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Basis of preparation Introduction The Financial Statements for the Group and Company have been prepared in accordance with UK adopted IAS in conformity with the requirements of the Companies Act 2006 and in accordance with UK adopted IFRS. The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of share-based payments. Group accounting policies The significant Group accounting policies are included within the relevant notes to the Financial Statements on pages 165 to 209. Critical accounting judgements and key sources of estimation uncertainty The preparation of Financial Statements in conformity with UK adopted IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the Directors\u2019 best knowledge of the amounts, actual results may ultimately differ from those estimates. The Directors have made no individual critical accounting judgements that have a significant impact upon the Financial Statements, apart from those involving estimations. The most significant estimates made by the Directors in these Financial Statements, which are the key sources of estimation uncertainty that may have a significant risk of causing a material difference to the carrying amounts of assets and liabilities within the next financial year, are: \u2022 Margin recognition \u2014 see note 3; and \u2022 Costs associated with legacy properties \u2014 see note 19. Basis of consolidation The Group Financial Statements include the results of Barratt Developments PLC (the Company), a public company limited by shares and incorporated in the United Kingdom, and all of its subsidiary undertakings, made up to 30 June. The Financial Statements of subsidiary undertakings are consolidated from the date that control passes to the Group, and up to the date control ceases. Control is achieved when the Group becomes entitled to the variable returns of the subsidiary and becomes exposed to its risks, and has the power to affect these risks and returns. Acquired entities are accounted for using the acquisition method of accounting. All transactions with subsidiaries and intercompany profits or losses are eliminated on consolidation. Going concern In determining the appropriate basis of preparation of the Financial Statements, the Directors are required to consider whether the Group can continue to meet its liabilities and other obligations for the foreseeable future. The Group\u2019s business activities, together with factors that the Directors consider are likely to affect its development, financial performance and financial position, are set out in the Strategic Report on pages 1 to 87. The material financial and operational risks and uncertainties that may affect the Group\u2019s performance and their mitigation are outlined on pages 63 to 70, and financial risks including liquidity, market, credit and capital risks are outlined in note 30 to the Financial Statements. At 30 June 2024, the Group held cash of \u00a31,065.3m and total loans and borrowings of \u00a3200.0m, comprising \u00a3200.0m Sterling USPP notes maturing in August 2027. These balances, set against pre-paid facility fees, comprise the Group\u2019s net cash of \u00a3868.5m, presented in note 17. Should further funding be required, the Group has a committed \u00a3700.0m RCF, subject to compliance with certain financial covenants, that matures in November 2028, with a further one-year extension period through to November 2029, if agreed between the Group and its lenders. As such, in consideration of its net current assets of \u00a35,130.7m, the Directors are satisfied that the Group has sufficient liquidity to meet its current liabilities and working capital requirements. Long-term housing market fundamentals reflect a significant imbalance between housing supply and demand. Despite this imbalance, the housing market in FY24 remained constrained by significant macro-economic headwinds including higher interest rates and inflation, affecting economic growth, consumer confidence and mortgage affordability. Whilst there are positive signs, including recent reductions in interest rates and positive political messaging on improving the planning system and delivering new housing, uncertainty remains over the general economic outlook and the outcome of industry-specific challenges such as further building safety costs or greenhouse gas emissions legislation along with material cost inflation and supply chain disruption. These, and other disruptions, could result in flat or negative economic growth, reduced buyer confidence, reduced mortgage availability and affordability, falls in house prices or land values and cost increases associated with raw materials, suppliers, subcontractors and employees. On 21 August 2024 the Group acquired the full share capital of Redrow plc in an all share transaction. In accordance with standard practice, the Competition and Markets Authority (the CMA) has issued an Initial Enforcement Order requiring the Barratt and Redrow businesses to continue to operate independently until the CMA has formally accepted the undertakings proposed by the parties in response to the findings of its phase 1 investigation, or otherwise agrees to integration taking place. The sharing of competitively sensitive information between the businesses is prohibited while the Enforcement Order is in place. In recognition of the need for the pre-acquisition business to be able to support itself independently, the Directors have considered the ability to continue trading of both the group of companies that existed prior to the acquisition (the \u2018Barratt group\u2019) and the new group including Redrow plc and its subsidiaries (the \u2018combined group\u2019). To assess the Barratt group\u2019s resilience to more adverse outcomes, its forecast performance was sensitised to reflect a series of scenarios based on the Barratt group\u2019s principal risks and the downside prospects for the UK economy and housing market presented in the latest available external economic forecasts. The Directors consider the principal risks of the Barratt group to be applicable to the combined group. A combined group forecast was therefore sensitised to the same scenarios, with no synergies assumed. For the purposes of this assessment, it was assumed that the financing facilities available to the combined group were those currently available to the Barratt group, and that all associated financial covenants would apply. It was assumed that the combined group would undertake mitigating actions in response to the challenging circumstances modelled, primarily a reduction in investment in land and work in progress in line with the fall in expected sales, without preventing the combined group\u2019s ability to grow over the long term. The above analysis included a reasonable worst-case scenario in which the principal risks manifest in aggregate to a severe but plausible level. This assumed that average private selling prices fall by 5%, sales volumes fall by 15% and construction costs increase by 2% in addition to the base forecasts, in addition to the implementation of a building safety levy, further increases in legacy property costs and the acceleration of regulatory changes to reduce indirect greenhouse gas emissions. The effects were modelled over the 12 months from the date of the signing of these Financial Statements, alongside reasonable mitigation that the Barratt and combined groups would expect to undertake in such circumstances, primarily reductions in investment in inventories and uncommitted land spend in line with the fall in expected sales. In all scenarios, including the reasonable worst case, the Barratt group and combined group are able to comply with the financial covenants, operate within current facilities and meet liabilities as they fall due for a period of at least 12 months from the date of signing of these Financial Statements. The Group has a policy of maintaining a \u00a3150m headroom on its available facilities and both the Barratt group and combined group would remain in compliance with this policy throughout the review period. Accordingly, the Directors consider there to be no material uncertainties that may cast significant doubt on the Group\u2019s ability to continue to operate as a going concern. They have formed a judgement that, at the time of approving the Financial Statements, there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing of these Financial Statements. For this reason, they continue to adopt the going concern basis in the preparation of these Financial Statements. Application of accounting standards During the year ended 30 June 2024, the Group has applied accounting policies and methods of computation consistent with those applied in the prior year. During the year, the Group has adopted the following new and revised standards and interpretations which have had no material impact on the Financial Statements: \u2022 Amendments to IAS 1: Disclosure of material accounting policies; \u2022 Amendments to IAS 8: Definition of accounting estimates; \u2022 Amendments to IAS 12: Deferred tax related to assets and liabilities arising from a single transaction; and \u2022 Amendments to, and initial application of IFRS 17: Insurance Contracts. Impact of standards and interpretations in issue but not yet effective At the date of approval of these Financial Statements, there were a number of standards, amendments and interpretations that have been published and are mandatory for the Group\u2019s accounting periods beginning on or after 1 July 2024 and later periods. None of these are expected to have a material impact on the Group. The Group has not early adopted any standard, amendment or interpretation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-392": { "value": "1. Basis of preparation Introduction The Financial Statements for the Group and Company have been prepared in accordance with UK adopted IAS in conformity with the requirements of the Companies Act 2006 and in accordance with UK adopted IFRS. The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of share-based payments. Group accounting policies The significant Group accounting policies are included within the relevant notes to the Financial Statements on pages 165 to 209. Critical accounting judgements and key sources of estimation uncertainty The preparation of Financial Statements in conformity with UK adopted IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the Directors\u2019 best knowledge of the amounts, actual results may ultimately differ from those estimates. The Directors have made no individual critical accounting judgements that have a significant impact upon the Financial Statements, apart from those involving estimations. The most significant estimates made by the Directors in these Financial Statements, which are the key sources of estimation uncertainty that may have a significant risk of causing a material difference to the carrying amounts of assets and liabilities within the next financial year, are: \u2022 Margin recognition \u2014 see note 3; and \u2022 Costs associated with legacy properties \u2014 see note 19. Basis of consolidation The Group Financial Statements include the results of Barratt Developments PLC (the Company), a public company limited by shares and incorporated in the United Kingdom, and all of its subsidiary undertakings, made up to 30 June. The Financial Statements of subsidiary undertakings are consolidated from the date that control passes to the Group, and up to the date control ceases. Control is achieved when the Group becomes entitled to the variable returns of the subsidiary and becomes exposed to its risks, and has the power to affect these risks and returns. Acquired entities are accounted for using the acquisition method of accounting. All transactions with subsidiaries and intercompany profits or losses are eliminated on consolidation.
Going concern
In determining the appropriate basis of preparation of the Financial Statements, the
Directors are required to consider whether the Group can continue to meet its liabilities
and other obligations for the foreseeable future.
The Group\u2019s business activities, together with factors that the Directors consider are
likely to affect its development, financial performance and financial position, are set out
in the Strategic Report on pages 1 to 87. The material financial and operational risks and
uncertainties that may affect the Group\u2019s performance and their mitigation are outlined on
pages 63 to 70, and financial risks including liquidity, market, credit and capital risks are
outlined in note 30 to the Financial Statements.
At 30 June 2024, the Group held cash of \u00a31,065.3m and total loans and borrowings
of \u00a3200.0m, comprising \u00a3200.0m Sterling USPP notes maturing in August 2027. These
balances, set against pre-paid facility fees, comprise the Group\u2019s net cash of \u00a3868.5m,
presented in note 17.
Should further funding be required, the Group has a committed \u00a3700.0m RCF, subject to
compliance with certain financial covenants, that matures in November 2028, with a further
one-year extension period through to November 2029, if agreed between the Group and
its lenders.
As such, in consideration of its net current assets of \u00a35,130.7m, the Directors are satisfied that
the Group has sufficient liquidity to meet its current liabilities and working capital requirements
.
Long-term housing market fundamentals reflect a significant imbalance between housing
supply and demand. Despite this imbalance, the housing market in FY24 remained constrained
by significant macro-economic headwinds including higher interest rates and inflation,
affecting economic growth, consumer confidence and mortgage affordability. Whilst
there are positive signs, including recent reductions in interest rates and positive political
messaging on improving the planning system and delivering new housing, uncertainty
remains over the general economic outlook and the outcome of industry-specific challenges
such as further building safety costs or greenhouse gas emissions legislation along with
material cost inflation and supply chain disruption. These, and other disruptions, could
result in flat or negative economic growth, reduced buyer confidence, reduced mortgage
availability and affordability, falls in house prices or land values and cost increases
associated with raw materials, suppliers, subcontractors and employees.
On 21 August 2024 the Group acquired the full share capital of Redrow plc in an all share
transaction. In accordance with standard practice, the Competition and Markets Authority
(the CMA) has issued an Initial Enforcement Order requiring the Barratt and Redrow
businesses to continue to operate independently until the CMA has formally accepted
the undertakings proposed by the parties in response to the findings of its phase 1
investigation, or otherwise agrees to integration taking place. The sharing of competitively
sensitive information between the businesses is prohibited while the Enforcement Order is
in place. In recognition of the need for the pre-acquisition business to be able to support
itself independently, the Directors have considered the ability to continue trading of both
the group of companies that existed prior to the acquisition (the \u2018Barratt group\u2019) and the
new group including Redrow plc and its subsidiaries (the \u2018combined group\u2019).
To assess the Barratt group\u2019s resilience to more adverse outcomes, its forecast
performance was sensitised to reflect a series of scenarios based on the Barratt group\u2019s
principal risks and the downside prospects for the UK economy and housing market
presented in the latest available external economic forecasts. The Directors consider the
principal risks of the Barratt group to be applicable to the combined group. A combined
group forecast was therefore sensitised to the same scenarios, with no synergies assumed.
For the purposes of this assessment, it was assumed that the financing facilities available
to the combined group were those currently available to the Barratt group, and that all
associated financial covenants would apply. It was assumed that the combined group
would undertake mitigating actions in response to the challenging circumstances modelled,
primarily a reduction in investment in land and work in progress in line with the fall in
expected sales, without preventing the combined group\u2019s ability to grow over the long term.
The above analysis included a reasonable worst-case scenario in which the principal risks
manifest in aggregate to a severe but plausible level. This assumed that average private
selling prices fall by 5%, sales volumes fall by 15% and construction costs increase by 2% in
addition to the base forecasts, in addition to the implementation of a building safety levy,
further increases in legacy property costs and the acceleration of regulatory changes to
reduce indirect greenhouse gas emissions.
The effects were modelled over the 12 months from the date of the signing of these
Financial Statements, alongside reasonable mitigation that the Barratt and combined
groups would expect to undertake in such circumstances, primarily reductions
in investment in inventories and uncommitted land spend in line with the fall in
expected sales.
In all scenarios, including the reasonable worst case, the Barratt group and combined
group are able to comply with the financial covenants, operate within current facilities and
meet liabilities as they fall due for a period of at least 12 months from the date of signing
of these Financial Statements. The Group has a policy of maintaining a \u00a3150m headroom
on its available facilities and both the Barratt group and combined group would remain in
compliance with this policy throughout the review period.
Accordingly, the Directors consider there to be no material uncertainties that may cast
significant doubt on the Group\u2019s ability to continue to operate as a going concern. They
have formed a judgement that, at the time of approving the Financial Statements, there is
a reasonable expectation that the Group has adequate resources to continue in operational
existence for the foreseeable future, being at least 12 months from the date of signing of
these Financial Statements. For this reason, they continue to adopt the going concern basis
in the preparation of these Financial Statements.
Application of accounting standards
During the year ended 30 June 2024, the Group has applied accounting policies
and methods of computation consistent with those applied in the prior year.
During the year, the Group has adopted the following new and revised standards
and interpretations which have had no material impact on the Financial Statements:
\u2022 Amendments to IAS 1: Disclosure of material accounting policies;
\u2022 Amendments to IAS 8: Definition of accounting estimates;
\u2022 Amendments to IAS 12: Deferred tax related to assets and liabilities arising from
a single transaction; and
\u2022 Amendments to, and initial application of IFRS 17: Insurance Contracts.
Impact of standards and interpretations in issue but not yet effective
At the date of approval of these Financial Statements, there were a number of standards,
amendments and interpretations that have been published and are mandatory for the
Group\u2019s accounting periods beginning on or after 1 July 2024 and later periods. None of
these are expected to have a material impact on the Group. The Group has not early
adopted any standard, amendment or interpretation.
Revenue from the sale of residential and commercial properties
Revenue is recognised at legal completion in respect of the total proceeds of building
and development. Revenue is measured at the fair value of consideration received or
receivable and represents the amounts receivable for the property, net of discounts
and VAT.
Revenue on contracts recognised over time
The Group considers all contracts with commercial customers and registered providers
for affordable housing on a contract-by-contract basis and determines the appropriate
revenue recognition based on the particular terms of that contract. For the majority of
such contracts, there is a single performance obligation for which revenue is recognised at a
point in time, when construction has been completed and control is transferred to the
customer. The Group recognises revenue over time in relation to certain contracts with
registered providers only in circumstances in which control of the associated land is
transferred to the customer before or during construction. Revenue is only recognised
from the point at which control of the associated land is transferred, considering the
rights to economic benefit as well as legal title. Revenue is recognised because the
construction activity enhances an asset that is controlled by the customer.
Where the outcome of a contract on which revenue is recognised over time can be
estimated reliably, revenue is recognised by reference to the stage of completion of
contract activity at the balance sheet date. This is normally measured by surveys
of work performed to date. The Group is satisfied that it is appropriate to measure
performance by reference to surveys of work performed to date, because these
surveys identify the extent to which benefits have been transferred to the customer.
Variations to, and claims arising in respect of, such contracts are included in revenue
to the extent that they have been agreed with the customer. Where the outcome of
a contract on which revenue is recognised over time cannot be estimated reliably,
revenue is recognised to the extent of contract costs incurred. When it is probable
that the total costs on a contract will exceed total contract revenue, the expected loss
is immediately recognised as an expense in the Income Statement.
Other revenue
Revenue from separate contracts related to the development of homes is recognised
on completion of the performance obligation to which it relates and is included in
other revenue. Revenue from warranties is recognised on a straight-line basis over the
warranty period. Revenue from commercial contract management fees is recognised
in the period in which it becomes receivable and is included within other revenue.
Revenue from planning promotion agreements is recognised at the point at which
contractual obligations are satisfied.
Margin recognition
In order to determine the profit that the Group is able to recognise on its
developments in a specific period, the Group allocates site-wide development costs
between homes built in the current year and in future years. It also has to estimate
costs to complete on such developments and make estimates relating to future sales
price margins on those developments and homes. In making these assessments there
is a degree of inherent uncertainty.
The Group\u2019s site valuation process determines the forecast profit margin for each site.
The valuation process acts as a method of allocating land costs and construction work
in progress costs of a development to each individual plot and drives the recognition
of costs in the Income Statement as each plot is sold. Any changes in the forecast
profit margin of a site from changes in sales prices or costs to complete are recognised
across all homes sold in both the current period and future periods. This ensures that
the forecast site margin achieved on each individual home is equal for all current year
completions and future plots across the development.
Management has performed a sensitivity analysis to assess the impact of a change in
estimated future costs or forecast selling prices for developments on which sales were
recognised in the year. A 2% increase in the forecast costs to complete would increase
site-cost allocation in cost of sales in 2024 by \u00a324.9m, resulting in a reduction in
gross margin of 60 bps. A 3% decrease in forecast private sales prices would increase
site-cost allocation in cost of sales in 2024 by \u00a343.6m, resulting in an reduction in
gross margin of 100 bps.
Depreciation of right-of-use assets
Right-of-use assets are depreciated in the Income Statement in equal instalments
to the earlier of the end of the lease term or the end of the useful life of the asset.
Part-exchange income and expenses
Income on the sale of a part-exchange property is recognised at legal completion
at the fair value of consideration received or receivable for the property.
Part-exchange properties are recognised in inventories at the lower of cost, being
their fair value at acquisition, and their net realisable value. The amount of any write
down of inventories to net realisable value, or reversal of a previous write down, is
recognised in the Income Statement in the period in which it occurs.
The carrying amount of a part-exchange property is recognised as an expense in the
period in which the related income is recognised. Maintenance costs are recognised
in the Income Statement in the period in which they are incurred.
Adjusted items
In determining whether an item should be presented as an adjustment to IFRS measures,
the Group considers items that are material to the Group in aggregate and have arisen
from one-off or unusual circumstances that could not reasonably have been expected
to arise from normal trading. If an item meets these criteria the Board then exercises
judgement as to whether the item should be classified as an allowable adjustment to
IFRS. Examples of events that may give rise to the classification of items as adjusted
are charges or credits in respect of legacy properties, the restructuring of existing and
newly acquired businesses, and certain government grants.
The Directors use these adjusted measures, along with IFRS measures, to assess the
operational performance of the Group as detailed in the key performance indicators
section of the Strategic Report on pages 12 to 15.
Defined contribution schemes
The Group\u2019s contributions to the schemes are charged in the Income Statement in the
year in which the scheme members become entitled to contributions.
Finance costs and income
The Group recognises finance costs and income on bank borrowings, deposits and other
borrowings in the Income Statement in the period to which they relate. Imputed interest
on discounted assets, including land purchased on deferred terms and leased assets, is
charged to the Income Statement over the period of settlement or lease period respectively.
Tax
The tax currently payable is based on the taxable profit for the year. Taxable profit
differs from net profit as reported in the Income Statement because it excludes
items of income or expense that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group\u2019s liability for current
tax is calculated using tax rates that have been enacted or substantively enacted at
the balance sheet date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the Financial Statements
and the corresponding tax bases used in the computation of taxable profit, and is
accounted for using the balance sheet liability method. Deferred tax is measured on
a non-discounted basis using the tax rates and laws that have then been enacted or
substantively enacted by the balance sheet date, and is charged or credited to the
Income Statement, except when it relates to items charged or credited directly to
other comprehensive income or equity, in which case the deferred tax is also dealt
with in other comprehensive income or equity.
Deferred tax liabilities are generally recognised for all taxable temporary differences
and deferred tax assets are recognised to the extent that it is probable that taxable
profits will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from
goodwill or from the initial recognition (other than in a business combination) of
other assets and liabilities in a transaction that affects neither the taxable profit nor
the accounting profit. Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and interests in JVs, except where
the Group is able to control the reversal of the temporary difference and it is probable
that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each balance sheet date
and reduced to the extent that it is no longer probable that sufficient taxable profits
will be available to allow all or part of the asset to be recovered. Deferred tax assets
and liabilities are offset when there is a legally enforceable right to set off current tax
assets against current tax liabilities and when they relate to taxes levied by the same
tax authority and the Group intends to settle its current tax assets and liabilities on
a net basis.
Goodwill
Goodwill arising on consolidation (see note 32 for the Group policy on consolidation)
represents the excess of the fair value of the consideration over the fair value of the
separately identifiable net assets and liabilities acquired.
Goodwill arising on the acquisition of subsidiary undertakings and businesses is
capitalised as an asset but reviewed for impairment at least annually.
For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s
cash-generating units, or groups of cash-generating units, expected to benefit from
the synergies of the combination at acquisition. Cash-generating units to which
goodwill has been allocated are tested for impairment. If the recoverable amount of
the cash-generating unit is less than the carrying amount of the unit, the impairment
loss is allocated first to reduce the carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro rata on the basis of the carrying
amount of each asset in the unit. Any impairment loss is recognised immediately
in the Income Statement and is not subsequently reversed.
Brands
The Group has capitalised, as intangible assets, brands that have been acquired.
Acquired brand values are calculated using discounted cash flows. Where a brand is
considered to have a finite life, it is amortised over its useful life on a straight-line
basis. Where a brand is capitalised with an indefinite life, it is not amortised. The factors
that contribute to the durability of brands capitalised are that there are no material legal,
regulatory, contractual, competitive, economic or other factors that limit the useful life
of these intangible assets. Internally generated brands are not capitalised.
The Group carries out an annual impairment review of its indefinite life brand as part
of the review of the carrying value of goodwill, by performing a value in use calculation,
using a discount factor based upon the Group\u2019s pre-tax weighted average cost of capital.
Customer contracts
The Group has capitalised, as intangible assets, acquired customer contracts.
Customer contracts are valued at the present value of future cash flows less
contributory asset charges and are amortised on a straight-line basis in line with
contract relationships at the acquisition date.
Impairment of goodwill and indefinite life brand
Impairment reviews for goodwill and the Group\u2019s indefinite life brand require an
estimation of the value in use of the cash-generating units to which these assets
are allocated. The value in use calculations require an estimate of expected future
cash flows, including the anticipated growth rate of revenue and costs, and require
the determination of a suitable discount rate to calculate the present value of the
cash flows. The financial forecasts used reflect the outcomes that management
considers most likely, based on the information available at the date of signing of
these Financial Statements.
Company investments
The Company\u2019s interests in subsidiary undertakings are accounted for at cost less
accumulated provision for impairment, which is reviewed annually.
Where share-based payments are granted to the employees of subsidiary undertakings
by the Company, they are treated as a capital contribution to the subsidiary and the
Company\u2019s investment in the subsidiary is increased accordingly.
Jointly controlled entities
Investments in jointly controlled entities are accounted for using the equity method
of accounting.
The Group\u2019s share of the profit or loss of jointly controlled entities increases or
decreases the carrying amount of the investment and long-term interests.
Property, plant and equipment
Property, plant and equipment is carried at cost less accumulated depreciation and
accumulated impairment losses. Depreciation is provided to write off the cost of the
assets on a straight-line basis to their residual value over their estimated useful lives.
Residual values and asset lives are reviewed annually.
Freehold properties are depreciated on a straight-line basis over 25 years. Freehold
land is not depreciated. Plant is depreciated on a straight-line basis over its expected
useful life, which ranges from one to seven years.
Leases
A right-of-use asset and a lease liability are recognised at the commencement date
of a lease. The right-of-use asset is initially measured at cost comprising the initial
amount of the lease liability plus payments made before the lease commenced and
any direct costs less any incentives received. The right-of-use asset is subsequently
depreciated using the straight-line method from the commencement of the lease
to the earlier of the end of the lease term or the end of the useful life of the asset.
The right-of-use asset is also reduced for impairment losses, if any, and adjusted for
certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments
at the commencement date discounted using the Group\u2019s incremental borrowing
rate of between 1% and 7% and is subsequently measured at amortised cost using
the effective interest method. The lease liability is remeasured when there is a
change in the future lease payments, and a corresponding adjustment is made
to the right-of-use asset.
The Group has elected not to recognise right-of-use assets and lease liabilities for
short-term leases of plant and machinery with a lease term of 12 months or less,
and leases of low value including leases of office equipment. The lease payments
associated with these leases are recognised as an expense on a straight-line basis
over the lease term.
Inventories Inventories are valued at the lower of cost and net realisable value. Land held for development, including land in the course of development, is initially recorded at cost. Where, through deferred purchase credit terms, the carrying value differs from the amount that will ultimately be paid in settling the liability, this difference is charged as a finance cost in the Income Statement over the period of settlement. Cost of construction work in progress comprises direct materials, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Overhead costs include, but are not limited to, roads and other infrastructure costs required for a site and local contributions and physical works contributions required under planning permissions granted for our developments.
Due to the scale of the Group\u2019s developments, the Group has to allocate site-wide
development costs between homes built in the current year and in future years.
It also has to estimate costs to complete on such developments. In making these
assessments, there is a degree of inherent uncertainty. The Group has developed
internal controls to assess and review carrying values and the appropriateness of
estimates made. Further information is included in the margin recognition section
of note 3.
Work in progress on promotion agreements comprises direct fees and labour costs
incurred in investigating, designing, master planning, obtaining planning permission
and ultimately securing sales agreements for land on behalf of landowners. The satisfaction
of promotion agreements is largely dependent upon the grant of planning consent;
therefore, management assesses the likelihood of attaining these consents when
assessing their carrying values.
Trade and other receivables Trade and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the balance sheet date, which are classified as non-current assets. Amounts recoverable on certain construction contracts where revenue is recognised over time are included in trade receivables and stated at cost plus attributable profit less any foreseeable losses. Payments received on account for these construction contracts are deducted from amounts recoverable on these contracts. Trade and other receivables are initially recognised at their transaction price, being fair value, and subsequently measured at amortised cost, being their nominal value less a loss allowance for expected credit losses, which are assessed on the basis of an average weighting of the risk of default. Any impairment is recognised immediately in the Income Statement. For this purpose, a default is determined to have occurred if the Group becomes aware of evidence that it will not receive all contractual cash flows that are due or if payment has not been received within 60 days of the due date. After this time, it is probable that contractual cash flows will not be fully recovered. The Group does not hold any collateral over these balances. Trade receivables are receivables and contract assets arising from the Group\u2019s contracts with customers. The loss allowance is equal to the lifetime expected credit loss, assessed on an individual basis.
The loss allowances for other receivables and amounts due from subsidiary undertakings
are equal to 12-month expected credit losses unless there has been a significant increase
in credit risk since the date of initial recognition, in which case the loss allowance is
equal to the lifetime expected credit loss. A significant increase in credit risk is judged
to have occurred if a review of available information indicates an increased probability
of default, or if contractual payments are more than 30 days past due.
Where amounts due from subsidiary undertakings can be satisfied by the subsidiaries
through the recovery of a debt from fellow subsidiaries with strong capacity to meet
that debt, the amount is considered to have low credit risk at the reporting date and
it is therefore assumed that the credit risk has not significantly increased.
Trade and other receivables that are more than two years overdue are deemed to have
no reasonable expectation of recovery and are written off in the Financial Statements,
but are still subject to enforcement activity. Subsequent recoveries of amounts previously
written off are credited to the Income Statement.
Loans and borrowings
Interest-bearing loans and overdrafts are initially recognised at fair value less directly
attributable transaction costs and subsequently measured at amortised cost, being the
amount recorded at recognition plus accrued interest applied to the account less any
repayments made.
Trade and other payables
Trade and other payables are not interest bearing and are initially recorded at fair value.
Subsequent measurement is at amortised cost.
Trade and other payables on extended terms, particularly in respect of land, are
recorded at their fair value at the date of acquisition of the asset to which they relate
by discounting at prevailing market interest rates at the date of recognition. The discount
to nominal value, which will be paid in settling the deferred purchase terms liability,
is amortised over the period of the credit term and charged to finance costs using the
\u201ceffective interest rate\u201d method.
Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material.
Costs associated with legacy properties
External wall systems and associated review
On 13 March 2023, the Group signed the Self-Remediation Terms and Contract,
codifying the commitments previously made under the Building Safety Pledge to
undertake, or to fund, remediation or mitigation works on external wall systems (EWS)
on all buildings of 11 metres or above in England and Wales that it has developed or
refurbished in the 30 years preceding the date of the Building Safety Pledge, and to
reimburse the Government\u2019s Building Safety Fund wherever they have contributed
to such activities. The Group has provided for the cost of fulfilling this commitment,
as well as assisting with remedial work identified at a limited number of other legacy
properties where it has a legal liability to do so, where relevant build issues have
been identified, or where it is considered probable that such build issues exist.
Review
confirmed
no remediation,
Identified for or remediation
30 June 2023 review
completed
30 June 2024
Under review:
Buildings above 18 metres
168
6
(28)
146
Buildings between 11
and 18 metres
110
20
(14)
116
Total buildings
278
26
(42)
262
Developments
89
14
(11)
92
The Group continues to review all of its current and legacy buildings where it has used
EWS or cladding solutions, assessing the action required in line with the latest updates
to Government guidance, as it applies, to multi-storey and multi-occupied residential
buildings. All our buildings, including those incorporating EWS or cladding solutions,
were signed off by approved inspectors as compliant with the relevant Building
Regulations at the time of completion.
This is a complex area requiring significant estimates with respect to the estimates
for the number of buildings affected, the individual remediation requirements of each
building and the costs associated with that remediation (see also note 28).
Following contact from building owners regarding potential issues, a net further
26 buildings with a height of over 11 metres were added to the scope of works in the
period (2023: 65 buildings). This reflects a reduction in the rate at which new buildings
are being identified in comparison to the period immediately following the signature
of the Self-Remediation Terms and Contract on 13 March 2023. At 30 June 2024, of
the 262 buildings in the portfolio under review, 137 were at tender or site mobilisation
or were in the process of being remediated (2023: 278 buildings, of which 63 were at
tender or site mobilisation or were in the process of being remediated).
As investigations into, and remediation of, the remaining buildings in the programme
continue under the PAS9980 regime, it is possible that a limited number will require
more extensive remediation than initially expected, which will represent a higher cost
per unit than the population average. Whilst existing provisions have more than covered
the additional costs on such properties, we have received higher than expected tender
returns in the year relating to future remediations. In addition, we have seen costs from
the Building Safety Fund continue to be higher than initially communicated to us. The
Group has increased its overall EWS provision by \u00a356.4m to reflect its revised estimates.
During the second half of the year it was identified following further investigation
that, due to the unique unitised curtain wall system used in their construction, there
is no testing methodology available to certify under PAS9980 the fire safety of three
buildings on one development. This wall system has not been used in any other of the
Group\u2019s buildings. As a result, it is now expected that the wall system will need to be
replaced, which will be undertaken in a manner that minimises disruption to residents.
The cost of these works is estimated to be \u00a369.5m based on the current expected
method of remediation, though due to the unique nature of the building, this estimate
may vary as the process is further developed.
It is now assumed that the majority of work on the remaining buildings in the portfolio
will be completed over the next five years. This depends on a number of factors including
timely engagement of building owners and remediation work being delivered in line
with our estimated timings. Accordingly, the provision has been revalued to its present
value, considering the effect of inflation and a discount rate of 4.0% based on gilt rates
at the reporting date (2023: 4.7%), resulting in a release through cost of sales of \u00a30.6m
(2023: charge of \u00a37.5m).
The investigation of the works required at many of the buildings is at an early stage and
therefore it is possible that the scope of work required could change. If government
legislation and regulation further evolve, or if the estimated timing of work is affected
by building owner engagement or contractor availability, these estimates will change.
In relation to the Group\u2019s obligations under the Scottish Safer Buildings Accord, signed
on 31 May 2023, and the Housing (Cladding Remediation) (Scotland) Act, passed on
21 June 2024, the external wall provision is recorded on the basis that the standard
of remediation required in Scotland is consistent with England and Wales. This will be
determined when the final contract with the Scottish Government is signed (see note 28).
The estimates are based on key assumptions that will be updated as work and
time progress. The sensitivity of the provision held at the balance sheet date to
the following possible movements in key assumptions is shown below:
Increase/(decrease)
in provisions at
30 June 2024
Sensitivity \u00a3m
10% increase in estimated cost
60.8
5% increase in the number of buildings
28.5
100 bps increase in discount rate
(13.6)
Reinforced concrete frames
As announced in July 2020, we took the decision to pay for required remedial action on
the reinforced concrete frame at the Citiscape development in Croydon and undertook
an associated review of 27 other developments designed by the same engineering firm
or its associated companies. This review is substantially complete and remediation
work is ongoing. As work progresses, estimates of costs to complete are reassessed
and the provision updated accordingly.
In the prior year, structural issues were separately found at two developments where
reinforced concrete frames were designed for us by a different engineering firm to
that employed at Citiscape. Following further analysis undertaken during the second
half of the year and as preliminary work on those developments has progressed, it
is now considered probable that extensive remediation will be required. Based on a
high-level risk review, an additional \u00a356.6m has been provided at the reporting date.
Further analysis must be undertaken to determine both the exact locations within
the developments which will need to be remediated and the nature of the work to
be performed in each case, which may result in revisions to the estimated costs
and time frame of delivery.
Management has made estimates as to the future costs, the extent of the remedial
works required and the costs of providing alternative accommodation to any residents
affected by the remedial works. These Financial Statements have been prepared based
on currently available information, including known costs and quotations where possible.
However, the extent, cost and timing of remedial work may change as work progresses.
Contract assets and liabilities
Contract assets relate to amounts due from customers primarily for construction
work completed but not invoiced at the balance sheet date in relation to contracts
where revenue is recognised over time. These amounts are included in trade and other
receivables. The Group has taken advantage of the practical expedient in paragraph 94
of IFRS 15 to immediately expense the incremental costs of obtaining contracts where
the amortisation period of the assets would have been one year or less.
Contract liabilities relate to payments received from the customer on the contract,
and/or amounts invoiced to the customer in advance of the Group performing its
obligations on contracts where revenue is recognised either over time or at a point
in time. These amounts are included within trade and other payables.
Recognition
Financial assets and financial liabilities are recognised on the Balance Sheet in accordance
with IFRS 9 when the Group becomes a party to the contractual provisions of the instrument.
The Group derecognises a financial asset only when the contractual rights to the cash
flows from the asset expire or it transfers the financial asset and substantially all the
risks and rewards of ownership of the asset to another entity.
The Group derecognises a financial liability only when the Group\u2019s obligations are
discharged or cancelled or they expire.
Classification and measurement
All non-derivative financial assets are classified in accordance with IFRS 9 as
\u201csubsequently measured at amortised cost\u201d. All non-derivative financial liabilities
are classified as \u201csubsequently measured at amortised cost\u201d.
Financial assets and liabilities subsequently measured at amortised cost are initially
recognised at fair value determined based on discounted cash flow analysis using
current market rates for similar instruments. They are subsequently measured at
amortised cost using the \u201ceffective interest rate\u201d method. Financial assets are also
measured after recognition of any impairment, which is included within administrative
expenses in the Income Statement.
Financial liabilities are classified as current liabilities unless the Group has an unconditional
right to defer settlement of the liability for at least 12 months after the balance sheet date.
Impairment
A loss allowance is recognised for expected credit losses on financial assets as described
in note 16. Any impairment is recognised immediately in the Income Statement.
Equity instruments
Ordinary share capital is recorded at the proceeds received, net of direct issue costs,
and is classified as equity.
Share-based payments
Equity-settled share-based payments are measured at the fair value of the equity
instrument at the date of grant. Fair value is measured either using Black Scholes or
Monte Carlo models depending on the characteristics of the scheme. Valuations have
also been adjusted for any post-vesting holding period with the adjustment calculated
using a Finnerty and Chaffe model.
The fair value is expensed in the Income Statement on a straight-line basis over the
vesting period, based on the Group\u2019s estimate of shares that will eventually vest where
non-market vesting conditions apply. Non-market vesting conditions are taken into account
in the estimate of the fair value of the equity instruments.
