ended 31 December 2025 were authorised for
issue by the Board of Directors on 13 March 2026.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Stelrad Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "Stelrad Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "public company, limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "
2 Basis of preparation
The consolidated financial statements of Stelrad Group plc have been prepared
in accordance with UK-adopted 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 pages
54 and 55.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "The consolidated financial statements of Stelrad Group plc have been prepared in accordance with UK-adopted 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "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 2025. 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-Group 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 12 of the Company
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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-current
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-current.
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-current. Deferred tax assets and liabilities
are classified as non-current 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 31.
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-financial 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-end 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-step 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.
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-up 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-term 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- line 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-of-use 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 the 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-generating units that are expected to benefit from the combination. Where goodwill has been allocated to a cash-generating 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-generating 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-line 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-bearing 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-bearing 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-in, first-out 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-generating 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-term 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-term 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-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use 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-of-use assets are depreciated on a straight-line 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-of-use assets are also subject to impairment. Refer to the accounting policies in section L. Impairment of non-financial 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-substance 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-bearing loans and borrowings (see note 20). iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term 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-term leases and leases of low-value assets are recognised as an expense on a straight-line 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-related 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-routine 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-retirement 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 The fair value of equity-settled 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-market 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-market conditions will not be satisfied, the cumulative expense recognised in relation to the relevant options is reversed. With respect to share-based payments, a deferred tax asset is recognised on the relevant tax base. The tax base is then compared to the cumulative share-based payment expense recognised in the income statement. Deferred tax arising on the excess of the tax base over the cumulative share-based payment expense recognised in the income statement has been recognised directly in equity outside the SOCI as share-based 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-settled share-based 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. Interest income For all financial instruments measured at amortised cost, interest income is recorded using the effective interest rate (\u201cEIR\u201d). T. 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. U. New standards applied in the year The following amendments and interpretations applied for the first time in 2025, but do not have a material impact on the consolidated financial statements of the Group: \u2022 Lack of exchangeability \u2013 Amendments to IAS 21 V. 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)
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
Contracts Referencing Nature-dependent Electricity \u2013
Amendments to IFRS 9 and IFRS 7
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
The Group anticipates that the adoption of IFRS 18 may have an impact on the Group\u2019s consolidated financial statements in future periods. The Group continues to assess the full impact of IFRS 18, however, the impact will depend on the facts and circumstances at the point of adoption and upon the transition choices adopted. The Group does not anticipate that the adoption of the remaining standards will 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "A. Current versus non-current classification The Group presents assets and liabilities in the balance sheet based on current/non-current 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-current. 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-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. ", "dimensions": { "concept": "stelradgroupplc:DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassification", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "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 31. 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-financial 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-bearing
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-bearing 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "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 31. 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-financial 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "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-end 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "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-step 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.
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-up 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "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-up 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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-term 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-
line 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-of-use assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "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-term 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- line 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-of-use assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 the
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-generating units that
are expected to benefit from the combination.
Where goodwill has been allocated to a cash-generating 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-generating 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-line 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "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 the 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-generating units that are expected to benefit from the combination. Where goodwill has been allocated to a cash-generating 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-generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "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 the 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-generating units that are expected to benefit from the combination. Where goodwill has been allocated to a cash-generating 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-generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "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 the 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-generating units that are expected to benefit from the combination. Where goodwill has been allocated to a cash-generating 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-generating unit retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "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-line 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "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-generating 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-term 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "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-bearing 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-bearing 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "Loans and borrowings This is the category most relevant to the Group. After initial recognition, interest-bearing 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-bearing loans and borrowings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "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-in, first-out 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "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-generating 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-term 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "
M. Cash and cash equivalents
Cash and cash equivalents in the balance sheet comprise cash at banks and on hand
and short-term 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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-term leases and leases of low-value assets. The Group recognises lease liabilities
to make lease payments and right-of-use assets representing the right to use the
underlying assets.
i) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e.
the date the underlying asset is available for use). Right-of-use assets are measured at
cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use 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-of-use assets are depreciated on a straight-line 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-of-use assets are also subject to impairment. Refer to the accounting policies in
section L. Impairment of non-financial 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-substance 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-bearing loans and borrowings
(see note 20).
iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term 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-term leases and leases of low-value
assets are recognised as an expense on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "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-related 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-routine 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-retirement 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
Q. Share-based payments
The fair value of equity-settled 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-market 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-market
conditions will not be satisfied, the cumulative expense recognised in relation to the
relevant options is reversed.
With respect to share-based payments, a deferred tax asset is recognised on the relevant
tax base. The tax base is then compared to the cumulative share-based payment expense
recognised in the income statement. Deferred tax arising on the excess of the tax base
over the cumulative share-based payment expense recognised in the income statement
has been recognised directly in equity outside the SOCI as share-based 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-settled share-based 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
S. Interest income
For all financial instruments measured at amortised cost, interest income is recorded
using the effective interest rate (\u201cEIR\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
T. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "U. New standards applied in the year The following amendments and interpretations applied for the first time in 2025, but do not have a material impact on the consolidated financial statements of the Group: \u2022 Lack of exchangeability \u2013 Amendments to IAS 21 V. 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)
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
Contracts Referencing Nature-dependent Electricity \u2013
Amendments to IFRS 9 and IFRS 7
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
The Group anticipates that the adoption of IFRS 18 may have an impact on the Group\u2019s consolidated financial statements in future periods. The Group continues to assess the full impact of IFRS 18, however, the impact will depend on the facts and circumstances at the point of adoption and upon the transition choices adopted. The Group does not anticipate that the adoption of the remaining standards will 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "U. New standards applied in the year The following amendments and interpretations applied for the first time in 2025, but do not have a material impact on the consolidated financial statements of the Group: \u2022 Lack of exchangeability \u2013 Amendments to IAS 21 ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "
V. 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)
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
Contracts Referencing Nature-dependent Electricity \u2013
Amendments to IFRS 9 and IFRS 7
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
The Group anticipates that the adoption of IFRS 18 may have an impact on the Group\u2019s
consolidated financial statements in future periods. The Group continues to assess the full
impact of IFRS 18, however, the impact will depend on the facts and circumstances at
the point of adoption and upon the transition choices adopted.
The Group does not anticipate that the adoption of the remaining standards will 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "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 and depreciation are reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. Details of the impairment assessment of goodwill and other assets, which includes key estimates, are disclosed in note 19. Impairment of inventories Following the exit from a loss making contract in the Radiators SpA business in the year, the Group has reduced the operational complexity and product range of the business, resulting in a one-off inventory provision of \u00a32.3 million. The inventory provision has been classified as exceptional in nature because of the direct link between the exit from the loss making contract and the reduction in operational complexity of the business, and resultant product range rationalisation. 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 makes 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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
2025 2024
\u00a3\u2019000 \u00a3\u2019000
UK & Ireland
131,254
137,351
Europe
133,526
138,971
Turkey & International
14,818
14,255
Total revenue
279,598
290,577
The revenue arising in the UK, being the Company\u2019s country of domicile, was \u00a3126,046,000 (2024: \u00a3134,442,000). All revenue arising in the UK was to external customers. Adjusted operating profit by geographical market 2025 2024 \u00a3\u2019000 \u00a3\u2019000 UK & Ireland 29,959 29,548 Europe 7,331 7,937 Turkey & International 1,183 1,042 Central costs (6,002) (7,005 Adjusted operating profit 32,471 31,522 Exceptional items (14,925) \u2014 Amortisation of customer relationships (69) (137 Operating profit 17,477 31,385 Further detail on the exceptional items can be found in note 8. 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 (2024: one). Non-current operating assets
2025 2024
\u00a3\u2019000 \u00a3\u2019000
UK
14,662
16,324
The Netherlands
16,779
17,453
Turkey
26,622
25,549
Italy
13,916
23,894
Other
859
605
Total
72,838
83,825
The CODM reviews the non-current 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "
Revenue by geographical market
2025 2024
\u00a3\u2019000 \u00a3\u2019000
UK & Ireland
131,254
137,351
Europe
133,526
138,971
Turkey & International
14,818
14,255
Total revenue
279,598
290,577
The revenue arising in the UK, being the Company\u2019s country of domicile, was \u00a3126,046,000
(2024: \u00a3134,442,000). All revenue arising in the UK was to external customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "Revenue by geographical market
2025 2024
\u00a3\u2019000 \u00a3\u2019000
UK & Ireland
131,254
137,351
Europe
133,526
138,971
Turkey & International
14,818
14,255
Total revenue
279,598
290,577
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "
7 Other operating income/(expenses)
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net gain on disposal of property, plant and equipment
80
118
Foreign currency gains
3,559
723
Net losses on forward derivative contracts
(1,052)
(35)
Sundry other income
414
513
3,001
1,319
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "7 Other operating income/(expenses)
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net gain on disposal of property, plant and equipment
80
118
Foreign currency gains
3,559
723
Net losses on forward derivative contracts
(1,052)
(35)
Sundry other income
414
513
3,001
1,319
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "7 Other operating income/(expenses)
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net gain on disposal of property, plant and equipment
80
118
Foreign currency gains
3,559
723
Net losses on forward derivative contracts
(1,052)
(35)
Sundry other income
414
513
3,001
1,319
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
8 Exceptional items
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Impairment of goodwill
2,694
\u2014
Impairment of customer relationships
1,392
\u2014
Impairment of property, plant and equipment
5,814
\u2014
Inventory provision
2,307
\u2014
Restructuring costs
2,718
\u2014
14,925
\u2014
During the year ended 31 December 2025, the charge for exceptional items was
\u00a314,925,000, of which \u00a32,262,000 relates to cash items and \u00a312,663,000 relates to
non-cash items.