Consolidation The Financial Statements of subsidiary undertakings are consolidated from the date when control passes to the Group, as defined in IFRS 3, using the acquisition method of accounting up to the date control ceases. All of the subsidiaries\u2019 identifiable assets and liabilities, including contingent liabilities, existing at the date of acquisition are recorded at their fair values. All changes to those assets and liabilities, and the resulting gains and losses that arise after the Group has gained control of the subsidiary are included in the Income Statement. All intra-Group transactions and intercompany profits or losses are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-422": { "value": "
Introduction
The Financial Statements for the Group and Company have been prepared in accordance
with UK adopted IAS in conformity with the requirements of the Companies Act 2006 and
in accordance with UK adopted IFRS. The Financial Statements have been prepared under
the historical cost convention as modified by the revaluation of share-based payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-393": { "value": "Critical accounting judgements and key sources of estimation uncertainty The preparation of Financial Statements in conformity with UK adopted IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on the Directors\u2019 best knowledge of the amounts, actual results may ultimately differ from those estimates. The Directors have made no individual critical accounting judgements that have a significant impact upon the Financial Statements, apart from those involving estimations. The most significant estimates made by the Directors in these Financial Statements, which are the key sources of estimation uncertainty that may have a significant risk of causing a material difference to the carrying amounts of assets and liabilities within the next financial year, are: \u2022 Margin recognition \u2014 see note 3; and \u2022 Costs associated with legacy properties \u2014 see note 19. Margin recognition In order to determine the profit that the Group is able to recognise on its developments in a specific period, the Group allocates site-wide development costs between homes built in the current year and in future years. It also has to estimate costs to complete on such developments and make estimates relating to future sales price margins on those developments and homes. In making these assessments there is a degree of inherent uncertainty. The Group\u2019s site valuation process determines the forecast profit margin for each site. The valuation process acts as a method of allocating land costs and construction work in progress costs of a development to each individual plot and drives the recognition of costs in the Income Statement as each plot is sold. Any changes in the forecast profit margin of a site from changes in sales prices or costs to complete are recognised across all homes sold in both the current period and future periods. This ensures that the forecast site margin achieved on each individual home is equal for all current year completions and future plots across the development. Management has performed a sensitivity analysis to assess the impact of a change in estimated future costs or forecast selling prices for developments on which sales were recognised in the year. A 2% increase in the forecast costs to complete would increase site-cost allocation in cost of sales in 2024 by \u00a324.9m, resulting in a reduction in gross margin of 60 bps. A 3% decrease in forecast private sales prices would increase site-cost allocation in cost of sales in 2024 by \u00a343.6m, resulting in an reduction in gross margin of 100 bps. Costs associated with legacy properties External wall systems and associated review On 13 March 2023, the Group signed the Self-Remediation Terms and Contract, codifying the commitments previously made under the Building Safety Pledge to undertake, or to fund, remediation or mitigation works on external wall systems (EWS) on all buildings of 11 metres or above in England and Wales that it has developed or refurbished in the 30 years preceding the date of the Building Safety Pledge, and to reimburse the Government\u2019s Building Safety Fund wherever they have contributed to such activities. The Group has provided for the cost of fulfilling this commitment, as well as assisting with remedial work identified at a limited number of other legacy properties where it has a legal liability to do so, where relevant build issues have been identified, or where it is considered probable that such build issues exist.
Review
confirmed
no remediation,
Identified for or remediation
30 June 2023 review
completed
30 June 2024
Under review:
Buildings above 18 metres
168
6
(28)
146
Buildings between 11
and 18 metres
110
20
(14)
116
Total buildings
278
26
(42)
262
Developments
89
14
(11)
92
The Group continues to review all of its current and legacy buildings where it has used EWS or cladding solutions, assessing the action required in line with the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied residential buildings. All our buildings, including those incorporating EWS or cladding solutions, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion. This is a complex area requiring significant estimates with respect to the estimates for the number of buildings affected, the individual remediation requirements of each building and the costs associated with that remediation (see also note 28). Following contact from building owners regarding potential issues, a net further 26 buildings with a height of over 11 metres were added to the scope of works in the period (2023: 65 buildings). This reflects a reduction in the rate at which new buildings are being identified in comparison to the period immediately following the signature of the Self-Remediation Terms and Contract on 13 March 2023. At 30 June 2024, of the 262 buildings in the portfolio under review, 137 were at tender or site mobilisation or were in the process of being remediated (2023: 278 buildings, of which 63 were at tender or site mobilisation or were in the process of being remediated). As investigations into, and remediation of, the remaining buildings in the programme continue under the PAS9980 regime, it is possible that a limited number will require more extensive remediation than initially expected, which will represent a higher cost per unit than the population average. Whilst existing provisions have more than covered the additional costs on such properties, we have received higher than expected tender returns in the year relating to future remediations. In addition, we have seen costs from the Building Safety Fund continue to be higher than initially communicated to us. The Group has increased its overall EWS provision by \u00a356.4m to reflect its revised estimates. During the second half of the year it was identified following further investigation that, due to the unique unitised curtain wall system used in their construction, there is no testing methodology available to certify under PAS9980 the fire safety of three buildings on one development. This wall system has not been used in any other of the Group\u2019s buildings. As a result, it is now expected that the wall system will need to be replaced, which will be undertaken in a manner that minimises disruption to residents. The cost of these works is estimated to be \u00a369.5m based on the current expected method of remediation, though due to the unique nature of the building, this estimate may vary as the process is further developed. It is now assumed that the majority of work on the remaining buildings in the portfolio will be completed over the next five years. This depends on a number of factors including timely engagement of building owners and remediation work being delivered in line with our estimated timings. Accordingly, the provision has been revalued to its present value, considering the effect of inflation and a discount rate of 4.0% based on gilt rates at the reporting date (2023: 4.7%), resulting in a release through cost of sales of \u00a30.6m (2023: charge of \u00a37.5m). The investigation of the works required at many of the buildings is at an early stage and therefore it is possible that the scope of work required could change. If government legislation and regulation further evolve, or if the estimated timing of work is affected by building owner engagement or contractor availability, these estimates will change. In relation to the Group\u2019s obligations under the Scottish Safer Buildings Accord, signed on 31 May 2023, and the Housing (Cladding Remediation) (Scotland) Act, passed on 21 June 2024, the external wall provision is recorded on the basis that the standard of remediation required in Scotland is consistent with England and Wales. This will be determined when the final contract with the Scottish Government is signed (see note 28). The estimates are based on key assumptions that will be updated as work and time progress. The sensitivity of the provision held at the balance sheet date to the following possible movements in key assumptions is shown below:
Increase/(decrease)
in provisions at
30 June 2024
Sensitivity \u00a3m
10% increase in estimated cost
60.8
5% increase in the number of buildings
28.5
100 bps increase in discount rate
(13.6)
Reinforced concrete frames As announced in July 2020, we took the decision to pay for required remedial action on the reinforced concrete frame at the Citiscape development in Croydon and undertook an associated review of 27 other developments designed by the same engineering firm or its associated companies. This review is substantially complete and remediation work is ongoing. As work progresses, estimates of costs to complete are reassessed and the provision updated accordingly. In the prior year, structural issues were separately found at two developments where reinforced concrete frames were designed for us by a different engineering firm to that employed at Citiscape. Following further analysis undertaken during the second half of the year and as preliminary work on those developments has progressed, it is now considered probable that extensive remediation will be required. Based on a high-level risk review, an additional \u00a356.6m has been provided at the reporting date. Further analysis must be undertaken to determine both the exact locations within the developments which will need to be remediated and the nature of the work to be performed in each case, which may result in revisions to the estimated costs and time frame of delivery. Management has made estimates as to the future costs, the extent of the remedial works required and the costs of providing alternative accommodation to any residents affected by the remedial works. These Financial Statements have been prepared based on currently available information, including known costs and quotations where possible. However, the extent, cost and timing of remedial work may change as work progresses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-424": { "value": "
Basis of consolidation
The Group Financial Statements include the results of Barratt Developments PLC (the
Company), a public company limited by shares and incorporated in the United Kingdom,
and all of its subsidiary undertakings, made up to 30 June. The Financial Statements of
subsidiary undertakings are consolidated from the date that control passes to the Group,
and up to the date control ceases.
Control is achieved when the Group becomes entitled to the variable returns of the
subsidiary and becomes exposed to its risks, and has the power to affect these risks and
returns. Acquired entities are accounted for using the acquisition method of accounting.
All transactions with subsidiaries and intercompany profits or losses are eliminated
on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-5": { "value": "Barratt Developments PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-387": { "value": "Barratt Developments PLC", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-4": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-3": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-423": { "value": "Going concern In determining the appropriate basis of preparation of the Financial Statements, the Directors are required to consider whether the Group can continue to meet its liabilities and other obligations for the foreseeable future. The Group\u2019s business activities, together with factors that the Directors consider are likely to affect its development, financial performance and financial position, are set out in the Strategic Report on pages 1 to 87. The material financial and operational risks and uncertainties that may affect the Group\u2019s performance and their mitigation are outlined on pages 63 to 70, and financial risks including liquidity, market, credit and capital risks are outlined in note 30 to the Financial Statements. At 30 June 2024, the Group held cash of \u00a31,065.3m and total loans and borrowings of \u00a3200.0m, comprising \u00a3200.0m Sterling USPP notes maturing in August 2027. These balances, set against pre-paid facility fees, comprise the Group\u2019s net cash of \u00a3868.5m, presented in note 17. Should further funding be required, the Group has a committed \u00a3700.0m RCF, subject to compliance with certain financial covenants, that matures in November 2028, with a further one-year extension period through to November 2029, if agreed between the Group and its lenders. As such, in consideration of its net current assets of \u00a35,130.7m, the Directors are satisfied that the Group has sufficient liquidity to meet its current liabilities and working capital requirements. Long-term housing market fundamentals reflect a significant imbalance between housing supply and demand. Despite this imbalance, the housing market in FY24 remained constrained by significant macro-economic headwinds including higher interest rates and inflation, affecting economic growth, consumer confidence and mortgage affordability. Whilst there are positive signs, including recent reductions in interest rates and positive political messaging on improving the planning system and delivering new housing, uncertainty remains over the general economic outlook and the outcome of industry-specific challenges such as further building safety costs or greenhouse gas emissions legislation along with material cost inflation and supply chain disruption. These, and other disruptions, could result in flat or negative economic growth, reduced buyer confidence, reduced mortgage availability and affordability, falls in house prices or land values and cost increases associated with raw materials, suppliers, subcontractors and employees. On 21 August 2024 the Group acquired the full share capital of Redrow plc in an all share transaction. In accordance with standard practice, the Competition and Markets Authority (the CMA) has issued an Initial Enforcement Order requiring the Barratt and Redrow businesses to continue to operate independently until the CMA has formally accepted the undertakings proposed by the parties in response to the findings of its phase 1 investigation, or otherwise agrees to integration taking place. The sharing of competitively sensitive information between the businesses is prohibited while the Enforcement Order is in place. In recognition of the need for the pre-acquisition business to be able to support itself independently, the Directors have considered the ability to continue trading of both the group of companies that existed prior to the acquisition (the \u2018Barratt group\u2019) and the new group including Redrow plc and its subsidiaries (the \u2018combined group\u2019). To assess the Barratt group\u2019s resilience to more adverse outcomes, its forecast performance was sensitised to reflect a series of scenarios based on the Barratt group\u2019s principal risks and the downside prospects for the UK economy and housing market presented in the latest available external economic forecasts. The Directors consider the principal risks of the Barratt group to be applicable to the combined group. A combined group forecast was therefore sensitised to the same scenarios, with no synergies assumed. For the purposes of this assessment, it was assumed that the financing facilities available to the combined group were those currently available to the Barratt group, and that all associated financial covenants would apply. It was assumed that the combined group would undertake mitigating actions in response to the challenging circumstances modelled, primarily a reduction in investment in land and work in progress in line with the fall in expected sales, without preventing the combined group\u2019s ability to grow over the long term. The above analysis included a reasonable worst-case scenario in which the principal risks manifest in aggregate to a severe but plausible level. This assumed that average private selling prices fall by 5%, sales volumes fall by 15% and construction costs increase by 2% in addition to the base forecasts, in addition to the implementation of a building safety levy, further increases in legacy property costs and the acceleration of regulatory changes to reduce indirect greenhouse gas emissions. The effects were modelled over the 12 months from the date of the signing of these Financial Statements, alongside reasonable mitigation that the Barratt and combined groups would expect to undertake in such circumstances, primarily reductions in investment in inventories and uncommitted land spend in line with the fall in expected sales. In all scenarios, including the reasonable worst case, the Barratt group and combined group are able to comply with the financial covenants, operate within current facilities and meet liabilities as they fall due for a period of at least 12 months from the date of signing of these Financial Statements. The Group has a policy of maintaining a \u00a3150m headroom on its available facilities and both the Barratt group and combined group would remain in compliance with this policy throughout the review period. Accordingly, the Directors consider there to be no material uncertainties that may cast significant doubt on the Group\u2019s ability to continue to operate as a going concern. They have formed a judgement that, at the time of approving the Financial Statements, there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from the date of signing of these Financial Statements. For this reason, they continue to adopt the going concern basis in the preparation of these Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-448": { "value": "Application of accounting standards During the year ended 30 June 2024, the Group has applied accounting policies and methods of computation consistent with those applied in the prior year. During the year, the Group has adopted the following new and revised standards and interpretations which have had no material impact on the Financial Statements: \u2022 Amendments to IAS 1: Disclosure of material accounting policies; \u2022 Amendments to IAS 8: Definition of accounting estimates; \u2022 Amendments to IAS 12: Deferred tax related to assets and liabilities arising from a single transaction; and \u2022 Amendments to, and initial application of IFRS 17: Insurance Contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-425": { "value": "Application of accounting standards During the year ended 30 June 2024, the Group has applied accounting policies and methods of computation consistent with those applied in the prior year. During the year, the Group has adopted the following new and revised standards and interpretations which have had no material impact on the Financial Statements: \u2022 Amendments to IAS 1: Disclosure of material accounting policies; \u2022 Amendments to IAS 8: Definition of accounting estimates; \u2022 Amendments to IAS 12: Deferred tax related to assets and liabilities arising from a single transaction; and \u2022 Amendments to, and initial application of IFRS 17: Insurance Contracts. Impact of standards and interpretations in issue but not yet effective At the date of approval of these Financial Statements, there were a number of standards, amendments and interpretations that have been published and are mandatory for the Group\u2019s accounting periods beginning on or after 1 July 2024 and later periods. None of these are expected to have a material impact on the Group. The Group has not early adopted any standard, amendment or interpretation.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-449": { "value": "Impact of standards and interpretations in issue but not yet effective At the date of approval of these Financial Statements, there were a number of standards, amendments and interpretations that have been published and are mandatory for the Group\u2019s accounting periods beginning on or after 1 July 2024 and later periods. None of these are expected to have a material impact on the Group. The Group has not early adopted any standard, amendment or interpretation.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-426": { "value": "2. Revenue The Group\u2019s revenue derives principally from the sale of the homes we build. Revenue from the sale of residential and commercial properties Revenue is recognised at legal completion in respect of the total proceeds of building and development. Revenue is measured at the fair value of consideration received or receivable and represents the amounts receivable for the property, net of discounts and VAT. Revenue on contracts recognised over time The Group considers all contracts with commercial customers and registered providers for affordable housing on a contract-by-contract basis and determines the appropriate revenue recognition based on the particular terms of that contract. For the majority of such contracts, there is a single performance obligation for which revenue is recognised at a point in time, when construction has been completed and control is transferred to the customer. The Group recognises revenue over time in relation to certain contracts with registered providers only in circumstances in which control of the associated land is transferred to the customer before or during construction. Revenue is only recognised from the point at which control of the associated land is transferred, considering the rights to economic benefit as well as legal title. Revenue is recognised because the construction activity enhances an asset that is controlled by the customer. Where the outcome of a contract on which revenue is recognised over time can be estimated reliably, revenue is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. The Group is satisfied that it is appropriate to measure performance by reference to surveys of work performed to date, because these surveys identify the extent to which benefits have been transferred to the customer. Variations to, and claims arising in respect of, such contracts are included in revenue to the extent that they have been agreed with the customer. Where the outcome of a contract on which revenue is recognised over time cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred. When it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediately recognised as an expense in the Income Statement. Other revenue Revenue from separate contracts related to the development of homes is recognised on completion of the performance obligation to which it relates and is included in other revenue. Revenue from warranties is recognised on a straight-line basis over the warranty period. Revenue from commercial contract management fees is recognised in the period in which it becomes receivable and is included within other revenue. Revenue from planning promotion agreements is recognised at the point at which contractual obligations are satisfied.
An analysis of the Group\u2019s continuing revenue is as follows:
Residential completions
1
Revenue
2024 2023 2024 2023
Number Number \u00a3m \u00a3m
Revenue from private residential
sales
10,666
12,456
3,668.5
4,578.5
Revenue from affordable
residential sales
2,802
3,922
463.1
655.8
Revenue from commercial sales
\u2014
\u2014
21.9
64.7
Revenue from planning promotion
agreements
\u2014
\u2014
12.9
20.4
Sundry revenue
\u2014
\u2014
1.8
2.0
13,468
16,378
4,168.2
5,321.4
1 Residential completions exclude JV completions of 536 homes (2023: 828) in which the Group has an interest.
Included within Group revenue is \u00a3218.2m (2023: \u00a3192.7m) of revenue from construction
contracts on which revenue is recognised over time by reference to the stage of completion
of work on the contracts (note 20). Of this amount, \u00a38.9m (2023: \u00a34.0m) was included in
the contract liability balance at the beginning of the year.
Revenue includes \u00a3564.6m (2023: \u00a3274.5m) of revenue generated where the sale has
been achieved using part-exchange incentives. Proceeds received on the disposal of
part-exchange properties are presented separately on the face of the Income Statement
and are not included in revenue on the basis that they are incidental to the main
revenue-generating activities of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-395": { "value": "2. Revenue The Group\u2019s revenue derives principally from the sale of the homes we build. Revenue from the sale of residential and commercial properties Revenue is recognised at legal completion in respect of the total proceeds of building and development. Revenue is measured at the fair value of consideration received or receivable and represents the amounts receivable for the property, net of discounts and VAT. Revenue on contracts recognised over time The Group considers all contracts with commercial customers and registered providers for affordable housing on a contract-by-contract basis and determines the appropriate revenue recognition based on the particular terms of that contract. For the majority of such contracts, there is a single performance obligation for which revenue is recognised at a point in time, when construction has been completed and control is transferred to the customer. The Group recognises revenue over time in relation to certain contracts with registered providers only in circumstances in which control of the associated land is transferred to the customer before or during construction. Revenue is only recognised from the point at which control of the associated land is transferred, considering the rights to economic benefit as well as legal title. Revenue is recognised because the construction activity enhances an asset that is controlled by the customer. Where the outcome of a contract on which revenue is recognised over time can be estimated reliably, revenue is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. The Group is satisfied that it is appropriate to measure performance by reference to surveys of work performed to date, because these surveys identify the extent to which benefits have been transferred to the customer. Variations to, and claims arising in respect of, such contracts are included in revenue to the extent that they have been agreed with the customer. Where the outcome of a contract on which revenue is recognised over time cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred. When it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediately recognised as an expense in the Income Statement. Other revenue Revenue from separate contracts related to the development of homes is recognised on completion of the performance obligation to which it relates and is included in other revenue. Revenue from warranties is recognised on a straight-line basis over the warranty period. Revenue from commercial contract management fees is recognised in the period in which it becomes receivable and is included within other revenue. Revenue from planning promotion agreements is recognised at the point at which contractual obligations are satisfied. An analysis of the Group\u2019s continuing revenue is as follows:
Residential completions
1
Revenue
2024 2023 2024 2023
Number Number \u00a3m \u00a3m
Revenue from private residential
sales
10,666
12,456
3,668.5
4,578.5
Revenue from affordable
residential sales
2,802
3,922
463.1
655.8
Revenue from commercial sales
\u2014
\u2014
21.9
64.7
Revenue from planning promotion
agreements
\u2014
\u2014
12.9
20.4
Sundry revenue
\u2014
\u2014
1.8
2.0
13,468
16,378
4,168.2
5,321.4
1 Residential completions exclude JV completions of 536 homes (2023: 828) in which the Group has an interest. Included within Group revenue is \u00a3218.2m (2023: \u00a3192.7m) of revenue from construction contracts on which revenue is recognised over time by reference to the stage of completion of work on the contracts (note 20). Of this amount, \u00a38.9m (2023: \u00a34.0m) was included in the contract liability balance at the beginning of the year. Revenue includes \u00a3564.6m (2023: \u00a3274.5m) of revenue generated where the sale has been achieved using part-exchange incentives. Proceeds received on the disposal of part-exchange properties are presented separately on the face of the Income Statement and are not included in revenue on the basis that they are incidental to the main revenue-generating activities of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-475": { "value": "Revenue from the sale of residential and commercial properties Revenue is recognised at legal completion in respect of the total proceeds of building and development. Revenue is measured at the fair value of consideration received or receivable and represents the amounts receivable for the property, net of discounts and VAT. Revenue on contracts recognised over time The Group considers all contracts with commercial customers and registered providers for affordable housing on a contract-by-contract basis and determines the appropriate revenue recognition based on the particular terms of that contract. For the majority of such contracts, there is a single performance obligation for which revenue is recognised at a point in time, when construction has been completed and control is transferred to the customer. The Group recognises revenue over time in relation to certain contracts with registered providers only in circumstances in which control of the associated land is transferred to the customer before or during construction. Revenue is only recognised from the point at which control of the associated land is transferred, considering the rights to economic benefit as well as legal title. Revenue is recognised because the construction activity enhances an asset that is controlled by the customer. Where the outcome of a contract on which revenue is recognised over time can be estimated reliably, revenue is recognised by reference to the stage of completion of contract activity at the balance sheet date. This is normally measured by surveys of work performed to date. The Group is satisfied that it is appropriate to measure performance by reference to surveys of work performed to date, because these surveys identify the extent to which benefits have been transferred to the customer. Variations to, and claims arising in respect of, such contracts are included in revenue to the extent that they have been agreed with the customer. Where the outcome of a contract on which revenue is recognised over time cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred. When it is probable that the total costs on a contract will exceed total contract revenue, the expected loss is immediately recognised as an expense in the Income Statement. Other revenue Revenue from separate contracts related to the development of homes is recognised on completion of the performance obligation to which it relates and is included in other revenue. Revenue from warranties is recognised on a straight-line basis over the warranty period. Revenue from commercial contract management fees is recognised in the period in which it becomes receivable and is included within other revenue. Revenue from planning promotion agreements is recognised at the point at which contractual obligations are satisfied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-396": { "value": "
3. Profit from operations
Profit from operations includes all of the revenue and costs derived from the Group\u2019s
operating businesses. Profit from operations excludes finance costs, finance income,
the Group\u2019s share of profits or losses from JVs and tax.
The Group\u2019s principal activity is housebuilding. None of the other business activities
undertaken by the Group, individually or in aggregate, account for more than 10% of
the Group\u2019s revenue, profit or total assets and do not meet the IFRS 8 thresholds for
disclosure. The operating results of these activities are not presented separately to the
Board. Therefore, no segmental information is presented in these Financial Statements.
Margin recognition In order to determine the profit that the Group is able to recognise on its developments in a specific period, the Group allocates site-wide development costs between homes built in the current year and in future years. It also has to estimate costs to complete on such developments and make estimates relating to future sales price margins on those developments and homes. In making these assessments there is a degree of inherent uncertainty. The Group\u2019s site valuation process determines the forecast profit margin for each site. The valuation process acts as a method of allocating land costs and construction work in progress costs of a development to each individual plot and drives the recognition of costs in the Income Statement as each plot is sold. Any changes in the forecast profit margin of a site from changes in sales prices or costs to complete are recognised across all homes sold in both the current period and future periods. This ensures that the forecast site margin achieved on each individual home is equal for all current year completions and future plots across the development. Management has performed a sensitivity analysis to assess the impact of a change in estimated future costs or forecast selling prices for developments on which sales were recognised in the year. A 2% increase in the forecast costs to complete would increase site-cost allocation in cost of sales in 2024 by \u00a324.9m, resulting in a reduction in gross margin of 60 bps. A 3% decrease in forecast private sales prices would increase site-cost allocation in cost of sales in 2024 by \u00a343.6m, resulting in an reduction in gross margin of 100 bps. Depreciation of right-of-use assets Right-of-use assets are depreciated in the Income Statement in equal instalments to the earlier of the end of the lease term or the end of the useful life of the asset. Part-exchange income and expenses Income on the sale of a part-exchange property is recognised at legal completion at the fair value of consideration received or receivable for the property. Part-exchange properties are recognised in inventories at the lower of cost, being their fair value at acquisition, and their net realisable value. The amount of any write down of inventories to net realisable value, or reversal of a previous write down, is recognised in the Income Statement in the period in which it occurs. The carrying amount of a part-exchange property is recognised as an expense in the period in which the related income is recognised. Maintenance costs are recognised in the Income Statement in the period in which they are incurred. Profit from operations is stated after charging/(crediting):
2024 2023
Notes \u00a3m \u00a3m
Cost of inventories recognised as an expense in cost
of sales
3,241.6
3,907.3
Employee costs (including Directors)
5
524.0
527.2
Adjusted items:
Costs associated with legacy properties
4
180.0
158.2
Amounts associated with legacy properties recovered
from third parties
4
(0.5)
(2.7)
Costs incurred in respect of the all-share offer for the
share capital of Redrow plc
4
22.4
\u2014
Depreciation of property, plant and equipment
13
7.5
6 .1
Depreciation of right-of-use-assets
14
15.2
12.3
Amortisation of intangible assets
10
10.4
10.5
Profit from operations is stated after charging the Directors\u2019 emoluments disclosed in the Remuneration Report on pages 123 to 145 and in note 5. The Group does not recognise income from supplier rebates until it can be calculated reliably and it is certain that it will be received from suppliers. During the year, \u00a334.6m (2023: \u00a332.8m) of supplier rebate income was included within profit from operations.
Administrative expenses
Administrative expenses of \u00a3336.9m (2023: \u00a3270.8m) include sundry income of \u00a314.8m
(2023: \u00a316.7m), which principally comprises management fees receivable from JVs,
the sale of freehold reversions, forfeit deposits and ground rent receivable.
Auditor\u2019s remuneration
The remuneration paid to Deloitte LLP, the Group\u2019s principal auditor, is disclosed below:
2024 2023
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor for the audit of the
Company and Consolidated Financial Statements
1,023
852
Fees payable to the Company\u2019s auditor for the audit of the
Company\u2019s subsidiaries
195
186
Total audit fees
1,218
1,038
Audit-related assurance services
1
89
43
Other services
2
230
230
Total fees for other services
319
273
Total fees related to the Company and its subsidiaries
1,537
1,311
1 Audit-related assurance services comprise the review of the Interim Report.
2 Other services comprise assurance services over selected ESG metrics and compliance with the recommendations of the TCFD and review
procedures over selected non-financial disclosures in the Annual Report.
Details of the Group\u2019s policy on the use of the Company\u2019s principal auditor for non-audit
services and auditor independence are set out in the Audit and Risk Committee Report on
pages 112 to 120. No services were provided under contingent fee arrangements.
In addition to the remuneration paid to the Company\u2019s auditor for services related to the
Company and its subsidiaries, the auditor received the following remuneration from JVs in
which the Group participates:
2024 2023
\u00a3000 \u00a3000
The audit of the Group\u2019s JVs pursuant to legislation
1
\u2014
80
Total fees related to joint ventures
\u2014
80
1 The Group\u2019s JVs are no longer audited by the Group auditor.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-494": { "value": "Depreciation of right-of-use assets Right-of-use assets are depreciated in the Income Statement in equal instalments to the earlier of the end of the lease term or the end of the useful life of the asset. Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided to write off the cost of the assets on a straight-line basis to their residual value over their estimated useful lives. Residual values and asset lives are reviewed annually. Freehold properties are depreciated on a straight-line basis over 25 years. Freehold land is not depreciated. Plant is depreciated on a straight-line basis over its expected useful life, which ranges from one to seven years. Leases A right-of-use asset and a lease liability are recognised at the commencement date of a lease. The right-of-use asset is initially measured at cost comprising the initial amount of the lease liability plus payments made before the lease commenced and any direct costs less any incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement of the lease to the earlier of the end of the lease term or the end of the useful life of the asset. The right-of-use asset is also reduced for impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments at the commencement date discounted using the Group\u2019s incremental borrowing rate of between 1% and 7% and is subsequently measured at amortised cost using the effective interest method. The lease liability is remeasured when there is a change in the future lease payments, and a corresponding adjustment is made to the right-of-use asset. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of plant and machinery with a lease term of 12 months or less, and leases of low value including leases of office equipment. The lease payments associated with these leases are recognised as an expense on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-476": { "value": "Part-exchange income and expenses Income on the sale of a part-exchange property is recognised at legal completion at the fair value of consideration received or receivable for the property. Part-exchange properties are recognised in inventories at the lower of cost, being their fair value at acquisition, and their net realisable value. The amount of any write down of inventories to net realisable value, or reversal of a previous write down, is recognised in the Income Statement in the period in which it occurs. The carrying amount of a part-exchange property is recognised as an expense in the period in which the related income is recognised. Maintenance costs are recognised in the Income Statement in the period in which they are incurred. ", "dimensions": { "concept": "barrattdevelopments:DescriptionOfAccountingPolicyForPartExchangeIncomeAndExpenses", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-427": { "value": "
Profit from operations is stated after charging/(crediting):
2024 2023
Notes \u00a3m \u00a3m
Cost of inventories recognised as an expense in cost
of sales
3,241.6
3,907.3
Employee costs (including Directors)
5
524.0
527.2
Adjusted items:
Costs associated with legacy properties
4
180.0
158.2
Amounts associated with legacy properties recovered
from third parties
4
(0.5)
(2.7)
Costs incurred in respect of the all-share offer for the
share capital of Redrow plc
4
22.4
\u2014
Depreciation of property, plant and equipment
13
7.5
6 .1
Depreciation of right-of-use-assets
14
15.2
12.3
Amortisation of intangible assets
10
10.4
10.5
Profit from operations is stated after charging the Directors\u2019 emoluments disclosed in the
Remuneration Report on pages 123 to 145 and in note 5.
The Group does not recognise income from supplier rebates until it can be calculated
reliably and it is certain that it will be received from suppliers. During the year, \u00a334.6m
(2023: \u00a332.8m) of supplier rebate income was included within profit from operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-463": { "value": "Profit from operations is stated after charging/(crediting):
2024 2023
Notes \u00a3m \u00a3m
Cost of inventories recognised as an expense in cost
of sales
3,241.6
3,907.3
Employee costs (including Directors)
5
524.0
527.2
Adjusted items:
Costs associated with legacy properties
4
180.0
158.2
Amounts associated with legacy properties recovered
from third parties
4
(0.5)
(2.7)
Costs incurred in respect of the all-share offer for the
share capital of Redrow plc
4
22.4
\u2014
Depreciation of property, plant and equipment
13
7.5
6 .1
Depreciation of right-of-use-assets
14
15.2
12.3
Amortisation of intangible assets
10
10.4
10.5
Profit from operations is stated after charging the Directors\u2019 emoluments disclosed in the Remuneration Report on pages 123 to 145 and in note 5. The Group does not recognise income from supplier rebates until it can be calculated reliably and it is certain that it will be received from suppliers. During the year, \u00a334.6m (2023: \u00a332.8m) of supplier rebate income was included within profit from operations. Administrative expenses Administrative expenses of \u00a3336.9m (2023: \u00a3270.8m) include sundry income of \u00a314.8m (2023: \u00a316.7m), which principally comprises management fees receivable from JVs, the sale of freehold reversions, forfeit deposits and ground rent receivable. Auditor\u2019s remuneration The remuneration paid to Deloitte LLP, the Group\u2019s principal auditor, is disclosed below:
2024 2023
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor for the audit of the
Company and Consolidated Financial Statements
1,023
852
Fees payable to the Company\u2019s auditor for the audit of the
Company\u2019s subsidiaries
195
186
Total audit fees
1,218
1,038
Audit-related assurance services
1
89
43
Other services
2
230
230
Total fees for other services
319
273
Total fees related to the Company and its subsidiaries
1,537
1,311
1 Audit-related assurance services comprise the review of the Interim Report. 2 Other services comprise assurance services over selected ESG metrics and compliance with the recommendations of the TCFD and review procedures over selected non-financial disclosures in the Annual Report. Details of the Group\u2019s policy on the use of the Company\u2019s principal auditor for non-audit services and auditor independence are set out in the Audit and Risk Committee Report on pages 112 to 120. No services were provided under contingent fee arrangements. In addition to the remuneration paid to the Company\u2019s auditor for services related to the Company and its subsidiaries, the auditor received the following remuneration from JVs in which the Group participates:
2024 2023
\u00a3000 \u00a3000
The audit of the Group\u2019s JVs pursuant to legislation
1
\u2014
80
Total fees related to joint ventures
\u2014
80
1 The Group\u2019s JVs are no longer audited by the Group auditor.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-450": { "value": "Profit from operations is stated after charging/(crediting):
2024 2023
Notes \u00a3m \u00a3m
Cost of inventories recognised as an expense in cost
of sales
3,241.6
3,907.3
Employee costs (including Directors)
5
524.0
527.2
Adjusted items:
Costs associated with legacy properties
4
180.0
158.2
Amounts associated with legacy properties recovered
from third parties
4
(0.5)
(2.7)
Costs incurred in respect of the all-share offer for the
share capital of Redrow plc
4
22.4
\u2014
Depreciation of property, plant and equipment
13
7.5
6 .1
Depreciation of right-of-use-assets
14
15.2
12.3
Amortisation of intangible assets
10
10.4
10.5
Profit from operations is stated after charging the Directors\u2019 emoluments disclosed in the Remuneration Report on pages 123 to 145 and in note 5. The Group does not recognise income from supplier rebates until it can be calculated reliably and it is certain that it will be received from suppliers. During the year, \u00a334.6m (2023: \u00a332.8m) of supplier rebate income was included within profit from operations.
Group
Company
Plant and Plant and
Property equipment Total Property equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July 2022
29.1
53.7
82.8
0.2
26.0
26.2
Additions
8.4
14.7
23.1
\u2014
2.6
2.6
Disposals
\u2014
(1.6)
(1.6)
\u2014
\u2014
\u2014
At 30 June 2023
37.5
66.8
104.3
0.2
28.6
28.8
Additions
1.0
6.2
7.2
\u2014
1.1
1.1
Disposals
(0.2)
(0.7)
(0.9)
\u2014
\u2014
\u2014
At 30 June 2024
38.3
72.3
110.6
0.2
29.7
29.9
Depreciation
At 1 July 2022
3.4
38.2
41.6
0.2
19.4
19.6
Charge for the year
0.4
5.7
6.1
\u2014
3.1
3.1
Disposals
\u2014
(1.5)
(1.5)
\u2014
\u2014
\u2014
At 30 June 2023
3.8
42.4
46.2
0.2
22.5
22.7
Charge for the year
0.8
6.7
7.5
\u2014
2.8
2.8
Disposals
(0.2)
(0.4)
(0.6)
\u2014
\u2014
\u2014
At 30 June 2024
4.4
48.7
53.1
0.2
25.3
25.5
Net book value
At 30 June 2023
33.7
24.4
58.1
\u2014
6.1
6.1
At 30 June 2024
33.9
23.6
57.5
\u2014
4.4
4.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-428": { "value": "Administrative expenses Administrative expenses of \u00a3336.9m (2023: \u00a3270.8m) include sundry income of \u00a314.8m (2023: \u00a316.7m), which principally comprises management fees receivable from JVs, the sale of freehold reversions, forfeit deposits and ground rent receivable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-429": { "value": "Auditor\u2019s remuneration The remuneration paid to Deloitte LLP, the Group\u2019s principal auditor, is disclosed below:
2024 2023
\u00a3000 \u00a3000
Fees payable to the Company\u2019s auditor for the audit of the
Company and Consolidated Financial Statements
1,023
852
Fees payable to the Company\u2019s auditor for the audit of the
Company\u2019s subsidiaries
195
186
Total audit fees
1,218
1,038
Audit-related assurance services
1
89
43
Other services
2
230
230
Total fees for other services
319
273
Total fees related to the Company and its subsidiaries
1,537
1,311
1 Audit-related assurance services comprise the review of the Interim Report. 2 Other services comprise assurance services over selected ESG metrics and compliance with the recommendations of the TCFD and review procedures over selected non-financial disclosures in the Annual Report. Details of the Group\u2019s policy on the use of the Company\u2019s principal auditor for non-audit services and auditor independence are set out in the Audit and Risk Committee Report on pages 112 to 120. No services were provided under contingent fee arrangements. In addition to the remuneration paid to the Company\u2019s auditor for services related to the Company and its subsidiaries, the auditor received the following remuneration from JVs in which the Group participates:
2024 2023
\u00a3000 \u00a3000
The audit of the Group\u2019s JVs pursuant to legislation
1
\u2014
80
Total fees related to joint ventures
\u2014
80
1 The Group\u2019s JVs are no longer audited by the Group auditor.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-397": { "value": "4. Adjusted items Adjusted items In determining whether an item should be presented as an adjustment to IFRS measures, the Group considers items that are material to the Group in aggregate and have arisen from one-off or unusual circumstances that could not reasonably have been expected to arise from normal trading. If an item meets these criteria the Board then exercises judgement as to whether the item should be classified as an allowable adjustment to IFRS. Examples of events that may give rise to the classification of items as adjusted are charges or credits in respect of legacy properties, the restructuring of existing and newly acquired businesses, and certain government grants. The Directors use these adjusted measures, along with IFRS measures, to assess the operational performance of the Group as detailed in the key performance indicators section of the Strategic Report on pages 12 to 15.
2024 2023
\u00a3m \u00a3m
Adjusted items in cost of sales:
Costs incurred in respect of legacy properties
180.0
158.2
Amounts in respect of legacy properties recovered from
third parties
(0.5)
(2.7)
Total adjusted items in cost of sales
179.5
155.5
Adjusted items in administrative expenses:
Costs incurred in respect of the all-share offer for the share
capital of Redrow plc
22.4
\u2014
Adjusted items in share of post-tax profit from joint ventures:
Costs incurred in respect of legacy properties by joint ventures
12.6
23.7
Total adjusted items
214.5
179.2
Costs incurred in respect of legacy properties The adjusted costs in the year, associated with Group legacy properties, comprise additions to provisions of \u00a3182.5m, provision releases of \u00a33.5m, a charge of \u00a31.0m due to the revaluation of the provisions at the reporting date and reimbursements recognised directly in the Income Statement of \u00a30.5m. In addition \u00a312.6m of net costs in respect of JV legacy properties were incurred in the year. Further details of provisions movements are provided in note 19.
Costs incurred in respect of the acquisition of Redrow plc
On 7 February 2024, the Group announced an offer to acquire the entire share capital
of Redrow plc through an all-share transaction. The transaction was approved by the
shareholders of both groups on 15 May 2024 and legally completed on 21 August 2024 as
disclosed in note 31. In the course of progressing the transaction, during the year the Group
has incurred \u00a322.4m in adviser fees. The total costs that will be incurred are expected to
be material in aggregate.
", "dimensions": { "concept": "barrattdevelopments:DisclosureOfAdjustedItems", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-477": { "value": "Adjusted items In determining whether an item should be presented as an adjustment to IFRS measures, the Group considers items that are material to the Group in aggregate and have arisen from one-off or unusual circumstances that could not reasonably have been expected to arise from normal trading. If an item meets these criteria the Board then exercises judgement as to whether the item should be classified as an allowable adjustment to IFRS. Examples of events that may give rise to the classification of items as adjusted are charges or credits in respect of legacy properties, the restructuring of existing and newly acquired businesses, and certain government grants. The Directors use these adjusted measures, along with IFRS measures, to assess the operational performance of the Group as detailed in the key performance indicators section of the Strategic Report on pages 12 to 15. ", "dimensions": { "concept": "barrattdevelopments:DescriptionOfAccountingPolicyForAdjustedItems", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-398": { "value": "
5. Key management, employees and retirement benefit obligations
Key management and employees
Key management personnel, as defined under IAS 24: \u2018Related Party Disclosures\u2019, have been
identified as the Board of Directors, as the controls operated by the Group ensure that all
key decisions are reserved for the Board. Detailed disclosures of individual remuneration,
pension entitlements and share options for those Directors who served during the year are
given in the audited sections within the Remuneration Report on pages 136 to 142.
A summary of key management remuneration is as follows:
2024 2023
\u00a3m \u00a3m
Salaries and fees (including pension compensation)
3.0
3 .1
Social security costs
1
0.8
1.0
Performance bonus
2.7
1.2
Benefits
0.1
0.1
Share-based payments
2
1.8
(0.3)
Tot a l
8.4
5.1
1 Excluded from the Executive Directors\u2019 and Non-Executive Directors\u2019 single figure of remuneration tables on page 136.
2 IFRS 2: \u2018Share-Based Payments\u2019 charge/(credit) attributable to key management.
Total employee numbers and costs are as follows:
Group
Company
2024 2023 2024 2023
Number Number Number Number
Average employee numbers
(excluding sub-contractors and
including Directors)
6,451
7,031
499
490
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Employee costs
(including\ue446Directors):
Wages and salaries
including bonuses
429.8
443.2
50.5
47.8
Redundancy costs
3.1
2.0
1.3
0.4
Social security costs
50.0
52.6
7.1
6.8
Other pension costs
21.2
19.2
2.4
2 .1
Share-based payments
26
19.9
10.2
6.0
(0.3)
Employee costs for
the year
524.0
527.2
67.3
56.8
The majority of the costs of the Company\u2019s employees are charged to other Group companies. Retirement benefit obligations The Group operates several defined contribution pension schemes. Defined contribution schemes The Group\u2019s contributions to the schemes are charged in the Income Statement in the year in which the scheme members become entitled to contributions. The Group operates defined contribution retirement benefit schemes for all qualifying employees, under which it pays contributions to independently administered funds. Contributions are based upon a fixed percentage of the employee\u2019s pay and once these have been paid, the Group has no further obligations under these schemes.
2024 2023
\u00a3m \u00a3m
Contributions during the year:
Group defined contribution schemes\u2019 Consolidated Income
Statement charge
21.2
19.2
At the balance sheet date, there were outstanding contributions of \u00a33.2m (2023: \u00a32.8m), which were paid on or before the due date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-451": { "value": "5. Key management, employees and retirement benefit obligations Key management and employees Key management personnel, as defined under IAS 24: \u2018Related Party Disclosures\u2019, have been identified as the Board of Directors, as the controls operated by the Group ensure that all key decisions are reserved for the Board. Detailed disclosures of individual remuneration, pension entitlements and share options for those Directors who served during the year are given in the audited sections within the Remuneration Report on pages 136 to 142. A summary of key management remuneration is as follows:
2024 2023
\u00a3m \u00a3m
Salaries and fees (including pension compensation)
3.0
3 .1
Social security costs
1
0.8
1.0
Performance bonus
2.7
1.2
Benefits
0.1
0.1
Share-based payments
2
1.8
(0.3)
Tot a l
8.4
5.1
1 Excluded from the Executive Directors\u2019 and Non-Executive Directors\u2019 single figure of remuneration tables on page 136. 2 IFRS 2: \u2018Share-Based Payments\u2019 charge/(credit) attributable to key management. Total employee numbers and costs are as follows:
Group
Company
2024 2023 2024 2023
Number Number Number Number
Average employee numbers
(excluding sub-contractors and
including Directors)
6,451
7,031
499
490
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Employee costs
(including\ue446Directors):
Wages and salaries
including bonuses
429.8
443.2
50.5
47.8
Redundancy costs
3.1
2.0
1.3
0.4
Social security costs
50.0
52.6
7.1
6.8
Other pension costs
21.2
19.2
2.4
2 .1
Share-based payments
26
19.9
10.2
6.0
(0.3)
Employee costs for
the year
524.0
527.2
67.3
56.8
The majority of the costs of the Company\u2019s employees are charged to other Group companies. Retirement benefit obligations The Group operates several defined contribution pension schemes. Defined contribution schemes The Group\u2019s contributions to the schemes are charged in the Income Statement in the year in which the scheme members become entitled to contributions. The Group operates defined contribution retirement benefit schemes for all qualifying employees, under which it pays contributions to independently administered funds. Contributions are based upon a fixed percentage of the employee\u2019s pay and once these have been paid, the Group has no further obligations under these schemes.
2024 2023
\u00a3m \u00a3m
Contributions during the year:
Group defined contribution schemes\u2019 Consolidated Income
Statement charge
21.2
19.2
At the balance sheet date, there were outstanding contributions of \u00a33.2m (2023: \u00a32.8m), which were paid on or before the due date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-430": { "value": "5. Key management, employees and retirement benefit obligations Key management and employees Key management personnel, as defined under IAS 24: \u2018Related Party Disclosures\u2019, have been identified as the Board of Directors, as the controls operated by the Group ensure that all key decisions are reserved for the Board. Detailed disclosures of individual remuneration, pension entitlements and share options for those Directors who served during the year are given in the audited sections within the Remuneration Report on pages 136 to 142. A summary of key management remuneration is as follows:
2024 2023
\u00a3m \u00a3m
Salaries and fees (including pension compensation)
3.0
3 .1
Social security costs
1
0.8
1.0
Performance bonus
2.7
1.2
Benefits
0.1
0.1
Share-based payments
2
1.8
(0.3)
Tot a l
8.4
5.1
1 Excluded from the Executive Directors\u2019 and Non-Executive Directors\u2019 single figure of remuneration tables on page 136. 2 IFRS 2: \u2018Share-Based Payments\u2019 charge/(credit) attributable to key management. Total employee numbers and costs are as follows:
Group
Company
2024 2023 2024 2023
Number Number Number Number
Average employee numbers
(excluding sub-contractors and
including Directors)
6,451
7,031
499
490
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Employee costs
(including\ue446Directors):
Wages and salaries
including bonuses
429.8
443.2
50.5
47.8
Redundancy costs
3.1
2.0
1.3
0.4
Social security costs
50.0
52.6
7.1
6.8
Other pension costs
21.2
19.2
2.4
2 .1
Share-based payments
26
19.9
10.2
6.0
(0.3)
Employee costs for
the year
524.0
527.2
67.3
56.8
The majority of the costs of the Company\u2019s employees are charged to other Group companies. Retirement benefit obligations The Group operates several defined contribution pension schemes. Defined contribution schemes The Group\u2019s contributions to the schemes are charged in the Income Statement in the year in which the scheme members become entitled to contributions. The Group operates defined contribution retirement benefit schemes for all qualifying employees, under which it pays contributions to independently administered funds. Contributions are based upon a fixed percentage of the employee\u2019s pay and once these have been paid, the Group has no further obligations under these schemes.
2024 2023
\u00a3m \u00a3m
Contributions during the year:
Group defined contribution schemes\u2019 Consolidated Income
Statement charge
21.2
19.2
At the balance sheet date, there were outstanding contributions of \u00a33.2m (2023: \u00a32.8m), which were paid on or before the due date.
Directors of Barratt Developments PLC and remuneration of key personnel
The Board and certain members of senior management are related parties within the
definition of IAS 24 (Revised): \u2018Related Party Disclosures\u2019 and the Board members are
related parties within the definition of Chapter 11 of the UK Listing Rules. There is no
difference between transactions with key personnel of the Company and transactions
with key personnel of the Group.
Disclosures related to the remuneration of key personnel as defined in IAS 24 are given
in note 5.
There have been no related party transactions as defined in Listing Rule 11.1.5R for the year
ended 30 June 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-464": { "value": "The Group operates several defined contribution pension schemes. Defined contribution schemes The Group\u2019s contributions to the schemes are charged in the Income Statement in the year in which the scheme members become entitled to contributions. The Group operates defined contribution retirement benefit schemes for all qualifying employees, under which it pays contributions to independently administered funds. Contributions are based upon a fixed percentage of the employee\u2019s pay and once these have been paid, the Group has no further obligations under these schemes.
2024 2023
\u00a3m \u00a3m
Contributions during the year:
Group defined contribution schemes\u2019 Consolidated Income
Statement charge
21.2
19.2
At the balance sheet date, there were outstanding contributions of \u00a33.2m (2023: \u00a32.8m), which were paid on or before the due date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-478": { "value": "Defined contribution schemes The Group\u2019s contributions to the schemes are charged in the Income Statement in the year in which the scheme members become entitled to contributions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-399": { "value": "6. Net finance costs Finance costs and income The Group recognises finance costs and income on bank borrowings, deposits and other borrowings in the Income Statement in the period to which they relate. Imputed interest on discounted assets, including land purchased on deferred terms and leased assets, is charged to the Income Statement over the period of settlement or lease period respectively.
2024 2023
\u00a3m \u00a3m
Finance income:
Finance income on short-term bank deposits
(44.9)
(22.0)
Other interest receivable
(2.3)
(1.8)
(47.2)
(23.8)
Finance costs:
Interest on loans and borrowings
9.4
9.3
Imputed interest on long-term payables
40.2
21.4
Finance charge on leased assets
1.8
1.2
Amortisation of facility fees
1.6
1.9
Other interest payable
0.7
1.1
53.7
34.9
Net finance costs
6.5
11.1
The weighted average interest rates (excluding fees) paid in the year were as follows:
Group
Company
2024 2023 2024 2023
% % % %
USPP notes
2.8
2.8
2.8
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-431": { "value": "6. Net finance costs Finance costs and income The Group recognises finance costs and income on bank borrowings, deposits and other borrowings in the Income Statement in the period to which they relate. Imputed interest on discounted assets, including land purchased on deferred terms and leased assets, is charged to the Income Statement over the period of settlement or lease period respectively.
2024 2023
\u00a3m \u00a3m
Finance income:
Finance income on short-term bank deposits
(44.9)
(22.0)
Other interest receivable
(2.3)
(1.8)
(47.2)
(23.8)
Finance costs:
Interest on loans and borrowings
9.4
9.3
Imputed interest on long-term payables
40.2
21.4
Finance charge on leased assets
1.8
1.2
Amortisation of facility fees
1.6
1.9
Other interest payable
0.7
1.1
53.7
34.9
Net finance costs
6.5
11.1
The weighted average interest rates (excluding fees) paid in the year were as follows:
Group
Company
2024 2023 2024 2023
% % % %
USPP notes
2.8
2.8
2.8
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-452": { "value": "6. Net finance costs Finance costs and income The Group recognises finance costs and income on bank borrowings, deposits and other borrowings in the Income Statement in the period to which they relate. Imputed interest on discounted assets, including land purchased on deferred terms and leased assets, is charged to the Income Statement over the period of settlement or lease period respectively.
2024 2023
\u00a3m \u00a3m
Finance income:
Finance income on short-term bank deposits
(44.9)
(22.0)
Other interest receivable
(2.3)
(1.8)
(47.2)
(23.8)
Finance costs:
Interest on loans and borrowings
9.4
9.3
Imputed interest on long-term payables
40.2
21.4
Finance charge on leased assets
1.8
1.2
Amortisation of facility fees
1.6
1.9
Other interest payable
0.7
1.1
53.7
34.9
Net finance costs
6.5
11.1
The weighted average interest rates (excluding fees) paid in the year were as follows:
Group
Company
2024 2023 2024 2023
% % % %
USPP notes
2.8
2.8
2.8
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-473": { "value": "6. Net finance costs Finance costs and income The Group recognises finance costs and income on bank borrowings, deposits and other borrowings in the Income Statement in the period to which they relate. Imputed interest on discounted assets, including land purchased on deferred terms and leased assets, is charged to the Income Statement over the period of settlement or lease period respectively.
2024 2023
\u00a3m \u00a3m
Finance income:
Finance income on short-term bank deposits
(44.9)
(22.0)
Other interest receivable
(2.3)
(1.8)
(47.2)
(23.8)
Finance costs:
Interest on loans and borrowings
9.4
9.3
Imputed interest on long-term payables
40.2
21.4
Finance charge on leased assets
1.8
1.2
Amortisation of facility fees
1.6
1.9
Other interest payable
0.7
1.1
53.7
34.9
Net finance costs
6.5
11.1
The weighted average interest rates (excluding fees) paid in the year were as follows:
Group
Company
2024 2023 2024 2023
% % % %
USPP notes
2.8
2.8
2.8
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-471": { "value": "6. Net finance costs Finance costs and income The Group recognises finance costs and income on bank borrowings, deposits and other borrowings in the Income Statement in the period to which they relate. Imputed interest on discounted assets, including land purchased on deferred terms and leased assets, is charged to the Income Statement over the period of settlement or lease period respectively.
2024 2023
\u00a3m \u00a3m
Finance income:
Finance income on short-term bank deposits
(44.9)
(22.0)
Other interest receivable
(2.3)
(1.8)
(47.2)
(23.8)
Finance costs:
Interest on loans and borrowings
9.4
9.3
Imputed interest on long-term payables
40.2
21.4
Finance charge on leased assets
1.8
1.2
Amortisation of facility fees
1.6
1.9
Other interest payable
0.7
1.1
53.7
34.9
Net finance costs
6.5
11.1
The weighted average interest rates (excluding fees) paid in the year were as follows:
Group
Company
2024 2023 2024 2023
% % % %
USPP notes
2.8
2.8
2.8
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-465": { "value": "6. Net finance costs Finance costs and income The Group recognises finance costs and income on bank borrowings, deposits and other borrowings in the Income Statement in the period to which they relate. Imputed interest on discounted assets, including land purchased on deferred terms and leased assets, is charged to the Income Statement over the period of settlement or lease period respectively.
2024 2023
\u00a3m \u00a3m
Finance income:
Finance income on short-term bank deposits
(44.9)
(22.0)
Other interest receivable
(2.3)
(1.8)
(47.2)
(23.8)
Finance costs:
Interest on loans and borrowings
9.4
9.3
Imputed interest on long-term payables
40.2
21.4
Finance charge on leased assets
1.8
1.2
Amortisation of facility fees
1.6
1.9
Other interest payable
0.7
1.1
53.7
34.9
Net finance costs
6.5
11.1
The weighted average interest rates (excluding fees) paid in the year were as follows:
Group
Company
2024 2023 2024 2023
% % % %
USPP notes
2.8
2.8
2.8
2.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-503": { "value": "Finance costs and income The Group recognises finance costs and income on bank borrowings, deposits and other borrowings in the Income Statement in the period to which they relate. Imputed interest on discounted assets, including land purchased on deferred terms and leased assets, is charged to the Income Statement over the period of settlement or lease period respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-495": { "value": "Finance costs and income The Group recognises finance costs and income on bank borrowings, deposits and other borrowings in the Income Statement in the period to which they relate. Imputed interest on discounted assets, including land purchased on deferred terms and leased assets, is charged to the Income Statement over the period of settlement or lease period respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-479": { "value": "Finance costs and income The Group recognises finance costs and income on bank borrowings, deposits and other borrowings in the Income Statement in the period to which they relate. Imputed interest on discounted assets, including land purchased on deferred terms and leased assets, is charged to the Income Statement over the period of settlement or lease period respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-400": { "value": "
7. Tax
All profits of the Group are subject to UK tax.
The current year tax charge has been provided for, by the Group and the Company, at a standard
effective rate, inclusive of RPDT, of 29.0% (2023: 24.5%). The closing deferred tax assets
and liabilities have been provided in these Financial Statements at a rate of 25.0%-29.0%
(2023: 20.5%-29.0%) on the temporary differences giving rise to these assets and liabilities.
Tax The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax is measured on a non-discounted basis using the tax rates and laws that have then been enacted or substantively enacted by the balance sheet date, and is charged or credited to the Income Statement, except when it relates to items charged or credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in JVs, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Tax recognised in the Income Statement
The tax expense represents the sum of the tax currently payable and deferred tax.
2024 2023
Analysis of the tax charge for the year \u00a3m \u00a3m
Current tax:
UK corporation tax on profits for the year
54.8
147.2
RPDT for the year
6 .1
26.0
Adjustments in respect of previous years
3.2
(6.7)
64.1
166.5
Deferred tax:
Origination and reversal of temporary differences
(6.1)
1.8
Adjustment in respect of previous years
(1.6)
7.2
Impact of change in tax rates
\u2014
(0.7)
(7.7)
8.3
Tax charge for the year
56.4
174.8
Factors affecting the tax charge for the year
The tax rate assessed for the year is higher (2023: higher) than the standard effective
rate of tax in the UK of 29.0% (inclusive of corporation tax and RPDT) (2023: 24.5%).
The differences are explained below:
2024 2023
\u00a3m \u00a3m
Profit before tax
170.5
705.1
Profit before tax multiplied by the standard rate of tax of 29.0%
(inclusive of corporation tax and RPDT) (2023: 24.5%)
49.4
172.7
Effects of:
Other items including non-deductible expenses and non-
taxable income
8.0
4.5
Additional tax relief for land remediation costs
(2.6)
(2.2)
Adjustment in respect of previous years
1.6
0.5
Impact of change in tax rates
\u2014
(0.7)
Tax charge for the year
56.4
174.8
Tax recognised in equity
In addition to the amount charged to the Consolidated Income Statement, a net current
and deferred tax credit of \u00a30.8m (2023: \u00a31.3m) was recognised directly in equity.
Factors affecting future tax charges
The Organisation for Economic Cooperation and Development (OECD) Pillar Two model rules
are designed to ensure that large multinational groups incur a 15% minimum effective tax
rate in each jurisdiction in which they operate. Pillar Two legislation was enacted in the
UK in June 2023 and will be effective for the Group\u2019s financial year beginning 1 July 2024.
The Group has applied the mandatory temporary exception under IAS 12 in relation to the
accounting for deferred taxes arising from the implementation of the Pillar Two legislation.
The Group operates in the UK and is subject to tax at 29.0% on all its residential development
activities, comprising UK corporation tax (25.0%) and UK residential property developer tax
(4.0%). The Group has performed an assessment of the Group\u2019s potential exposure to Pillar
Two income taxes in the UK and, based on the assessment, the Group does not expect a
potential exposure to Pillar Two top-up taxes. Management is not currently aware of any
circumstances under which this might change
Deferred tax All deferred tax relates to the UK and is stated on a net basis as the Group has a legally enforceable right to set off the recognised amounts and intends to settle on a net basis. The Group recognised a net deferred tax liability with the following movements in the year:
Group
Accelerated
Share capital Customer Other
options Losses Brands allowances contracts (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
3.8
\u2014
(31.7)
0.5
(24.7)
7.0
(45.1)
Year ended 30 June 2023:
Income Statement
(charge)/credit
(0.9)
\u2014
0.1
(11.5)
3.4
0.6
(8.3)
Amounts taken
directly to equity
(0.1)
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
At 30 June 2023
2.8
\u2014
(31.6)
(11.0)
(21.3)
7.6
(53.5)
Comprising:
Deferred tax assets
2.8
\u2014
\u2014
\u2014
\u2014
7.6
10.4
Deferred tax liabilities
\u2014
\u2014
(31.6)
(11.0)
(21.3)
\u2014
(63.9)
Year ended 30 June 2024:
Income Statement
credit/(charge)
2.2
2.2
0.2
(0.2)
2.1
1.2
7.7
Amounts taken
directly to equity
0.8
\u2014
\u2014
\u2014
\u2014
\u2014
0.8
At 30 June 2024
5.8
2.2
(31.4)
(11.2)
(19.2)
8.8
(45.0)
Comprising:
Deferred tax assets
5.8
2.2
\u2014
\u2014
\u2014
8.8
16.8
Deferred tax liabilities
\u2014
\u2014
(31.4)
(11.2)
(19.2)
\u2014
(61.8)
The deferred tax liability in respect of indefinite life and other brands represents the amount of tax that would become due if the brands were sold at their book value. There is no intention to sell the indefinite life brands in the foreseeable future and it is not anticipated that any of the deferred tax liability in respect of the indefinite life brands will reverse in the 12 months following the balance sheet date. The deferred tax asset in respect of share schemes represents an estimate of the future tax deduction available on the exercise or vesting of awards under those schemes. While it is anticipated that an element of the remaining deferred tax assets and liabilities will reverse during the 12 months following the balance sheet date, at present it is not possible to accurately quantify the value of all of these reversals. In addition to the deferred tax liability shown above, the Group has not recognised a deferred tax asset of \u00a310.2m (2023: \u00a39.6m) in respect of capital and other losses amounting to \u00a335.1m (2023: \u00a333.3m) because these are not considered recoverable in the foreseeable future. The Company recognised a deferred tax asset with the following movements in the year:
Company
Accelerated
Share capital Other
options allowances (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
1.3
1.4
0.5
3.2
Year ended June 2023:
Income Statement (charge)/credit
(0.4)
(0.5)
0.3
(0.6)
At 30 June 2023
0.9
0.9
0.8
2.6
Comprising:
Deferred tax assets
0.9
0.9
0.8
2.6
Year ended 30 June 2024:
Income Statement credit/(charge)
0.3
\u2014
(0.8)
(0.5)
Amounts taken directly to equity
0.1
\u2014
\u2014
0.1
At 30 June 2024
1.3
0.9
\u2014
2.2
Comprising:
Deferred tax assets
1.3
0.9
\u2014
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-480": { "value": "Tax The tax currently payable is based on the taxable profit for the year. Taxable profit differs from net profit as reported in the Income Statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax is measured on a non-discounted basis using the tax rates and laws that have then been enacted or substantively enacted by the balance sheet date, and is charged or credited to the Income Statement, except when it relates to items charged or credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in JVs, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-496": { "value": "Deferred tax Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax is measured on a non-discounted basis using the tax rates and laws that have then been enacted or substantively enacted by the balance sheet date, and is charged or credited to the Income Statement, except when it relates to items charged or credited directly to other comprehensive income or equity, in which case the deferred tax is also dealt with in other comprehensive income or equity. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and interests in JVs, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to taxes levied by the same tax authority and the Group intends to settle its current tax assets and liabilities on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-432": { "value": "
Deferred tax
All deferred tax relates to the UK and is stated on a net basis as the Group has a legally
enforceable right to set off the recognised amounts and intends to settle on a net basis.
The Group recognised a net deferred tax liability with the following movements in the year:
Group
Accelerated
Share capital Customer Other
options Losses Brands allowances contracts (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
3.8
\u2014
(31.7)
0.5
(24.7)
7.0
(45.1)
Year ended 30 June 2023:
Income Statement
(charge)/credit
(0.9)
\u2014
0.1
(11.5)
3.4
0.6
(8.3)
Amounts taken
directly to equity
(0.1)
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
At 30 June 2023
2.8
\u2014
(31.6)
(11.0)
(21.3)
7.6
(53.5)
Comprising:
Deferred tax assets
2.8
\u2014
\u2014
\u2014
\u2014
7.6
10.4
Deferred tax liabilities
\u2014
\u2014
(31.6)
(11.0)
(21.3)
\u2014
(63.9)
Year ended 30 June 2024:
Income Statement
credit/(charge)
2.2
2.2
0.2
(0.2)
2.1
1.2
7.7
Amounts taken
directly to equity
0.8
\u2014
\u2014
\u2014
\u2014
\u2014
0.8
At 30 June 2024
5.8
2.2
(31.4)
(11.2)
(19.2)
8.8
(45.0)
Comprising:
Deferred tax assets
5.8
2.2
\u2014
\u2014
\u2014
8.8
16.8
Deferred tax liabilities
\u2014
\u2014
(31.4)
(11.2)
(19.2)
\u2014
(61.8)
The deferred tax liability in respect of indefinite life and other brands represents
the amount of tax that would become due if the brands were sold at their book value.
There is no intention to sell the indefinite life brands in the foreseeable future and it is
not anticipated that any of the deferred tax liability in respect of the indefinite life brands
will reverse in the 12 months following the balance sheet date. The deferred tax asset in
respect of share schemes represents an estimate of the future tax deduction available on
the exercise or vesting of awards under those schemes.
While it is anticipated that an element of the remaining deferred tax assets and liabilities
will reverse during the 12 months following the balance sheet date, at present it is not
possible to accurately quantify the value of all of these reversals.
In addition to the deferred tax liability shown above, the Group has not recognised
a deferred tax asset of \u00a310.2m (2023: \u00a39.6m) in respect of capital and other losses
amounting to \u00a335.1m (2023: \u00a333.3m) because these are not considered recoverable
in the foreseeable future.
The Company recognised a deferred tax asset with the following movements in the year:
Company
Accelerated
Share capital Other
options allowances (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
1.3
1.4
0.5
3.2
Year ended June 2023:
Income Statement (charge)/credit
(0.4)
(0.5)
0.3
(0.6)
At 30 June 2023
0.9
0.9
0.8
2.6
Comprising:
Deferred tax assets
0.9
0.9
0.8
2.6
Year ended 30 June 2024:
Income Statement credit/(charge)
0.3
\u2014
(0.8)
(0.5)
Amounts taken directly to equity
0.1
\u2014
\u2014
0.1
At 30 June 2024
1.3
0.9
\u2014
2.2
Comprising:
Deferred tax assets
1.3
0.9
\u2014
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-453": { "value": "Deferred tax All deferred tax relates to the UK and is stated on a net basis as the Group has a legally enforceable right to set off the recognised amounts and intends to settle on a net basis. The Group recognised a net deferred tax liability with the following movements in the year:
Group
Accelerated
Share capital Customer Other
options Losses Brands allowances contracts (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
3.8
\u2014
(31.7)
0.5
(24.7)
7.0
(45.1)
Year ended 30 June 2023:
Income Statement
(charge)/credit
(0.9)
\u2014
0.1
(11.5)
3.4
0.6
(8.3)
Amounts taken
directly to equity
(0.1)
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
At 30 June 2023
2.8
\u2014
(31.6)
(11.0)
(21.3)
7.6
(53.5)
Comprising:
Deferred tax assets
2.8
\u2014
\u2014
\u2014
\u2014
7.6
10.4
Deferred tax liabilities
\u2014
\u2014
(31.6)
(11.0)
(21.3)
\u2014
(63.9)
Year ended 30 June 2024:
Income Statement
credit/(charge)
2.2
2.2
0.2
(0.2)
2.1
1.2
7.7
Amounts taken
directly to equity
0.8
\u2014
\u2014
\u2014
\u2014
\u2014
0.8
At 30 June 2024
5.8
2.2
(31.4)
(11.2)
(19.2)
8.8
(45.0)
Comprising:
Deferred tax assets
5.8
2.2
\u2014
\u2014
\u2014
8.8
16.8
Deferred tax liabilities
\u2014
\u2014
(31.4)
(11.2)
(19.2)
\u2014
(61.8)
The deferred tax liability in respect of indefinite life and other brands represents the amount of tax that would become due if the brands were sold at their book value. There is no intention to sell the indefinite life brands in the foreseeable future and it is not anticipated that any of the deferred tax liability in respect of the indefinite life brands will reverse in the 12 months following the balance sheet date. The deferred tax asset in respect of share schemes represents an estimate of the future tax deduction available on the exercise or vesting of awards under those schemes. While it is anticipated that an element of the remaining deferred tax assets and liabilities will reverse during the 12 months following the balance sheet date, at present it is not possible to accurately quantify the value of all of these reversals. In addition to the deferred tax liability shown above, the Group has not recognised a deferred tax asset of \u00a310.2m (2023: \u00a39.6m) in respect of capital and other losses amounting to \u00a335.1m (2023: \u00a333.3m) because these are not considered recoverable in the foreseeable future. The Company recognised a deferred tax asset with the following movements in the year:
Company
Accelerated
Share capital Other
options allowances (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
1.3
1.4
0.5
3.2
Year ended June 2023:
Income Statement (charge)/credit
(0.4)
(0.5)
0.3
(0.6)
At 30 June 2023
0.9
0.9
0.8
2.6
Comprising:
Deferred tax assets
0.9
0.9
0.8
2.6
Year ended 30 June 2024:
Income Statement credit/(charge)
0.3
\u2014
(0.8)
(0.5)
Amounts taken directly to equity
0.1
\u2014
\u2014
0.1
At 30 June 2024
1.3
0.9
\u2014
2.2
Comprising:
Deferred tax assets
1.3
0.9
\u2014
2.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-472": { "value": "Deferred tax All deferred tax relates to the UK and is stated on a net basis as the Group has a legally enforceable right to set off the recognised amounts and intends to settle on a net basis. The Group recognised a net deferred tax liability with the following movements in the year:
Group
Accelerated
Share capital Customer Other
options Losses Brands allowances contracts (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
3.8
\u2014
(31.7)
0.5
(24.7)
7.0
(45.1)
Year ended 30 June 2023:
Income Statement
(charge)/credit
(0.9)
\u2014
0.1
(11.5)
3.4
0.6
(8.3)
Amounts taken
directly to equity
(0.1)
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
At 30 June 2023
2.8
\u2014
(31.6)
(11.0)
(21.3)
7.6
(53.5)
Comprising:
Deferred tax assets
2.8
\u2014
\u2014
\u2014
\u2014
7.6
10.4
Deferred tax liabilities
\u2014
\u2014
(31.6)
(11.0)
(21.3)
\u2014
(63.9)
Year ended 30 June 2024:
Income Statement
credit/(charge)
2.2
2.2
0.2
(0.2)
2.1
1.2
7.7
Amounts taken
directly to equity
0.8
\u2014
\u2014
\u2014
\u2014
\u2014
0.8
At 30 June 2024
5.8
2.2
(31.4)
(11.2)
(19.2)
8.8
(45.0)
Comprising:
Deferred tax assets
5.8
2.2
\u2014
\u2014
\u2014
8.8
16.8
Deferred tax liabilities
\u2014
\u2014
(31.4)
(11.2)
(19.2)
\u2014
(61.8)
The deferred tax liability in respect of indefinite life and other brands represents the amount of tax that would become due if the brands were sold at their book value. There is no intention to sell the indefinite life brands in the foreseeable future and it is not anticipated that any of the deferred tax liability in respect of the indefinite life brands will reverse in the 12 months following the balance sheet date. The deferred tax asset in respect of share schemes represents an estimate of the future tax deduction available on the exercise or vesting of awards under those schemes. While it is anticipated that an element of the remaining deferred tax assets and liabilities will reverse during the 12 months following the balance sheet date, at present it is not possible to accurately quantify the value of all of these reversals. In addition to the deferred tax liability shown above, the Group has not recognised a deferred tax asset of \u00a310.2m (2023: \u00a39.6m) in respect of capital and other losses amounting to \u00a335.1m (2023: \u00a333.3m) because these are not considered recoverable in the foreseeable future. The Company recognised a deferred tax asset with the following movements in the year:
Company
Accelerated
Share capital Other
options allowances (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
1.3
1.4
0.5
3.2
Year ended June 2023:
Income Statement (charge)/credit
(0.4)
(0.5)
0.3
(0.6)
At 30 June 2023
0.9
0.9
0.8
2.6
Comprising:
Deferred tax assets
0.9
0.9
0.8
2.6
Year ended 30 June 2024:
Income Statement credit/(charge)
0.3
\u2014
(0.8)
(0.5)
Amounts taken directly to equity
0.1
\u2014
\u2014
0.1
At 30 June 2024
1.3
0.9
\u2014
2.2
Comprising:
Deferred tax assets
1.3
0.9
\u2014
2.2
16. Trade and other receivables Trade and other receivables Trade and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the balance sheet date, which are classified as non-current assets. Amounts recoverable on certain construction contracts where revenue is recognised over time are included in trade receivables and stated at cost plus attributable profit less any foreseeable losses. Payments received on account for these construction contracts are deducted from amounts recoverable on these contracts. Trade and other receivables are initially recognised at their transaction price, being fair value, and subsequently measured at amortised cost, being their nominal value less a loss allowance for expected credit losses, which are assessed on the basis of an average weighting of the risk of default. Any impairment is recognised immediately in the Income Statement. For this purpose, a default is determined to have occurred if the Group becomes aware of evidence that it will not receive all contractual cash flows that are due or if payment has not been received within 60 days of the due date. After this time, it is probable that contractual cash flows will not be fully recovered. The Group does not hold any collateral over these balances. Trade receivables are receivables and contract assets arising from the Group\u2019s contracts with customers. The loss allowance is equal to the lifetime expected credit loss, assessed on an individual basis. The loss allowances for other receivables and amounts due from subsidiary undertakings are equal to 12-month expected credit losses unless there has been a significant increase in credit risk since the date of initial recognition, in which case the loss allowance is equal to the lifetime expected credit loss. A significant increase in credit risk is judged to have occurred if a review of available information indicates an increased probability of default, or if contractual payments are more than 30 days past due. Where amounts due from subsidiary undertakings can be satisfied by the subsidiaries through the recovery of a debt from fellow subsidiaries with strong capacity to meet that debt, the amount is considered to have low credit risk at the reporting date and it is therefore assumed that the credit risk has not significantly increased. Trade and other receivables that are more than two years overdue are deemed to have no reasonable expectation of recovery and are written off in the Financial Statements, but are still subject to enforcement activity. Subsequent recoveries of amounts previously written off are credited to the Income Statement.