During the year, an impairment was recognised in respect of the Radiators SpA cash-
generating unit, resulting in an impairment of goodwill of \u00a32,694,000, an impairment of
customer relationships of \u00a31,392,000, an impairment of property, plant and equipment
of \u00a35,814,000 and an inventory provision of \u00a32,307,000, which has arisen due to the
circumstances surrounding the impairment.
Additionally, restructuring costs of \u00a32,718,000 have been incurred or provided for as a
result of proactive margin management initiatives and cost reduction activities across
our sites in Turkey, Italy and Denmark.
Further detail can be found in the Finance and Business Review within the exceptional
items section on page 43.
All exceptional items have been presented as such because they are one-off in nature
and separate disclosure allows the underlying trading performance of the Group to be
better understood.
", "dimensions": { "concept": "stelradgroupplc:DisclosureOfExceptionalItems", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "
9 Operating profit
Operating profit is stated after charging/(crediting):
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013
Audit of the Company and consolidated financial statements
180
169
\u2013 Audit of subsidiaries
341
316
521
485
\u2013 Non-audit services \u2013 interim review fee
40
38
\u2013 Non-audit services \u2013 other
8
8
48
46
Total auditors\u2019 remuneration
569
531
Depreciation of owned assets
8,744
8,926
Depreciation of right-of-use assets
2,649
2,766
11,393
11,692
Amortisation of customer relationships
69
137
Amortisation of other intangibles
261
331
330
468
Profit on sale of property, plant and equipment and other
intangibles
(80)
(118)
Other exchange gains
(2,507)
(688)
Research and development costs
1,488
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "9 Operating profit Operating profit is stated after charging/(crediting): 2025 2024 \u00a3\u2019000 \u00a3\u2019000 Auditors\u2019 remuneration: \u2013 Audit of the Company and consolidated financial statements 180 169 \u2013 Audit of subsidiaries 341 316 521 485 \u2013 Non-audit services \u2013 interim review fee 40 38 \u2013 Non-audit services \u2013 other 8 8 48 46 Total auditors\u2019 remuneration 569 531 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "9 Operating profit Operating profit is stated after charging/(crediting):
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013
Audit of the Company and consolidated financial statements
180
169
\u2013 Audit of subsidiaries
341
316
521
485
\u2013 Non-audit services \u2013 interim review fee
40
38
\u2013 Non-audit services \u2013 other
8
8
48
46
Total auditors\u2019 remuneration
569
531
Depreciation of owned assets
8,744
8,926
Depreciation of right-of-use assets
2,649
2,766
11,393
11,692
Amortisation of customer relationships
69
137
Amortisation of other intangibles
261
331
330
468
Profit on sale of property, plant and equipment and other
intangibles
(80)
(118)
Other exchange gains
(2,507)
(688)
Research and development costs
1,488
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "9 Operating profit Operating profit is stated after charging/(crediting):
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013
Audit of the Company and consolidated financial statements
180
169
\u2013 Audit of subsidiaries
341
316
521
485
\u2013 Non-audit services \u2013 interim review fee
40
38
\u2013 Non-audit services \u2013 other
8
8
48
46
Total auditors\u2019 remuneration
569
531
Depreciation of owned assets
8,744
8,926
Depreciation of right-of-use assets
2,649
2,766
11,393
11,692
Amortisation of customer relationships
69
137
Amortisation of other intangibles
261
331
330
468
Profit on sale of property, plant and equipment and other
intangibles
(80)
(118)
Other exchange gains
(2,507)
(688)
Research and development costs
1,488
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "9 Operating profit Operating profit is stated after charging/(crediting):
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013
Audit of the Company and consolidated financial statements
180
169
\u2013 Audit of subsidiaries
341
316
521
485
\u2013 Non-audit services \u2013 interim review fee
40
38
\u2013 Non-audit services \u2013 other
8
8
48
46
Total auditors\u2019 remuneration
569
531
Depreciation of owned assets
8,744
8,926
Depreciation of right-of-use assets
2,649
2,766
11,393
11,692
Amortisation of customer relationships
69
137
Amortisation of other intangibles
261
331
330
468
Profit on sale of property, plant and equipment and other
intangibles
(80)
(118)
Other exchange gains
(2,507)
(688)
Research and development costs
1,488
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "9 Operating profit Operating profit is stated after charging/(crediting):
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Auditors\u2019 remuneration:
\u2013
Audit of the Company and consolidated financial statements
180
169
\u2013 Audit of subsidiaries
341
316
521
485
\u2013 Non-audit services \u2013 interim review fee
40
38
\u2013 Non-audit services \u2013 other
8
8
48
46
Total auditors\u2019 remuneration
569
531
Depreciation of owned assets
8,744
8,926
Depreciation of right-of-use assets
2,649
2,766
11,393
11,692
Amortisation of customer relationships
69
137
Amortisation of other intangibles
261
331
330
468
Profit on sale of property, plant and equipment and other
intangibles
(80)
(118)
Other exchange gains
(2,507)
(688)
Research and development costs
1,488
1,552
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
10 Employee benefits expense
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
44,196
44,815
Social security costs
8,506
8,323
Other pension costs
3,475
3,082
Share-based payment charge (note 12)
704
440
56,881
56,660
The average monthly number of employees during the year was made up as follows:
2025 2024
Number Number
Cost of sales
735
779
Selling and distribution
481
526
Administration
126
130
1 , 3 42
1,435
28 Pensions and other post-employment plans
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net employee defined benefit liability
Turkish scheme \u2013 IAS 19
3,977
4,476
Italian scheme \u2013 IAS 19
605
600
Other retirement obligations \u2013 non-IAS 19
43
42
4,625
5,118
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 \u00a33,977,000 (2024: \u00a34,476,000). There are no assets held in this plan (2024: \u00a3nil). The expected contributions to the plan for the next reporting period to cover benefits paid are \u00a3245,000. The service cost in the year was \u00a3610,000 (2024: \u00a3383,000). 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 \u00a3605,000 (2024: \u00a3600,000). The expected contributions to the plan for the next reporting period to cover benefits paid are \u00a339,000. The service cost in the year was \u00a3nil (2024: \u00a3nil). 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 \u00a31,610,000 (2024: \u00a31,577,000). 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 \u00a31,255,000 (2024: \u00a31,122,000). There were outstanding contributions totalling \u00a369,000 (2024: \u00a366,000) due to the scheme at the balance sheet date. IAS 19 accounting \u2013 Turkish and Italian schemes Movement in defined benefit obligation
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2025 2025 2024 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January
600
4,476
860
3,148
Current service cost
\u2014
645
\u2014
380
Interest cost
\u2014
1,099
26
893
Plan curtailments \u2013 service cost
\u2014
(35)
\u2014
3
Plan curtailments \u2013 interest cost
\u2014
(53)
\u2014
2
Amounts recognised in income statement
\u2014
1,656
26
1,278
Actuarial losses/(gains)
\u2014
113
(3)
928
Benefits paid
(28)
(1,169)
(248)
(326)
Exchange differences
33
(1,099)
(35)
(552)
At 31 December
605
3,977
600
4,476
Amounts recognised in other comprehensive income/(expense)
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2025 2025 2024 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Experience adjustments \u2013 obligation
\u2014
(60)
3
(1,010)
Changes in demographic assumptions \u2013
obligation
\u2014
(153)
\u2014
(35)
Changes in financial assumptions \u2013
obligation
\u2014
100
\u2014
117
At 31 December
\u2014
(113)
3
(928)
Principal actuarial assumptions
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2025 2025 2024 2024
Discount rate (per annum)
3.4%
29.6%
3.2%
29.3%
Future salary increases (per annum)
n/a
24.6%
n/a
25.6%
Quantitative sensitivity analysis
2025
Discount rate
2025
Future salary
(per annum) increases (per annum)
+1% -1% +1% -1%
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
(Decrease)/increase in defined benefit
obligation \u2013 Italian scheme
(40)
44
\u2014
\u2014
(Decrease)/increase in defined benefit
obligation \u2013 Turkish scheme
(93)
95
71
(77)
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "10 Employee benefits expense
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
44,196
44,815
Social security costs
8,506
8,323
Other pension costs
3,475
3,082
Share-based payment charge (note 12)
704
440
56,881
56,660
The average monthly number of employees during the year was made up as follows:
2025 2024
Number Number
Cost of sales
735
779
Selling and distribution
481
526
Administration
126
130
1 , 3 42
1,435
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
11 Directors\u2019 remuneration
The Remuneration Policy is described in the Remuneration Report on pages 83 to 87.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Aggregate remuneration
1,294
1,735
The amounts in respect of the highest paid Director are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Aggregate remuneration
630
969
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 (2024: \u00a3nil). Further details on Directors\u2019 remuneration can be found in the
Remuneration Report on pages 79 to 96.