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Amounts due from
subsidiary undertakings
\u2014
\u2014
76.1
76 .1
Contract assets
20
1.0
0.5
\u2014
\u2014
Other receivables
2.4
2.4
\u2014
\u2014
3.4
2.9
76.1
76 .1
Current assets
Trade receivables
72.2
70.7
\u2014
\u2014
Contract assets
20
5.9
20.8
\u2014
\u2014
Amounts due from
subsidiary undertakings
\u2014
\u2014
169.0
2.9
Other receivables
111.0
74.0
5.5
4.3
Prepayments and accrued
income
12.8
16.6
8 .1
8.7
201.9
182.1
182.6
15.9
Other receivables include \u00a327.8m (2023: \u00a337.1m) receivable from joint ventures. The carrying values of trade and other receivables are stated after allowance for expected credit losses. The movements in the loss allowances for the year were as follows:
Trade receivables and
contract balances
Other receivables
Lifetime expected 12-month
credit losses expected credit
(individually assessed) losses
Group Company Group Company
Loss allowance
Notes
 \u00a3m \u00a3m \u00a3m \u00a3m
Loss allowance at 1 July 2023
8.1
\u2014
0.3
\u2014
Charge for the year
21
2.0
\u2014
0.3
\u2014
Amounts written off
Recoveries of amounts previously
\u2014
\u2014
\u2014
\u2014
written off
21
(3.2)
\u2014
(0.1)
\u2014
Loss allowance at 30 June 2024
6.9
\u2014
0.5
\u2014
Movements in loss allowances are principally a result of the derecognition and origination of financial assets in the year. The loss allowances written off are equal to the gross carrying amounts of the assets written off in the year. The Directors consider that the carrying amount of trade receivables approximates to their fair value. The expected credit losses on the Company amounts due from subsidiary undertakings are not material to the Financial Statements. The subsidiaries are able to pay their liabilities as they fall due and the probability of default is insignificant. Further disclosures relating to financial assets are set out in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-474": { "value": "Deferred tax All deferred tax relates to the UK and is stated on a net basis as the Group has a legally enforceable right to set off the recognised amounts and intends to settle on a net basis. The Group recognised a net deferred tax liability with the following movements in the year:
Group
Accelerated
Share capital Customer Other
options Losses Brands allowances contracts (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
3.8
\u2014
(31.7)
0.5
(24.7)
7.0
(45.1)
Year ended 30 June 2023:
Income Statement
(charge)/credit
(0.9)
\u2014
0.1
(11.5)
3.4
0.6
(8.3)
Amounts taken
directly to equity
(0.1)
\u2014
\u2014
\u2014
\u2014
\u2014
(0.1)
At 30 June 2023
2.8
\u2014
(31.6)
(11.0)
(21.3)
7.6
(53.5)
Comprising:
Deferred tax assets
2.8
\u2014
\u2014
\u2014
\u2014
7.6
10.4
Deferred tax liabilities
\u2014
\u2014
(31.6)
(11.0)
(21.3)
\u2014
(63.9)
Year ended 30 June 2024:
Income Statement
credit/(charge)
2.2
2.2
0.2
(0.2)
2.1
1.2
7.7
Amounts taken
directly to equity
0.8
\u2014
\u2014
\u2014
\u2014
\u2014
0.8
At 30 June 2024
5.8
2.2
(31.4)
(11.2)
(19.2)
8.8
(45.0)
Comprising:
Deferred tax assets
5.8
2.2
\u2014
\u2014
\u2014
8.8
16.8
Deferred tax liabilities
\u2014
\u2014
(31.4)
(11.2)
(19.2)
\u2014
(61.8)
The deferred tax liability in respect of indefinite life and other brands represents the amount of tax that would become due if the brands were sold at their book value. There is no intention to sell the indefinite life brands in the foreseeable future and it is not anticipated that any of the deferred tax liability in respect of the indefinite life brands will reverse in the 12 months following the balance sheet date. The deferred tax asset in respect of share schemes represents an estimate of the future tax deduction available on the exercise or vesting of awards under those schemes. While it is anticipated that an element of the remaining deferred tax assets and liabilities will reverse during the 12 months following the balance sheet date, at present it is not possible to accurately quantify the value of all of these reversals. In addition to the deferred tax liability shown above, the Group has not recognised a deferred tax asset of \u00a310.2m (2023: \u00a39.6m) in respect of capital and other losses amounting to \u00a335.1m (2023: \u00a333.3m) because these are not considered recoverable in the foreseeable future. The Company recognised a deferred tax asset with the following movements in the year:
Company
Accelerated
Share capital Other
options allowances (net) Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2022
1.3
1.4
0.5
3.2
Year ended June 2023:
Income Statement (charge)/credit
(0.4)
(0.5)
0.3
(0.6)
At 30 June 2023
0.9
0.9
0.8
2.6
Comprising:
Deferred tax assets
0.9
0.9
0.8
2.6
Year ended 30 June 2024:
Income Statement credit/(charge)
0.3
\u2014
(0.8)
(0.5)
Amounts taken directly to equity
0.1
\u2014
\u2014
0.1
At 30 June 2024
1.3
0.9
\u2014
2.2
Comprising:
Deferred tax assets
1.3
0.9
\u2014
2.2
18. Trade and other payables Trade and other payables Trade and other payables are not interest bearing and are initially recorded at fair value. Subsequent measurement is at amortised cost. Trade and other payables on extended terms, particularly in respect of land, are recorded at their fair value at the date of acquisition of the asset to which they relate by discounting at prevailing market interest rates at the date of recognition. The discount to nominal value, which will be paid in settling the deferred purchase terms liability, is amortised over the period of the credit term and charged to finance costs using the \u201ceffective interest rate\u201d method.
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current liabilities
Land payables
165.0
185.2
\u2014
\u2014
Other payables
7.0
3.5
\u2014
\u2014
172.0
188.7
\u2014
\u2014
Current liabilities
Trade payables
252.7
310.3
2.8
1.1
Land payables
307. 8
321.5
\u2014
\u2014
Contract liabilities
20
69.4
89.2
\u2014
\u2014
Amounts due to subsidiary
undertakings
\u2014
\u2014
91.3
354.2
Accruals
399.2
381.3
34.1
28.6
Other tax and social security
14.8
17.0
\u2014
\u2014
Other payables
11.2
8.1
\u2014
\u2014
1,055.1
1,127.4
128.2
383.9
The carrying amount of trade payables approximates to their fair value. Accruals include a social security accrual relating to share-based payments (note 26). Other payables classified as non-current liabilities at 30 June 2024 include amounts accrued for payment of the CITB levy and other sundry accruals. The Group has \u00a3179.3m (2023: \u00a3244.4m) of payables secured by legal charges on land and buildings included within inventories. Other non-current payables are unsecured and non-interest bearing. Further disclosures relating to financial liabilities are set out in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-402": { "value": "
8. Earnings per share
The earnings per share from continuing operations were as follows:
2024 2023
Pence Pence
Basic earnings per share
11.8
53.2
Diluted earnings per share
11.6
52.6
Adjusted basic earnings per share
28.3
67.3
Adjusted diluted earnings per share
27. 8
66.5
Basic earnings per share is calculated by dividing the profit for the year attributable to
ordinary shareholders of the Company by the weighted average number of ordinary shares
in issue during the year, excluding those held by the EBT that do not attract dividend
equivalents and which are treated as cancelled.
Diluted earnings per share is calculated by dividing the profit for the year attributable to
ordinary shareholders of the Company by the weighted average number of ordinary shares
in issue adjusted to assume conversion of all potentially dilutive share options from the
start of the year.
Adjusted basic and adjusted diluted earnings per share exclude the impact of adjusted
items and any associated net tax amounts.
2024
2023
Profit attributable to ordinary shareholders of the
Company (\u00a3m)
114.1
530.3
Adjusted items (\u00a3m)
214.5
179.2
Tax on adjusted items (\u00a3m)
(54.4)
(39.3)
Adjusted profit attributable to ordinary shareholders of
the Company (\u00a3m)
274.2
670.2
Weighted average number of shares in issue (million)
974.6
1,000.1
Weighted average number of shares in EBT (million)
(5.8)
(3.8)
Weighted average number of shares for basic earnings
per share (million)
968.8
996.3
Weighted average number of shares in issue (million)
974.6
1,000.1
Adjustment to assume conversion of all potentially
dilutive shares (million)
12.5
8.4
Weighted average number of shares for diluted earnings
per share (million)
9 87.1
1,008.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-401": { "value": "
9. Dividends
2024 2023
\u00a3m \u00a3m
Amounts recognised as distributions to equity shareholders
in the year:
Final dividend for the year ended 30 June 2023 of 23.5p
(2022:\ue44625.7p)\ue445per share
228.0
259.8
Interim dividend for the year ended 30 June 2024 of 4.4p
(2023: 10.2p) per share
42.6
100.2
Total dividends distributed to equity shareholders in the year
270.6
360.0
2024 2023
\u00a3m \u00a3m
Proposed final dividend for the year ended 30 June 2024 of
11.8p (2023: 23.5p) per share
1
170 .2
227 .9
1 The cost of the proposed dividend is calculated based upon the number of shares ranking for dividend at the balance sheet date, as adjusted,
in the current year, for the issue of shares used in the acquisition of Redrow plc.
The final dividend of 11.8 pence per share was approved by the Board on 3 September 2024
and has not been included as a liability as at 30 June 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-8": { "value": "0.118", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-6": { "value": "0.235", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-9": { "value": "170200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "227900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2022-07-01T00:00:00/2023-07-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-454": { "value": "10. Goodwill and intangible assets Goodwill Goodwill arising on consolidation (see note 32 for the Group policy on consolidation) represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Goodwill arising on the acquisition of subsidiary undertakings and businesses is capitalised as an asset but reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units, or groups of cash-generating units, expected to benefit from the synergies of the combination at acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Any impairment loss is recognised immediately in the Income Statement and is not subsequently reversed.
Group
2024 2023
Goodwill \u00a3m \u00a3m
Cost
At 1 July and 30 June
87 7.4
877.4
Accumulated impairment losses
At 1 July and 30 June
24.5
24.5
Carrying amount
At 30 June
852.9
852.9
The Group\u2019s goodwill relating to the acquisition of Wilson Bowden Limited in 2007 has a carrying value of \u00a3792.2m and goodwill relating to the 2019 acquisition of Oregon Timber Frame Limited has a carrying value of \u00a313.7m, both relating to the housebuilding business. In addition, the Group has goodwill of \u00a347.0m relating to the Group\u2019s land promotion business, following the 2022 acquisition of Gladman Developments Limited. Other intangible assets Brands The Group has capitalised, as intangible assets, brands that have been acquired. Acquired brand values are calculated using discounted cash flows. Where a brand is considered to have a finite life, it is amortised over its useful life on a straight-line basis. Where a brand is capitalised with an indefinite life, it is not amortised. The factors that contribute to the durability of brands capitalised are that there are no material legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of these intangible assets. Internally generated brands are not capitalised. The Group carries out an annual impairment review of its indefinite life brand as part of the review of the carrying value of goodwill, by performing a value in use calculation, using a discount factor based upon the Group\u2019s pre-tax weighted average cost of capital. Customer contracts The Group has capitalised, as intangible assets, acquired customer contracts. Customer contracts are valued at the present value of future cash flows less contributory asset charges and are amortised on a straight-line basis in line with contract relationships at the acquisition date.
Group
Customer
Brands
contracts
Total
2024 2023 2024 2023 2024 2023
Other intangible assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July
118.7
118.7
98.9
98.9
217.6
217.6
Acquired in the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amounts written off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 30 June
118.7
118.7
98.9
98.9
217.6
217.6
Amortisation
At 1 July
8.7
8.1
14.0
4.1
22.7
12.2
Amortisation in the year
0.5
0.6
9.9
9.9
10.4
10.5
Amounts written off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 30 June
9.2
8.7
23.9
14.0
33.1
22.7
Carrying amount
At 30 June
109.5
110.0
75.0
84.9
184.5
194.9
The Group does not amortise the housebuilding brand acquired with Wilson Bowden, being David Wilson Homes, valued at \u00a3100.0m, as the Directors consider that this brand has an indefinite useful economic life due to the Group intending to hold and support the brand for an indefinite period, and there are no factors that would prevent it from doing so. In 2022, the Group acquired brands valued at \u00a310.8m and customer contracts valued at \u00a398.9m with Gladman Developments Limited. The customer contracts are amortised on a straight-line basis over the expected life of the contracts; the brands acquired are amortised on a straight-line basis over a 20-year period. The cost of brands disclosed above also includes \u00a30.9m acquired with Oregon Timber Frame Limited in 2019 and \u00a37.0m in respect of Wilson Bowden Developments Limited, both of which have been fully amortised or impaired in previous periods. Impairment of goodwill and indefinite life brand The Group conducts an annual impairment review of goodwill and its indefinite life brand, David Wilson Homes. Impairment of goodwill and indefinite life brand Impairment reviews for goodwill and the Group\u2019s indefinite life brand require an estimation of the value in use of the cash-generating units to which these assets are allocated. The value in use calculations require an estimate of expected future cash flows, including the anticipated growth rate of revenue and costs, and require the determination of a suitable discount rate to calculate the present value of the cash flows. The financial forecasts used reflect the outcomes that management considers most likely, based on the information available at the date of signing of these Financial Statements. Goodwill and indefinite life brand allocated to housebuilding An impairment review was performed at 30 April 2024 by comparing the value in use of the housebuilding business to the carrying value of its tangible and intangible assets and allocated goodwill. The value in use was determined by discounting the expected future cash flows of the housebuilding business. The cash flows until 30 June 2027, being the three-year period aligned to the Group\u2019s operating cycle, were determined using the Group\u2019s approved detailed business plan and the cash flows for FY28 and FY29 were based on management projections based on expected volumes, selling prices and margins, taking into account available land purchases and work in progress levels. The cash flows for subsequent years were extrapolated in perpetuity using an estimated growth rate of 2.1% (2023: 1.0%). The key assumptions for the value in use calculation for the housebuilding business were: \u2022 expected changes in selling prices for completed houses and the related impact on operating margin: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon local market conditions and product type. For subsequent years, these have been estimated at a Group level based upon past experience and expectations of future changes in the market, considering external market forecasts; \u2022 sales volumes: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon local market conditions, land availability and planning permissions. For subsequent years, these have been estimated at a Group level based on past experience and expectations of future changes in the market, taking into account external market forecasts; \u2022 expected changes in site costs to complete: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon the expected costs of completing all aspects of each individual development. For subsequent years, these have been estimated at a Group level based on past experience and expectations of future changes in the market, taking into account external market forecasts; and \u2022 discount rate: this is a pre-tax rate reflecting the Group\u2019s target capital structure, risks appropriate to the housebuilding business and current market assessments of the time value of money. A rate of 14.2% (2023: 15.0%) is considered by the Directors to be the appropriate pre-tax discount rate. The result of the value in use exercise concluded that the recoverable value of goodwill and intangible assets allocated to the housebuilding business exceeded its carrying value by \u00a3819.7m (2023: \u00a31,176.0m) and there has been no impairment. Goodwill allocated to land promotion An impairment review was performed at 30 June 2024 by comparing the value in use of the land promotion business to the carrying value of its tangible and intangible assets and allocated goodwill. The value in use was determined by discounting the expected future cash flows of the land promotion business. The operating cycle for the land promotion business extends over a longer period than the housebuilding business, with land sales completing at the point in an economic cycle that generates the most profit. Inventories held at the current date may generate cash inflows in the medium to long term and, as a result, management\u2019s forecasts extend up to ten years from the reporting date. It is therefore appropriate to consider projections over a longer period in the value in use calculation. Cash flows until 30 June 2033 were determined using the business\u2019s approved forecast, dependent upon expected site permissions and best estimates for targeted site sales, anticipated spend and overhead inflation. Due to the sensitivity of cash flows of the land promotion business to the economic cycle, the cash flows for years subsequent to 2033 were based on average sales receipts from the final five years of the forecast, adjusted for expected increases in cost, extrapolated in perpetuity using an estimated growth rate of 2.1% (2023: 1.0%). The key assumptions for the value in use calculation were the expected sales values achieved under land promotion agreements, based on current market values for similar land, costs required to fulfil customer contracts, and the discount rate of 13.2% (2023: 14.3%), being a pre-tax rate reflecting the risks appropriate to the land promotion business and current market assessments of the time value of money. The result of the value in use exercise concluded that the recoverable amount of goodwill allocated to the land promotion business exceeded its carrying value by \u00a352.6m (2023: \u00a313.1m) and there has been no impairment. An increase in the discount rate of 220 bps would reduce the headroom of the recoverable amount over the carrying value to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-433": { "value": "10. Goodwill and intangible assets Goodwill Goodwill arising on consolidation (see note 32 for the Group policy on consolidation) represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Goodwill arising on the acquisition of subsidiary undertakings and businesses is capitalised as an asset but reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units, or groups of cash-generating units, expected to benefit from the synergies of the combination at acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Any impairment loss is recognised immediately in the Income Statement and is not subsequently reversed.
Group
2024 2023
Goodwill \u00a3m \u00a3m
Cost
At 1 July and 30 June
87 7.4
877.4
Accumulated impairment losses
At 1 July and 30 June
24.5
24.5
Carrying amount
At 30 June
852.9
852.9
The Group\u2019s goodwill relating to the acquisition of Wilson Bowden Limited in 2007 has a carrying value of \u00a3792.2m and goodwill relating to the 2019 acquisition of Oregon Timber Frame Limited has a carrying value of \u00a313.7m, both relating to the housebuilding business. In addition, the Group has goodwill of \u00a347.0m relating to the Group\u2019s land promotion business, following the 2022 acquisition of Gladman Developments Limited. Other intangible assets Brands The Group has capitalised, as intangible assets, brands that have been acquired. Acquired brand values are calculated using discounted cash flows. Where a brand is considered to have a finite life, it is amortised over its useful life on a straight-line basis. Where a brand is capitalised with an indefinite life, it is not amortised. The factors that contribute to the durability of brands capitalised are that there are no material legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of these intangible assets. Internally generated brands are not capitalised. The Group carries out an annual impairment review of its indefinite life brand as part of the review of the carrying value of goodwill, by performing a value in use calculation, using a discount factor based upon the Group\u2019s pre-tax weighted average cost of capital. Customer contracts The Group has capitalised, as intangible assets, acquired customer contracts. Customer contracts are valued at the present value of future cash flows less contributory asset charges and are amortised on a straight-line basis in line with contract relationships at the acquisition date.
Group
Customer
Brands
contracts
Total
2024 2023 2024 2023 2024 2023
Other intangible assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July
118.7
118.7
98.9
98.9
217.6
217.6
Acquired in the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amounts written off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 30 June
118.7
118.7
98.9
98.9
217.6
217.6
Amortisation
At 1 July
8.7
8.1
14.0
4.1
22.7
12.2
Amortisation in the year
0.5
0.6
9.9
9.9
10.4
10.5
Amounts written off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 30 June
9.2
8.7
23.9
14.0
33.1
22.7
Carrying amount
At 30 June
109.5
110.0
75.0
84.9
184.5
194.9
The Group does not amortise the housebuilding brand acquired with Wilson Bowden, being David Wilson Homes, valued at \u00a3100.0m, as the Directors consider that this brand has an indefinite useful economic life due to the Group intending to hold and support the brand for an indefinite period, and there are no factors that would prevent it from doing so. In 2022, the Group acquired brands valued at \u00a310.8m and customer contracts valued at \u00a398.9m with Gladman Developments Limited. The customer contracts are amortised on a straight-line basis over the expected life of the contracts; the brands acquired are amortised on a straight-line basis over a 20-year period. The cost of brands disclosed above also includes \u00a30.9m acquired with Oregon Timber Frame Limited in 2019 and \u00a37.0m in respect of Wilson Bowden Developments Limited, both of which have been fully amortised or impaired in previous periods. Impairment of goodwill and indefinite life brand The Group conducts an annual impairment review of goodwill and its indefinite life brand, David Wilson Homes. Impairment of goodwill and indefinite life brand Impairment reviews for goodwill and the Group\u2019s indefinite life brand require an estimation of the value in use of the cash-generating units to which these assets are allocated. The value in use calculations require an estimate of expected future cash flows, including the anticipated growth rate of revenue and costs, and require the determination of a suitable discount rate to calculate the present value of the cash flows. The financial forecasts used reflect the outcomes that management considers most likely, based on the information available at the date of signing of these Financial Statements. Goodwill and indefinite life brand allocated to housebuilding An impairment review was performed at 30 April 2024 by comparing the value in use of the housebuilding business to the carrying value of its tangible and intangible assets and allocated goodwill. The value in use was determined by discounting the expected future cash flows of the housebuilding business. The cash flows until 30 June 2027, being the three-year period aligned to the Group\u2019s operating cycle, were determined using the Group\u2019s approved detailed business plan and the cash flows for FY28 and FY29 were based on management projections based on expected volumes, selling prices and margins, taking into account available land purchases and work in progress levels. The cash flows for subsequent years were extrapolated in perpetuity using an estimated growth rate of 2.1% (2023: 1.0%). The key assumptions for the value in use calculation for the housebuilding business were: \u2022 expected changes in selling prices for completed houses and the related impact on operating margin: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon local market conditions and product type. For subsequent years, these have been estimated at a Group level based upon past experience and expectations of future changes in the market, considering external market forecasts; \u2022 sales volumes: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon local market conditions, land availability and planning permissions. For subsequent years, these have been estimated at a Group level based on past experience and expectations of future changes in the market, taking into account external market forecasts; \u2022 expected changes in site costs to complete: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon the expected costs of completing all aspects of each individual development. For subsequent years, these have been estimated at a Group level based on past experience and expectations of future changes in the market, taking into account external market forecasts; and \u2022 discount rate: this is a pre-tax rate reflecting the Group\u2019s target capital structure, risks appropriate to the housebuilding business and current market assessments of the time value of money. A rate of 14.2% (2023: 15.0%) is considered by the Directors to be the appropriate pre-tax discount rate. The result of the value in use exercise concluded that the recoverable value of goodwill and intangible assets allocated to the housebuilding business exceeded its carrying value by \u00a3819.7m (2023: \u00a31,176.0m) and there has been no impairment. Goodwill allocated to land promotion An impairment review was performed at 30 June 2024 by comparing the value in use of the land promotion business to the carrying value of its tangible and intangible assets and allocated goodwill. The value in use was determined by discounting the expected future cash flows of the land promotion business. The operating cycle for the land promotion business extends over a longer period than the housebuilding business, with land sales completing at the point in an economic cycle that generates the most profit. Inventories held at the current date may generate cash inflows in the medium to long term and, as a result, management\u2019s forecasts extend up to ten years from the reporting date. It is therefore appropriate to consider projections over a longer period in the value in use calculation. Cash flows until 30 June 2033 were determined using the business\u2019s approved forecast, dependent upon expected site permissions and best estimates for targeted site sales, anticipated spend and overhead inflation. Due to the sensitivity of cash flows of the land promotion business to the economic cycle, the cash flows for years subsequent to 2033 were based on average sales receipts from the final five years of the forecast, adjusted for expected increases in cost, extrapolated in perpetuity using an estimated growth rate of 2.1% (2023: 1.0%). The key assumptions for the value in use calculation were the expected sales values achieved under land promotion agreements, based on current market values for similar land, costs required to fulfil customer contracts, and the discount rate of 13.2% (2023: 14.3%), being a pre-tax rate reflecting the risks appropriate to the land promotion business and current market assessments of the time value of money. The result of the value in use exercise concluded that the recoverable amount of goodwill allocated to the land promotion business exceeded its carrying value by \u00a352.6m (2023: \u00a313.1m) and there has been no impairment. An increase in the discount rate of 220 bps would reduce the headroom of the recoverable amount over the carrying value to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-403": { "value": "10. Goodwill and intangible assets Goodwill Goodwill arising on consolidation (see note 32 for the Group policy on consolidation) represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Goodwill arising on the acquisition of subsidiary undertakings and businesses is capitalised as an asset but reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units, or groups of cash-generating units, expected to benefit from the synergies of the combination at acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Any impairment loss is recognised immediately in the Income Statement and is not subsequently reversed.
Group
2024 2023
Goodwill \u00a3m \u00a3m
Cost
At 1 July and 30 June
87 7.4
877.4
Accumulated impairment losses
At 1 July and 30 June
24.5
24.5
Carrying amount
At 30 June
852.9
852.9
The Group\u2019s goodwill relating to the acquisition of Wilson Bowden Limited in 2007 has a carrying value of \u00a3792.2m and goodwill relating to the 2019 acquisition of Oregon Timber Frame Limited has a carrying value of \u00a313.7m, both relating to the housebuilding business. In addition, the Group has goodwill of \u00a347.0m relating to the Group\u2019s land promotion business, following the 2022 acquisition of Gladman Developments Limited. Other intangible assets Brands The Group has capitalised, as intangible assets, brands that have been acquired. Acquired brand values are calculated using discounted cash flows. Where a brand is considered to have a finite life, it is amortised over its useful life on a straight-line basis. Where a brand is capitalised with an indefinite life, it is not amortised. The factors that contribute to the durability of brands capitalised are that there are no material legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of these intangible assets. Internally generated brands are not capitalised. The Group carries out an annual impairment review of its indefinite life brand as part of the review of the carrying value of goodwill, by performing a value in use calculation, using a discount factor based upon the Group\u2019s pre-tax weighted average cost of capital. Customer contracts The Group has capitalised, as intangible assets, acquired customer contracts. Customer contracts are valued at the present value of future cash flows less contributory asset charges and are amortised on a straight-line basis in line with contract relationships at the acquisition date.
Group
Customer
Brands
contracts
Total
2024 2023 2024 2023 2024 2023
Other intangible assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July
118.7
118.7
98.9
98.9
217.6
217.6
Acquired in the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amounts written off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 30 June
118.7
118.7
98.9
98.9
217.6
217.6
Amortisation
At 1 July
8.7
8.1
14.0
4.1
22.7
12.2
Amortisation in the year
0.5
0.6
9.9
9.9
10.4
10.5
Amounts written off
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 30 June
9.2
8.7
23.9
14.0
33.1
22.7
Carrying amount
At 30 June
109.5
110.0
75.0
84.9
184.5
194.9
The Group does not amortise the housebuilding brand acquired with Wilson Bowden, being
David Wilson Homes, valued at \u00a3100.0m, as the Directors consider that this brand has an
indefinite useful economic life due to the Group intending to hold and support the brand
for an indefinite period, and there are no factors that would prevent it from doing so.
In 2022, the Group acquired brands valued at \u00a310.8m and customer contracts valued
at \u00a398.9m with Gladman Developments Limited. The customer contracts are amortised
on a straight-line basis over the expected life of the contracts; the brands acquired are
amortised on a straight-line basis over a 20-year period.
The cost of brands disclosed above also includes \u00a30.9m acquired with Oregon Timber
Frame Limited in 2019 and \u00a37.0m in respect of Wilson Bowden Developments Limited,
both of which have been fully amortised or impaired in previous periods.
Impairment of goodwill and indefinite life brand
The Group conducts an annual impairment review of goodwill and its indefinite life brand,
David Wilson Homes.
Impairment of goodwill and indefinite life brand Impairment reviews for goodwill and the Group\u2019s indefinite life brand require an estimation of the value in use of the cash-generating units to which these assets are allocated. The value in use calculations require an estimate of expected future cash flows, including the anticipated growth rate of revenue and costs, and require the determination of a suitable discount rate to calculate the present value of the cash flows. The financial forecasts used reflect the outcomes that management considers most likely, based on the information available at the date of signing of these Financial Statements. Goodwill and indefinite life brand allocated to housebuilding An impairment review was performed at 30 April 2024 by comparing the value in use of the housebuilding business to the carrying value of its tangible and intangible assets and allocated goodwill. The value in use was determined by discounting the expected future cash flows of the housebuilding business. The cash flows until 30 June 2027, being the three-year period aligned to the Group\u2019s operating cycle, were determined using the Group\u2019s approved detailed business plan and the cash flows for FY28 and FY29 were based on management projections based on expected volumes, selling prices and margins, taking into account available land purchases and work in progress levels. The cash flows for subsequent years were extrapolated in perpetuity using an estimated growth rate of 2.1% (2023: 1.0%). The key assumptions for the value in use calculation for the housebuilding business were: \u2022 expected changes in selling prices for completed houses and the related impact on operating margin: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon local market conditions and product type. For subsequent years, these have been estimated at a Group level based upon past experience and expectations of future changes in the market, considering external market forecasts; \u2022 sales volumes: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon local market conditions, land availability and planning permissions. For subsequent years, these have been estimated at a Group level based on past experience and expectations of future changes in the market, taking into account external market forecasts; \u2022 expected changes in site costs to complete: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon the expected costs of completing all aspects of each individual development. For subsequent years, these have been estimated at a Group level based on past experience and expectations of future changes in the market, taking into account external market forecasts; and \u2022 discount rate: this is a pre-tax rate reflecting the Group\u2019s target capital structure, risks appropriate to the housebuilding business and current market assessments of the time value of money. A rate of 14.2% (2023: 15.0%) is considered by the Directors to be the appropriate pre-tax discount rate. The result of the value in use exercise concluded that the recoverable value of goodwill and intangible assets allocated to the housebuilding business exceeded its carrying value by \u00a3819.7m (2023: \u00a31,176.0m) and there has been no impairment. Goodwill allocated to land promotion An impairment review was performed at 30 June 2024 by comparing the value in use of the land promotion business to the carrying value of its tangible and intangible assets and allocated goodwill. The value in use was determined by discounting the expected future cash flows of the land promotion business. The operating cycle for the land promotion business extends over a longer period than the housebuilding business, with land sales completing at the point in an economic cycle that generates the most profit. Inventories held at the current date may generate cash inflows in the medium to long term and, as a result, management\u2019s forecasts extend up to ten years from the reporting date. It is therefore appropriate to consider projections over a longer period in the value in use calculation. Cash flows until 30 June 2033 were determined using the business\u2019s approved forecast, dependent upon expected site permissions and best estimates for targeted site sales, anticipated spend and overhead inflation. Due to the sensitivity of cash flows of the land promotion business to the economic cycle, the cash flows for years subsequent to 2033 were based on average sales receipts from the final five years of the forecast, adjusted for expected increases in cost, extrapolated in perpetuity using an estimated growth rate of 2.1% (2023: 1.0%). The key assumptions for the value in use calculation were the expected sales values achieved under land promotion agreements, based on current market values for similar land, costs required to fulfil customer contracts, and the discount rate of 13.2% (2023: 14.3%), being a pre-tax rate reflecting the risks appropriate to the land promotion business and current market assessments of the time value of money. The result of the value in use exercise concluded that the recoverable amount of goodwill allocated to the land promotion business exceeded its carrying value by \u00a352.6m (2023: \u00a313.1m) and there has been no impairment. An increase in the discount rate of 220 bps would reduce the headroom of the recoverable amount over the carrying value to \u00a3nil", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-504": { "value": "Goodwill Goodwill arising on consolidation (see note 32 for the Group policy on consolidation) represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Goodwill arising on the acquisition of subsidiary undertakings and businesses is capitalised as an asset but reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units, or groups of cash-generating units, expected to benefit from the synergies of the combination at acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Any impairment loss is recognised immediately in the Income Statement and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-497": { "value": "Goodwill Goodwill arising on consolidation (see note 32 for the Group policy on consolidation) represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Goodwill arising on the acquisition of subsidiary undertakings and businesses is capitalised as an asset but reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units, or groups of cash-generating units, expected to benefit from the synergies of the combination at acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Any impairment loss is recognised immediately in the Income Statement and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-481": { "value": "Goodwill Goodwill arising on consolidation (see note 32 for the Group policy on consolidation) represents the excess of the fair value of the consideration over the fair value of the separately identifiable net assets and liabilities acquired. Goodwill arising on the acquisition of subsidiary undertakings and businesses is capitalised as an asset but reviewed for impairment at least annually. For the purpose of impairment testing, goodwill is allocated to each of the Group\u2019s cash-generating units, or groups of cash-generating units, expected to benefit from the synergies of the combination at acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro rata on the basis of the carrying amount of each asset in the unit. Any impairment loss is recognised immediately in the Income Statement and is not subsequently reversed. Brands The Group has capitalised, as intangible assets, brands that have been acquired. Acquired brand values are calculated using discounted cash flows. Where a brand is considered to have a finite life, it is amortised over its useful life on a straight-line basis. Where a brand is capitalised with an indefinite life, it is not amortised. The factors that contribute to the durability of brands capitalised are that there are no material legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of these intangible assets. Internally generated brands are not capitalised. The Group carries out an annual impairment review of its indefinite life brand as part of the review of the carrying value of goodwill, by performing a value in use calculation, using a discount factor based upon the Group\u2019s pre-tax weighted average cost of capital. Customer contracts The Group has capitalised, as intangible assets, acquired customer contracts. Customer contracts are valued at the present value of future cash flows less contributory asset charges and are amortised on a straight-line basis in line with contract relationships at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-498": { "value": "Brands The Group has capitalised, as intangible assets, brands that have been acquired. Acquired brand values are calculated using discounted cash flows. Where a brand is considered to have a finite life, it is amortised over its useful life on a straight-line basis. Where a brand is capitalised with an indefinite life, it is not amortised. The factors that contribute to the durability of brands capitalised are that there are no material legal, regulatory, contractual, competitive, economic or other factors that limit the useful life of these intangible assets. Internally generated brands are not capitalised. The Group carries out an annual impairment review of its indefinite life brand as part of the review of the carrying value of goodwill, by performing a value in use calculation, using a discount factor based upon the Group\u2019s pre-tax weighted average cost of capital. Customer contracts The Group has capitalised, as intangible assets, acquired customer contracts. Customer contracts are valued at the present value of future cash flows less contributory asset charges and are amortised on a straight-line basis in line with contract relationships at the acquisition date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-466": { "value": "Impairment of goodwill and indefinite life brand The Group conducts an annual impairment review of goodwill and its indefinite life brand, David Wilson Homes. Impairment of goodwill and indefinite life brand Impairment reviews for goodwill and the Group\u2019s indefinite life brand require an estimation of the value in use of the cash-generating units to which these assets are allocated. The value in use calculations require an estimate of expected future cash flows, including the anticipated growth rate of revenue and costs, and require the determination of a suitable discount rate to calculate the present value of the cash flows. The financial forecasts used reflect the outcomes that management considers most likely, based on the information available at the date of signing of these Financial Statements. Goodwill and indefinite life brand allocated to housebuilding An impairment review was performed at 30 April 2024 by comparing the value in use of the housebuilding business to the carrying value of its tangible and intangible assets and allocated goodwill. The value in use was determined by discounting the expected future cash flows of the housebuilding business. The cash flows until 30 June 2027, being the three-year period aligned to the Group\u2019s operating cycle, were determined using the Group\u2019s approved detailed business plan and the cash flows for FY28 and FY29 were based on management projections based on expected volumes, selling prices and margins, taking into account available land purchases and work in progress levels. The cash flows for subsequent years were extrapolated in perpetuity using an estimated growth rate of 2.1% (2023: 1.0%). The key assumptions for the value in use calculation for the housebuilding business were: \u2022 expected changes in selling prices for completed houses and the related impact on operating margin: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon local market conditions and product type. For subsequent years, these have been estimated at a Group level based upon past experience and expectations of future changes in the market, considering external market forecasts; \u2022 sales volumes: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon local market conditions, land availability and planning permissions. For subsequent years, these have been estimated at a Group level based on past experience and expectations of future changes in the market, taking into account external market forecasts; \u2022 expected changes in site costs to complete: these are determined on a site-by-site basis in the Group\u2019s approved business plan dependent upon the expected costs of completing all aspects of each individual development. For subsequent years, these have been estimated at a Group level based on past experience and expectations of future changes in the market, taking into account external market forecasts; and \u2022 discount rate: this is a pre-tax rate reflecting the Group\u2019s target capital structure, risks appropriate to the housebuilding business and current market assessments of the time value of money. A rate of 14.2% (2023: 15.0%) is considered by the Directors to be the appropriate pre-tax discount rate. The result of the value in use exercise concluded that the recoverable value of goodwill and intangible assets allocated to the housebuilding business exceeded its carrying value by \u00a3819.7m (2023: \u00a31,176.0m) and there has been no impairment. Goodwill allocated to land promotion An impairment review was performed at 30 June 2024 by comparing the value in use of the land promotion business to the carrying value of its tangible and intangible assets and allocated goodwill. The value in use was determined by discounting the expected future cash flows of the land promotion business. The operating cycle for the land promotion business extends over a longer period than the housebuilding business, with land sales completing at the point in an economic cycle that generates the most profit. Inventories held at the current date may generate cash inflows in the medium to long term and, as a result, management\u2019s forecasts extend up to ten years from the reporting date. It is therefore appropriate to consider projections over a longer period in the value in use calculation. Cash flows until 30 June 2033 were determined using the business\u2019s approved forecast, dependent upon expected site permissions and best estimates for targeted site sales, anticipated spend and overhead inflation. Due to the sensitivity of cash flows of the land promotion business to the economic cycle, the cash flows for years subsequent to 2033 were based on average sales receipts from the final five years of the forecast, adjusted for expected increases in cost, extrapolated in perpetuity using an estimated growth rate of 2.1% (2023: 1.0%). The key assumptions for the value in use calculation were the expected sales values achieved under land promotion agreements, based on current market values for similar land, costs required to fulfil customer contracts, and the discount rate of 13.2% (2023: 14.3%), being a pre-tax rate reflecting the risks appropriate to the land promotion business and current market assessments of the time value of money. The result of the value in use exercise concluded that the recoverable amount of goodwill allocated to the land promotion business exceeded its carrying value by \u00a352.6m (2023: \u00a313.1m) and there has been no impairment. An increase in the discount rate of 220 bps would reduce the headroom of the recoverable amount over the carrying value to \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-499": { "value": "Impairment of goodwill and indefinite life brand Impairment reviews for goodwill and the Group\u2019s indefinite life brand require an estimation of the value in use of the cash-generating units to which these assets are allocated. The value in use calculations require an estimate of expected future cash flows, including the anticipated growth rate of revenue and costs, and require the determination of a suitable discount rate to calculate the present value of the cash flows. The financial forecasts used reflect the outcomes that management considers most likely, based on the information available at the date of signing of these Financial Statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-505": { "value": "Impairment of goodwill and indefinite life brand Impairment reviews for goodwill and the Group\u2019s indefinite life brand require an estimation of the value in use of the cash-generating units to which these assets are allocated. The value in use calculations require an estimate of expected future cash flows, including the anticipated growth rate of revenue and costs, and require the determination of a suitable discount rate to calculate the present value of the cash flows. The financial forecasts used reflect the outcomes that management considers most likely, based on the information available at the date of signing of these Financial Statements. Impairment A loss allowance is recognised for expected credit losses on financial assets as described in note 16. Any impairment is recognised immediately in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-404": { "value": "11. Company investments in subsidiary undertakings Company investments The Company\u2019s interests in subsidiary undertakings are accounted for at cost less accumulated provision for impairment, which is reviewed annually. Where share-based payments are granted to the employees of subsidiary undertakings by the Company, they are treated as a capital contribution to the subsidiary and the Company\u2019s investment in the subsidiary is increased accordingly.
Company
2024 2023
\u00a3m \u00a3m
Cost:
Cost at the beginning of the year
3,177.7
3,180.1
Increase/(decrease) in investment in subsidiaries
related to share-based payments
5.3
(2.4)
At 30 June
3,183.0
3,177.7
Impairment:
At beginning of the year and at 30 June
87. 6
87.6
Net book value:
At 30 June
3,095.4
3,090.1
", "dimensions": { "concept": "barrattdevelopments:DisclosureOfInvestmentsInSubsidiaryUndertakings", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-482": { "value": "Company investments The Company\u2019s interests in subsidiary undertakings are accounted for at cost less accumulated provision for impairment, which is reviewed annually. Where share-based payments are granted to the employees of subsidiary undertakings by the Company, they are treated as a capital contribution to the subsidiary and the Company\u2019s investment in the subsidiary is increased accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-434": { "value": "12. Investments in jointly controlled entities A jointly controlled entity (joint venture or JV) is an entity, including unincorporated entities such as partnerships, in which the Group holds an interest with one or more other parties where a contractual arrangement has established joint control over the entity. The Group has no associated entities. Jointly controlled entities Investments in jointly controlled entities are accounted for using the equity method of accounting. The Group\u2019s share of the profit or loss of jointly controlled entities increases or decreases the carrying amount of the investment and long-term interests.
Group
2024 2023
Investments in JVs \u00a3m \u00a3m
At the beginning of the year
129.8
177.9
Increase in amounts invested in JVs
38.3
18.1
Repayment of investments in JVs
(4.8)
(40.2)
Dividends received from JVs
(7.1)
(34.8)
Share of post-tax profit for the year from JVs
2.3
8.8
At 30 June
158.5
129.8
There are no losses in any of the Group\u2019s JVs that have not been recognised by the Group. During the year the Group entered into a new JV agreement, Bollo Lane LLP. At 30 June 2024, the Group had interests in the following JVs:
Voting Principal Financial
Percentage rights Country of place of Principal year end
JV owned controlled registration business activity date
51 College Road LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Alie Street LLP
1
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Barratt Metropolitan LLP
2
75.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Barratt Wates (East Grinstead) Limited
50.0%
50.0%
England and Wales
UK
Holding company
30 June
Barratt Wates (East Grinstead No.2) Limited
1
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Barratt Wates (Horley) Limited
2
78.5%
50.0%
England and Wales
UK
Housebuilding
30 June
Barratt Wates (Lindfield) Limited
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Barratt Wates (Worthing) Limited
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
BDWZest Developments LLP
1
50.0%
50.0%
England and Wales
UK
Holding company
31 March*
BDWZest LLP
50.0%
50.0%
England and Wales
UK
Holding company
31 March*
Blackhorse Road Properties LLP
2
51.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Bollo Lane LLP2
51.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Brooklands Milton Keynes LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
DWH/Wates (Thame) Limited
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Enderby Wharf LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Famous Five Glenfield Limited
50.0%
50.0%
England and Wales
UK
Dormant
30 June
Fulham Wharf LLP
1
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Fulham Wharf One Limited
1
50.0%
50.0%
England and Wales
UK
Dormant
31 March*
Fulham Wharf Two Limited
1
50.0%
50.0%
England and Wales
UK
Dormant
31 March*
Harrow View LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Infinity Park Derby LLP
50.0%
50.0%
England and Wales
UK
Commercial development
30 June
Nine Elms LLP1
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Nine Elms One Limited
1
50.0%
50.0%
England and Wales
UK
Dormant
31 March*
Voting Principal Financial
Percentage rights Country of place of Principal year end
JV owned controlled registration business activity date
Nine Elms Two Limited
1
50.0%
50.0%
England and Wales
UK
Dormant
31 March*
Old Sarum Park Properties Limited
50.0%
50.0%
England and Wales
UK
Dormant
30 June
Queensland Road LLP
1
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Ravenscraig Limited\u00b2
33.3%
33.3%
Scotland
UK
Commercial development
31 December*
Ravenscraig Town Centre LLP
50.0%
50.0%
England and Wales
UK
Dormant
30 June
Sovereign BDW (Hutton Close) LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Sovereign BDW (Newbury) LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Wembley Park Properties LLP\u00b2
51.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Wichelstowe LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
ZestBDW LLP
50.0%
50.0%
England and Wales
UK
Holding company
31 March*
* JV prepares financial statements which are non-coterminous with the Group in order to comply with the terms of its JV agreement and to align with the year end and requirements of our JV partners.
Judgements applied in determining the classification of joint arrangements
1. The Group\u2019s interests in a number of the entities classified as JVs are held indirectly: Barratt Wates (East Grinstead) No. 2 Limited is a wholly owned subsidiary of the Group\u2019s JV, Barratt Wates (East Grinstead) Limited, and is therefore classified as a JV of the Group. BDWZest Developments LLP,
Alie Street LLP, Queensland Road LLP, Fulham Wharf LLP and Nine Elms LLP form a group of limited liability partnerships jointly owned (directly or indirectly) by BDWZest LLP and ZestBDW LLP, both of which are JVs of the Group. Nine Elms One Limited and Nine Elms Two Limited are wholly
owned subsidiaries of Nine Elms LLP, and Fulham Wharf One Limited and Fulham Wharf Two Limited are wholly owned subsidiaries of Fulham Wharf LLP. All of these entities are therefore classified as JVs of the Group.
2. The Group holds five JV investments (Barratt Wates (Horley) Limited, Barratt Metropolitan LLP, Wembley Park Properties LLP, Blackhorse Road Properties LLP and Bollo Lane LLP) not in equal share, and one (Ravenscraig Limited) with more than one other party. However, in each case, the Group
has equal voting rights and control over the activities of the companies with the other parties. In addition, the Group and the other parties to the agreements only have rights to the net assets of these companies through the terms of the contractual arrangements. These entities are therefore
classified as JVs.
Registered offices
The registered office of all of the entities in the preceding table, with the exception of those listed below, is: Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville,
Leicestershire LE67 1UF.
Enderby Wharf LLP: Here East, 13 East Bay Lane, 3rd Floor Press Centre, Queen Elizabeth Park, London E15 2GW.
Sovereign BDW (Hutton Close) LLP and Sovereign BDW (Newbury) LLP: Sovereign House, Basing View, Basingstoke RG21 4FA.
Ravenscraig Limited: 15 Atholl Crescent, Edinburgh EH3 8HA.
Summarised financial information relating to the Group\u2019s JVs is as follows:
Wembley Park Barratt Brooklands
Harrow View Wichelstowe Developments Metropolitan Fulham Wharf Milton Keynes
LLP LLP LLP LLP LLP
LLP
Other JVs
Group total
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income
24.9
62.2
58.4
34.0
27.0
7.0
47.8
104.5
\u2014
\u2014
33.8
60.5
13.6
58.7
205.5
326.9
Adjusted expenditure
(25.4)
(53.7)
(49.4)
(27.8)
(20.4)
(7.5)
(46.1)
(91.4)
2.2
\u2014
(22.4)
(38.8)
(13.6)
(47.1)
(175.1)
(266.3)
(Cost)/credit associated with legacy properties
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(10.0)
(3.3)
9.2
(42.3)
\u2014
\u2014
(19.4)
\u2014
(20.2)
(45.6)
Interest (payable)/receivable
\u2014
\u2014
(2.3)
(2.5)
(0.3)
\u2014
\u2014
\u2014
0.7
(0.1)
\u2014
\u2014
0.2
(0.2)
(1.7)
(2.8)
(0.5)
8.5
6.7
3.7
6.3
(0.5)
(8.3)
9.8
12.1
(42.4)
11.4
21.7
(19.2)
11.4
8.5
12.2
Tax
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
\u2014
0.1
Profit/(loss) for the year, being total comprehensive income/(expense)
(0.5)
8.5
6.7
3.7
6.3
(0.5)
(8.3)
9.8
12.1
(42.4)
11.4
21.7
(19.2)
11.5
8.5
12.3
Group share of profit/(loss) for the year recognised in the
Consolidated Income Statement
(0.3)
4.2
3.4
1.9
3.2
(0.2)
(6.2)
7.4
6.0
(21.2)
5.7
10.9
(9.5)
5.8
2.3
8.8
Dividends received from JVs in the year
1.5
3.6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
5.3
11.8
0.3
19.4
7.1
34.8
Current assets
116.9
98.5
26.0
28.1
41.0
32.9
145.9
109.7
27.5
30.6
5.4
15.6
73.1
60.9
435.8
376.3
Non-current assets
\u2014
\u2014
\u2014
\u2014
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
7.2
9.6
7.3
9.6
Current liabilities
(7.8)
(11.4)
(5.8)
(14.5)
(11.0)
(8.9)
(143.2)
(98.7)
(30.2)
(45.3)
(4.6)
(15.6)
(54.9)
(26.7)
(257.5)
(221.1)
Non-current liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(42.4)
(43.5)
(42.4)
(43.5)
Net assets/(liabilities) of JVs
109.1
87.1
20.2
13.6
30.1
24.0
2.7
11.0
(2.7)
(14.7)
0.8
\u2014
(17.0)
0.3
143.2
121.3
Cash and cash equivalents included in the above net assets
8.4
10.1
8.8
3.2
3.5
6.6
37.7
12.1
25.8
29.3
4.6
10.8
19.1
23.3
107.9
95.4
Group share of net assets/(liabilities) recognised in the
Consolidated Balance Sheet at 30 June
54.5
43.6
10.1
6.8
15.4
12.1
2.0
8.2
(1.3)
(7.4)
0.4
\u2014
(8.9)
\u2014
72.2
63.3
Adjusted expenditure is the total expenditure of the JV less adjusted items as defined in note 4. A reconciliation of the Group\u2019s share of net assets to the carrying value of investments included in the Balance Sheet is presented below:
Group
2024 2023
\u00a3m \u00a3m
Group share of the net assets of its JVs
72.2
63.3
Group loans to JVs
86.3
66.5
At 30 June
158.5
129.8
The Group has made loans, net of loss allowances, of \u00a386.3m (2023: \u00a366.5m) to its JVs, which are presented within Group investments. The loss allowances for Group loans to JVs are equal to 12-month expected credit losses unless there has been a significant increase in credit risk since the date of initial recognition, in which case, the loss allowance is equal to the lifetime expected credit loss. A significant increase in credit risk is judged to have occurred if a review of available information indicates an increased probability of default. At 30 June 2024, the loss allowance is immaterial (2023: immaterial). Included within the Group\u2019s share of net assets of JVs is a proportion of the loans to the JVs (net of fair value adjustments made in one JV), calculated using the Group\u2019s ownership share, of \u00a385.3m (2023: \u00a363.6m). During the year, the Group entered into a number of transactions with its JVs in respect of funding and development management services (with charges made based on the utilisation of these services) in addition to the provision of construction services. Further details on these transactions are provided in note 29. The Group and Company have a number of contingent liabilities relating to their JVs. Further details on these are provided in note 28. The transfer of funds from the Group\u2019s JVs to the Group is determined by the terms of the JV agreements, which specify how available funds should be applied in repaying loans and capital, and distributing profits to the partners. 32. Group subsidiary undertakings Consolidation The Financial Statements of subsidiary undertakings are consolidated from the date when control passes to the Group, as defined in IFRS 3, using the acquisition method of accounting up to the date control ceases. All of the subsidiaries\u2019 identifiable assets and liabilities, including contingent liabilities, existing at the date of acquisition are recorded at their fair values. All changes to those assets and liabilities, and the resulting gains and losses that arise after the Group has gained control of the subsidiary are included in the Income Statement. All intra-Group transactions and intercompany profits or losses are eliminated on consolidation. The entities listed on the following pages, are subsidiaries of the Company or Group. All are registered in England and Wales or Scotland, with the exception of SQ Holdings Limited, which is registered in Guernsey. Unless otherwise stated, the results of these entities are consolidated within these Financial Statements.
Audit exemption
The following UK subsidiaries will take advantage of the audit exemption set out within Section
479A of the Companies Act 2006 for the year ended 30 June 2024. The undertakings listed
below are 100% owned, either directly or indirectly, by Barratt Developments PLC.
Subsidiary
Company number
Acre Developments Limited
SC091934
Base East Central Rochdale LLP
OC318544
Base Hattersley LLP
OC318541
Base Regeneration LLP
OC318540
Basildon Regeneration (Barratt Wilson Bowden) Limited
05876010
BDW (F.R.) Limited
05876012
BDW (F.R. Commercial) Limited
05876013
BDW North Scotland Limited
SC027535
BLLQ LLP
OC411400
BLLQ2 Limited
12373138
David Wilson Homes Limited
00830271
Milton Park Homes Limited
03787306
Wilson Bowden Limited
02059194
Yeovil Developments Limited
05285388
In accordance with Section 479C of the Companies Act 2006, the Company will guarantee
the debts and liabilities of the UK subsidiary undertakings listed in the preceding table.
As at 30 June 2024, the total sum of these debts and liabilities is \u00a360.7m.
At 30 June 2024 the Group owned 100% of the ordinary share capital of the following subsidiaries:
Subsidiary
Registered
office Notes
Acre Developments Limited 2 A
Advance Housing Limited 1 A
Ambrose Builders Limited 1 A
Barratt Bristol Limited 1
Barratt Central Limited 1
Barratt Chester Limited 1 A
Barratt Commercial Limited 1
Barratt Construction (Southern) Limited 1 A
Barratt Corporate Secretarial Services Limited 1
Barratt Developments (International) Limited 1
Barratt Dormant (Atlantic Quay) Limited 1 A
Registered
Subsidiary
office
Notes
Barratt Dormant (Blackpool) Limited
1
A
Barratt Dormant (Harlow) Limited
1
A
Barratt Dormant (Tyers Bros. Oakham) Limited
1
A
Barratt Dormant (Walton) Limited
1
A
Barratt Dormant (Tyers Bros. Oakham) Limited
1
A
Barratt Dormant (WB\ue446Construction) Limited
1
A
Barratt Dormant (WB Developments) Limited
1
A
Barratt Dormant (WB Properties Developments) Limited
1
A
Barratt Dormant (WB Properties Northern) Limited
1
A
Barratt East Anglia Limited
1
A
Barratt East Midlands Limited
1
Barratt East Scotland Limited
58
A
Barratt Eastern Counties Limited
1
A
Barratt Edinburgh Limited
2
A
Barratt Evolution Limited
1
A
Barratt Falkirk Limited
2
A
Barratt Leeds Limited
1
Barratt London Limited
1
Barratt Manchester Limited
1
A
Barratt Newcastle Limited
1
A
Barratt North London Limited
1
Barratt Northampton Limited
1
Barratt Northern Limited
1
Barratt Norwich Limited
1
A
Barratt Poppleton Limited
1
A
Barratt Preston Limited
1
A
Barratt Properties Limited
1
A
Barratt Redrow Limited
1
Barratt Scottish Holdings Limited
2
A
Barratt South London Limited
1
Barratt South Wales Limited
1
Barratt South West Limited
1
A
Barratt Southern Counties Limited
1
Barratt Southern Limited
1
Barratt Southern Properties Limited
1
A
Barratt Special Projects Limited
1
A
Barratt St Mary\u2019s Limited
1
A
Barratt St Paul\u2019s Limited
1
A
Barratt Sutton Coldfield Limited
1
A
Barratt Trade And Property Company Limited
2
A
Barratt Urban Construction (East London) Limited
1
A
Registered
Subsidiary
office
Notes
Barratt Urban Construction (Northern) Limited
1
A
Barratt Urban Construction (Scotland) Limited
2
A
Barratt West Midlands Limited
1
Barratt West Scotland Limited
2
Barratt Woking Limited
1
A
Barratt York Limited
1
Bart 225 Limited
1
A
Basildon Regeneration (Barratt Wilson Bowden) Limited
1
A
BDW (F.R.) Limited
1
A
BDW (F.R. Commercial) Limited
1
A
BDW North Scotland Limited
51
BDW Trading Limited
1
Bradgate Development Services Limited
1
A
Broad Oak Homes Limited
1
A
C V (Ward) Limited
1
A
Crossbourne Construction Limited
1
A
David Wilson Estates Limited
1
A
David Wilson Homes (Anglia) Limited
1
A
David Wilson Homes (East Midlands) Limited
1
A
David Wilson Homes (Home Counties) Limited
1
A
David Wilson Homes (North Midlands) Limited
1
A
David Wilson Homes (Northern) Limited
1
A
David Wilson Homes (South Midlands) Limited
1
A
David Wilson Homes (Southern) Limited
1
A
David Wilson Homes (Western) Limited
1
A
David Wilson Homes Land (No 10) Limited
1
A
David Wilson Homes Land (No 11) Limited
1
A
David Wilson Homes Land (No 13) Limited
1
A
David Wilson Homes Land (No 14) Limited
1
A
David Wilson Homes Land (No 15) Limited
1
A
David Wilson Homes Limited
1
A
David Wilson Homes Services Limited
1
A
David Wilson Homes Yorkshire Limited
1
A
Decorfresh Projects Limited
1
A
Dicconson Holdings Limited
1
A
E. Barker Limited
1
A
E. Geary & Son Limited
1
A
English Oak Homes Limited
1
Francis (Springmeadows) Limited
1
A
Registered
Subsidiary
office
Notes
Frenchay Developments Limited
1
A
G.D. Thorner (Construction) Limited
1
A
G.D. Thorner (Holdings) Limited
1
A
Gladman Developments Limited
1
A
Glasgow Trust Limited
2
A
Hartswood House Limited
1
Hawkstone (South West) Limited
1
A
Idle Works Limited
1
A
J.G.Parker Limited
1
A
James Harrison (Contracts) Limited
2
A
Janellis (No.2) Limited
1
A
Kealoha 11 Limited
1
A
Kealoha Limited
1
A
Kingsoak Homes Limited
1
Knightsdale Homes Limited
1
Lindmere Construction Limited
1
A
Marple Development Company Limited
1
A
Milton Park Homes Limited
1
A
Norfolk Garden Estates Limited
1
A
North West Land Developments Limited
1
A
Oregon Contract Management Limited
51
A
Oregon Timber Frame Limited
51
A
Oregon Timber Frame (England) Limited
1
A
Redbourne Builders Limited
1
A
Roland Bardsley Homes Limited
1
A
Scothomes Limited
2
A
Scottish Homes Investment Company, Limited
2
A
Skydream Property Co. Limited
1
A
Squires Bridge Homes Limited
1
A
Squires Bridge Limited
1
A
Swift Properties Limited
1
A
The French House Limited
1
A
Tomnik Limited
1
A
Trencherwood Commercial Limited
1
A
Trencherwood Construction Limited
1
A
Trencherwood Developments Limited
1
A
Trencherwood Estates Limited
1
A
Trencherwood Group Services Limited
1
A
Trencherwood Homes (Holdings) Limited
1
A
Registered
Subsidiary
office
Notes
Trencherwood Homes (Midlands) Limited
1
A
Trencherwood Homes (South Western) Limited
1
A
Trencherwood Homes (Southern) Limited
1
A
Trencherwood Homes Limited
1
A
Trencherwood Housing Developments Limited
1
A
Trencherwood Investments Limited
1
A
Trencherwood Land Holdings Limited
1
A
Trencherwood Land Limited
1
A
Trencherwood Retirement Homes Limited
1
A
Vizion (Milton Keynes) Limited
1
A
Ward Holdings Limited
1
A
Ward Homes (London) Limited
1
A
Ward Homes (North Thames) Limited
1
A
Ward Homes (South Eastern) Limited
1
A
Ward Homes Group Limited
1
A
Ward Homes Limited
1
A
Ward Insurance Services Limited
1
A
Wards Construction (Industrial) Limited
1
A
Wards Construction (Investments) Limited
1
A
Wards Country Houses Limited
1
A
Waterton Tennis Centre Limited
29
A
William Corah & Son Limited
1
A
William Corah Joinery Limited
1
A
Wilson Bowden (Atlantic Quay Number 2) Limited
1
A
Wilson Bowden (Ravenscraig) Limited
1
Wilson Bowden City Homes Limited
1
A
Wilson Bowden Developments Limited
1
A
Wilson Bowden Group Services Limited
1
A
Wilson Bowden Limited
1
Yeovil Developments Limited
1
A
Subsidiaries of the Group which are management companies limited by guarantee:
Registered
Subsidiary
office
Notes
28-33 Imperial Park Management Company Limited
26
A, B
254-257 Scholars Place Management Company Limited
45
A, B
Abbey Gate Residents Management Company Limited
5
A, B
Abbey View Residents Management Company Limited
57
A, B
Abbotts Green (Woolpit) Management Company Limited
14
A, B
Abbotts Meadow (Steventon) Management Company Limited
12
A, B
Adderbury Fields Management Company Limited
5
A, B
Aldhelm Court Management Company Limited
30
A, B
Amberswood Rise Management Company Limited
57
A, B
Ambler\u2019s Meadow (East Ardsley) Management Company Limited
10
A, B
Applegarth Manor (Oulton) Management Company Limited
10
A, B
Applegate (Sittingbourne) Management Company Limited
11
A, B
Ashridge Grange (Wokingham) Management Company Limited
10
A, B
Ashtree Grove Residents Management Company Limited
23
A, B
Aylesham (Central) Residents Management Company Limited
11
A, B
Aylesham Village (Barratt) Residents Management Company Limited
49
A, B
B5 Central Residents Management Company Limited
23
A, B
Baggeridge Village Management Company Limited
5
A, B
Barrow Farm Management Company Limited
32
A, B
Barum Knoll, Barnstaple Management Company Limited
54
A, B
Beaufort Park (Wootton Bassett) Management Limited
50
A, B
Beavans House Management Company Limited
1
A, B
Beck Lane, Sutton-in-Ashfield (The Hawthorns) Management Company Limited
26
A, B
Beeston Quarter Apartments (Beeston) Management Company Limited
8
A, B
Belle Vue (Doncaster) Management Company Limited
6
A, B
Bentley Fields Residents Management Company Limited
23
A, B
Bermondsey Heights Residents Energy Management Company Limited
4
A, B
Bermondsey Heights Residents Management Company Limited
4
A, B
Berry Acres (Paignton) Management Company Limited
40
A, B
Bilberry Chase Residents Management Company Limited
20
A, B
Birds Marsh View Chippenham Apartment Resident Management
Company Limited
13
A, B
Bishop Fields (Hereford) Management Company Limited
20
A, B
Bishop Park (Henfield) Management Company Limited
53
A, B
Bishops Green (Wells) Management Company Limited
30
A, B
Bishop\u2019s Hill Residents Management Company Limited
23
A, B
Blackberry Park Residents Management Company Limited
13
A, B
Blackdown Heights (Crimchard) Management Company Limited
31
A, B
Blackhorse View Energy Centre Management Company
1
A, B
Registered
Subsidiary
office
Notes
Blackhorse View Residents Management Company
1
A, B
Blackwater Reach (Southminster) Management Company Limited
52
A, B
Blossomfields Residents Management Company Limited
5
A, B
Bluebell Woods (Wyke) Management Company Limited
10
A, B
Blythe House Management Company Limited
39
A, B
Bodington Manor (Adel) Management Company Limited
9
A, B
Bowds House Management Company Limited
1
A, B
Braid Park (Tiverton) Management Company Limited
40
A, B
Brindsley (Old Mill Farm) Management Company Limited
60
A, B
Broken Stone Road (Blackburn) Residents Management Company Limited
57
A, B
Brooklands (Milton Keynes) Management Company Limited
54
A, B
Brookside Meadows Phase 1B Residents Management Company Limited
41
A, B
Brookwood Meadows (Westham) Management Company Limited
57
A, B
Brue Place Residents Management Company Limited
32
A, B
Bruneval Gardens (Wellesley) Management Company Limited
10
A, B
Brun Lea Heights Resident Management Company Limited
64
A, B
Buckley Gardens (Melksham) Management Company Limited
59
A, B
Bure Meadows (Aylsham) Management Company Limited
10
A, B
Burlington Road Residents\u2019 Management Company Limited
1
A, B
Calder Rise Residents Management Company Limited
26
A, B
Canal Quarter Resident Management Company Limited
16
A, B
Cane Hill Park (Coulsdon) Management Company Limited
54
A, B
Cane Hill Park (Gateway) Management Company Limited
53
A, B
Canes Meadow (Brixton) Management Company Limited
40
A, B
Canford Paddock (Poole) Management Company Limited
46
A, B
Carlton Green (Carlton) Management Company Limited
9
A, B
Castle Hill (DWH1) Residents Management Company Limited
8
A, B
Castlegate & Mowbray Park Management Company Limited
6
A, B
Cedar Ridge Management Company Limited
10
A, B
Central Area Heat Company Limited
12
A, B
Centurion Meadows (Burley) Management Company Limited
54
A, B
Centurion Village Management Company Limited
57
A, B
Ceres Rise Residents Management Company Limited
16
A, B
Chalkers Rise (Peacehaven) Management Company Limited
10
A, B
Chapel Gate (Launceston) Management Company Limited
40
A, B
Charfield Gardens Management Company Limited
10
A, B
Cherry Blossom Meadow (Newbury) Management Company Limited
12
A, B
City Heights Apartments (Leicester) Management Company Limited
8
A, B
Clements Gate (Poringland 2) Management Company Limited
54
A, B
Registered
Subsidiary
office
Notes
Clipstone Park (Leighton Buzzard) Management Company Limited
54
A, B
Coat Grove (Martock) Management Company Limited
40
A, B
Colliers Court (Speedwell) Management Company Limited
13
A, B
Compass Point (Swanage Grammar School)
Management Company Limited
46
A, B
Compass Point (Swanage) Management Company Limited
46
A, B
Constable Gardens (Residents) Management Company Limited
14
A, B
Corinthian Place Management Company Limited
54
A, B
Cottam Gardens Resident Management Company Limited
57
A, B
Cringleford Heights Management Company Limited
61
A, B
Croft Gardens (Phase 2) Management Company Limited
12
A, B
Daracombe Gardens Management Company Limited
33
A, B
Darwin Green Management Company Limited
54
A, B
De Cheney Gardens Management Company Limited
30
A, B
De Havilland Place (Hatfield) Limited
22
A, B
De Lacy Fields KM8 Management Company Limited
5
A, B
De Lacy Fields KM12 Management Company Limited
5
A, B
Delamere Park (Nunney) Management Company Limited
50
A, B
Dickens Gate (Staplehurst) Management Company Limited
8
A, B
Dida Gardens (Didcot) Management Company Limited
12
A, B
Donnington Heights (Newbury) Management Company Limited
12
A, B
Doseley Park Residents Management Company Limited
5
A, B
Drayton Meadows Management Company Limited
23
A, B
Drovers Court (Micklefield) Management Company Limited
9
A, B
Dunmore Road (Abingdon) Management Company Limited
12
A, B
Dunstall Park (Tamworth) Residents Management Company Limited
20
A, B
Earls Park Management Company Limited
30
A, B
East Ham Market Energy Centre Management Company
54
A, B
East Ham Market Residents Management Company
54
A, B
Eastman Village Energy Centre Management Company Limited
1
A, B
Eastman Village Residents Management Company Limited
1
A, B
Ecclesden Park (Angmering) Management Company Limited
18
A, B
Edwalton (Sharp Hill) Management Company Limited
54
A, B
Eldebury Place (Chertsey) Management Company Limited
53
A, B
Elderwood (Bannerdale) Management Company Limited
9
A, B
Elm Tree Park (Rainworth) Management Company Limited
9
A, B
Elworthy Place (Wiveliscombe) Management Company Limited
31
A, B
Elysian Fields (Adel) Management Company Limited
10
A, B
Embden Grange (Tavistock) Management Company Limited
40
A, B
Registered
Subsidiary
office
Notes
Emmet\u2019s Reach (Birkenshaw) Management Company Limited
54
A, B
Ersham Park (Hailsham) Management Company Limited
10
A, B
Fairfield Croft Management Company Limited
6
A, B
Fairfield (Stony Stratford) Management Company Limited
54
A, B
Fairway Gardens (Rustington) Management Company Limited
28
A, B
Farrier Place \u2013 Canford Paddock Phase 2 (Poole)
Management Company Limited
46
A, B
Ferris House Management Company Limited
54
A, B
Fiddington Management Company Limited
32
A, B
Filwood Park Management Company Limited
13
A, B
Finchwood Park Management Company Limited
7
A, B
Folliott\u2019s Manor Residents Management Company Limited
20
A, B
Forest Walk, Whiteley Management Company Limited
48
A, B
Foundry Lea (Bridport) Management Company Limited
31
A, B
Fradley Manor Management Company Limited
20
A, B
Franklin Gardens (Darwin Green) Management Company Limited
14
A, B
Freemen\u2019s Meadow Residents Management Company Limited
26
A, B
Garnett Wharf (Otley) Management Company Limited
9
A, B
Gateway Residents Management Company Limited
58
A, B
Gerway Management Limited
40
A, B
Gilden Park (Old Harlow) Residents Management Company Limited
8
A, B
Gillies Meadow (Basingstoke) Management Company Limited
12
A, B
Glenvale Park Management Company Limited
43
A, B
Grange Park (Hampsthwaite) Management Company Limited
10
A, B
Great Dunmow Grange Management Company Limited
18
A, B
H2363
Limited
50
A, B
Hallam Park Residents Management Company Limited
23
A, B
Hampton Water Management Company Limited
15
A, B
Hanwood Park Community Partnership Limited
17
A, B
Harbour Place (Bedhampton) Management Company Limited
35
A, B
Harbourside (East Quay Apartments 13\u201321 & 31\u201339)
Management Company Limited
29
A, B
Harclay Park Management Company Limited
57
A, B
Harlow Gateway Limited
25
A, B
Hartley Brook (Netherton) Management Company Limited
9
A, B
Haskins House Management Company Limited
1
A, B
Hawley Gardens Management Company Limited
36
A, B
Hawthorn Grove (Westham) Management Company Limited
57
A, B
Hawthorn Rise (Newton Abbot) Management Company Limited
54
A, B
Hayes Village Energy Centre Management Company Limited
1
A, B
Registered
Subsidiary
office
Notes
Hayes Village Resident Management Company Limited
1
A, B
Heather Croft (Pickering) Management Company Limited
9
A, B
Helme Ridge (Meltham) Management Company Limited
54
A, B
Henbrook Gardens Management Company Limited
20
A, B
Hendon Waterside Energy Centre Management Company Limited
1
A, B
Hendon Waterside Residents Management Company Limited
1
A, B
Heron House (Wichelstowe) Management Company Limited
1
A, B
Hesslewood Park Management Company Limited
10
A, B
Hewenden Ridge (Cullingworth) Management Company Limited
9
A, B
Hidcote House Management Company Limited
39
A, B
High Elms Park (Hullbridge) Management Company Limited
54
A, B
High Forest (New Waltham) Management Company Limited
10
A, B
High Street Quarter Energy Centre Management Company Limited
1
A, B
High Street Quarter Residents Management Company Limited
1
A, B
Highgrove Gardens (Romsey) Management Company Limited
46
A, B
Hillside Gardens (Orchard RW) Residents Management Company Limited
40
A, B
Hollygate Park (Cotgrave) Management Company Limited
16
A, B
Infinity Park Derby Management Limited
1
A, B
Honeymans Helm (Highworth) Management Company Limited
59
A, B
Inglewhite Meadows Residents Management Company Limited
8
A, B
Inkersall Road (Chesterfield) Management Company Limited
9
A, B
Jenkins House Management Company Limited
1
A, B
Keeper\u2019s Meadow Residents Management Company Limited
23
A, B
Kennett Heath Management Limited
8
A, B
Kilners Grange (Tongham) Management Company Limited
53
A, B
Kingfisher Meadow (Horsford) Management Company Limited
14
A, B
Kingfisher Meadows Residents Management Company Limited
23
A, B
Kingsbourne (Nantwich) Community Management Company Limited
8
A, B
Kingsbrook Estate Management Company Limited
16
A, B
Kings Chase Residents Management Company Limited
25
A, B
Kings Lodge (Hatfield) Management Company Limited
25
A, B
Kingsdown Gate (Swindon) Management Company Limited
13
A, B
Kingsley Meadows (Harrogate) Management Company Limited
6
A, B
Kingston Grange House Management Company Limited
23
A, B
Kipling Road (Ledbury) Residents Management Company Limited
20
A, B
Knights Park (Watton) Management Company Limited
54
A, B
Knights Rise (Temple Cloud) Management Company Limited
30
A, B
Knights View (Landgold) Management Company Limited
54
A, B
KP (Macclesfield) Residents Management Company Limited
26
A, B
Registered
Subsidiary
office
Notes
KW (Site B) Management Company Limited
12
A, B
Ladden Garden Village Apartment Blocks BCD
Management Company Limited
30
A, B
Ladden Garden Village Management Company Limited
30
A, B
Lakeside Walk (Hamworthy) Management Company Limited
35
A, B
Lancaster Gardens Management Company Limited
6
A, B
Lancaster Gardens (Phase 2) Management Company Limited
6
A, B
Langham Mews Management Company Limited
44
A, B
Languard View (Dovercourt) Residents Management Company Limited
14
A, B
Lavender Grange (Stondon) Residential Management Company Limited
54
A, B
Lavendon Fields (Olney) Residents Management Company Limited
57
A, B
Lay Wood (Devizes) Management Company Limited
13
A, B
Letcombe Gardens (Grove) Management Company Limited
41
A, B
Linmere (Houghton Regis) Residents Management Company Limited
15
A, B
Lock Keeper\u2019s Gate (Low Barugh) Management Company Limited
10
A, B
Locksbridge Park (Andover) Management Company Limited
12
A, B
Lockwood Fields (Chidswell) Management Company Limited
10
A, B
Lubbesthorpe R5 Management Company Limited
60
A, B
Lucerne Fields (Ivybridge) Management Company Limited
40
A, B
Luneside Mills Management Company Limited
8
A, B
Lyde View Residents Management Company Limited
10
A, B
Macclesfield Road Management Company Limited
36
A, B
Madgwick Park Management Company Limited
46
A, B
Marham Park Management Company Limited
18
A, B
Market Warsop (Stonebridge Lane) Management Company Limited
16
A, B
Marston Park (Marston Moretaine) Management Company Limited
54
A, B
Martello Lakes (Barratt) Resident Management Company Limited
8
A, B
Martello Lakes (Hythe) Resident Management Company Limited
11
A, B
Martingale Chase (Newbury) Management Company Limited
8
A, B
Meadowburne Place (Willingdon) Management Company Limited
54
A, B
Meadowfields (Boroughbridge) Management Company Limited
9
A, B
Meadow View Watchfield Management Company Limited
13
A, B
Melton Mowbray (Kirby Lane) Management Company Limited
60
A, B
Merlin Gate (Newent) Management Company Limited
50
A, B
Mill Brook (Westbury) Management Company Limited
59
A, B
Millbrook Park (Phase 9) Energy Centre Management Company Limited
1
A, B
Millbrook Park (Phase 9) Residents\u2019 Management Company Limited
1
A, B
Mill Springs (Whitchurch) Management Company Limited
34
A, B
Minerva (Apartments) Management Company Limited
40
A, B
Registered
Subsidiary
office
Notes
Monarchs Keep (Bursledon) Management Company Limited
46
A, B
Montague Park No2 (Buckhurst Farm) Management Company Limited
12
A, B
Monument House Management Company Limited
54
A, B
Moorland Gate (Bishops Lydeard) Management Company Limited
50
A, B
Mortimer Park (Driffield) Management Company Limited
9
A, B
Mortimer Park Phase 2 and Porters Way Residential Management
Company Limited
9
A, B
Mortimer Place (Hatfield Peverel)\ue445Residents\ue445Management Company Limited
14
A, B
Morton Meadows (Thornbury) Management Company Limited
50
A, B
Nant Y Castell (Caldicot) Management Company Limited
33
A, B
Needham\u2019s Grange Residents Management Company Limited
20
A, B
Needingworth Park Residents Management Company Limited
56
A, B
Nerrols Grange (Taunton) Management Company Limited
13
A, B
Netherwood (Darfield) Management Company Limited
54
A, B
Newbery Corner Management Company Ltd
13
A, B
New Heritage (Bordon) Management Company Limited
46
A, B
New Mill Quarter (BL) Residents Management Company Limited
8
A, B
New Mill Quarter Estate Resident Management Company Limited
8
A, B
Nightingale Woods (Wendover) Residential Management Company Limited
42
A, B
Niveus Walk Management Company Limited
7
A, B
North Abington Management Company Limited
41
A, B
Northfield Park (Patchway) Management Company Limited
32
A, B
Northstowe Residents Management Company Limited
54
A, B
Northwalls Grange (Taunton) Management Company Limited
30
A, B
Norton Farm Management Company Limited
20
A, B
Notton Wood View (Royston) Management Company Limited
54
A, B
Oak Hill Mews Management Company Limited
20
A, B
Oakfield Village Estate Management Company Limited
16
A, B
Oakhill Gardens (Swanmore) Management Company Limited
18
A, B
Oaklands (Pontefract) Management Company Limited
9
A, B
Oatley Park Management Company Limited
62
A, B
Okement Park (Okehampton) Management Company Limited
54
A, B
Olive Park Residents Management Company Limited
17
A, B
Orchard Gate (Kingston Bagpuize) Management Company Limited
12
A, B
Orchard Green Estate Management Company Limited
16
A, B