", "dimensions": { "concept": "stelradgroupplc:DisclosureOfDirectorsRemuneration", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "12 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 third award was made during the year ended 31 December 2025. The LTIP provides for the Executive Directors and selected members of the senior management team to be awarded nil-cost 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: adjusted EPS (a non-market condition) and relative TSR as compared to the selected benchmark index (a market condition). Refer to the Remuneration Report on pages 79 to 96 for further details of the LTIP. The expense recognised for the LTIP during the year ended 31 December 2025 was \u00a3704,000 (2024: \u00a3339,000). During the year ended 31 December 2025, 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- market condition). The Executive Director awards were 80% based on an adjusted EPS target (a non-market 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-based awards granted in the year ended 31 December 2025, 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 2025. The inputs to the model used for the awards granted in the year ended 31 December 2025 were:
2025
Stelrad Group plc:
Share price at date of grant
\u00a31.29
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-market conditions) is equal to the share price at the date of grant. 2025 2024 Outstanding at the beginning of the year 1,256,515 985,729 Granted during the year 1,360,110 1,368,487 Lapsed during the year \u2014 (985,729) Forfeited during the year (123,353) (111,972) The following table shows the number of share awards for the LTIP: Outstanding at the end of the year 2,493,272 1,256,515 The weighted average share price of the share awards at the year end was \u00a31.41 (2024: \u00a31.36). The weighted average fair value of awards granted during the year ended 31 December 2025 was \u00a31.29 (2024: \u00a31.17). The weighted average remaining contractual life of the awards was 1.71 years (2024: 2.21 years). There were no awards exercised in the year (2024: 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-year period. The DSBP awards are not subject to any market-based 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 79 to 96 for further details of the DSBP. The expense recognised for the DSBP during the year ended 31 December 2025 was \u00a3nil (2024: \u00a3101,000). 75,286 share awards have been granted under the DSBP during the year ended 31 December 2025 (2024: 95,266).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
13 Finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest on cash deposits
173
186
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "13 Finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest on cash deposits
173
186
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "13 Finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest on cash deposits
173
186
14 Finance costs
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest on bank loans
4,461
5,723
Amortisation of loan issue costs
692
375
Interest expense on defined benefit liabilities
1,047
921
Finance charges payable on lease liabilities
97
129
Other finance charges
1,279
1,041
7,576
8,189
Amortisation of loan issue costs includes \u00a3342,000 related to a one-off loan fee amortisation upon refinancing, which has been classified as one-off refinancing costs in note 16 when calculating the adjusted earnings per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "13 Finance income
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest on cash deposits
173
186
14 Finance costs
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest on bank loans
4,461
5,723
Amortisation of loan issue costs
692
375
Interest expense on defined benefit liabilities
1,047
921
Finance charges payable on lease liabilities
97
129
Other finance charges
1,279
1,041
7,576
8,189
Amortisation of loan issue costs includes \u00a3342,000 related to a one-off loan fee amortisation upon refinancing, which has been classified as one-off refinancing costs in note 16 when calculating the adjusted earnings per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
14 Finance costs
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest on bank loans
4,461
5,723
Amortisation of loan issue costs
692
375
Interest expense on defined benefit liabilities
1,047
921
Finance charges payable on lease liabilities
97
129
Other finance charges
1,279
1,041
7,576
8,189
Amortisation of loan issue costs includes \u00a3342,000 related to a one-off loan fee
amortisation upon refinancing, which has been classified as one-off refinancing costs in
note 16 when calculating the adjusted earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "14 Finance costs
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest on bank loans
4,461
5,723
Amortisation of loan issue costs
692
375
Interest expense on defined benefit liabilities
1,047
921
Finance charges payable on lease liabilities
97
129
Other finance charges
1,279
1,041
7,576
8,189
Amortisation of loan issue costs includes \u00a3342,000 related to a one-off loan fee amortisation upon refinancing, which has been classified as one-off refinancing costs in note 16 when calculating the adjusted earnings per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
15 Income tax expense
The major components of income tax expense are as follows:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Consolidated income statement
Current income tax:
Current income tax charge
8,794
5,083
Adjustments in respect of current income tax charge of
previous year
(41)
(127)
Deferred tax:
Relating to origination and reversal of temporary differences
477
1,908
Income tax expense reported in the income statement
9,230
6,864
2025 2024
\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
(28)
(232)
Current tax on monetary items forming part of net
investment and on hedges of net investment
(229)
217
Income tax credited to other comprehensive income
(257)
(15)
Reconciliation of tax expense and the accounting profit at the tax rate in the United
Kingdom of 25% (2024: 25%):
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit before tax
10,074
23,382
Profit before tax multiplied by standard rate of corporation
tax in the UK of 25% (2024: 25%)
2,519
5,846
Adjustments in respect of current income tax charge of
previous year
(41)
(127)
Non-deductible expenses
2,883
352
Differences arising due to tax losses
1,048
286
Other timing differences (including exceptional charges)
2,150
721
Benefit of overseas investment incentives
\u2014
(220)
Withholding tax on dividend income
1,508
1,032
Effect of different overseas tax rates
(837)
(1,026)
Total tax expense reported in the income statement
9,230
6,864
Deferred tax
Deferred tax relates to the following:
Consolidated balance sheet
Consolidated income statement
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Capital allowances
(784)
(641)
11
(742)
Pension
901
1,010
(189)
99
Fixed asset fair value adjustments
(184)
(1,303)
1,165
58
Losses available for offsetting
against future income
2,343
3,322
(1,069)
(965)
Other temporary differences
2,338
2,224
(395)
(358)
Deferred tax charge
(477)
(1,908)
Net deferred tax assets
4,614
4,612
Reflected in the balance sheet as:
Deferred tax assets
4,836
4,821
Deferred tax liabilities
(222)
(209)
Deferred tax assets, net
4,614
4,612
Reconciliation of deferred tax assets, net
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Opening balance as at 1 January
4,612
6,467
Tax charge recognised in income statement
(477)
(1,908)
Tax income recognised in other comprehensive income/
(expense)
28
232
Exchange adjustment
451
(179)
Closing balance as at 31 December
4,614
4,612
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 \u00a3602,000 (2024: \u00a32,118,000) have been recognised in respect of two (2024: two)
loss-making subsidiary companies; these are recognised on the grounds of future
projected performance.
Deferred tax asset recognition
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
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital allowances
14
13
Losses available for offsetting against future income
2,741
3,486
2,755
3,499
The Group has tax losses which arose in the United Kingdom of \u00a310,964,000
(2024: \u00a313,944,000) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "Deferred tax Deferred tax relates to the following:
Consolidated balance sheet
Consolidated income statement
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Capital allowances
(784)
(641)
11
(742)
Pension
901
1,010
(189)
99
Fixed asset fair value adjustments
(184)
(1,303)
1,165
58
Losses available for offsetting
against future income
2,343
3,322
(1,069)
(965)
Other temporary differences
2,338
2,224
(395)
(358)
Deferred tax charge
(477)
(1,908)
Net deferred tax assets
4,614
4,612
Reflected in the balance sheet as:
Deferred tax assets
4,836
4,821
Deferred tax liabilities
(222)
(209)
Deferred tax assets, net
4,614
4,612
Reconciliation of deferred tax assets, net
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Opening balance as at 1 January
4,612
6,467
Tax charge recognised in income statement
(477)
(1,908)
Tax income recognised in other comprehensive income/
(expense)
28
232
Exchange adjustment
451
(179)
Closing balance as at 31 December
4,614
4,612
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 \u00a3602,000 (2024: \u00a32,118,000) have been recognised in respect of two (2024: two) loss-making subsidiary companies; these are recognised on the grounds of future projected performance. Deferred tax asset recognition 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
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital allowances
14
13
Losses available for offsetting against future income
2,741
3,486
2,755
3,499
The Group has tax losses which arose in the United Kingdom of \u00a310,964,000 (2024: \u00a313,944,000) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "Deferred tax Deferred tax relates to the following:
Consolidated balance sheet
Consolidated income statement
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Capital allowances
(784)
(641)
11
(742)
Pension
901
1,010
(189)
99
Fixed asset fair value adjustments
(184)
(1,303)
1,165
58
Losses available for offsetting
against future income
2,343
3,322
(1,069)
(965)
Other temporary differences
2,338
2,224
(395)
(358)
Deferred tax charge
(477)
(1,908)
Net deferred tax assets
4,614
4,612
Reflected in the balance sheet as:
Deferred tax assets
4,836
4,821
Deferred tax liabilities
(222)
(209)
Deferred tax assets, net
4,614
4,612
Reconciliation of deferred tax assets, net
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Opening balance as at 1 January
4,612
6,467
Tax charge recognised in income statement
(477)
(1,908)
Tax income recognised in other comprehensive income/
(expense)
28
232
Exchange adjustment
451
(179)
Closing balance as at 31 December
4,614
4,612
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 \u00a3602,000 (2024: \u00a32,118,000) have been recognised in respect of two (2024: two) loss-making subsidiary companies; these are recognised on the grounds of future projected performance. Deferred tax asset recognition 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
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Capital allowances
14
13
Losses available for offsetting against future income
2,741
3,486
2,755
3,499
The Group has tax losses which arose in the United Kingdom of \u00a310,964,000 (2024: \u00a313,944,000) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "
16 Earnings per share
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net profit for the year attributable to owners of the
parent
844
16,518
Exceptional items
14,925
\u2014
Amortisation of customer relationships
69
137
Refinancing costs (note 14)
342
\u2014
Tax on exceptional items
582
\u2014
Tax on amortisation of customer relationships
(19)
(38)
Tax on refinancing costs
(86)
\u2014
Adjusted net profit for the year attributable to owners
of the parent
16,657
16,617
2025 2024
Number Number
Basic weighted average number of shares in issue
127,352,555
127,352,555
Diluted weighted average number of shares in issue
127,474,048
128,389,983
Earnings per share
Basic earnings per share (pence per share)
0.66
12.97
Diluted earnings per share (pence per share)
0.66
12.87
Adjusted earnings per share
Basic earnings per share (pence per share)
13.08
13.05
Diluted earnings per share (pence per share)
13.07
12.94
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "17 Dividends paid The Board is recommending a final dividend of 5.05 pence per share (2024: 4.81 pence per share), which, if approved, will mean a final dividend payment of \u00a36,431,000 (2024: \u00a36,126,000). 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.