Orchard Meadows (Appleton) Management Company Limited
45
A, B
Oughtibridge Valley (Oughtibridge) Management Company Limited
9
A, B
Overstone Gate Residents Management Company Limited
56
A, B
Parc Fferm Wen (St Athen) Management Company Limited
33
A, B
Registered
Subsidiary
office
Notes
Parish Brook Residents Management Company Limited
32
A, B
Park Farm (Thornbury) Community Interest Company
30
A, B
Patch Meadows (Somerton) Management Company Limited
30
A, B
Pates House Management Company Limited
39
A, B
Pavilion Square (Phase 2) Management Company Limited
6
A, B
Pavilion Square (Pocklington) Management Company Limited
6
A, B
Peasedown Meadows Management Company Limited
30
A, B
Pebble Walk (Hayling Island) Management Company Limited
54
A, B
Pembridge Park (Phase 2) Management Company Limited
26
A, B
Pembroke Park (Cirencester) Management Company Limited
30
A, B
Pen Bethan (Falmouth) Management Company Limited
18
A, B
Penndrumm (Looe) Management Company Limited
40
A, B
Penning Ridge (Penistone) Management Company Limited
9
A, B
Pentref Llewelyn (Penllergaer) Management Company Limited
10
A, B
Perry Court (Faversham) Management Company Limited
54
A, B
Phase 3 Clark Drive LGV Management Company Limited
32
A, B
Phase 3 Clark Drive 2 LGV Management Company Limited
32
A, B
Phase 6 Apartments LGV Management Company Limited
32
A, B
Phoenix And Scorseby Park Management Company Limited
6
A, B
Phoenix Quarter \u2014 Apt \u2014 Management Company Limited
49
A, B
Phoenix Quarter Estate Management Company Limited
49
A, B
Pinewood Park (Formby) Management Company Limited
57
A, B
Pinn Brook Park (Monkerton) Management Company Limited
40
A, B
PL2 Plymouth (2016) Limited
40
A, B
Poppy Fields (Cottingham) Management Company Limited
6
A, B
Portman Square West Village Reading Management Company Limited
12
A, B
Preston Grange Residents Management Company Limited
3
A, B
Priestley House Management Company Limited
54
A, B
Priory Fields (Pontefract) Management Company Limited
10
A, B
Prospect Rise (Whitby) Management Company Limited
6
A, B
Quarter Jack Park Management Company Limited
55
A, B
Quarter Jack Park (Wimborne) Management Company Limited
46
A, B
Raleigh Holt (Barnstaple) Management Company Limited
41
A, B
Ramsey Park Residents Management Company Limited
56
A, B
Ravenhill Park Management Company Limited
20
A, B
Redhayes Management Company Limited
40
A, B
Redwood Heights (Plymouth) Management Company Limited
40
A, B
Residents Management Company (Beaconside) Limited
57
A, B
Richmond Park (Whitfield) Residents Management Company Limited
8
A, B
Registered
Subsidiary
office
Notes
Ridgeway Views Energy Centre Management Company
54
A, B
Ridgeway Views Residents Management Company
54
A, B
River Meadow (Stanford in the Vale) Management Company Limited
12
A, B
River Whitewater Management Company (Hook) Limited
10
A, B
Riverdown Park (Salisbury) Management Company Limited
54
A, B
Riverside Grange (Farmbridge) Management Company Limited
9
A, B
Romans Edge Godmanchester Management Company Limited
54
A, B
Romans\u2019 Quarter (Bingham) Residential Management Company Limited
16
A, B
Rose and Lillies Residents Management Company Limited
23
A, B
Rosewood Park Bexhill Residents Management Company Limited
8
A, B
RV North Petherton Residents Management Company Limited
32
A, B
Ryebank Gate (Yapton) Management Company Limited
28
A, B
Salters Brook (Cudworth) Management Company Limited
54
A, B
Sandridge Place (Melksham) Management Company Limited
10
A, B
Saunderson Gardens Management Co Limited
10
A, B
Sawbridge Park (Sawbridgeworth) Management Company Limited
16
A, B
Saxon Corner (Emsworth) Management Company Limited
46
A, B
Saxon Dean (Silsden) Management Company Limited
10
A, B
Saxon Fields (Cullompton) Management Company Limited
40
A, B
Saxon Fields (Thanington) Management Company Limited
11
A, B
Saxon Gate (Leonard Stanley) Management Company Limited
10
A, B
Saxon Gate (Stamford Bridge) Management Company Limited
6
A, B
Saxon Mills (Hassocks) Management Company Limited
53
A, B
Scotgate Ridge (Honley) Management Company Limited
54
A, B
Shaftmoor Land Residents Management Company Limited
20
A, B
Silkwood Gate (Wakefield) Management Company Limited
9
A, B
Spinney Fields Residents Management Company Limited
5
A, B
Spitfire Green (Manston) Residents Management Company Limited
49
A, B
Spring Valley View (Clayton) Management Company Limited
10
A, B
Springfield Place Resident Management Company Limited
4
A, B
St Andrews View (Morley) Management Co. Limited
54
A, B
St James Gardens (Wick) Management Company Limited
29
A, B
St James Management Company Limited
9
A, B
St Johns View Residents Management Company Limited
57
A, B
St Rumbolds Fields Management Company Limited
16
A, B
St. Andrews Place (Morley) Management Co. Limited
54
A, B
St. John\u2019s Walk (Hoylandswaine) Management Company Limited
54
A, B
St. Mary\u2019s Park (Hartley Wintney) Management Company Limited
25
A, B
St. Oswald\u2019s View (Methley) Management Company Limited
9
A, B
Registered
Subsidiary
office
Notes
Stallard House Management Company Limited
39
A, B
Stewarts Reach and Wolds View Residential Management Company Limited
63
A, B
Stotfold Park Management Company Limited
10
A, B
Summersfield (Papworth) Management Company Limited
54
A, B
Sundial Place Residents Management Company Limited
57
A, B
Swallows Field (Hemel Hempstead) Management Company Ltd
22
A, B
Swan Mill (Newbury) Management Company Limited
12
A, B
Swinbrook Park (Carterton) Management Company Limited
12
A, B
Sydney Place (Crewe) Management Company Limited
57
A, B
Talbot and Clockmakers Management Company Limited
23
A, B
Tarka Ridge (Yelland) Management Company Limited
41
A, B
Templar\u2019s Chase (Wetherby) Management Company Limited
9
A, B
The Acorns and Hunters Wood Management Company Limited
54
A, B
The Belt Open Space Management Co Limited
63
A, B
The Bridleways (Eccleshill) Management Company Limited
54
A, B
The Causeway Park (Petersfield) Management Company Limited
34
A, B
The Chase (Newbury) Management Company Limited
12
A, B
The Chocolate Works Management Company Limited
37
A, B
The Courtyard (Darwin Green) Management Company Limited
16
A, B
The Furlongs (Westergate) Management Company Limited
46
A, B
The Glassworks (Catcliffe) Management Company Limited
10
A, B
The Grange (Lightcliffe) Management Company Limited
10
A, B
The Meads (Frampton Cotterell) Management Company Limited
13
A, B
The Mounts Residents Management Company Limited
5
A, B
The Old Meadow Management Company Limited
41
A, B
The Orchards (Hildersley) Management Company Limited
10
A, B
The Paddocks (Skelmanthorpe) Management Company Limited
10
A, B
The Paddocks (Southmoor) Management Company Limited
12
A, B
The Pastures (Knaresborough) Management Company Limited
6
A, B
The Pavilions Management Company (Southampton) Limited
46
A, B
The Pavilions Resident Management Company Limited
23
A, B
The Poppies (Maidstone) Residents Management Company Limited
11
A, B
The Spires (Chesterfield) Management Company Limited
26
A, B
The Vineyards Management Company Limited
30
A, B
The Woodlands (Sturry) Management Company Limited
11
A, B
Thornbury Gardens Dinnington Management Company Limited
10
A, B
Townsend Landing (Henstridge) Management Company Limited
54
A, B
Tranby Fields Management Company Limited
10
A, B
Treledan (Saltash) Management Company Limited
54
A, B
Registered
Subsidiary
office
Notes
Trumpington Meadows Residents Management Company Limited
10
A, B
Trumpington (Phase 8\u201411) Management Company Limited
10
A, B
Trumpington Vista Management Company Limited
16
A, B
Union Park (Falmouth) Management Company Limited
40
A, B
Upton Gardens Energy Centre Management Company
1
A, B
Upton Gardens Residents Management Company
54
A, B
Victoria Heights (Alphington) Management Company Limited
40
A, B
Wadsworth Gardens (Cleckheaton) Management Company Limited
54
A, B
Waite House Management Company Limited
1
A, B
Waldmers Wood Management Company Limited
57
A, B
Warboys Management Company Limited
38
A, B
Waterside (The Quays Barry) Management Company Number 1 Limited
29
A, B
Waterside (The Quays Barry) Management Company Number 2 Limited
29
A, B
Waterside (The Quays Barry) Management Company Number 3 Limited
29
A, B
Waterside Trentham Residents Management Company Limited
36
A, B
Watkin Road Energy Centre Management Company
1
A, B
Watkin Road Residents Management Company
1
A, B
Wayland Fields Residents Management Company Limited
14
A, B
WBD (Kingsway Management) Limited
1
A, B
Weavers Chase (Golcar) Management Company Limited
9
A, B
Webheath (Redditch) Management Company Limited
54
A, B
Wedgwood Residents Management Company Limited
5
A, B
Wendel View Residents Management Company Limited
56
A, B
Westbridge Park (Auckley) Management Company Limited
26
A, B
Westminster View (Clayton) Management Company Limited
10
A, B
Weston Meadows, Calne Management Company Limited
50
A, B
Whalley Road (Barrow) Management Company Limited
8
A, B
White Lias House Management Company Limited
23
A, B
White Post Farm Midsomer Norton Management Company Limited
32
A, B
Whittingham Residents Management Company Limited
36
A, B
Whittlesey Lakeside (Cambridge) Management Company Limited
21
A, B
Wichelstowe Estate Management CIC
1
A, B
Wigmore Park Management Company Limited
10
A, B
Willow Grove (Stopsley) Management Company Limited
8
A, B
Willow Grove (Wixams) Management Company Limited
54
A, B
Willow Lane (Beverley) Management Company Limited
6
A, B
Willow Lane (Beverley) Phase 2 Management Company Limited
19
A, B
Willowmead (Wiveliscombe) Management Company Limited
50
A, B
Winnington View Management Company Limited
26
A, B
Registered
Subsidiary
office
Notes
Winnington Village Community Management Company Limited
26
A, B
Winnycroft Residents Management Company Limited
32
A, B
Withies Bridge Management Company Ltd
30
A, B
Woodhall Grange Management Company Limited
6
A, B
Woodland Heath Residential Management Company Limited
14
A, B
Wychwood Park (Haywards Heath) Management
53
A, B
Other subsidiary entities:
Registered Class of % of shares
Subsidiary
office
Notes
 share held owned
Base East Central Rochdale LLP
1
A
N/A
N/A
Base Hattersley LLP
1
A
N/A
N/A
Base Regeneration LLP
1
A
N/A
N/A
Base Werneth Oldham LLP
1
A
N/A
N/A
BLLQ LLP
1
A
N/A
N/A
BLLQ2 Limited
1
A
Ordinary
100%
SQ Holdings Limited
53
A
Ordinary
90%
Vizion (MK) Properties LLP
1
A
N/A
N/A
Ash Tree Court Management Co. Ltd
1
A, D
Ordinary
0%
Aspects Management Company Limited
27
A
Ordinary
50%
Buckshaw Village Management Company Limited
8
A
Ordinary
50%
Foxcote Mead Management Company Limited
1
A
Ordinary
100%
GWQ Management Limited
24
A, C
Ordinary
0%
Hazelmere Management Company Limited
1
A, D
Ordinary
0%
Interlink Park Management Company Limited
1
A, D
Ordinary
0%
Meridian Business Park Extension Management
Company Limited
1
A, C
Ordinary
2%
Newbury Racecourse Management Limited
12
A, D
Ordinary
0%
Nottingham Business Park Management Company
Limited
1
A, C
Ordinary
2%
Nottingham Business Park (Orchard Place)
Management Company Limited
1
A, C
Ordinary
2%
Optimus Point Management Company Limited
1
A, C
Ordinary
0%
Pye Green Management Company Limited
20
A, C
Ordinary
17%
Riverside Exchange Management Company
1
A, C
Ordinary/
22%
Limited preference
Runshaw Management Company Limited
8
A
Ordinary
100%
Stoneyfield Management Limited
1
A
Ordinary
100%
WBD (Riverside Exchange Sheffield B) Limited
1
A, C
Ordinary
100%
WBD Riverside Sheffield Building K Limited
1
A, C
Ordinary
100%
West Village Reading Management Limited
12
A, D
Ordinary
0%
Willow Farm Management Company Limited
1
A, C
Ordinary
3%
Registered office 1. Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire LE67 1UF 2. Buchanan Gate, Cumbernauld Road, Stepps, Glasgow G33 6FB 3. 111 West Street, Faversham, Kent ME13 7JB 4. Barratt East London, 3rd Floor Press Centre, Here East, 13 East Bay Lane, Stratford, London E15 2GW 5. One Eleven, Edmund Street, Birmingham, West Midlands B3 2HJ 6. Unit 11, Omega Business Park, Omega Business Village, Thurston Road, Northallerton, North Yorkshire DL6 2NJ 7. Discovery House, Crossley Road, Stockport, Greater Manchester, England SK4 5BH 8. RMG House, Essex Road, Hoddesdon, Hertfordshire EN11 0DR 9. Gateway House, 10 Coopers Way, Southend-on-Sea, Essex SS2 5TE 10. Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire HP2 7DN 11. Weald House, 88 Main Road, Sundridge, Kent, United Kingdom TN14 6ER 12. Cygnet House, Cygnet Way, Hungerford, Berkshire RG17 0YL 13. Units 1, 2 & 3 Beech Court, Wokingham Road, Hurst, Reading RG10 0RU 14. Barratt House, 7 Springfield Lyons Approach, Chelmsford, Essex CM2 5EY 15. The Maltings, Hyde Hall Farm, Sandon, Hertfordshire SG9 0RU 16. 2 Hills Road, Cambridge, Cambridgeshire CB2 1JP 17. Unit A5 Optimum Business Park, Optimum Road, Swadlincote, Derbyshire, England, DE11 0WT 18. Fisher House, 84 Fisherton Street, Salisbury SP2 7QY 19. 6 Alpha Court, Monks Cross Drive, York, North Yorkshire, YO32 9WN 20. 60 Whitehall Road, Halesowen B63 3JS 21. Unit 1 Forder Way, Cygnet Park, Hampton, Peterborough, United Kingdom, PE7 8GX 22. Wellstones House, Wellstones, Watford, Hertfordshire WD17 2AF 23. Remus 2, 2 Cranbook Way, Solihull Business Park, Solihull, West Midlands B90 4GT 24. Wallis House, Great West Road, Brentford, Middlesex TW8 9BS 25. Firstport Property Services Limited, Marlborough House, Wigmore Place, Wigmore Lane, Luton LU2 9EX 26. Chiltern House, 72\u201374 King Edward Street, Macclesfield, Cheshire SK10 1AT 27. 100 Avebury Boulevard, Milton Keynes, England MK9 1FH 28. 41a Beach Road, Littlehampton, West Sussex, England DN17 5JA 29. Oak House, Village Way, Cardiff CF15 7NE 30. Unit 2 Beech Court, Wokingham Road, Hurst, Twyford, Berkshire RG10 0RQ 31. Vanguard House, Yeoford Way, Marsh Barton, Exeter EX2 8HL 32. Barratt House, 710 Waterside Drive, Aztec West, Almondsbury, Bristol BS32 4UD 33. Whittington Hall, Whittington Road, Worcester WR5 2ZX 34. Building 4, Dares Farm Business Park, Farnham Road, Ewshot, Farnham, Surrey GU10 5BB 35. Ground Floor, Cromwell House, 15 Andover Road, Winchester, Hampshire SO23 7BT 36. 4 Brindley Road, City Park, Manchester M16 9HQ 37. Watson, Glendevon House, 4 Hawthorn Park, Coal Road, Leeds, West Yorkshire LS14 1PQ 38. Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom NG1 6HH 39. Ashford House, Grenadier Road, Exeter, Devon EX1 3LH 40. Woodwater House, Pynes Hill, Exeter, Devon EX2 5WR 41. Unit 7, Astra Centre, Edinburgh Way, Harlow, Essex, England CM20 2BN 42. 5th Floor Halo, Counterslip, Bristol, United Kingdom BS1 6AJ 43. Barratt House, Sandy Way, Grange Park, Northampton NN4 5EJ 44. Unit 7, Hockliffe Business Park, Watling Street, Hockliffe, Leighton Buzzard, Bedfordshire LU7 9NB 45. 377\u2013379 Hoylake Road, Moreton, Wirral, Merseyside CH46 0RW 46. 128 Pyle Street, Granary Court, Newport, Isle of Wight PO30 1JW 47. Woodland Place, Wickford Business Park, Hurricane Way, Wickford SS11 8YB 48. 154\u2013155 Great Charles Street, Queensway, Birmingham B3 3LP 49. Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire SL8 5QH 50. 1 West Point Court, Great Park Road, Bradley Stoke, Bristol BS32 4PY 51. Blairton House, Old Aberdeen Road, Balmedie, Aberdeen, Scotland AB23 8SH 52. C/O East Block Group, The Colchester Centre, Hawkins Road, Colchester, Essex CO2 8JX 53. Compton House, The Guildway, Old Portsmouth Road, Guildford GU3 1LR 54. Queensway House, 11 Queensway, New Milton, Hampshire BH25 5NR 55. Tollbar House Tollbar Way, Hedge End, Southampton, United Kingdom SO30 2UH 56. 1a Fortune Close, Riverside Business Park, Northampton NN3 9HT 57. Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire CW6 9DL 58. Aurora House, Part 3rd Floor 71-75 Uxbridge Road, Ealing, London, England W5 5SL 59. Wellington House, Great Park Road, Bradley Stoke, Bristol BS32 4PY 60. 72\u201374 King Edward Street, Macclesfield, Cheshire SK10 1AT 61. Second Floor Lakeside 300, Broadland Business Park, Norwich, Norfolk, England NR7 0WG 62. Unit 1, Great Park Road, Bradley Stoke, Bristol, United Kingdom BS32 4PY 63. Sunnybank Farm, St. Johns Chapel, Bishop Auckland, England DL13 1QZ 64. Adamson House, Wilmslow Road, Manchester, England M20 2YY Notes A Owned through another Group company. B Entity is limited by guarantee and is a temporary member of the Group. Assets are not held for the benefit of the Group and the entity has no profit or loss in the year. C The Group is a minority shareholder but has voting control. D The Group does not own any shares but has control via directors who are employees of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-405": { "value": "12. Investments in jointly controlled entities A jointly controlled entity (joint venture or JV) is an entity, including unincorporated entities such as partnerships, in which the Group holds an interest with one or more other parties where a contractual arrangement has established joint control over the entity. The Group has no associated entities. Jointly controlled entities Investments in jointly controlled entities are accounted for using the equity method of accounting. The Group\u2019s share of the profit or loss of jointly controlled entities increases or decreases the carrying amount of the investment and long-term interests.
Group
2024 2023
Investments in JVs \u00a3m \u00a3m
At the beginning of the year
129.8
177.9
Increase in amounts invested in JVs
38.3
18.1
Repayment of investments in JVs
(4.8)
(40.2)
Dividends received from JVs
(7.1)
(34.8)
Share of post-tax profit for the year from JVs
2.3
8.8
At 30 June
158.5
129.8
There are no losses in any of the Group\u2019s JVs that have not been recognised by the Group.
During the year the Group entered into a new JV agreement, Bollo Lane LLP. At 30 June 2024, the Group had interests in the following JVs:
Voting Principal Financial
Percentage rights Country of place of Principal year end
JV owned controlled registration business activity date
51 College Road LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Alie Street LLP
1
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Barratt Metropolitan LLP
2
75.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Barratt Wates (East Grinstead) Limited
50.0%
50.0%
England and Wales
UK
Holding company
30 June
Barratt Wates (East Grinstead No.2) Limited
1
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Barratt Wates (Horley) Limited
2
78.5%
50.0%
England and Wales
UK
Housebuilding
30 June
Barratt Wates (Lindfield) Limited
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Barratt Wates (Worthing) Limited
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
BDWZest Developments LLP
1
50.0%
50.0%
England and Wales
UK
Holding company
31 March*
BDWZest LLP
50.0%
50.0%
England and Wales
UK
Holding company
31 March*
Blackhorse Road Properties LLP
2
51.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Bollo Lane LLP2
51.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Brooklands Milton Keynes LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
DWH/Wates (Thame) Limited
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Enderby Wharf LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Famous Five Glenfield Limited
50.0%
50.0%
England and Wales
UK
Dormant
30 June
Fulham Wharf LLP
1
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Fulham Wharf One Limited
1
50.0%
50.0%
England and Wales
UK
Dormant
31 March*
Fulham Wharf Two Limited
1
50.0%
50.0%
England and Wales
UK
Dormant
31 March*
Harrow View LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Infinity Park Derby LLP
50.0%
50.0%
England and Wales
UK
Commercial development
30 June
Nine Elms LLP1
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Nine Elms One Limited
1
50.0%
50.0%
England and Wales
UK
Dormant
31 March*
Voting Principal Financial
Percentage rights Country of place of Principal year end
JV owned controlled registration business activity date
Nine Elms Two Limited
1
50.0%
50.0%
England and Wales
UK
Dormant
31 March*
Old Sarum Park Properties Limited
50.0%
50.0%
England and Wales
UK
Dormant
30 June
Queensland Road LLP
1
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
Ravenscraig Limited\u00b2
33.3%
33.3%
Scotland
UK
Commercial development
31 December*
Ravenscraig Town Centre LLP
50.0%
50.0%
England and Wales
UK
Dormant
30 June
Sovereign BDW (Hutton Close) LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Sovereign BDW (Newbury) LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Wembley Park Properties LLP\u00b2
51.0%
50.0%
England and Wales
UK
Housebuilding
30 June
Wichelstowe LLP
50.0%
50.0%
England and Wales
UK
Housebuilding
31 March*
ZestBDW LLP
50.0%
50.0%
England and Wales
UK
Holding company
31 March*
* JV prepares financial statements which are non-coterminous with the Group in order to comply with the terms of its JV agreement and to align with the year end and requirements of our JV partners. Judgements applied in determining the classification of joint arrangements 1. The Group\u2019s interests in a number of the entities classified as JVs are held indirectly: Barratt Wates (East Grinstead) No. 2 Limited is a wholly owned subsidiary of the Group\u2019s JV, Barratt Wates (East Grinstead) Limited, and is therefore classified as a JV of the Group. BDWZest Developments LLP, Alie Street LLP, Queensland Road LLP, Fulham Wharf LLP and Nine Elms LLP form a group of limited liability partnerships jointly owned (directly or indirectly) by BDWZest LLP and ZestBDW LLP, both of which are JVs of the Group. Nine Elms One Limited and Nine Elms Two Limited are wholly owned subsidiaries of Nine Elms LLP, and Fulham Wharf One Limited and Fulham Wharf Two Limited are wholly owned subsidiaries of Fulham Wharf LLP. All of these entities are therefore classified as JVs of the Group. 2. The Group holds five JV investments (Barratt Wates (Horley) Limited, Barratt Metropolitan LLP, Wembley Park Properties LLP, Blackhorse Road Properties LLP and Bollo Lane LLP) not in equal share, and one (Ravenscraig Limited) with more than one other party. However, in each case, the Group has equal voting rights and control over the activities of the companies with the other parties. In addition, the Group and the other parties to the agreements only have rights to the net assets of these companies through the terms of the contractual arrangements. These entities are therefore classified as JVs. Registered offices The registered office of all of the entities in the preceding table, with the exception of those listed below, is: Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire LE67 1UF. Enderby Wharf LLP: Here East, 13 East Bay Lane, 3rd Floor Press Centre, Queen Elizabeth Park, London E15 2GW. Sovereign BDW (Hutton Close) LLP and Sovereign BDW (Newbury) LLP: Sovereign House, Basing View, Basingstoke RG21 4FA. Ravenscraig Limited: 15 Atholl Crescent, Edinburgh EH3 8HA.
Summarised financial information relating to the Group\u2019s JVs is as follows:
Wembley Park Barratt Brooklands
Harrow View Wichelstowe Developments Metropolitan Fulham Wharf Milton Keynes
LLP LLP LLP LLP LLP
LLP
Other JVs
Group total
2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Income
24.9
62.2
58.4
34.0
27.0
7.0
47.8
104.5
\u2014
\u2014
33.8
60.5
13.6
58.7
205.5
326.9
Adjusted expenditure
(25.4)
(53.7)
(49.4)
(27.8)
(20.4)
(7.5)
(46.1)
(91.4)
2.2
\u2014
(22.4)
(38.8)
(13.6)
(47.1)
(175.1)
(266.3)
(Cost)/credit associated with legacy properties
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(10.0)
(3.3)
9.2
(42.3)
\u2014
\u2014
(19.4)
\u2014
(20.2)
(45.6)
Interest (payable)/receivable
\u2014
\u2014
(2.3)
(2.5)
(0.3)
\u2014
\u2014
\u2014
0.7
(0.1)
\u2014
\u2014
0.2
(0.2)
(1.7)
(2.8)
(0.5)
8.5
6.7
3.7
6.3
(0.5)
(8.3)
9.8
12.1
(42.4)
11.4
21.7
(19.2)
11.4
8.5
12.2
Tax
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
0.1
\u2014
0.1
Profit/(loss) for the year, being total comprehensive income/(expense)
(0.5)
8.5
6.7
3.7
6.3
(0.5)
(8.3)
9.8
12.1
(42.4)
11.4
21.7
(19.2)
11.5
8.5
12.3
Group share of profit/(loss) for the year recognised in the
Consolidated Income Statement
(0.3)
4.2
3.4
1.9
3.2
(0.2)
(6.2)
7.4
6.0
(21.2)
5.7
10.9
(9.5)
5.8
2.3
8.8
Dividends received from JVs in the year
1.5
3.6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
5.3
11.8
0.3
19.4
7.1
34.8
Current assets
116.9
98.5
26.0
28.1
41.0
32.9
145.9
109.7
27.5
30.6
5.4
15.6
73.1
60.9
435.8
376.3
Non-current assets
\u2014
\u2014
\u2014
\u2014
0.1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
7.2
9.6
7.3
9.6
Current liabilities
(7.8)
(11.4)
(5.8)
(14.5)
(11.0)
(8.9)
(143.2)
(98.7)
(30.2)
(45.3)
(4.6)
(15.6)
(54.9)
(26.7)
(257.5)
(221.1)
Non-current liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(42.4)
(43.5)
(42.4)
(43.5)
Net assets/(liabilities) of JVs
109.1
87.1
20.2
13.6
30.1
24.0
2.7
11.0
(2.7)
(14.7)
0.8
\u2014
(17.0)
0.3
143.2
121.3
Cash and cash equivalents included in the above net assets
8.4
10.1
8.8
3.2
3.5
6.6
37.7
12.1
25.8
29.3
4.6
10.8
19.1
23.3
107.9
95.4
Group share of net assets/(liabilities) recognised in the
Consolidated Balance Sheet at 30 June
54.5
43.6
10.1
6.8
15.4
12.1
2.0
8.2
(1.3)
(7.4)
0.4
\u2014
(8.9)
\u2014
72.2
63.3
Adjusted expenditure is the total expenditure of the JV less adjusted items as defined in note 4.
A reconciliation of the Group\u2019s share of net assets to the carrying value of investments
included in the Balance Sheet is presented below:
Group
2024 2023
\u00a3m \u00a3m
Group share of the net assets of its JVs
72.2
63.3
Group loans to JVs
86.3
66.5
At 30 June
158.5
129.8
The Group has made loans, net of loss allowances, of \u00a386.3m (2023: \u00a366.5m) to its JVs,
which are presented within Group investments. The loss allowances for Group loans to JVs
are equal to 12-month expected credit losses unless there has been a significant increase
in credit risk since the date of initial recognition, in which case, the loss allowance is equal
to the lifetime expected credit loss.
A significant increase in credit risk is judged to have occurred if a review of available
information indicates an increased probability of default. At 30 June 2024, the loss
allowance is immaterial (2023: immaterial).
Included within the Group\u2019s share of net assets of JVs is a proportion of the loans to the
JVs (net of fair value adjustments made in one JV), calculated using the Group\u2019s ownership
share, of \u00a385.3m (2023: \u00a363.6m).
During the year, the Group entered into a number of transactions with its JVs in respect of
funding and development management services (with charges made based on the utilisation
of these services) in addition to the provision of construction services. Further details on
these transactions are provided in note 29. The Group and Company have a number of
contingent liabilities relating to their JVs. Further details on these are provided in note 28.
The transfer of funds from the Group\u2019s JVs to the Group is determined by the terms of the
JV agreements, which specify how available funds should be applied in repaying loans and
capital, and distributing profits to the partners.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-483": { "value": "Jointly controlled entities Investments in jointly controlled entities are accounted for using the equity method of accounting. The Group\u2019s share of the profit or loss of jointly controlled entities increases or decreases the carrying amount of the investment and long-term interests. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-406": { "value": "13. Property, plant and equipment Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided to write off the cost of the assets on a straight-line basis to their residual value over their estimated useful lives. Residual values and asset lives are reviewed annually. Freehold properties are depreciated on a straight-line basis over 25 years. Freehold land is not depreciated. Plant is depreciated on a straight-line basis over its expected useful life, which ranges from one to seven years.
Group
Company
Plant and Plant and
Property equipment Total Property equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 July 2022
29.1
53.7
82.8
0.2
26.0
26.2
Additions
8.4
14.7
23.1
\u2014
2.6
2.6
Disposals
\u2014
(1.6)
(1.6)
\u2014
\u2014
\u2014
At 30 June 2023
37.5
66.8
104.3
0.2
28.6
28.8
Additions
1.0
6.2
7.2
\u2014
1.1
1.1
Disposals
(0.2)
(0.7)
(0.9)
\u2014
\u2014
\u2014
At 30 June 2024
38.3
72.3
110.6
0.2
29.7
29.9
Depreciation
At 1 July 2022
3.4
38.2
41.6
0.2
19.4
19.6
Charge for the year
0.4
5.7
6.1
\u2014
3.1
3.1
Disposals
\u2014
(1.5)
(1.5)
\u2014
\u2014
\u2014
At 30 June 2023
3.8
42.4
46.2
0.2
22.5
22.7
Charge for the year
0.8
6.7
7.5
\u2014
2.8
2.8
Disposals
(0.2)
(0.4)
(0.6)
\u2014
\u2014
\u2014
At 30 June 2024
4.4
48.7
53.1
0.2
25.3
25.5
Net book value
At 30 June 2023
33.7
24.4
58.1
\u2014
6.1
6.1
At 30 June 2024
33.9
23.6
57.5
\u2014
4.4
4.4
Authorised future capital expenditure that was contracted but not provided for in these Financial Statements amounted to \u00a34.4m (2023: \u00a33.5m).", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-484": { "value": "Property, plant and equipment Property, plant and equipment is carried at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided to write off the cost of the assets on a straight-line basis to their residual value over their estimated useful lives. Residual values and asset lives are reviewed annually. Freehold properties are depreciated on a straight-line basis over 25 years. Freehold land is not depreciated. Plant is depreciated on a straight-line basis over its expected useful life, which ranges from one to seven years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-407": { "value": "14. Leases Leases A right-of-use asset and a lease liability are recognised at the commencement date of a lease. The right-of-use asset is initially measured at cost comprising the initial amount of the lease liability plus payments made before the lease commenced and any direct costs less any incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement of the lease to the earlier of the end of the lease term or the end of the useful life of the asset. The right-of-use asset is also reduced for impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments at the commencement date discounted using the Group\u2019s incremental borrowing rate of between 1% and 7% and is subsequently measured at amortised cost using the effective interest method. The lease liability is remeasured when there is a change in the future lease payments, and a corresponding adjustment is made to the right-of-use asset. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of plant and machinery with a lease term of 12 months or less, and leases of low value including leases of office equipment. The lease payments associated with these leases are recognised as an expense on a straight-line basis over the lease term. The Group and Company lease assets including land and buildings, vehicles, plant and machinery, and office equipment. Information about leases for which the Group or Company is a lessee is presented below.
Group
Company
Land and Land and
buildings Other Total buildings Other Total
Right-of-use assets \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 July 2023
28.4
16.7
45.1
2.7
1.5
4.2
Balance at 30 June 2024
24.3
16.9
41.2
\u2014
1.3
1.3
Net additions/
(disposals) during
the year including
remeasurements
1.7
9.6
11.3
(2.4)
0.4
(2.0)
Group
Company
2024 2023 2024 2023
Lease liabilities included in the Balance Sheet \u00a3m \u00a3m \u00a3m \u00a3m
Current
13.4
13.1
0.6
1.3
Non-current
29.4
33.1
0.7
2.9
42.8
46.2
1.3
4.2
A maturity analysis of the contractual undiscounted cash flows associated with these lease
liabilities is presented in note 30.
Group
2024 2023
Amounts recognised in the Income Statement \u00a3m \u00a3m
Interest on lease liabilities
1.8
1.2
Depreciation of right-of-use land and buildings
5.8
6.4
Depreciation of other right-of-use assets
9.4
5.9
Expenses relating to short-term and low-value leases
20.7
34.5
The total Group cash outflow for leases in the current year was \u00a337.2m (Company: \u00a30.9m)
(2023: \u00a348.4m (Company: \u00a31.3m)), of which \u00a316.5m (Company: \u00a30.9m) (2023: \u00a313.9m
(Company: \u00a31.3m)) related to the repayment of lease liabilities recognised in the
Balance Sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-485": { "value": "Leases A right-of-use asset and a lease liability are recognised at the commencement date of a lease. The right-of-use asset is initially measured at cost comprising the initial amount of the lease liability plus payments made before the lease commenced and any direct costs less any incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement of the lease to the earlier of the end of the lease term or the end of the useful life of the asset. The right-of-use asset is also reduced for impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments at the commencement date discounted using the Group\u2019s incremental borrowing rate of between 1% and 7% and is subsequently measured at amortised cost using the effective interest method. The lease liability is remeasured when there is a change in the future lease payments, and a corresponding adjustment is made to the right-of-use asset. The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of plant and machinery with a lease term of 12 months or less, and leases of low value including leases of office equipment. The lease payments associated with these leases are recognised as an expense on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-408": { "value": "
15. Inventories
Inventories
Inventories are valued at the lower of cost and net realisable value. Land held for
development, including land in the course of development, is initially recorded at
cost. Where, through deferred purchase credit terms, the carrying value differs from
the amount that will ultimately be paid in settling the liability, this difference is
charged as a finance cost in the Income Statement over the period of settlement.
Cost of construction work in progress comprises direct materials, direct labour costs
and those overheads that have been incurred in bringing the inventories to their
present location and condition. Overhead costs include, but are not limited to, roads
and other infrastructure costs required for a site and local contributions and physical
works contributions required under planning permissions granted for our developments.
Due to the scale of the Group\u2019s developments, the Group has to allocate site-wide development costs between homes built in the current year and in future years. It also has to estimate costs to complete on such developments. In making these assessments, there is a degree of inherent uncertainty. The Group has developed internal controls to assess and review carrying values and the appropriateness of estimates made. Further information is included in the margin recognition section of note 3. Work in progress on promotion agreements comprises direct fees and labour costs incurred in investigating, designing, master planning, obtaining planning permission and ultimately securing sales agreements for land on behalf of landowners. The satisfaction of promotion agreements is largely dependent upon the grant of planning consent; therefore, management assesses the likelihood of attaining these consents when assessing their carrying values.
Group
2024 2023
\u00a3m \u00a3m
Land held for development
3,233.6
3,139.9
Construction work in progress
1,829.4
1,907.1
Promotion agreements work in progress
111.5
97.7
Part-exchange properties and other inventories
103.7
93.3
5,278.2
5,238.0
The Company had no inventories in 2024 or 2023. Nature and carrying value of inventories The Group\u2019s principal activities are housebuilding and commercial development. The majority of the development activity is not contracted prior to the development commencing. Accordingly, the Group has in its Balance Sheet at 30 June 2024 current assets that are not covered by a forward sale. The Group\u2019s internal controls are designed to identify any developments where the balance sheet value of land and work in progress is more than the projected lower of cost or net realisable value. During the year, the Group has conducted six-monthly reviews of the net realisable value of specific sites identified as at high risk of impairment, based upon a number of criteria including low site profit margins and sites with no forecast completions. Where the estimated net realisable value of a site was less than its current carrying value, the Group has impaired the land and work in progress value.
During the year, due to performance variations, changes in assumptions and changes to
viability on individual sites, there were gross impairment charges of \u00a39.2m (2023: \u00a316.7m)
and gross impairment reversals of \u00a311.4m (2023: \u00a312.0m), resulting in a net impairment
reversal of \u00a32.2m (2023: \u00a34.7m charge) included within cost of sales.
The key estimates in these six-monthly reviews are those used to estimate the realisable
value of a site, which is determined by forecast sales rates, expected sales prices and
estimated costs to complete.
The Directors consider all inventories to be essentially current in nature, although the
Group\u2019s operational cycle is such that a proportion of inventories will not be realised within
12 months. It is not possible to determine with accuracy when specific inventory will be
realised, as this will be subject to a number of variables such as consumer demand and
planning permission delays.
Inventories include \u00a39.0m (2023: \u00a311.0m) in respect of properties currently occupied under
the refugee support scheme.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-486": { "value": " Inventories Inventories are valued at the lower of cost and net realisable value. Land held for development, including land in the course of development, is initially recorded at cost. Where, through deferred purchase credit terms, the carrying value differs from the amount that will ultimately be paid in settling the liability, this difference is charged as a finance cost in the Income Statement over the period of settlement. Cost of construction work in progress comprises direct materials, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Overhead costs include, but are not limited to, roads and other infrastructure costs required for a site and local contributions and physical works contributions required under planning permissions granted for our developments. Due to the scale of the Group\u2019s developments, the Group has to allocate site-wide development costs between homes built in the current year and in future years. It also has to estimate costs to complete on such developments. In making these assessments, there is a degree of inherent uncertainty. The Group has developed internal controls to assess and review carrying values and the appropriateness of estimates made. Further information is included in the margin recognition section of note 3. Work in progress on promotion agreements comprises direct fees and labour costs incurred in investigating, designing, master planning, obtaining planning permission and ultimately securing sales agreements for land on behalf of landowners. The satisfaction of promotion agreements is largely dependent upon the grant of planning consent; therefore, management assesses the likelihood of attaining these consents when assessing their carrying values. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-409": { "value": "
16. Trade and other receivables
Trade and other receivables
Trade and other receivables are financial assets with fixed or determinable payments
that are not quoted in an active market. They are included in current assets, except
for those with maturities greater than 12 months after the balance sheet date, which
are classified as non-current assets. Amounts recoverable on certain construction
contracts where revenue is recognised over time are included in trade receivables and
stated at cost plus attributable profit less any foreseeable losses. Payments received
on account for these construction contracts are deducted from amounts recoverable
on these contracts.
Trade and other receivables are initially recognised at their transaction price, being
fair value, and subsequently measured at amortised cost, being their nominal value
less a loss allowance for expected credit losses, which are assessed on the basis of
an average weighting of the risk of default. Any impairment is recognised immediately
in the Income Statement.
For this purpose, a default is determined to have occurred if the Group becomes aware
of evidence that it will not receive all contractual cash flows that are due or if payment
has not been received within 60 days of the due date. After this time, it is probable
that contractual cash flows will not be fully recovered.
The Group does not hold any collateral over these balances.
Trade receivables are receivables and contract assets arising from the Group\u2019s contracts
with customers. The loss allowance is equal to the lifetime expected credit loss,
assessed on an individual basis.
The loss allowances for other receivables and amounts due from subsidiary undertakings are equal to 12-month expected credit losses unless there has been a significant increase in credit risk since the date of initial recognition, in which case the loss allowance is equal to the lifetime expected credit loss. A significant increase in credit risk is judged to have occurred if a review of available information indicates an increased probability of default, or if contractual payments are more than 30 days past due. Where amounts due from subsidiary undertakings can be satisfied by the subsidiaries through the recovery of a debt from fellow subsidiaries with strong capacity to meet that debt, the amount is considered to have low credit risk at the reporting date and it is therefore assumed that the credit risk has not significantly increased. Trade and other receivables that are more than two years overdue are deemed to have no reasonable expectation of recovery and are written off in the Financial Statements, but are still subject to enforcement activity. Subsequent recoveries of amounts previously written off are credited to the Income Statement.
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Amounts due from
subsidiary undertakings
\u2014
\u2014
76.1
76 .1
Contract assets
20
1.0
0.5
\u2014
\u2014
Other receivables
2.4
2.4
\u2014
\u2014
3.4
2.9
76.1
76 .1
Current assets
Trade receivables
72.2
70.7
\u2014
\u2014
Contract assets
20
5.9
20.8
\u2014
\u2014
Amounts due from
subsidiary undertakings
\u2014
\u2014
169.0
2.9
Other receivables
111.0
74.0
5.5
4.3
Prepayments and accrued
income
12.8
16.6
8 .1
8.7
201.9
182.1
182.6
15.9
Other receivables include \u00a327.8m (2023: \u00a337.1m) receivable from joint ventures.
The carrying values of trade and other receivables are stated after allowance for expected
credit losses. The movements in the loss allowances for the year were as follows:
Trade receivables and
contract balances
Other receivables
Lifetime expected 12-month
credit losses expected credit
(individually assessed) losses
Group Company Group Company
Loss allowance
Notes
 \u00a3m \u00a3m \u00a3m \u00a3m
Loss allowance at 1 July 2023
8.1
\u2014
0.3
\u2014
Charge for the year
21
2.0
\u2014
0.3
\u2014
Amounts written off
Recoveries of amounts previously
\u2014
\u2014
\u2014
\u2014
written off
21
(3.2)
\u2014
(0.1)
\u2014
Loss allowance at 30 June 2024
6.9
\u2014
0.5
\u2014
Movements in loss allowances are principally a result of the derecognition and origination
of financial assets in the year. The loss allowances written off are equal to the gross
carrying amounts of the assets written off in the year. The Directors consider that the
carrying amount of trade receivables approximates to their fair value.
The expected credit losses on the Company amounts due from subsidiary undertakings are
not material to the Financial Statements. The subsidiaries are able to pay their liabilities as
they fall due and the probability of default is insignificant.
Further disclosures relating to financial assets are set out in note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-487": { "value": "Trade and other receivables Trade and other receivables are financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months after the balance sheet date, which are classified as non-current assets. Amounts recoverable on certain construction contracts where revenue is recognised over time are included in trade receivables and stated at cost plus attributable profit less any foreseeable losses. Payments received on account for these construction contracts are deducted from amounts recoverable on these contracts. Trade and other receivables are initially recognised at their transaction price, being fair value, and subsequently measured at amortised cost, being their nominal value less a loss allowance for expected credit losses, which are assessed on the basis of an average weighting of the risk of default. Any impairment is recognised immediately in the Income Statement. For this purpose, a default is determined to have occurred if the Group becomes aware of evidence that it will not receive all contractual cash flows that are due or if payment has not been received within 60 days of the due date. After this time, it is probable that contractual cash flows will not be fully recovered. The Group does not hold any collateral over these balances. Trade receivables are receivables and contract assets arising from the Group\u2019s contracts with customers. The loss allowance is equal to the lifetime expected credit loss, assessed on an individual basis. The loss allowances for other receivables and amounts due from subsidiary undertakings are equal to 12-month expected credit losses unless there has been a significant increase in credit risk since the date of initial recognition, in which case the loss allowance is equal to the lifetime expected credit loss. A significant increase in credit risk is judged to have occurred if a review of available information indicates an increased probability of default, or if contractual payments are more than 30 days past due. Where amounts due from subsidiary undertakings can be satisfied by the subsidiaries through the recovery of a debt from fellow subsidiaries with strong capacity to meet that debt, the amount is considered to have low credit risk at the reporting date and it is therefore assumed that the credit risk has not significantly increased. Trade and other receivables that are more than two years overdue are deemed to have no reasonable expectation of recovery and are written off in the Financial Statements, but are still subject to enforcement activity. Subsequent recoveries of amounts previously written off are credited to the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-436": { "value": "
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Amounts due from
subsidiary undertakings
\u2014
\u2014
76.1
76 .1
Contract assets
20
1.0
0.5
\u2014
\u2014
Other receivables
2.4
2.4
\u2014
\u2014
3.4
2.9
76.1
76 .1
Current assets
Trade receivables
72.2
70.7
\u2014
\u2014
Contract assets
20
5.9
20.8
\u2014
\u2014
Amounts due from
subsidiary undertakings
\u2014
\u2014
169.0
2.9
Other receivables
111.0
74.0
5.5
4.3
Prepayments and accrued
income
12.8
16.6
8 .1
8.7
201.9
182.1
182.6
15.9
Other receivables include \u00a327.8m (2023: \u00a337.1m) receivable from joint ventures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-455": { "value": "
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Amounts due from
subsidiary undertakings
\u2014
\u2014
76.1
76 .1
Contract assets
20
1.0
0.5
\u2014
\u2014
Other receivables
2.4
2.4
\u2014
\u2014
3.4
2.9
76.1
76 .1
Current assets
Trade receivables
72.2
70.7
\u2014
\u2014
Contract assets
20
5.9
20.8
\u2014
\u2014
Amounts due from
subsidiary undertakings
\u2014
\u2014
169.0
2.9
Other receivables
111.0
74.0
5.5
4.3
Prepayments and accrued
income
12.8
16.6
8 .1
8.7
201.9
182.1
182.6
15.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-467": { "value": "
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current assets
Amounts due from
subsidiary undertakings
\u2014
\u2014
76.1
76 .1
Contract assets
20
1.0
0.5
\u2014
\u2014
Other receivables
2.4
2.4
\u2014
\u2014
3.4
2.9
76.1
76 .1
Current assets
Trade receivables
72.2
70.7
\u2014
\u2014
Contract assets
20
5.9
20.8
\u2014
\u2014
Amounts due from
subsidiary undertakings
\u2014
\u2014
169.0
2.9
Other receivables
111.0
74.0
5.5
4.3
Prepayments and accrued
income
12.8
16.6
8 .1
8.7
201.9
182.1
182.6
15.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-435": { "value": "The carrying values of trade and other receivables are stated after allowance for expected credit losses. The movements in the loss allowances for the year were as follows:
Trade receivables and
contract balances
Other receivables
Lifetime expected 12-month
credit losses expected credit
(individually assessed) losses
Group Company Group Company
Loss allowance
Notes
 \u00a3m \u00a3m \u00a3m \u00a3m
Loss allowance at 1 July 2023
8.1
\u2014
0.3
\u2014
Charge for the year
21
2.0
\u2014
0.3
\u2014
Amounts written off
Recoveries of amounts previously
\u2014
\u2014
\u2014
\u2014
written off
21
(3.2)
\u2014
(0.1)
\u2014
Loss allowance at 30 June 2024
6.9
\u2014
0.5
\u2014
Movements in loss allowances are principally a result of the derecognition and origination of financial assets in the year. The loss allowances written off are equal to the gross carrying amounts of the assets written off in the year. The Directors consider that the carrying amount of trade receivables approximates to their fair value. The expected credit losses on the Company amounts due from subsidiary undertakings are not material to the Financial Statements. The subsidiaries are able to pay their liabilities as they fall due and the probability of default is insignificant. Further disclosures relating to financial assets are set out in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-410": { "value": "
17. Net cash
Net cash is defined as cash and cash equivalents, bank overdrafts, interest-bearing
borrowings and prepaid fees. Net cash at 30 June is shown below:
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
1,065.3
1,269.1
827.6
1,005.0
Drawn debt
Borrowings:
Sterling US private placement notes
(200.0)
(200.0)
(200.0)
(200.0)
Bank overdrafts
\u2014
(3.4)
\u2014
\u2014
Total borrowings, being total drawn debt
(200.0)
(203.4)
(200.0)
(200.0)
Prepaid fees
3.2
3.7
3.2
3.7
Net cash
868.5
1,069.4
630.8
808.7
Total borrowings at 30 June are analysed as:
Non-current borrowings
(200.0)
(200.0)
(200.0)
(200.0)
Current borrowings
\u2014
(3.4)
\u2014
\u2014
Total borrowings, being total drawn debt
(200.0)
(203.4)
(200.0)
(200.0)
Movement in net cash is analysed as follows:
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Net decrease in cash and cash equivalents
(203.8)
(83.6)
(177.4)
(40.4)
Repayment/(drawdown) of borrowings:
Loans and borrowings drawdowns
\u2014
(3.4)
\u2014
\u2014
Loans and borrowings repayments
3.4
17.3
\u2014
\u2014
Other movements in borrowings:
Movement in prepaid fees
(0.5)
0.5
(0.5)
0.5
Movement in net cash in the year
(200.9)
(69.2)
(177.9)
(39.9)
Opening net cash
1,069.4
1,138.6
808.7
848.6
Closing net cash
868.5
1,069.4
630.8
808.7
Changes in liabilities arising from financing activities are shown below:
Group
Company
Total Lease Total Lease
borrowings liabilities Total borrowings liabilities Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Liabilities from
financing activities at
1 July 2022
(217.3)
(37.1)
(254.4)
(200.0)
(4.2)
(204.2)
Financing cash flows
\u2014
13.9
13.9
\u2014
1.3
1.3
Other movements
13.9
(23.0)
(9.1)
\u2014
(1.3)
(1.3)
Liabilities arising from
financing activities at
30 June 2023
(203.4)
(46.2)
(249.6)
(200.0)
(4.2)
(204.2)
Financing cash flows
\u2014
16.5
16.5
\u2014
0.9
0.9
Other movements
3.4
(13.1)
(9.7)
\u2014
2.0
2.0
Liabilities arising from
financing activities at
30 June 2024
(200.0)
(42.8)
(242.8)
(200.0)
(1.3)
(201.3)
Cash and cash equivalents
Cash and cash equivalents are held at floating interest rates linked to the UK bank rate
and money market rates as applicable. Cash and cash equivalents comprise cash held by
the Group and short-term bank deposits with an original maturity of three months or less
from inception and are subject to an insignificant risk of changes in value.
Cash, cash equivalents and bank overdrafts, as presented in the Cash Flow Statement,
are analysed as follows:
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
1,065.3
1,269.1
827.6
1,005.0
Bank overdrafts included in loans and
borrowings
\u2014
(3.4)
\u2014
\u2014
Cash, cash equivalents and bank overdrafts
1,065.3
1,265.7
82 7.6
1,005.0
Further disclosures relating to financial assets are set out in note 21.
Borrowings and facilities Loans and borrowings Interest-bearing loans and overdrafts are initially recognised at fair value less directly attributable transaction costs and subsequently measured at amortised cost, being the amount recorded at recognition plus accrued interest applied to the account less any repayments made. All debt facilities at 30 June 2024 are unsecured. The principal features of the Group\u2019s committed debt facilities at 30 June 2024 and 30 June 2023 were as follows:
Amount drawn
Facility
30 June 2024
30 June 2023
Maturity
Committed facilities: 17 November
RCF
\u00a3700.0m
\u2014
\u2014
2028
22 August
Fixed rate Sterling USPP notes
\u00a3200.0m
\u00a3200.0m
\u00a3200.0m
2027
The Group also uses various bank overdrafts and uncommitted borrowing facilities that are subject to floating interest rates linked to SONIA and money market rates as applicable. Weighted average interest rates are disclosed in note 6. 21. Financial instruments Recognition Financial assets and financial liabilities are recognised on the Balance Sheet in accordance with IFRS 9 when the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. The Group derecognises a financial liability only when the Group\u2019s obligations are discharged or cancelled or they expire. Classification and measurement All non-derivative financial assets are classified in accordance with IFRS 9 as \u201csubsequently measured at amortised cost\u201d. All non-derivative financial liabilities are classified as \u201csubsequently measured at amortised cost\u201d. Financial assets and liabilities subsequently measured at amortised cost are initially recognised at fair value determined based on discounted cash flow analysis using current market rates for similar instruments. They are subsequently measured at amortised cost using the \u201ceffective interest rate\u201d method. Financial assets are also measured after recognition of any impairment, which is included within administrative expenses in the Income Statement. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Impairment A loss allowance is recognised for expected credit losses on financial assets as described in note 16. Any impairment is recognised immediately in the Income Statement.
Financial assets
The carrying values and fair values of the Group and Company financial assets are as follows:
Group
Company
2024 2023 2024 2023
Fair Carrying Fair Carrying Fair Carrying Fair Carrying
value value value value value value value value
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash
equivalents
17
1,065.3
1,065.3
1,269.1
1,269.1
827.6
827.6
1,005.0
1,005.0
Measured at
amortised cost:
Trade and
other
receivables1
133.8
133.8
118.7
118.7
4.6
4.6
2.7
2.7
Intercompany
receivables
16
\u2014
\u2014
\u2014
\u2014
245.1
245.1
79.0
79.0
Total financial
assets
1,199.1
1,199.1
1,387.8
1,387.8
1,077.3
1,077.3
1,086.7
1,086.7
1 Excludes amounts recoverable on contracts, prepayments and accrued income, and tax and social security .
Financial liabilities The carrying values and fair values of the Group and Company financial liabilities are as follows:
Group
Company
2024 2023 2024 2023
Fair Carrying Fair Carrying Fair Carrying Fair Carrying
value value value value value value value value
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Measured at
amortised
cost:
Bank
overdrafts
17
\u2014
\u2014
3.4
3.4
\u2014
\u2014
\u2014
\u2014
Loans and
borrowings
17
184.2
200.0
170.7
200.0
184.2
200.0
170.7
200.0
Trade and
other
payables1
991.5
1,025.9
1,086.6
1,119.5
20.6
20.6
18.1
18.1
Intercompany
payables
18
\u2014
\u2014
\u2014
\u2014
91.3
91.3
354.2
354.2
Lease
liabilities
14
42.8
42.8
46.2
46.2
1.3
1.3
4.2
4.2
Total financial
liabilities
1,218.5
1,268.7
1,306.9
1,369.1
297.4
313.2
547.2
576.5
1 Excludes deferred income, payments received in excess of amounts recoverable on contracts, tax and social security and other non- financial liabilities. The fair values of liabilities in the above table have been determined using discounted cash flows based on observable market data other than quoted prices in active markets for identical liabilities. Trade and other payables include items secured by legal charges as disclosed in note 18. Financial instruments gains and losses The net (gains)/losses recorded in the Consolidated Income Statement, in respect of financial instruments (excluding interest shown in note 6), were as follows: Notes 2024 \u00a3m 2023 \u00a3m Financial assets measured at amortised cost Trade receivables - loss allowance charge 16 2.3 5.6 Recoveries of amounts previously written off 16 (3.3) (2.0)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-456": { "value": "17. Net cash Net cash is defined as cash and cash equivalents, bank overdrafts, interest-bearing borrowings and prepaid fees. Net cash at 30 June is shown below:
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
1,065.3
1,269.1
827.6
1,005.0
Drawn debt
Borrowings:
Sterling US private placement notes
(200.0)
(200.0)
(200.0)
(200.0)
Bank overdrafts
\u2014
(3.4)
\u2014
\u2014
Total borrowings, being total drawn debt
(200.0)
(203.4)
(200.0)
(200.0)
Prepaid fees
3.2
3.7
3.2
3.7
Net cash
868.5
1,069.4
630.8
808.7
Total borrowings at 30 June are analysed as:
Non-current borrowings
(200.0)
(200.0)
(200.0)
(200.0)
Current borrowings
\u2014
(3.4)
\u2014
\u2014
Total borrowings, being total drawn debt
(200.0)
(203.4)
(200.0)
(200.0)
Movement in net cash is analysed as follows:
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Net decrease in cash and cash equivalents
(203.8)
(83.6)
(177.4)
(40.4)
Repayment/(drawdown) of borrowings:
Loans and borrowings drawdowns
\u2014
(3.4)
\u2014
\u2014
Loans and borrowings repayments
3.4
17.3
\u2014
\u2014
Other movements in borrowings:
Movement in prepaid fees
(0.5)
0.5
(0.5)
0.5
Movement in net cash in the year
(200.9)
(69.2)
(177.9)
(39.9)
Opening net cash
1,069.4
1,138.6
808.7
848.6
Closing net cash
868.5
1,069.4
630.8
808.7
Changes in liabilities arising from financing activities are shown below:
Group
Company
Total Lease Total Lease
borrowings liabilities Total borrowings liabilities Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Liabilities from
financing activities at
1 July 2022
(217.3)
(37.1)
(254.4)
(200.0)
(4.2)
(204.2)
Financing cash flows
\u2014
13.9
13.9
\u2014
1.3
1.3
Other movements
13.9
(23.0)
(9.1)
\u2014
(1.3)
(1.3)
Liabilities arising from
financing activities at
30 June 2023
(203.4)
(46.2)
(249.6)
(200.0)
(4.2)
(204.2)
Financing cash flows
\u2014
16.5
16.5
\u2014
0.9
0.9
Other movements
3.4
(13.1)
(9.7)
\u2014
2.0
2.0
Liabilities arising from
financing activities at
30 June 2024
(200.0)
(42.8)
(242.8)
(200.0)
(1.3)
(201.3)
Cash and cash equivalents Cash and cash equivalents are held at floating interest rates linked to the UK bank rate and money market rates as applicable. Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less from inception and are subject to an insignificant risk of changes in value. Cash, cash equivalents and bank overdrafts, as presented in the Cash Flow Statement, are analysed as follows:
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
1,065.3
1,269.1
827.6
1,005.0
Bank overdrafts included in loans and
borrowings
\u2014
(3.4)
\u2014
\u2014
Cash, cash equivalents and bank overdrafts
1,065.3
1,265.7
82 7.6
1,005.0
Further disclosures relating to financial assets are set out in note 21. Borrowings and facilities Loans and borrowings Interest-bearing loans and overdrafts are initially recognised at fair value less directly attributable transaction costs and subsequently measured at amortised cost, being the amount recorded at recognition plus accrued interest applied to the account less any repayments made. All debt facilities at 30 June 2024 are unsecured. The principal features of the Group\u2019s committed debt facilities at 30 June 2024 and 30 June 2023 were as follows:
Amount drawn
Facility
30 June 2024
30 June 2023
Maturity
Committed facilities: 17 November
RCF
\u00a3700.0m
\u2014
\u2014
2028
22 August
Fixed rate Sterling USPP notes
\u00a3200.0m
\u00a3200.0m
\u00a3200.0m
2027
The Group also uses various bank overdrafts and uncommitted borrowing facilities that are subject to floating interest rates linked to SONIA and money market rates as applicable. Weighted average interest rates are disclosed in note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-437": { "value": "17. Net cash Net cash is defined as cash and cash equivalents, bank overdrafts, interest-bearing borrowings and prepaid fees. Net cash at 30 June is shown below:
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
1,065.3
1,269.1
827.6
1,005.0
Drawn debt
Borrowings:
Sterling US private placement notes
(200.0)
(200.0)
(200.0)
(200.0)
Bank overdrafts
\u2014
(3.4)
\u2014
\u2014
Total borrowings, being total drawn debt
(200.0)
(203.4)
(200.0)
(200.0)
Prepaid fees
3.2
3.7
3.2
3.7
Net cash
868.5
1,069.4
630.8
808.7
Total borrowings at 30 June are analysed as:
Non-current borrowings
(200.0)
(200.0)
(200.0)
(200.0)
Current borrowings
\u2014
(3.4)
\u2014
\u2014
Total borrowings, being total drawn debt
(200.0)
(203.4)
(200.0)
(200.0)
Movement in net cash is analysed as follows:
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Net decrease in cash and cash equivalents
(203.8)
(83.6)
(177.4)
(40.4)
Repayment/(drawdown) of borrowings:
Loans and borrowings drawdowns
\u2014
(3.4)
\u2014
\u2014
Loans and borrowings repayments
3.4
17.3
\u2014
\u2014
Other movements in borrowings:
Movement in prepaid fees
(0.5)
0.5
(0.5)
0.5
Movement in net cash in the year
(200.9)
(69.2)
(177.9)
(39.9)
Opening net cash
1,069.4
1,138.6
808.7
848.6
Closing net cash
868.5
1,069.4
630.8
808.7
Changes in liabilities arising from financing activities are shown below:
Group
Company
Total Lease Total Lease
borrowings liabilities Total borrowings liabilities Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Liabilities from
financing activities at
1 July 2022
(217.3)
(37.1)
(254.4)
(200.0)
(4.2)
(204.2)
Financing cash flows
\u2014
13.9
13.9
\u2014
1.3
1.3
Other movements
13.9
(23.0)
(9.1)
\u2014
(1.3)
(1.3)
Liabilities arising from
financing activities at
30 June 2023
(203.4)
(46.2)
(249.6)
(200.0)
(4.2)
(204.2)
Financing cash flows
\u2014
16.5
16.5
\u2014
0.9
0.9
Other movements
3.4
(13.1)
(9.7)
\u2014
2.0
2.0
Liabilities arising from
financing activities at
30 June 2024
(200.0)
(42.8)
(242.8)
(200.0)
(1.3)
(201.3)
Cash and cash equivalents Cash and cash equivalents are held at floating interest rates linked to the UK bank rate and money market rates as applicable. Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less from inception and are subject to an insignificant risk of changes in value. Cash, cash equivalents and bank overdrafts, as presented in the Cash Flow Statement, are analysed as follows:
Group
Company
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash equivalents
1,065.3
1,269.1
827.6
1,005.0
Bank overdrafts included in loans and
borrowings
\u2014
(3.4)
\u2014
\u2014
Cash, cash equivalents and bank overdrafts
1,065.3
1,265.7
82 7.6
1,005.0
Further disclosures relating to financial assets are set out in note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-468": { "value": "Changes in liabilities arising from financing activities are shown below:
Group
Company
Total Lease Total Lease
borrowings liabilities Total borrowings liabilities Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Liabilities from
financing activities at
1 July 2022
(217.3)
(37.1)
(254.4)
(200.0)
(4.2)
(204.2)
Financing cash flows
\u2014
13.9
13.9
\u2014
1.3
1.3
Other movements
13.9
(23.0)
(9.1)
\u2014
(1.3)
(1.3)
Liabilities arising from
financing activities at
30 June 2023
(203.4)
(46.2)
(249.6)
(200.0)
(4.2)
(204.2)
Financing cash flows
\u2014
16.5
16.5
\u2014
0.9
0.9
Other movements
3.4
(13.1)
(9.7)
\u2014
2.0
2.0
Liabilities arising from
financing activities at
30 June 2024
(200.0)
(42.8)
(242.8)
(200.0)
(1.3)
(201.3)
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-506": { "value": "Loans and borrowings Interest-bearing loans and overdrafts are initially recognised at fair value less directly attributable transaction costs and subsequently measured at amortised cost, being the amount recorded at recognition plus accrued interest applied to the account less any repayments made. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-500": { "value": "Loans and borrowings Interest-bearing loans and overdrafts are initially recognised at fair value less directly attributable transaction costs and subsequently measured at amortised cost, being the amount recorded at recognition plus accrued interest applied to the account less any repayments made. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-488": { "value": "Loans and borrowings Interest-bearing loans and overdrafts are initially recognised at fair value less directly attributable transaction costs and subsequently measured at amortised cost, being the amount recorded at recognition plus accrued interest applied to the account less any repayments made. Recognition Financial assets and financial liabilities are recognised on the Balance Sheet in accordance with IFRS 9 when the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. The Group derecognises a financial liability only when the Group\u2019s obligations are discharged or cancelled or they expire. Classification and measurement All non-derivative financial assets are classified in accordance with IFRS 9 as \u201csubsequently measured at amortised cost\u201d. All non-derivative financial liabilities are classified as \u201csubsequently measured at amortised cost\u201d. Financial assets and liabilities subsequently measured at amortised cost are initially recognised at fair value determined based on discounted cash flow analysis using current market rates for similar instruments. They are subsequently measured at amortised cost using the \u201ceffective interest rate\u201d method. Financial assets are also measured after recognition of any impairment, which is included within administrative expenses in the Income Statement. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Impairment A loss allowance is recognised for expected credit losses on financial assets as described in note 16. Any impairment is recognised immediately in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-411": { "value": "18. Trade and other payables Trade and other payables Trade and other payables are not interest bearing and are initially recorded at fair value. Subsequent measurement is at amortised cost. Trade and other payables on extended terms, particularly in respect of land, are recorded at their fair value at the date of acquisition of the asset to which they relate by discounting at prevailing market interest rates at the date of recognition. The discount to nominal value, which will be paid in settling the deferred purchase terms liability, is amortised over the period of the credit term and charged to finance costs using the \u201ceffective interest rate\u201d method.
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current liabilities
Land payables
165.0
185.2
\u2014
\u2014
Other payables
7.0
3.5
\u2014
\u2014
172.0
188.7
\u2014
\u2014
Current liabilities
Trade payables
252.7
310.3
2.8
1.1
Land payables
307. 8
321.5
\u2014
\u2014
Contract liabilities
20
69.4
89.2
\u2014
\u2014
Amounts due to subsidiary
undertakings
\u2014
\u2014
91.3
354.2
Accruals
399.2
381.3
34.1
28.6
Other tax and social security
14.8
17.0
\u2014
\u2014
Other payables
11.2
8.1
\u2014
\u2014
1,055.1
1,127.4
128.2
383.9
The carrying amount of trade payables approximates to their fair value. Accruals include a social security accrual relating to share-based payments (note 26). Other payables classified as non-current liabilities at 30 June 2024 include amounts accrued for payment of the CITB levy and other sundry accruals. The Group has \u00a3179.3m (2023: \u00a3244.4m) of payables secured by legal charges on land and buildings included within inventories. Other non-current payables are unsecured and non-interest bearing. Further disclosures relating to financial liabilities are set out in note 21.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-489": { "value": "Trade and other payables Trade and other payables are not interest bearing and are initially recorded at fair value. Subsequent measurement is at amortised cost. Trade and other payables on extended terms, particularly in respect of land, are recorded at their fair value at the date of acquisition of the asset to which they relate by discounting at prevailing market interest rates at the date of recognition. The discount to nominal value, which will be paid in settling the deferred purchase terms liability, is amortised over the period of the credit term and charged to finance costs using the \u201ceffective interest rate\u201d method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-438": { "value": "
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current liabilities
Land payables
165.0
185.2
\u2014
\u2014
Other payables
7.0
3.5
\u2014
\u2014
172.0
188.7
\u2014
\u2014
Current liabilities
Trade payables
252.7
310.3
2.8
1.1
Land payables
307. 8
321.5
\u2014
\u2014
Contract liabilities
20
69.4
89.2
\u2014
\u2014
Amounts due to subsidiary
undertakings
\u2014
\u2014
91.3
354.2
Accruals
399.2
381.3
34.1
28.6
Other tax and social security
14.8
17.0
\u2014
\u2014
Other payables
11.2
8.1
\u2014
\u2014
1,055.1
1,127.4
128.2
383.9
The carrying amount of trade payables approximates to their fair value.
Accruals include a social security accrual relating to share-based payments (note 26).
Other payables classified as non-current liabilities at 30 June 2024 include amounts
accrued for payment of the CITB levy and other sundry accruals.
The Group has \u00a3179.3m (2023: \u00a3244.4m) of payables secured by legal charges on land
and buildings included within inventories. Other non-current payables are unsecured
and non-interest bearing.
Further disclosures relating to financial liabilities are set out in note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-457": { "value": "
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current liabilities
Land payables
165.0
185.2
\u2014
\u2014
Other payables
7.0
3.5
\u2014
\u2014
172.0
188.7
\u2014
\u2014
Current liabilities
Trade payables
252.7
310.3
2.8
1.1
Land payables
307. 8
321.5
\u2014
\u2014
Contract liabilities
20
69.4
89.2
\u2014
\u2014
Amounts due to subsidiary
undertakings
\u2014
\u2014
91.3
354.2
Accruals
399.2
381.3
34.1
28.6
Other tax and social security
14.8
17.0
\u2014
\u2014
Other payables
11.2
8.1
\u2014
\u2014
1,055.1
1,127.4
128.2
383.9
The carrying amount of trade payables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-469": { "value": "
Group
Company
2024 2023 2024 2023
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Non-current liabilities
Land payables
165.0
185.2
\u2014
\u2014
Other payables
7.0
3.5
\u2014
\u2014
172.0
188.7
\u2014
\u2014
Current liabilities
Trade payables
252.7
310.3
2.8
1.1
Land payables
307. 8
321.5
\u2014
\u2014
Contract liabilities
20
69.4
89.2
\u2014
\u2014
Amounts due to subsidiary
undertakings
\u2014
\u2014
91.3
354.2
Accruals
399.2
381.3
34.1
28.6
Other tax and social security
14.8
17.0
\u2014
\u2014
Other payables
11.2
8.1
\u2014
\u2014
1,055.1
1,127.4
128.2
383.9
The carrying amount of trade payables approximates to their fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-412": { "value": "
19. Provisions
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive)
as a result of a past event, and it is probable that the Group will be required to settle that
obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure
required to settle the obligation at the balance sheet date and are discounted to
present value where the effect is material.
Group
Costs in Legacy Legacy
relation properties properties
to - EWS and - reinforced
completed associated concrete
developments review frames Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
176.1
535.9
76.4
788.4
Additions
67.7
125.9
56.6
250.2
Sites reclassified to completed
developments
15.0
\u2014
\u2014
15.0
Releases
(20.5)
\u2014
(3.5)
(24.0)
Revaluation due to the present value
and timing of cash flows
\u2014
(0.6)
1.6
1.0
Imputed interest
\u2014
26.3
3.2
29.5
Utilisation in the year
(47. 4)
(59.4)
(32.1)
(138.9)
At 30 June 2024
190.9
628.1
102.2
921.2
Group
2024 2023
\u00a3m \u00a3m
Current
378.0
310.5
Non-current
543.2
477.9
921.2
788.4
The Company had no provisions in either year. Costs in relation to completed developments Following the legal completion and handover to customers of all units on a site, the Group may retain obligations which are not settled for a number of years. These include costs in relation to the adoption of roads or public open space by local authorities, other contractual obligations to third parties and, in certain cases, the costs of remedial works where defects have been identified. Whilst a proportion of this cost will not be realised within 12 months, the Group has an obligation to complete the works immediately should it be requested to do so. The balance in total is therefore considered to be current in nature. All outstanding issues on completed developments are resolved as soon as is practicable. Costs associated with legacy properties External wall systems and associated review On 13 March 2023, the Group signed the Self-Remediation Terms and Contract, codifying the commitments previously made under the Building Safety Pledge to undertake, or to fund, remediation or mitigation works on external wall systems (EWS) on all buildings of 11 metres or above in England and Wales that it has developed or refurbished in the 30 years preceding the date of the Building Safety Pledge, and to reimburse the Government\u2019s Building Safety Fund wherever they have contributed to such activities. The Group has provided for the cost of fulfilling this commitment, as well as assisting with remedial work identified at a limited number of other legacy properties where it has a legal liability to do so, where relevant build issues have been identified, or where it is considered probable that such build issues exist.