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Declared and paid during the year
Equity dividend on ordinary shares:
Final dividend for 2024: 4.81p per share (2023: 4.72p per share)
6,126
6,011
Interim dividend for 2025: 3.04p per share (2024: 2.98p per share)
3,872
3,795
9,998
9,806
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Dividend proposed (not recognised as a liability)
Equity dividend on ordinary shares:
Final dividend for 2025: 5.05p per share (2024: 4.81p per share)
6,431
6,126
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "0.0505", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "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-10": { "value": "6431000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-9": { "value": "6126000.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-290": { "value": "
18 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 2024
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
Additions
201
706
2,243
2,748
1,267
7,165
Transfers
34
\u2014
(1,346)
1,114
198
\u2014
Disposals
(259)
(1,422)
\u2014
(11,869)
(1,065)
(14,615)
Exchange adjustment
1,961
669
60
4,601
411
7,702
At 31 December 2025
46,802
12,181
2,717
85,714
13,100
160,514
Accumulated depreciation and impairment
At 1 January 2024
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
Depreciation charge
1,415
1,486
\u2014
6,745
1,747
11,393
Disposals
(260)
(1,422)
\u2014
(11,853)
(1,061)
(14,596)
Impairment (note 19)
5,815
\u2014
\u2014
(23)
22
5,814
Exchange adjustment
654
388
\u2014
3,002
279
4,323
At 31 December 2025
23,578
7,356
\u2014
47,136
9,953
88,023
Net book value
At 31 December 2025
23,224
4,825
2,717
38,578
3,147
72,491
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
The carrying value of right-of-use assets within property, plant and equipment, by line item, at the year end is:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
4,819
5,299
Plant and equipment
1,546
1,175
Fixtures, fittings and motor vehicles
1,040
1,255
7,405
7,729
Right-of-use asset additions within property, plant and equipment, by line item, during the year are:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
706
214
Plant and equipment
736
523
Fixtures, fittings and motor vehicles
508
413
1,950
1,150
Depreciation of right-of-use assets within property, plant and equipment, by line item, during the year is:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
1,465
1,462
Plant and equipment
577
565
Fixtures, fittings and motor vehicles
607
739
2,649
2,766
Land and buildings with a carrying amount of \u00a312,024,000 (2024: \u00a318,095,000) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "The carrying value of right-of-use assets within property, plant and equipment, by line item, at the year end is:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
4,819
5,299
Plant and equipment
1,546
1,175
Fixtures, fittings and motor vehicles
1,040
1,255
7,405
7,729
Right-of-use asset additions within property, plant and equipment, by line item, during the year are:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
706
214
Plant and equipment
736
523
Fixtures, fittings and motor vehicles
508
413
1,950
1,150
Depreciation of right-of-use assets within property, plant and equipment, by line item, during the year is:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
1,465
1,462
Plant and equipment
577
565
Fixtures, fittings and motor vehicles
607
739
2,649
2,766
Land and buildings with a carrying amount of \u00a312,024,000 (2024: \u00a318,095,000) 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:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "
Right-of-use asset additions within property, plant and equipment, by line item, during
the year are:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
706
214
Plant and equipment
736
523
Fixtures, fittings and motor vehicles
508
413
1,950
1,150
Depreciation of right-of-use assets within property, plant and equipment, by line item,
during the year is:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Leasehold buildings
1,465
1,462
Plant and equipment
577
565
Fixtures, fittings and motor vehicles
607
739
2,649
2,766
Land and buildings with a carrying amount of \u00a312,024,000 (2024: \u00a318,095,000)
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
19 Intangible assets
Technology
Customer and software
Goodwill relationships costs Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2025
2,607
1,737
1,357
5,701
Additions
\u2014
\u2014
35
35
Disposals
\u2014
\u2014
(210)
(210)
Exchange adjustment
146
97
73
316
At 31 December 2025
2,753
1,834
1,255
5,842
Accumulated amortisation
and impairment
At 1 January 2025
\u2014
323
726
1,049
Amortisation
\u2014
69
261
330
Disposals
\u2014
\u2014
(124)
(124)
Impairment
2,694
1,392
\u2014
4,086
Exchange adjustment
59
50
45
154
At 31 December 2025
2,753
1,834
908
5,495
Net book value
At 31 December 2025
\u2014
\u2014
347
347
At 31 December 2024
2,607
1,414
631
4,652
Included in technology and software costs are assets under construction of \u00a3nil
(2024: \u00a3nil), which are not amortised.
Impairment
Goodwill is subject to annual impairment testing. All of the goodwill recognised was
allocated to a single cash-generating unit (\u201cCGU\u201d), being the Radiators SpA division
which, after the impairment was recognised, had a total carrying value of \u00a313.9 million.
A CGU represents the lowest level in the Group at which goodwill is monitored for internal
management purposes.
Management is required to assess CGUs for impairment where it believes there are
triggers for impairment. During the year, management identified that there were triggers
for impairment with respect to the Radiators SpA CGU and performed an impairment
review as set out below.
Impairment tests were 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 used the net present value of the CGU\u2019s discounted future cash flows covering a three-year period. Terminal growth rates of 1.8% were applied beyond this, based on historical macroeconomic performance and projections of the sector served by the CGUs. When assessing for impairment, management has considered the impact of climate change, particularly in the context of the risks and opportunities identified within the Task Force on Climate-related Financial Disclosures Report on pages 33 to 37 of the Strategic Report, and has not identified any material short-term impacts from climate change that would impact the recoverable amount of the CGU. For the value in use model, a pre-tax discount rate of 14.8% has been applied in determining the recoverable amounts of the CGU. The pre-tax discount rate was estimated based on the Group\u2019s risk adjusted cost of capital. Other key assumptions throughout the budget period are EBITDA, which has been included in the terminal value at a margin of 7%, volumes, contribution per radiator sold and capital expenditure. The key assumptions have been determined using past experience or external sources of information. Further detail on the impairment can be found in the Finance and Business Review within the exceptional items section on page 43. Based on the impairment tests performed, the recoverable amount calculated in the impairment review of the Radiators SpA CGU was lower than the carrying amount. As a result, an impairment has been recognised, reducing goodwill by \u00a32,694,000, customer relationships by \u00a31,392,000 and property, plant and equipment by \u00a35,814,000. Inventories are not included in the carrying value of the CGU; however, the circumstances surrounding the impairment have resulted in an additional inventory provision of \u00a32,307,000. The tax impact of the total impairment was a charge of \u00a3856,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "19 Intangible assets
Technology
Customer and software
Goodwill relationships costs Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2025
2,607
1,737
1,357
5,701
Additions
\u2014
\u2014
35
35
Disposals
\u2014
\u2014
(210)
(210)
Exchange adjustment
146
97
73
316
At 31 December 2025
2,753
1,834
1,255
5,842
Accumulated amortisation
and impairment
At 1 January 2025
\u2014
323
726
1,049
Amortisation
\u2014
69
261
330
Disposals
\u2014
\u2014
(124)
(124)
Impairment
2,694
1,392
\u2014
4,086
Exchange adjustment
59
50
45
154
At 31 December 2025
2,753
1,834
908
5,495
Net book value
At 31 December 2025
\u2014
\u2014
347
347
At 31 December 2024
2,607
1,414
631
4,652
Included in technology and software costs are assets under construction of \u00a3nil (2024: \u00a3nil), which are not amortised. Impairment Goodwill is subject to annual impairment testing. All of the goodwill recognised was allocated to a single cash-generating unit (\u201cCGU\u201d), being the Radiators SpA division which, after the impairment was recognised, had a total carrying value of \u00a313.9 million. A CGU represents the lowest level in the Group at which goodwill is monitored for internal management purposes. Management is required to assess CGUs for impairment where it believes there are triggers for impairment. During the year, management identified that there were triggers for impairment with respect to the Radiators SpA CGU and performed an impairment review as set out below.
Impairment tests were 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 used the
net present value of the CGU\u2019s discounted future cash flows covering a three-year period.
Terminal growth rates of 1.8% were applied beyond this, based on historical
macroeconomic performance and projections of the sector served by the CGUs.
When assessing for impairment, management has considered the impact of climate
change, particularly in the context of the risks and opportunities identified within the Task
Force on Climate-related Financial Disclosures Report on pages 33 to 37 of the Strategic
Report, and has not identified any material short-term impacts from climate change that
would impact the recoverable amount of the CGU.
For the value in use model, a pre-tax discount rate of 14.8% has been applied in
determining the recoverable amounts of the CGU. The pre-tax discount rate was
estimated based on the Group\u2019s risk adjusted cost of capital. Other key assumptions
throughout the budget period are EBITDA, which has been included in the terminal
value at a margin of 7%, volumes, contribution per radiator sold and capital expenditure.
The key assumptions have been determined using past experience or external sources of
information.
Further detail on the impairment can be found in the Finance and Business Review
within the exceptional items section on page 43.
Based on the impairment tests performed, the recoverable amount calculated in the
impairment review of the Radiators SpA CGU was lower than the carrying amount. As a
result, an impairment has been recognised, reducing goodwill by \u00a32,694,000, customer
relationships by \u00a31,392,000 and property, plant and equipment by \u00a35,814,000.
Inventories are not included in the carrying value of the CGU; however, the circumstances
surrounding the impairment have resulted in an additional inventory provision of
\u00a32,307,000. The tax impact of the total impairment was a charge of \u00a3856,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "19 Intangible assets
Technology
Customer and software
Goodwill relationships costs Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost
At 1 January 2025
2,607
1,737
1,357
5,701
Additions
\u2014
\u2014
35
35
Disposals
\u2014
\u2014
(210)
(210)
Exchange adjustment
146
97
73
316
At 31 December 2025
2,753
1,834
1,255
5,842
Accumulated amortisation
and impairment
At 1 January 2025
\u2014
323
726
1,049
Amortisation
\u2014
69
261
330
Disposals
\u2014
\u2014
(124)
(124)
Impairment
2,694
1,392
\u2014
4,086
Exchange adjustment
59
50
45
154
At 31 December 2025
2,753
1,834
908
5,495
Net book value
At 31 December 2025
\u2014
\u2014
347
347
At 31 December 2024
2,607
1,414
631
4,652
Included in technology and software costs are assets under construction of \u00a3nil (2024: \u00a3nil), which are not amortised. Impairment Goodwill is subject to annual impairment testing. All of the goodwill recognised was allocated to a single cash-generating unit (\u201cCGU\u201d), being the Radiators SpA division which, after the impairment was recognised, had a total carrying value of \u00a313.9 million. A CGU represents the lowest level in the Group at which goodwill is monitored for internal management purposes. Management is required to assess CGUs for impairment where it believes there are triggers for impairment. During the year, management identified that there were triggers for impairment with respect to the Radiators SpA CGU and performed an impairment review as set out below. Impairment tests were 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 used the net present value of the CGU\u2019s discounted future cash flows covering a three-year period. Terminal growth rates of 1.8% were applied beyond this, based on historical macroeconomic performance and projections of the sector served by the CGUs. When assessing for impairment, management has considered the impact of climate change, particularly in the context of the risks and opportunities identified within the Task Force on Climate-related Financial Disclosures Report on pages 33 to 37 of the Strategic Report, and has not identified any material short-term impacts from climate change that would impact the recoverable amount of the CGU. For the value in use model, a pre-tax discount rate of 14.8% has been applied in determining the recoverable amounts of the CGU. The pre-tax discount rate was estimated based on the Group\u2019s risk adjusted cost of capital. Other key assumptions throughout the budget period are EBITDA, which has been included in the terminal value at a margin of 7%, volumes, contribution per radiator sold and capital expenditure. The key assumptions have been determined using past experience or external sources of information. Further detail on the impairment can be found in the Finance and Business Review within the exceptional items section on page 43. Based on the impairment tests performed, the recoverable amount calculated in the impairment review of the Radiators SpA CGU was lower than the carrying amount. As a result, an impairment has been recognised, reducing goodwill by \u00a32,694,000, customer relationships by \u00a31,392,000 and property, plant and equipment by \u00a35,814,000. Inventories are not included in the carrying value of the CGU; however, the circumstances surrounding the impairment have resulted in an additional inventory provision of \u00a32,307,000. The tax impact of the total impairment was a charge of \u00a3856,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
20 Financial liabilities
Financial liabilities \u2013 other \u2013 not interest bearing
Financial instruments through profit or loss reflect the 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.
2025 2024
Liabilities \u00a3\u2019000 \u00a3\u2019000
Financial instruments at fair value through profit or loss
Derivatives not designated as hedges \u2013 foreign exchange
forward contracts
221
\u2014
Total instruments at fair value through profit or loss
221
\u2014
Current
221
\u2014
Non-current
\u2014
\u2014
Financial liabilities \u2013 interest-bearing loans and borrowings
Effective
interest rate 2025 2024
%
Maturity
\u00a3\u2019000 \u00a3\u2019000
Current interest-bearing
loans and borrowings
Lease liabilities
2,579
2,212
2,579
2,212
Non-current interest-bearing
loans and borrowings
Lease liabilities
4,979
5,671
Revolving credit facility \u2013 GBP
SONIA + 1.75%
4 Dec 2028
32,300
41,750
Revolving credit facility \u2013 Euro
Euribor + 1.75%
4 Dec 2028
13,097
13,146
Term loan
Euribor + 1.75%
4 Dec 2028
24,750
23,436
Unamortised loan costs
(715)
(674)
74,411
83,329
Total interest-bearing loans
and borrowings
76,990
85,541
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 (\u201cRCF\u201d) and a \u20ac28.346 million term loan facility. During the year ended 31 December 2025, the \u00a3100 million loan facility was renewed. The renewed facility is for an initial three-year term until December 2028, with an extension option for two further years, and is provided by the two existing lenders. 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 2025 Cash flows changes 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 Liabilities from financing activities Revolving credit facility \u2013 GBP 41,750 (9,450) \u2014 32,300 Revolving credit facility \u2013 Euro 13,146 (769) 720 13,097 Term loan 23,436 \u2014 1,314 24,750 Lease liabilities 7,883 (712) 387 7,558 86,215 (10,931) 2,421 77,705 Other assets Cash and cash equivalents (18,633) 442 (787) (18,978 (18,633) 442 (787) (18,978 Net liabilities arising from financing activities 67,582 (10,489) 1,634 58,727 The non-cash changes all relate to foreign exchange differences. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "20 Financial liabilities Financial liabilities \u2013 other \u2013 not interest bearing Financial instruments through profit or loss reflect the 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.
2025 2024
Liabilities \u00a3\u2019000 \u00a3\u2019000
Financial instruments at fair value through profit or loss
Derivatives not designated as hedges \u2013 foreign exchange
forward contracts
221
\u2014
Total instruments at fair value through profit or loss
221
\u2014
Current
221
\u2014
Non-current
\u2014
\u2014
Financial liabilities \u2013 interest-bearing loans and borrowings
Effective
interest rate 2025 2024
%
Maturity
\u00a3\u2019000 \u00a3\u2019000
Current interest-bearing
loans and borrowings
Lease liabilities
2,579
2,212
2,579
2,212
Non-current interest-bearing
loans and borrowings
Lease liabilities
4,979
5,671
Revolving credit facility \u2013 GBP
SONIA + 1.75%
4 Dec 2028
32,300
41,750
Revolving credit facility \u2013 Euro
Euribor + 1.75%
4 Dec 2028
13,097
13,146
Term loan
Euribor + 1.75%
4 Dec 2028
24,750
23,436
Unamortised loan costs
(715)
(674)
74,411
83,329
Total interest-bearing loans
and borrowings
76,990
85,541
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 (\u201cRCF\u201d) and a \u20ac28.346 million term loan facility. During the year ended 31 December 2025, the \u00a3100 million loan facility was renewed. The renewed facility is for an initial three-year term until December 2028, with an extension option for two further years, and is provided by the two existing lenders. 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
2025 Cash flows changes 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Liabilities from financing activities
Revolving credit facility \u2013 GBP
41,750
(9,450)
\u2014
32,300
Revolving credit facility \u2013 Euro
13,146
(769)
720
13,097
Term loan
23,436
\u2014
1,314
24,750
Lease liabilities
7,883
(712)
387
7,558
86,215
(10,931)
2,421
77,705
Other assets
Cash and cash equivalents
(18,633)
442
(787)
(18,978 )
(18,633)
442
(787)
(18,978 )
Net liabilities arising from financing
activities
67,582
(10,489)
1,634
58,727
The non-cash changes all relate to foreign exchange differences. 31 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 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
(Liabilities)/assets measured at fair value
Derivative financial (liabilities)/assets
Foreign exchange forward contracts \u2013
GBP/EUR
(229)
(229)
\u2014
\u2014
Foreign exchange forward contracts \u2013
EUR/USD
8
8
\u2014
\u2014
(221)
(221)
\u2014
\u2014
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
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 2025 and at 31 December 2024 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 2025 and 31 December 2024.
C. Fair value of financial instruments at amortised cost
Carrying amount
Fair value
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Lease liabilities
7,558
7,883
7,558
7, 883
Revolving credit facility \u2013 GBP
32,300
41,750
32,300
41,750
Revolving credit facility \u2013 Euro
13,097
13,146
13,097
13,146
Term loan
24,750
23,436
24,750
23,436
77,705
86,215
77,705
86,215
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-term 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-observable 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-bearing 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-bearing 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-bearing 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-term interest-bearing 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- upon notional principal amount. At 31 December 2024 and 31 December 2025, no interest rate swaps were in place. Approximately 10% (2024: 9%) 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 2025 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(404)
SONIA/Euribor
-0.5%
404
Effect on
profit
Increase/ before tax
Year ended 31 December 2024 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(464)
SONIA/Euribor
-0.5%
464
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-month period. There were foreign currency exchange contracts in place at 31 December 2025 and 31 December 2024. 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-designated 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
2025
+10%
10
-10%
(13)
2024
+10 %
68
-10%
(83)
Effect on profit
Change in before tax
USD rate
(1)
\u00a3\u2019000
2025
+10%
30
-10%
(36)
2024
+10 %
74
-10%
(91)
(1) A + movement indicates GBP strengthening relative to the other currency.
Effect on profit
Change in before tax
TL rate
(1)
\u00a3\u2019000
2025
+10%
641
-10%
(783)
2024
+10 %
(230)
-10%
281
(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-term 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-recoverability with a large proportion of receivables being due from the three major customers with strong credit ratings. The 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 22 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 2025. 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-month period. Approximately 3.3% of the Group\u2019s debt will mature in less than one year at 31 December 2025 (2024: 2.6%) 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 2025, the Group had available \u00a330,630,000 (2024: \u00a321,131,000) of undrawn committed borrowing facilities. The table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. Interest-bearing 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 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
2,653
5,159
\u2014
7,812
Interest-bearing loans
3,456
74,806
\u2014
78,262
Trade and other payables
61,463
\u2014
\u2014
61,463
Derivatives not designated as hedges \u2013
foreign exchange forward contracts
229
\u2014
\u2014
229
67,801
79,965
\u2014
147,766
<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-bearing 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
Supplier finance arrangements
The Group participates in a supply chain financing arrangement. 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 2025
Carrying amount of liabilities that are part of
supplier financing arrangements
Presented within trade and other payables
\u2013 of which suppliers have received payment from
finance provider (\u00a3\u2019000)
15,984
Range of payment due dates
Liabilities that are part of the arrangement
150\u2013190 days after invoice date
Trade payables that are not part of the arrangement
120\u2013150 days after invoice date
31 December 2024
Carrying amount of liabilities that are 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\u2013190 days after invoice date
Trade payables that are not part of the arrangement
120\u2013150 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "Financial liabilities \u2013 other \u2013 not interest bearing Financial instruments through profit or loss reflect the 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.
2025 2024
Liabilities \u00a3\u2019000 \u00a3\u2019000
Financial instruments at fair value through profit or loss
Derivatives not designated as hedges \u2013 foreign exchange
forward contracts
221
\u2014
Total instruments at fair value through profit or loss
221
\u2014
Current
221
\u2014
Non-current
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": "Financial liabilities \u2013 interest-bearing loans and borrowings
Effective
interest rate 2025 2024
%
Maturity
\u00a3\u2019000 \u00a3\u2019000
Current interest-bearing
loans and borrowings
Lease liabilities
2,579
2,212
2,579
2,212
Non-current interest-bearing
loans and borrowings
Lease liabilities
4,979
5,671
Revolving credit facility \u2013 GBP
SONIA + 1.75%
4 Dec 2028
32,300
41,750
Revolving credit facility \u2013 Euro
Euribor + 1.75%
4 Dec 2028
13,097
13,146
Term loan
Euribor + 1.75%
4 Dec 2028
24,750
23,436
Unamortised loan costs
(715)
(674)
74,411
83,329
Total interest-bearing loans
and borrowings
76,990
85,541
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
(\u201cRCF\u201d) and a \u20ac28.346 million term loan facility.
During the year ended 31 December 2025, the \u00a3100 million loan facility was renewed.
The renewed facility is for an initial three-year term until December 2028, with an
extension option for two further years, and is provided by the two existing lenders.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "
Changes in liabilities arising from financing activities
1 January Non-cash 31 December
2025 Cash flows changes 2025
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Liabilities from financing activities
Revolving credit facility \u2013 GBP
41,750
(9,450)
\u2014
32,300
Revolving credit facility \u2013 Euro
13,146
(769)
720
13,097
Term loan
23,436
\u2014
1,314
24,750
Lease liabilities
7,883
(712)
387
7,558
86,215
(10,931)
2,421
77,705
Other assets
Cash and cash equivalents
(18,633)
442
(787)
(18,978 )
(18,633)
442
(787)
(18,978 )
Net liabilities arising from financing
activities
67,582
(10,489)
1,634
58,727
The non-cash changes all relate to foreign exchange differences.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
21 Inventories
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Raw materials
23,183
23,818
Work in progress
2,796
3,388
Finished goods
33,350
37,063
Other consumables
3,073
3,042
62,402
67,311
The cost of inventories recognised as an expense in the year was \u00a3193,327,000
(2024: \u00a3201,617,000). The provision for the impairment of stocks increased in the year,
giving rise to a cost of \u00a33,754,000 (2024: cost of \u00a3760,000), of which \u00a32,307,000 was
recognised as an exceptional item (note 8). At 31 December 2025, the provision for the
impairment of stocks was \u00a37,958,000 (2024: \u00a33,974,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "
22 Trade and other receivables
2025
\u00a3\u2019000
2024
\u00a3\u2019000
Current
Trade receivables
43,508
42,279
Other receivables
2,842
2,629
Prepayments
814
570
47,164
45,478
Non-current
Other receivables
299
284
299
284
The table below sets out the movements in the allowance for expected credit losses of
trade receivables:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 January
548
806
Charge for the year
\u2014
14
Utilised
(20)
\u2014
Unused amounts reversed
(7)
(246)
Exchange adjustment
31
(26)
At 31 December
552
548
As at 31 December, the ageing of trade receivables (gross of impairment) is as follows:
Total Current <30 days 30\u201390 days >90 days
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
Gross carrying amount
44,060
32,679
9,881
1,500
\u2014
2024
Gross carrying amount
42,827
33,241
5,464
3,873
249
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "22 Trade and other receivables 2025 \u00a3\u2019000 2024 \u00a3\u2019000 Current
Trade receivables
43,508
42,279
Other receivables
2,842
2,629
Prepayments
814
570
47,164
45,478
Non-current
Other receivables
299
284
299
284
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "22 Trade and other receivables 2025 \u00a3\u2019000 2024 \u00a3\u2019000 Current
Trade receivables
43,508
42,279
Other receivables
2,842
2,629
Prepayments
814
570
47,164
45,478
Non-current
Other receivables
299
284
299
284
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "22 Trade and other receivables 2025 \u00a3\u2019000 2024 \u00a3\u2019000 Current
Trade receivables
43,508
42,279
Other receivables
2,842
2,629
Prepayments
814
570
47,164
45,478
Non-current
Other receivables
299
284
299
284
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "22 Trade and other receivables 2025 \u00a3\u2019000 2024 \u00a3\u2019000 Current
Trade receivables
43,508
42,279
Other receivables
2,842
2,629
Prepayments
814
570
47,164
45,478
Non-current
Other receivables
299
284
299
284
The table below sets out the movements in the allowance for expected credit losses of trade receivables:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 January
548
806
Charge for the year
\u2014
14
Utilised
(20)
\u2014
Unused amounts reversed
(7)
(246)
Exchange adjustment
31
(26)
At 31 December
552
548
As at 31 December, the ageing of trade receivables (gross of impairment) is as follows:
Total Current <30 days 30\u201390 days >90 days
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
Gross carrying amount
44,060
32,679
9,881
1,500
\u2014
2024
Gross carrying amount
42,827
33,241
5,464
3,873
249
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "The table below sets out the movements in the allowance for expected credit losses of trade receivables:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
At 1 January
548
806
Charge for the year
\u2014
14
Utilised
(20)
\u2014
Unused amounts reversed
(7)
(246)
Exchange adjustment
31
(26)
At 31 December
552
548
As at 31 December, the ageing of trade receivables (gross of impairment) is as follows:
Total Current <30 days 30\u201390 days >90 days
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
2025
Gross carrying amount
44,060
32,679
9,881
1,500
\u2014
2024
Gross carrying amount
42,827
33,241
5,464
3,873
249
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "
23 Cash and cash equivalents
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and on hand
18,978
18,633
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
24 Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
44,040
46,581
Other payables and accruals
17,168
18,485
Other taxes and social security
5,595
3,822
Interest payable
255
322
67,058
69,210
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "24 Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
44,040
46,581
Other payables and accruals
17,168
18,485
Other taxes and social security
5,595
3,822
Interest payable
255
322
67,058
69,210
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "24 Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
44,040
46,581
Other payables and accruals
17,168
18,485
Other taxes and social security
5,595
3,822
Interest payable
255
322
67,058
69,210
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "24 Trade and other payables
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Current
Trade payables
44,040
46,581
Other payables and accruals
17,168
18,485
Other taxes and social security
5,595
3,822
Interest payable
255
322
67,058
69,210
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "25 Provisions
Compensation Unused
Warranty fund Restructuring vacation Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January 2024
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
Arising during the year
362
3
332
626
1,323
Released
\u2014
(115)
\u2014
\u2014
(115)
Utilised
(310)
(65)
(9)
(461)
(845)
Exchange adjustment
27
67
24
(237)
(119)
At 31 December 2025
531
1,177
656
539
2,903
Current
116
\u2014
656
299
1,071
Non-current
415
1,177
\u2014
240
1,832
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 Group-wide restructuring programmes 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "
26 Share capital and reserves
2025 2025 2024 2024
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": "2024-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "26 Share capital and reserves
2025 2025 2024 2024
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "26 Share capital and reserves
2025 2025 2024 2024
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "27 Commitments and contingencies Commitments Amounts contracted for but not provided in the financial statements amounted to \u00a31,349,000 (2024: \u00a3177,000) 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 $846,000 (2024: $17,917,000) and $36,444,000 (2024: $18,071,000) respectively. Termo Teknik Ticaret ve Sanayi A.S. has also issued letters of guarantee denominated in Turkish Lira totalling TL28,993,000 (2024: TL26,514,000). 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 2025 is \u00a313,863,000 (2024: \u00a312,123,000) on purchases and \u00a323,750,000 (2024: \u00a317,500,000) on sales. The fair value of the unsettled forward contracts held at the balance sheet date, determined by reference to their market values, is a liability of \u00a3221,000 (2024: asset of \u00a3293,000). As part of the \u00a3100 million loan facility, renewed in December 2025, the Group is party to a cross-collateral 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "
Commitments
Amounts contracted for but not provided in the financial statements amounted to
\u00a31,349,000 (2024: \u00a3177,000) for the Group. All amounts relate to property, plant and
equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "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 $846,000 (2024: $17,917,000) and $36,444,000
(2024: $18,071,000) respectively. Termo Teknik Ticaret ve Sanayi A.S. has also issued
letters of guarantee denominated in Turkish Lira totalling TL28,993,000 (2024: TL26,514,000).
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 2025 is \u00a313,863,000 (2024: \u00a312,123,000) on purchases
and \u00a323,750,000 (2024: \u00a317,500,000) on sales.
The fair value of the unsettled forward contracts held at the balance sheet date, determined
by reference to their market values, is a liability of \u00a3221,000 (2024: asset of \u00a3293,000).
As part of the \u00a3100 million loan facility, renewed in December 2025, the Group is party
to a cross-collateral 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "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 \u00a33,977,000
(2024: \u00a34,476,000). There are no assets held in this plan (2024: \u00a3nil). The expected
contributions to the plan for the next reporting period to cover benefits paid are
\u00a3245,000. The service cost in the year was \u00a3610,000 (2024: \u00a3383,000).
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 \u00a3605,000 (2024: \u00a3600,000). The expected contributions
to the plan for the next reporting period to cover benefits paid are \u00a339,000. The service
cost in the year was \u00a3nil (2024: \u00a3nil).
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 \u00a31,610,000
(2024: \u00a31,577,000).
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 \u00a31,255,000 (2024: \u00a31,122,000).
There were outstanding contributions totalling \u00a369,000 (2024: \u00a366,000) due to the
scheme at the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2024-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
IAS 19 accounting \u2013 Turkish and Italian schemes
Movement in defined benefit obligation
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2025 2025 2024 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 1 January
600
4,476
860
3,148
Current service cost
\u2014
645
\u2014
380
Interest cost
\u2014
1,099
26
893
Plan curtailments \u2013 service cost
\u2014
(35)
\u2014
3
Plan curtailments \u2013 interest cost
\u2014
(53)
\u2014
2
Amounts recognised in income statement
\u2014
1,656
26
1,278
Actuarial losses/(gains)
\u2014
113
(3)
928
Benefits paid
(28)
(1,169)
(248)
(326)
Exchange differences
33
(1,099)
(35)
(552)
At 31 December
605
3,977
600
4,476
Amounts recognised in other comprehensive income/(expense)
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2025 2025 2024 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Experience adjustments \u2013 obligation
\u2014
(60)
3
(1,010)
Changes in demographic assumptions \u2013
obligation
\u2014
(153)
\u2014
(35)
Changes in financial assumptions \u2013
obligation
\u2014
100
\u2014
117
At 31 December
\u2014
(113)
3
(928)
Principal actuarial assumptions
Italian Turkish Italian Turkish
scheme scheme scheme scheme
2025 2025 2024 2024
Discount rate (per annum)
3.4%
29.6%
3.2%
29.3%
Future salary increases (per annum)
n/a
24.6%
n/a
25.6%
Quantitative sensitivity analysis
2025
Discount rate
2025
Future salary
(per annum) increases (per annum)
+1% -1% +1% -1%
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
(Decrease)/increase in defined benefit
obligation \u2013 Italian scheme
(40)
44
\u2014
\u2014
(Decrease)/increase in defined benefit
obligation \u2013 Turkish scheme
(93)
95
71
(77)
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "Quantitative sensitivity analysis
2025
Discount rate
2025
Future salary
(per annum) increases (per annum)
+1% -1% +1% -1%
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
(Decrease)/increase in defined benefit
obligation \u2013 Italian scheme
(40)
44
\u2014
\u2014
(Decrease)/increase in defined benefit
obligation \u2013 Turkish scheme
(93)
95
71
(77)
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "
29 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 \u00a34,000 (2024: \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 \u00a3nil (2024: \u00a32,000). During the year, the Group made
purchases of \u00a33,217,000 (2024: \u00a34,047,000) 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 \u00a3420,000 (2024: \u00a3441,000).
The key management personnel are considered to be the Executive Directors and Non-
Executive 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:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employment benefits
1,487
1,975
Contributions to Group pension plans are disclosed in note 28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "29 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 \u00a34,000 (2024: \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 \u00a3nil (2024: \u00a32,000). During the year, the Group made purchases of \u00a33,217,000 (2024: \u00a34,047,000) 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 \u00a3420,000 (2024: \u00a3441,000). The key management personnel are considered to be the Executive Directors and Non- Executive 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:
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Short-term employment benefits
1,487
1,975
Contributions to Group pension plans are disclosed in note 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
30 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-bearing
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-bearing 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 26. Details of interest-bearing
loans and borrowings are shown in note 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "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 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
(Liabilities)/assets measured at fair value
Derivative financial (liabilities)/assets
Foreign exchange forward contracts \u2013
GBP/EUR
(229)
(229)
\u2014
\u2014
Foreign exchange forward contracts \u2013
EUR/USD
8
8
\u2014
\u2014
(221)
(221)
\u2014
\u2014
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
Level 1: Quoted prices in active markets.
Level 2: Significant observable inputs.
Level 3: Significant unobservable inputs.
C. Fair value of financial instruments at amortised cost
Carrying amount
Fair value
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Lease liabilities
7,558
7,883
7,558
7, 883
Revolving credit facility \u2013 GBP
32,300
41,750
32,300
41,750
Revolving credit facility \u2013 Euro
13,097
13,146
13,097
13,146
Term loan
24,750
23,436
24,750
23,436
77,705
86,215
77,705
86,215
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-term 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-observable 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-bearing 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:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "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 2025 and at 31 December 2024 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 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "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 2025 and at 31 December 2024 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 2025 and 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "C. Fair value of financial instruments at amortised cost
Carrying amount
Fair value
2025 2024 2025 2024
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Financial liabilities
Lease liabilities
7,558
7,883
7,558
7, 883
Revolving credit facility \u2013 GBP
32,300
41,750
32,300
41,750
Revolving credit facility \u2013 Euro
13,097
13,146
13,097
13,146
Term loan
24,750
23,436
24,750
23,436
77,705
86,215
77,705
86,215
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-term 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-observable 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-bearing 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
D. Financial risk management objectives and policies
The Group\u2019s principal financial liabilities, other than derivatives, comprise interest-bearing
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-bearing 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-term interest-bearing
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-
upon notional principal amount.
At 31 December 2024 and 31 December 2025, no interest rate swaps were in place.
Approximately 10% (2024: 9%) 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 2025 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(404)
SONIA/Euribor
-0.5%
404
Effect on
profit
Increase/ before tax
Year ended 31 December 2024 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(464)
SONIA/Euribor
-0.5%
464
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-month period. There were foreign currency exchange
contracts in place at 31 December 2025 and 31 December 2024.
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-designated 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
2025
+10%
10
-10%
(13)
2024
+10 %
68
-10%
(83)
Effect on profit
Change in before tax
USD rate
(1)
\u00a3\u2019000
2025
+10%
30
-10%
(36)
2024
+10 %
74
-10%
(91)
(1) A + movement indicates GBP strengthening relative to the other currency.
Effect on profit
Change in before tax
TL rate
(1)
\u00a3\u2019000
2025
+10%
641
-10%
(783)
2024
+10 %
(230)
-10%
281
(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-term 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-recoverability with a large proportion
of receivables being due from the three major customers with strong credit ratings.
The 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 22 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 2025.
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-month period.
Approximately 3.3% of the Group\u2019s debt will mature in less than one year at 31 December
2025 (2024: 2.6%) 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 2025, the Group had available \u00a330,630,000 (2024: \u00a321,131,000)
of undrawn committed borrowing facilities.
The table summarises the maturity profile of the Group\u2019s financial liabilities based on
contractual undiscounted payments. Interest-bearing 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 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
2,653
5,159
\u2014
7,812
Interest-bearing loans
3,456
74,806
\u2014
78,262
Trade and other payables
61,463
\u2014
\u2014
61,463
Derivatives not designated as hedges \u2013
foreign exchange forward contracts
229
\u2014
\u2014
229
67,801
79,965
\u2014
147,766
<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-bearing 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
Supplier finance arrangements The Group participates in a supply chain financing arrangement. 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 2025
Carrying amount of liabilities that are part of
supplier financing arrangements
Presented within trade and other payables
\u2013 of which suppliers have received payment from
finance provider (\u00a3\u2019000)
15,984
Range of payment due dates
Liabilities that are part of the arrangement
150\u2013190 days after invoice date
Trade payables that are not part of the arrangement
120\u2013150 days after invoice date
31 December 2024
Carrying amount of liabilities that are 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\u2013190 days after invoice date
Trade payables that are not part of the arrangement
120\u2013150 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "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-bearing 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-term interest-bearing 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- upon notional principal amount. At 31 December 2024 and 31 December 2025, no interest rate swaps were in place. Approximately 10% (2024: 9%) 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 2025 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(404)
SONIA/Euribor
-0.5%
404
Effect on
profit
Increase/ before tax
Year ended 31 December 2024 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(464)
SONIA/Euribor
-0.5%
464
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-month period. There were foreign currency exchange contracts in place at 31 December 2025 and 31 December 2024. 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-designated 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
2025
+10%
10
-10%
(13)
2024
+10 %
68
-10%
(83)
Effect on profit
Change in before tax
USD rate
(1)
\u00a3\u2019000
2025
+10%
30
-10%
(36)
2024
+10 %
74
-10%
(91)
(1) A + movement indicates GBP strengthening relative to the other currency.
Effect on profit
Change in before tax
TL rate
(1)
\u00a3\u2019000
2025
+10%
641
-10%
(783)
2024
+10 %
(230)
-10%
281
(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-term 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "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 2025 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(404)
SONIA/Euribor
-0.5%
404
Effect on
profit
Increase/ before tax
Year ended 31 December 2024 decrease \u00a3\u2019000
SONIA/Euribor
+0.5%
(464)
SONIA/Euribor
-0.5%
464
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-designated 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
2025
+10%
10
-10%
(13)
2024
+10 %
68
-10%
(83)
Effect on profit
Change in before tax
USD rate
(1)
\u00a3\u2019000
2025
+10%
30
-10%
(36)
2024
+10 %
74
-10%
(91)
(1) A + movement indicates GBP strengthening relative to the other currency.
Effect on profit
Change in before tax
TL rate
(1)
\u00a3\u2019000
2025
+10%
641
-10%
(783)
2024
+10 %
(230)
-10%
281
(1) A + movement indicates GBP strengthening relative to the other currency. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "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-recoverability with a large proportion of receivables being due from the three major customers with strong credit ratings. The 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 22 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 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "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-month period. Approximately 3.3% of the Group\u2019s debt will mature in less than one year at 31 December 2025 (2024: 2.6%) 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 2025, the Group had available \u00a330,630,000 (2024: \u00a321,131,000) of undrawn committed borrowing facilities. The table summarises the maturity profile of the Group\u2019s financial liabilities based on contractual undiscounted payments. Interest-bearing 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 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Lease liabilities
2,653
5,159
\u2014
7,812
Interest-bearing loans
3,456
74,806
\u2014
78,262
Trade and other payables
61,463
\u2014
\u2014
61,463
Derivatives not designated as hedges \u2013
foreign exchange forward contracts
229
\u2014
\u2014
229
67,801
79,965
\u2014
147,766
<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-bearing 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
Supplier finance arrangements The Group participates in a supply chain financing arrangement. 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 2025
Carrying amount of liabilities that are part of
supplier financing arrangements
Presented within trade and other payables
\u2013 of which suppliers have received payment from
finance provider (\u00a3\u2019000)
15,984
Range of payment due dates
Liabilities that are part of the arrangement
150\u2013190 days after invoice date
Trade payables that are not part of the arrangement
120\u2013150 days after invoice date
31 December 2024
Carrying amount of liabilities that are 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\u2013190 days after invoice date
Trade payables that are not part of the arrangement
120\u2013150 days after invoice date
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138006LKVGN16PTVA73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "32 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 149. 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
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit for the year
844
16,518
Adjusted for:
Exceptional items
14,925
\u2014
Amortisation of customer relationships
69
137
Refinancing costs
342
\u2014
Tax on exceptional items
582
\u2014
Tax on amortisation of customer relationships
(19)
(38)
Tax on refinancing costs
(86)
\u2014
Adjusted profit for the year
16,657
16,617
Basic weighted average number of shares in issue
127,352,555
127,352,555
Diluted weighted average number of shares in issue
127,474,048
128,389,983
Earnings per share
Basic earnings per share (pence per share)
0.66
12.97
Diluted earnings per share (pence per share)
0.66
12.87
Adjusted earnings per share
Basic earnings per share (pence per share)
13.08
13.05
Diluted earnings per share (pence per share)
13.07
12.94
Reconciliation of adjusted operating profit and EBITDA
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Operating profit
17,477
31,385
Adjusted for:
Exceptional items
14,925
\u2014
Amortisation of customer relationships
69
137
Adjusted operating profit
32,471
31,522
Adjusted for:
Depreciation
11,393
11,692
Amortisation (excluding customer relationships)
261
331
EBITDA
44,125
43,545
Reconciliation of cash flow from operations, adjusted cash flow from operations
and free cash flow
2025 2024
\u00a3\u2019000 \u00a3\u2019000
EBITDA (see reconciliation above)
44,125
43,545
Adjusted for:
Exceptional items \u2013 cash items
(2,262)
\u2014
Gain on disposal of property, plant and equipment
(80)
(118)
Share-based payments
704
440
Working capital adjustments
(520)
(12,375)
Net capital expenditure
(7,727)
(8,485)
Cash flow from operations
34,240
23,007
Income tax paid
(8,000)
(6,265)
Interest paid \u2013 net
(5,732)
( 7,186)
Free cash flow
20,508
9,556
Cash flow from operations (see reconciliation above)
34,240
23,007
Adjusted for:
Exceptional items
2,262
\u2014
Exceptional items\u2019 impact on working capital
(330)
2,320
Adjusted cash flow from operations
36,172
25,327
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Decrease in trade and other receivables
517
3,885
Decrease/(increase) in inventories
4,690
(6,143)
Decrease in trade and other payables
(4,430)
(6,743)
Increase/(decrease) in provisions
94
(2,176)
Movement in other financial assets/liabilities
531
(610)
Decrease in other pension provisions
(1)
(7)
Difference between pension charges and cash contributions
(1,921)
(581)
Working capital adjustments
(520)
(12,375)
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Proceeds from sale of property, plant, equipment and
intangible assets
185
341
Purchase of property, plant and equipment
(5,215)
(5,861)
Purchase of intangible assets
(35)
(100)
Payment of lease liabilities
(2,662)
(2,865)
Net capital expenditure
(7,727)
(8,485)
Reconciliation of business capital employed and return on capital employed
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Property, plant and equipment
72,491
79,173
Technology and software costs
347
631
Inventories
62,402
67,311
Trade and other receivables
47,463
45,762
Trade and other payables
(67,058)
(69,210)
Provisions
(2,903)
(2,659)
Net employee defined benefit liabilities
(4,625)
(5,118)
Financial (liabilities)/assets
(221)
293
Business capital employed
107,896
116,183
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Adjusted operating profit
32,471
31,522
Business capital employed
107,896
116,183
Return on capital employed
30.1%
27.1%
Reconciliation of net debt and leverage
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Total interest-bearing loans and borrowings
76,990
85,541
Cash and cash equivalents
(18,978)
(18,633)
Adjusted for:
Unamortised loan costs
715
674
Net debt
58,727
67,582
EBITDA (see reconciliation above)
44,125
43,545
Debt leverage ratio
1.33
1.55
Reconciliation of net debt and leverage before lease liabilities
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Total interest-bearing loans and borrowings
76,990
85,541
Cash and cash equivalents
(18,978)
(18,633)
Adjusted for:
Unamortised loan costs
715
674
Lease liabilities
(7,558)
( 7,88 3)
Net debt before lease liabilities
51,169
59,699
EBITDA (see reconciliation above)
44,125
43,545
Debt leverage ratio before lease liabilities
1.16
1.37
Loan facility covenant calculations
2025 2024
\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)
58,727
67,582
Adjusted for:
IFRS 16 lease liabilities
(6,745)
(7,036)
Interest payable
255
322
Non-obligor cash excluded from the covenant calculation
1,712
1,863
Net debt (excluding IFRS 16 lease liabilities)
53,949
62,731
EBITDA (see reconciliation above)
44,125
43,545
Adjusted for:
Foreign currency gains (in 2024 only)
\u2014
(723)
Net losses on forward derivative contracts (in 2024 only)
\u2014
35
Adjusted EBITDA (before exceptional items and,
in 2024,
foreign exchange differences)
44,125
42,857
Leverage for loan facility covenant
1.22
1.46
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Interest cover calculation
Adjusted EBITDA (before exceptional items and, in 2024,
foreign exchange differences)/covenant interest
Adjusted EBITDA (before exceptional items and,
in 2024,
(see reconciliation above)
foreign exchange differences)
44,125
42,857
Finance costs
7,576
8,189
Finance income
(173)
(186)
Adjusted for:
Interest expense on defined benefit liabilities
(1,047)
(921)
Amortisation of loan issue costs
(692)
(375)
Finance charges payable on IFRS 16 lease liabilities
(97)
(124)
Covenant interest
5,567
6,583
Interest cover for loan facility covenant
7.93
6.51
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