Review
confirmed
no remediation,
Identified for or remediation
30 June 2023 review
completed
30 June 2024
Under review:
Buildings above 18 metres
168
6
(28)
146
Buildings between 11
and 18 metres
110
20
(14)
116
Total buildings
278
26
(42)
262
Developments
89
14
(11)
92
The Group continues to review all of its current and legacy buildings where it has used EWS or cladding solutions, assessing the action required in line with the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied residential buildings. All our buildings, including those incorporating EWS or cladding solutions, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion. This is a complex area requiring significant estimates with respect to the estimates for the number of buildings affected, the individual remediation requirements of each building and the costs associated with that remediation (see also note 28). Following contact from building owners regarding potential issues, a net further 26 buildings with a height of over 11 metres were added to the scope of works in the period (2023: 65 buildings). This reflects a reduction in the rate at which new buildings are being identified in comparison to the period immediately following the signature of the Self-Remediation Terms and Contract on 13 March 2023. At 30 June 2024, of the 262 buildings in the portfolio under review, 137 were at tender or site mobilisation or were in the process of being remediated (2023: 278 buildings, of which 63 were at tender or site mobilisation or were in the process of being remediated). As investigations into, and remediation of, the remaining buildings in the programme continue under the PAS9980 regime, it is possible that a limited number will require more extensive remediation than initially expected, which will represent a higher cost per unit than the population average. Whilst existing provisions have more than covered the additional costs on such properties, we have received higher than expected tender returns in the year relating to future remediations. In addition, we have seen costs from the Building Safety Fund continue to be higher than initially communicated to us. The Group has increased its overall EWS provision by \u00a356.4m to reflect its revised estimates. During the second half of the year it was identified following further investigation that, due to the unique unitised curtain wall system used in their construction, there is no testing methodology available to certify under PAS9980 the fire safety of three buildings on one development. This wall system has not been used in any other of the Group\u2019s buildings. As a result, it is now expected that the wall system will need to be replaced, which will be undertaken in a manner that minimises disruption to residents. The cost of these works is estimated to be \u00a369.5m based on the current expected method of remediation, though due to the unique nature of the building, this estimate may vary as the process is further developed. It is now assumed that the majority of work on the remaining buildings in the portfolio will be completed over the next five years. This depends on a number of factors including timely engagement of building owners and remediation work being delivered in line with our estimated timings. Accordingly, the provision has been revalued to its present value, considering the effect of inflation and a discount rate of 4.0% based on gilt rates at the reporting date (2023: 4.7%), resulting in a release through cost of sales of \u00a30.6m (2023: charge of \u00a37.5m). The investigation of the works required at many of the buildings is at an early stage and therefore it is possible that the scope of work required could change. If government legislation and regulation further evolve, or if the estimated timing of work is affected by building owner engagement or contractor availability, these estimates will change. In relation to the Group\u2019s obligations under the Scottish Safer Buildings Accord, signed on 31 May 2023, and the Housing (Cladding Remediation) (Scotland) Act, passed on 21 June 2024, the external wall provision is recorded on the basis that the standard of remediation required in Scotland is consistent with England and Wales. This will be determined when the final contract with the Scottish Government is signed (see note 28). The estimates are based on key assumptions that will be updated as work and time progress. The sensitivity of the provision held at the balance sheet date to the following possible movements in key assumptions is shown below:
Increase/(decrease)
in provisions at
30 June 2024
Sensitivity \u00a3m
10% increase in estimated cost
60.8
5% increase in the number of buildings
28.5
100 bps increase in discount rate
(13.6)
Reinforced concrete frames As announced in July 2020, we took the decision to pay for required remedial action on the reinforced concrete frame at the Citiscape development in Croydon and undertook an associated review of 27 other developments designed by the same engineering firm or its associated companies. This review is substantially complete and remediation work is ongoing. As work progresses, estimates of costs to complete are reassessed and the provision updated accordingly. In the prior year, structural issues were separately found at two developments where reinforced concrete frames were designed for us by a different engineering firm to that employed at Citiscape. Following further analysis undertaken during the second half of the year and as preliminary work on those developments has progressed, it is now considered probable that extensive remediation will be required. Based on a high-level risk review, an additional \u00a356.6m has been provided at the reporting date. Further analysis must be undertaken to determine both the exact locations within the developments which will need to be remediated and the nature of the work to be performed in each case, which may result in revisions to the estimated costs and time frame of delivery. Management has made estimates as to the future costs, the extent of the remedial works required and the costs of providing alternative accommodation to any residents affected by the remedial works. These Financial Statements have been prepared based on currently available information, including known costs and quotations where possible. However, the extent, cost and timing of remedial work may change as work progresses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-439": { "value": "19. Provisions Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material.
Group
Costs in Legacy Legacy
relation properties properties
to - EWS and - reinforced
completed associated concrete
developments review frames Total
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July 2023
176.1
535.9
76.4
788.4
Additions
67.7
125.9
56.6
250.2
Sites reclassified to completed
developments
15.0
\u2014
\u2014
15.0
Releases
(20.5)
\u2014
(3.5)
(24.0)
Revaluation due to the present value
and timing of cash flows
\u2014
(0.6)
1.6
1.0
Imputed interest
\u2014
26.3
3.2
29.5
Utilisation in the year
(47. 4)
(59.4)
(32.1)
(138.9)
At 30 June 2024
190.9
628.1
102.2
921.2
Group
2024 2023
\u00a3m \u00a3m
Current
378.0
310.5
Non-current
543.2
477.9
921.2
788.4
The Company had no provisions in either year. Costs in relation to completed developments Following the legal completion and handover to customers of all units on a site, the Group may retain obligations which are not settled for a number of years. These include costs in relation to the adoption of roads or public open space by local authorities, other contractual obligations to third parties and, in certain cases, the costs of remedial works where defects have been identified. Whilst a proportion of this cost will not be realised within 12 months, the Group has an obligation to complete the works immediately should it be requested to do so. The balance in total is therefore considered to be current in nature. All outstanding issues on completed developments are resolved as soon as is practicable. Costs associated with legacy properties External wall systems and associated review On 13 March 2023, the Group signed the Self-Remediation Terms and Contract, codifying the commitments previously made under the Building Safety Pledge to undertake, or to fund, remediation or mitigation works on external wall systems (EWS) on all buildings of 11 metres or above in England and Wales that it has developed or refurbished in the 30 years preceding the date of the Building Safety Pledge, and to reimburse the Government\u2019s Building Safety Fund wherever they have contributed to such activities. The Group has provided for the cost of fulfilling this commitment, as well as assisting with remedial work identified at a limited number of other legacy properties where it has a legal liability to do so, where relevant build issues have been identified, or where it is considered probable that such build issues exist.
Review
confirmed
no remediation,
Identified for or remediation
30 June 2023 review
completed
30 June 2024
Under review:
Buildings above 18 metres
168
6
(28)
146
Buildings between 11
and 18 metres
110
20
(14)
116
Total buildings
278
26
(42)
262
Developments
89
14
(11)
92
The Group continues to review all of its current and legacy buildings where it has used EWS or cladding solutions, assessing the action required in line with the latest updates to Government guidance, as it applies, to multi-storey and multi-occupied residential buildings. All our buildings, including those incorporating EWS or cladding solutions, were signed off by approved inspectors as compliant with the relevant Building Regulations at the time of completion. This is a complex area requiring significant estimates with respect to the estimates for the number of buildings affected, the individual remediation requirements of each building and the costs associated with that remediation (see also note 28). Following contact from building owners regarding potential issues, a net further 26 buildings with a height of over 11 metres were added to the scope of works in the period (2023: 65 buildings). This reflects a reduction in the rate at which new buildings are being identified in comparison to the period immediately following the signature of the Self-Remediation Terms and Contract on 13 March 2023. At 30 June 2024, of the 262 buildings in the portfolio under review, 137 were at tender or site mobilisation or were in the process of being remediated (2023: 278 buildings, of which 63 were at tender or site mobilisation or were in the process of being remediated). As investigations into, and remediation of, the remaining buildings in the programme continue under the PAS9980 regime, it is possible that a limited number will require more extensive remediation than initially expected, which will represent a higher cost per unit than the population average. Whilst existing provisions have more than covered the additional costs on such properties, we have received higher than expected tender returns in the year relating to future remediations. In addition, we have seen costs from the Building Safety Fund continue to be higher than initially communicated to us. The Group has increased its overall EWS provision by \u00a356.4m to reflect its revised estimates. During the second half of the year it was identified following further investigation that, due to the unique unitised curtain wall system used in their construction, there is no testing methodology available to certify under PAS9980 the fire safety of three buildings on one development. This wall system has not been used in any other of the Group\u2019s buildings. As a result, it is now expected that the wall system will need to be replaced, which will be undertaken in a manner that minimises disruption to residents. The cost of these works is estimated to be \u00a369.5m based on the current expected method of remediation, though due to the unique nature of the building, this estimate may vary as the process is further developed. It is now assumed that the majority of work on the remaining buildings in the portfolio will be completed over the next five years. This depends on a number of factors including timely engagement of building owners and remediation work being delivered in line with our estimated timings. Accordingly, the provision has been revalued to its present value, considering the effect of inflation and a discount rate of 4.0% based on gilt rates at the reporting date (2023: 4.7%), resulting in a release through cost of sales of \u00a30.6m (2023: charge of \u00a37.5m). The investigation of the works required at many of the buildings is at an early stage and therefore it is possible that the scope of work required could change. If government legislation and regulation further evolve, or if the estimated timing of work is affected by building owner engagement or contractor availability, these estimates will change. In relation to the Group\u2019s obligations under the Scottish Safer Buildings Accord, signed on 31 May 2023, and the Housing (Cladding Remediation) (Scotland) Act, passed on 21 June 2024, the external wall provision is recorded on the basis that the standard of remediation required in Scotland is consistent with England and Wales. This will be determined when the final contract with the Scottish Government is signed (see note 28). The estimates are based on key assumptions that will be updated as work and time progress. The sensitivity of the provision held at the balance sheet date to the following possible movements in key assumptions is shown below:
Increase/(decrease)
in provisions at
30 June 2024
Sensitivity \u00a3m
10% increase in estimated cost
60.8
5% increase in the number of buildings
28.5
100 bps increase in discount rate
(13.6)
Reinforced concrete frames As announced in July 2020, we took the decision to pay for required remedial action on the reinforced concrete frame at the Citiscape development in Croydon and undertook an associated review of 27 other developments designed by the same engineering firm or its associated companies. This review is substantially complete and remediation work is ongoing. As work progresses, estimates of costs to complete are reassessed and the provision updated accordingly. In the prior year, structural issues were separately found at two developments where reinforced concrete frames were designed for us by a different engineering firm to that employed at Citiscape. Following further analysis undertaken during the second half of the year and as preliminary work on those developments has progressed, it is now considered probable that extensive remediation will be required. Based on a high-level risk review, an additional \u00a356.6m has been provided at the reporting date. Further analysis must be undertaken to determine both the exact locations within the developments which will need to be remediated and the nature of the work to be performed in each case, which may result in revisions to the estimated costs and time frame of delivery. Management has made estimates as to the future costs, the extent of the remedial works required and the costs of providing alternative accommodation to any residents affected by the remedial works. These Financial Statements have been prepared based on currently available information, including known costs and quotations where possible. However, the extent, cost and timing of remedial work may change as work progresses. 28. Contingent liabilities Contingent liabilities related to subsidiaries The Company has guaranteed certain bank borrowings of its subsidiary undertakings. Certain subsidiary undertakings have commitments for the purchase of trading stock entered into in the normal course of business. In the normal course of business, the Group has given counter-indemnities in respect of performance bonds and financial guarantees. At 30 June 2024 the bonds and guarantees amount to \u00a3419.9m (2023: \u00a3412.7m) and, at the date of these Financial Statements, the possibility of cash outflow is considered minimal and no provision is required. External wall systems As disclosed in note 19, on 13 March 2023, the Group signed the Self-Remediation Terms and Contract and is continuing to undertake a review of all of its current and legacy buildings where it has used EWS or cladding solutions. Approved inspectors signed off all of our buildings, including the EWS or cladding used, as compliant with the relevant building regulations at the time of completion. At 30 June 2024, the Group held provisions of \u00a3628.1m (2023: \u00a3535.9m) in relation to EWS and associated reviews, based on management\u2019s best estimate of the cost and timing of remediation of in-scope buildings. It is possible that as remediation work proceeds, additional remedial works are required which do not relate to EWS or cladding solutions. Such works may not have been identified from the reviews and physical inspections undertaken to date and may only be identified when detailed remediation work is in progress. Therefore, the nature, timing and extent of any such costs were unknown at the balance sheet date. It is also possible that the number of buildings requiring remediation may increase. This could occur because buildings which hold valid EWS1 certificates are found to require remediation or because investigatory works identify remediation not previously identified. In addition, we recognise that the retrospective review of building materials and fire safety matters continues to evolve. The Financial Statements have been prepared based on currently available information and regulatory guidance. However, these estimates may be updated if government legislation and regulation further evolve. On 31 May 2023 the Group signed the Scottish Safer Buildings Accord, committing to resolve life-critical fire safety defects in multi-occupancy residential domestic or part-domestic buildings, over 11 metres, built by us as a developer in the period of 30 years to 1 June 2022. This Accord is not legally binding, but we are committed to working in good faith with the Scottish Government to agree a legal form contract. The Group has undertaken preliminary cost assessments at multi-occupancy buildings over 11 metres in Scotland at which fire safety defects have been identified. The Group\u2019s EWS provision at 30 June 2024 reflects the outcome of these assessments. The estimates are based on the assumption that the standard of remediation required in Scotland is consistent with that in England and Wales. The Housing (Cladding Remediation) (Scotland) Act 2024, which became law on 21 June 2024, has provided a framework on which the remediation programme in Scotland can be based, but requires secondary legislation and further contractual agreement with developers to determine the details. The estimated cost may vary depending on the final form of the developer remediation contract agreed with the Scottish Government. During the year, warranty providers received claims under warranties for building safety matters on three developments historically delivered by the Group. Further investigation is required to determine whether the nature and extent of any remediation work is incremental to that already expected and we expect this process to be completed within the next financial year. Reinforced concrete frames As disclosed in note 19, the Group is undertaking remediation at developments designed by certain engineering firms or associated companies. The Financial Statements have been prepared based on currently available information; however, the detailed review is ongoing and the extent and cost of any remedial work may change as this work progresses. We are actively seeking to recover costs from third parties in respect of EWS and reinforced concrete frames; however, there is no certainty regarding the extent of any financial recovery. Contingent liabilities related to JVs The Group has given counter-indemnities in respect of performance bonds and financial guarantees to its JVs totalling \u00a35.0m at 30 June 2024 (2023: \u00a39.5m). The Group has also given a number of performance guarantees in respect of the obligations of its JVs, requiring the Group to complete development agreement contractual obligations in the event that the JVs do not perform as required under the terms of the related contracts. At 30 June 2024, the probability of any loss to the Group resulting from these guarantees is considered to be remote. Contingent liabilities related to legal claims Provision is made for the Directors\u2019 best estimates of all known material legal claims and all legal actions in progress. The Group takes legal advice as to the likelihood of success of claims and actions and no provision is made (other than for legal costs) where the Directors consider, based on such advice, that claims or actions are unlikely to succeed, or a sufficiently reliable estimate of the potential obligations cannot be made. Contingent liability in respect of the investigation by the Competition and Markets Authority On 26 February 2024, the Competition and Markets Authority (CMA) launched an investigation under Chapter I of the Competition Act 1998 into suspected breaches of competition law by eight housebuilders, relating to the exchange of competitively sensitive information, including the Company and its subsidiaries. We continue to co-operate with the CMA in its investigation. The timing of the conclusions of this investigation and any potential impact on the Group is unknown.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-490": { "value": " Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable that the Group will be required to settle that obligation. Provisions are measured at the Directors\u2019 best estimate of the expenditure required to settle the obligation at the balance sheet date and are discounted to present value where the effect is material. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-413": { "value": "20. Contract assets and liabilities Contract assets and liabilities Contract assets relate to amounts due from customers primarily for construction work completed but not invoiced at the balance sheet date in relation to contracts where revenue is recognised over time. These amounts are included in trade and other receivables. The Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately expense the incremental costs of obtaining contracts where the amortisation period of the assets would have been one year or less. Contract liabilities relate to payments received from the customer on the contract, and/or amounts invoiced to the customer in advance of the Group performing its obligations on contracts where revenue is recognised either over time or at a point in time. These amounts are included within trade and other payables. Significant changes in contract assets and liabilities are as follows:
Contracts on which Contracts on which
revenue is recognised revenue is recognised
over time at a point in time
2024 2023 2024 2023
\u00a3m \u00a3m \u00a3m \u00a3m
At 1 July:
Amounts included within trade and
other payables
(9.6)
(4.2)
(79.6)
(120.1)
Amounts included within trade and
other receivables
21.3
13.3
\u2014
\u2014
11.7
9.1
(79.6)
(120.1)
Movements in the year:
Performance obligations satisfied in the year
218.2
192.7
3,950.0
5,128.7
Amounts invoiced in the year
(226.9)
(190.1)
(3,870.4)
(5,008.6)
Movements in retentions
(0.3)
\u2014
\u2014
\u2014
Cash received for performance obligations
not yet satisfied
\u2014
\u2014
(65.2)
(79.6)
At 30 June
2.7
11.7
(65.2)
(79.6)
Analysed as:
Amounts included within trade and
other payables
(4.2)
(9.6)
(65.2)
(79.6)
Amounts included within trade and
other receivables
6.9
21.3
\u2014
\u2014
Further revenue of \u00a374.6m (2023: \u00a3104.3m) is expected to be recognised in future years in
respect of contracts on which revenue is recognised over time, of which 66.6% (2023: 86.8%)
is expected to be recognised within 12 months of the balance sheet date.
The Company had no contract assets or liabilities in either year.
", "dimensions": { "concept": "barrattdevelopments:DisclosureOfContractAssetsAndLiabilities", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-491": { "value": "Contract assets and liabilities Contract assets relate to amounts due from customers primarily for construction work completed but not invoiced at the balance sheet date in relation to contracts where revenue is recognised over time. These amounts are included in trade and other receivables. The Group has taken advantage of the practical expedient in paragraph 94 of IFRS 15 to immediately expense the incremental costs of obtaining contracts where the amortisation period of the assets would have been one year or less. Contract liabilities relate to payments received from the customer on the contract, and/or amounts invoiced to the customer in advance of the Group performing its obligations on contracts where revenue is recognised either over time or at a point in time. These amounts are included within trade and other payables. ", "dimensions": { "concept": "barrattdevelopments:DescriptionOfAccountingPolicyForContractAssetsAndLiabilities", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-470": { "value": "21. Financial instruments Recognition Financial assets and financial liabilities are recognised on the Balance Sheet in accordance with IFRS 9 when the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. The Group derecognises a financial liability only when the Group\u2019s obligations are discharged or cancelled or they expire. Classification and measurement All non-derivative financial assets are classified in accordance with IFRS 9 as \u201csubsequently measured at amortised cost\u201d. All non-derivative financial liabilities are classified as \u201csubsequently measured at amortised cost\u201d. Financial assets and liabilities subsequently measured at amortised cost are initially recognised at fair value determined based on discounted cash flow analysis using current market rates for similar instruments. They are subsequently measured at amortised cost using the \u201ceffective interest rate\u201d method. Financial assets are also measured after recognition of any impairment, which is included within administrative expenses in the Income Statement. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Impairment A loss allowance is recognised for expected credit losses on financial assets as described in note 16. Any impairment is recognised immediately in the Income Statement. Financial assets The carrying values and fair values of the Group and Company financial assets are as follows:
Group
Company
2024 2023 2024 2023
Fair Carrying Fair Carrying Fair Carrying Fair Carrying
value value value value value value value value
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash
equivalents
17
1,065.3
1,065.3
1,269.1
1,269.1
827.6
827.6
1,005.0
1,005.0
Measured at
amortised cost:
Trade and
other
receivables1
133.8
133.8
118.7
118.7
4.6
4.6
2.7
2.7
Intercompany
receivables
16
\u2014
\u2014
\u2014
\u2014
245.1
245.1
79.0
79.0
Total financial
assets
1,199.1
1,199.1
1,387.8
1,387.8
1,077.3
1,077.3
1,086.7
1,086.7
1 Excludes amounts recoverable on contracts, prepayments and accrued income, and tax and social security .
Financial liabilities
The carrying values and fair values of the Group and Company financial liabilities are as follows:
Group
Company
2024 2023 2024 2023
Fair Carrying Fair Carrying Fair Carrying Fair Carrying
value value value value value value value value
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Measured at
amortised
cost:
Bank
overdrafts
17
\u2014
\u2014
3.4
3.4
\u2014
\u2014
\u2014
\u2014
Loans and
borrowings
17
184.2
200.0
170.7
200.0
184.2
200.0
170.7
200.0
Trade and
other
payables1
991.5
1,025.9
1,086.6
1,119.5
20.6
20.6
18.1
18.1
Intercompany
payables
18
\u2014
\u2014
\u2014
\u2014
91.3
91.3
354.2
354.2
Lease
liabilities
14
42.8
42.8
46.2
46.2
1.3
1.3
4.2
4.2
Total financial
liabilities
1,218.5
1,268.7
1,306.9
1,369.1
297.4
313.2
547.2
576.5
1 Excludes deferred income, payments received in excess of amounts recoverable on contracts, tax and social security and other non-
financial liabilities.
The fair values of liabilities in the above table have been determined using discounted cash
flows based on observable market data other than quoted prices in active markets for
identical liabilities.
Trade and other payables include items secured by legal charges as disclosed in note 18.
Financial instruments gains and losses
The net (gains)/losses recorded in the Consolidated Income Statement, in respect of
financial instruments (excluding interest shown in note 6), were as follows:
Notes
2024
\u00a3m
2023
\u00a3m
Financial assets measured at amortised cost
Trade receivables - loss allowance charge 16 2.3 5.6
Recoveries of amounts previously written off 16 (3.3) (2.0)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-458": { "value": "21. Financial instruments Recognition Financial assets and financial liabilities are recognised on the Balance Sheet in accordance with IFRS 9 when the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. The Group derecognises a financial liability only when the Group\u2019s obligations are discharged or cancelled or they expire. Classification and measurement All non-derivative financial assets are classified in accordance with IFRS 9 as \u201csubsequently measured at amortised cost\u201d. All non-derivative financial liabilities are classified as \u201csubsequently measured at amortised cost\u201d. Financial assets and liabilities subsequently measured at amortised cost are initially recognised at fair value determined based on discounted cash flow analysis using current market rates for similar instruments. They are subsequently measured at amortised cost using the \u201ceffective interest rate\u201d method. Financial assets are also measured after recognition of any impairment, which is included within administrative expenses in the Income Statement. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Impairment A loss allowance is recognised for expected credit losses on financial assets as described in note 16. Any impairment is recognised immediately in the Income Statement. Financial assets The carrying values and fair values of the Group and Company financial assets are as follows:
Group
Company
2024 2023 2024 2023
Fair Carrying Fair Carrying Fair Carrying Fair Carrying
value value value value value value value value
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash
equivalents
17
1,065.3
1,065.3
1,269.1
1,269.1
827.6
827.6
1,005.0
1,005.0
Measured at
amortised cost:
Trade and
other
receivables1
133.8
133.8
118.7
118.7
4.6
4.6
2.7
2.7
Intercompany
receivables
16
\u2014
\u2014
\u2014
\u2014
245.1
245.1
79.0
79.0
Total financial
assets
1,199.1
1,199.1
1,387.8
1,387.8
1,077.3
1,077.3
1,086.7
1,086.7
1 Excludes amounts recoverable on contracts, prepayments and accrued income, and tax and social security Financial liabilities The carrying values and fair values of the Group and Company financial liabilities are as follows:
Group
Company
2024 2023 2024 2023
Fair Carrying Fair Carrying Fair Carrying Fair Carrying
value value value value value value value value
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Measured at
amortised
cost:
Bank
overdrafts
17
\u2014
\u2014
3.4
3.4
\u2014
\u2014
\u2014
\u2014
Loans and
borrowings
17
184.2
200.0
170.7
200.0
184.2
200.0
170.7
200.0
Trade and
other
payables1
991.5
1,025.9
1,086.6
1,119.5
20.6
20.6
18.1
18.1
Intercompany
payables
18
\u2014
\u2014
\u2014
\u2014
91.3
91.3
354.2
354.2
Lease
liabilities
14
42.8
42.8
46.2
46.2
1.3
1.3
4.2
4.2
Total financial
liabilities
1,218.5
1,268.7
1,306.9
1,369.1
297.4
313.2
547.2
576.5
1 Excludes deferred income, payments received in excess of amounts recoverable on contracts, tax and social security and other non- financial liabilities. The fair values of liabilities in the above table have been determined using discounted cash flows based on observable market data other than quoted prices in active markets for identical liabilities. Trade and other payables include items secured by legal charges as disclosed in note 18. Financial instruments gains and losses The net (gains)/losses recorded in the Consolidated Income Statement, in respect of financial instruments (excluding interest shown in note 6), were as follows: Notes 2024 \u00a3m 2023 \u00a3m Financial assets measured at amortised cost Trade receivables - loss allowance charge 16 2.3 5.6 Recoveries of amounts previously written off 16 (3.3) (2.0)", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-501": { "value": "Recognition Financial assets and financial liabilities are recognised on the Balance Sheet in accordance with IFRS 9 when the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire or it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. The Group derecognises a financial liability only when the Group\u2019s obligations are discharged or cancelled or they expire.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-502": { "value": "Impairment A loss allowance is recognised for expected credit losses on financial assets as described in note 16. Any impairment is recognised immediately in the Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-440": { "value": "Financial assets The carrying values and fair values of the Group and Company financial assets are as follows:
Group
Company
2024 2023 2024 2023
Fair Carrying Fair Carrying Fair Carrying Fair Carrying
value value value value value value value value
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and cash
equivalents
17
1,065.3
1,065.3
1,269.1
1,269.1
827.6
827.6
1,005.0
1,005.0
Measured at
amortised cost:
Trade and
other
receivables1
133.8
133.8
118.7
118.7
4.6
4.6
2.7
2.7
Intercompany
receivables
16
\u2014
\u2014
\u2014
\u2014
245.1
245.1
79.0
79.0
Total financial
assets
1,199.1
1,199.1
1,387.8
1,387.8
1,077.3
1,077.3
1,086.7
1,086.7
1 Excludes amounts recoverable on contracts, prepayments and accrued income, and tax and social security . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-441": { "value": "Financial liabilities The carrying values and fair values of the Group and Company financial liabilities are as follows:
Group
Company
2024 2023 2024 2023
Fair Carrying Fair Carrying Fair Carrying Fair Carrying
value value value value value value value value
Notes \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Measured at
amortised
cost:
Bank
overdrafts
17
\u2014
\u2014
3.4
3.4
\u2014
\u2014
\u2014
\u2014
Loans and
borrowings
17
184.2
200.0
170.7
200.0
184.2
200.0
170.7
200.0
Trade and
other
payables1
991.5
1,025.9
1,086.6
1,119.5
20.6
20.6
18.1
18.1
Intercompany
payables
18
\u2014
\u2014
\u2014
\u2014
91.3
91.3
354.2
354.2
Lease
liabilities
14
42.8
42.8
46.2
46.2
1.3
1.3
4.2
4.2
Total financial
liabilities
1,218.5
1,268.7
1,306.9
1,369.1
297.4
313.2
547.2
576.5
1 Excludes deferred income, payments received in excess of amounts recoverable on contracts, tax and social security and other non- financial liabilities. The fair values of liabilities in the above table have been determined using discounted cash flows based on observable market data other than quoted prices in active markets for identical liabilities. Trade and other payables include items secured by legal charges as disclosed in note 18. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-442": { "value": "22. Share capital Equity instruments Ordinary share capital is recorded at the proceeds received, net of direct issue costs, and is classified as equity. Ordinary share capital
2024 2023
Allotted and issued ordinary shares \u00a3m \u00a3m
10p each fully paid: 97
4,592,261
(2023: 974,584,613) ordinary
shares
97.4
97.4
2024 2023
Options over the Company\u2019s shares granted during the year Number Number
LTPP
4,497,287
4,028,187
Sharesave
2,549,465
6,637,568
DBP
107,057
920,887
ELTIP
1,972,714
1,792,966
9,126,523
13,379,608
2024 2023
Allotment/cancellation of shares during the year Number Number
At 1 July
974,584,613
1,022,562,819
Buyback and cancellation of shares in the year
\u2014
(47,985,293)
Issued to satisfy exercises under Sharesave schemes
7,648
7,087
At 30 June
974,592,261
974,584,613
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-414": { "value": "22. Share capital Equity instruments Ordinary share capital is recorded at the proceeds received, net of direct issue costs, and is classified as equity. Ordinary share capital
2024 2023
Allotted and issued ordinary shares \u00a3m \u00a3m
10p each fully paid: 97
4,592,261
(2023: 974,584,613) ordinary
shares
97.4
97.4
2024 2023
Options over the Company\u2019s shares granted during the year Number Number
LTPP
4,497,287
4,028,187
Sharesave
2,549,465
6,637,568
DBP
107,057
920,887
ELTIP
1,972,714
1,792,966
9,126,523
13,379,608
2024 2023
Allotment/cancellation of shares during the year Number Number
At 1 July
974,584,613
1,022,562,819
Buyback and cancellation of shares in the year
\u2014
(47,985,293)
Issued to satisfy exercises under Sharesave schemes
7,648
7,087
At 30 June
974,592,261
974,584,613
23. Merger reserve The merger reserve comprises the non-statutory premium arising on shares issued as consideration for the acquisition of subsidiaries where merger relief under Section 612 of the Companies Act 2006 applies.
2024
2023
Ordinary shares in the Company held in the EBT (number)
8,063,747
4,998,602
Cost of shares held in the EBT (\u00a3m)
36.9
23.2
Market value of shares held in the EBT at 472.2p (2023: 413.5p)
per share (\u00a3m)
38.1
20.7
During the year, the EBT purchased 5,000,000 (2023: 2,951,352) shares in the market and
disposed of 1,351,813 (2023: 3,254,817) shares, which were used to satisfy the vesting of
ELTIP and LTPP awards in both years and also the DBP awards in 2023. A further 583,042
shares were used in settlement of exercises under Sharesave schemes (2023: 18,101).
24. Capital redemption reserve
During the prior year the Company purchased 47,985,293 of its own shares in the market
which were then cancelled. The nominal value of these shares was transferred to the
capital redemption reserve.
2024 2023
\u00a3m \u00a3m
At 1 July
4.8
\u2014
Amounts transferred in respect of own shares purchased and
cancelled during the year
\u2014
4.8
At 30 June
4.8
4.8
25. Own shares reserve
The own shares reserve represents the cost of shares in Barratt Developments PLC
purchased in the market or issued by the Company and held by the EBT on behalf of the
Company in order to satisfy options and awards that have been granted by the Company.
The EBT has agreed to waive all, or any future right to dividend payments on shares
held within the EBT and these shares do not count in the calculation of the weighted
average number of shares used to calculate EPS until such time as they are vested to
the relevant employee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-492": { "value": "Equity instruments Ordinary share capital is recorded at the proceeds received, net of direct issue costs, and is classified as equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-443": { "value": "
23. Merger reserve
The merger reserve comprises the non-statutory premium arising on shares issued as
consideration for the acquisition of subsidiaries where merger relief under Section 612
of the Companies Act 2006 applies.
24. Capital redemption reserve During the prior year the Company purchased 47,985,293 of its own shares in the market which were then cancelled. The nominal value of these shares was transferred to the capital redemption reserve.
2024 2023
\u00a3m \u00a3m
At 1 July
4.8
\u2014
Amounts transferred in respect of own shares purchased and
cancelled during the year
\u2014
4.8
At 30 June
4.8
4.8
25. Own shares reserve The own shares reserve represents the cost of shares in Barratt Developments PLC purchased in the market or issued by the Company and held by the EBT on behalf of the Company in order to satisfy options and awards that have been granted by the Company. The EBT has agreed to waive all, or any future right to dividend payments on shares held within the EBT and these shares do not count in the calculation of the weighted average number of shares used to calculate EPS until such time as they are vested to the relevant employee.
2024
2023
Ordinary shares in the Company held in the EBT (number)
8,063,747
4,998,602
Cost of shares held in the EBT (\u00a3m)
36.9
23.2
Market value of shares held in the EBT at 472.2p (2023: 413.5p)
per share (\u00a3m)
38.1
20.7
During the year, the EBT purchased 5,000,000 (2023: 2,951,352) shares in the market and disposed of 1,351,813 (2023: 3,254,817) shares, which were used to satisfy the vesting of ELTIP and LTPP awards in both years and also the DBP awards in 2023. A further 583,042 shares were used in settlement of exercises under Sharesave schemes (2023: 18,101). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-459": { "value": "25. Own shares reserve The own shares reserve represents the cost of shares in Barratt Developments PLC purchased in the market or issued by the Company and held by the EBT on behalf of the Company in order to satisfy options and awards that have been granted by the Company. The EBT has agreed to waive all, or any future right to dividend payments on shares held within the EBT and these shares do not count in the calculation of the weighted average number of shares used to calculate EPS until such time as they are vested to the relevant employee.
2024
2023
Ordinary shares in the Company held in the EBT (number)
8,063,747
4,998,602
Cost of shares held in the EBT (\u00a3m)
36.9
23.2
Market value of shares held in the EBT at 472.2p (2023: 413.5p)
per share (\u00a3m)
38.1
20.7
During the year, the EBT purchased 5,000,000 (2023: 2,951,352) shares in the market and disposed of 1,351,813 (2023: 3,254,817) shares, which were used to satisfy the vesting of ELTIP and LTPP awards in both years and also the DBP awards in 2023. A further 583,042 shares were used in settlement of exercises under Sharesave schemes (2023: 18,101). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-415": { "value": "Outstanding equity-settled share-based payments At 30 June 2024, the following options were outstanding:
Option price 2024
Date of grant Pence
Number
Not exercisable after
Sharesave
9 April 2019 \u2013 5-year plan
519
74,561
31 December 2024
7 April 2020 \u2013 5-year plan
456
159,756
31 December 2025
7 April 2021 \u2013 3-year plan
604
452,347
31 December 2024
7 April 2021 \u2013 5-year plan
604
50,748
31 December 2026
6 April 2022 \u2013 3-year plan
436
1,472,868
31 December 2025
6 April 2022 \u2013 5-year plan
436
188,081
31 December 2027
12 April 2023 \u2013 3-year plan
347
4,339,352
31 December 2026
12 April 2023 \u2013 5-year plan
347
1,292,765
31 December 2028
3 April 2024 \u2013 3-year plan
381
2,064,681
31 December 2027
3 April 2024 \u2013 5-year plan
381
428,205
31 December 2029
Total Sharesave options
10,523,364
LTPP
14 October 2021 \u2013 Executive
\u2014
1,034,903
\u2014
14 February 2022 \u2013 Executive
\u2014
117,716
\u2014
12 October 2022 \u2013 Executive
\u2014
1,756,646
\u2014
21 December 2023 \u2013 Executive
\u2014
2,125,301
\u2014
14 October 2021 \u2013 Senior management
\u2014
1,072,815
\u2014
12 October 2022 \u2013 Senior management
\u2014
1,903,806
\u2014
21 December 2023 \u2013 Senior management
\u2014
2,301,468
\u2014
Total LTPP awards
10,312,655
26. Share-based payments The Group issues equity-settled share-based payments to certain employees. Share-based payments Equity-settled share-based payments are measured at the fair value of the equity instrument at the date of grant. Fair value is measured either using Black Scholes or Monte Carlo models depending on the characteristics of the scheme. Valuations have also been adjusted for any post-vesting holding period with the adjustment calculated using a Finnerty and Chaffe model. The fair value is expensed in the Income Statement on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest where non-market vesting conditions apply. Non-market vesting conditions are taken into account in the estimate of the fair value of the equity instruments. Analysis of the Consolidated Income Statement charge:
2024 2023
\u00a3m \u00a3m
Equity-settled share-based payments:
LTPP
7.6
(2.2)
Sharesave
4.6
3.6
DBP
2.9
2.7
ELTIP
4.8
6 .1
19.9
10.2
As at 30 June 2024, an accrual of \u00a33.7m (2023: \u00a32.7m) was recognised in respect of social security liabilities on share-based payments. Share-based payments reserve The share-based payments reserve represents the obligation of the Group in relation to equity-settled share-based payment transactions. Details of movements in the share-based payments reserve are shown on the Statement of Changes in Shareholders\u2019 Equity.
Not
Option price 2024 exercisable
Date of grant Pence Number after
DBP
24 September 2021
\u2014
637,949
\u2014
12 October 2022
\u2014
878,493
\u2014
25 September 2023
\u2014
07,057
\u2014
1
Total DBP awards
1,623,499
ELTIP
15 July 2021
\u2014
155
\u2014
15 July 2022
\u2014
1,362,056
\u2014
17 July 2023
\u2014
1,707,838
\u2014
Total ELTIP awards
3,070,049
Tot a l
25,529,567
Further information relating to the share-based payment schemes
Sharesave
Under the Sharesave, participants are required to make monthly contributions to an HMRC
approved savings contract with a bank or building society for a period of three or five
years. On entering into the savings contract, participants are granted an option to acquire
ordinary shares in the Company at an exercise price determined under the rules of the
Sharesave. The Sharesave is open to all eligible employees as determined by the Board
and is not subject to the satisfaction of any performance conditions.
LTPP
The grant of awards under the LTPP is at the discretion of the Remuneration Committee
taking into account individual performance and overall performance of the Group. Vesting
under this scheme is dependent upon performance conditions including TSR, EPS, ROCE
and GHG emissions. Further details can be found in the Remuneration Report on pages
134 and 135.
DBP
Deferred shares are held in accordance with the DBP as approved by the shareholders
at the 2015 AGM. The DBP is currently utilised to hold shares awarded in respect of any
bonus earned in excess of 100% of base salary. Further details can be found on page 138.
ELTIP
The Board approved the 2023 Award in July 2023 and the 2022 Award in July 2022 under
the ELTIP. The Awards were made to all eligible employees employed as at 17 July 2023
and 15 July 2022 respectively. Participants will be entitled to receive shares in the Company
when the 2022 Award vests on 1 July 2024, and participants of the 2023 Award will be
entitled to receive shares in the Company when the Award vests on 1 July 2025. Senior
management is not eligible to participate in the ELTIP. The Awards are not subject to the
satisfaction of any performance condition other than that participants remain employed
by the Group and have not resigned before the end of the vesting period.
Number and weighted average exercise price of outstanding share-based payments
The number and weighted average exercise prices of options and awards made under the
Group\u2019s share option schemes were as follows:
2024
2023
Weighted Weighted
average average
exercise exercise
price in Number of price in Number of
LTPP pence award units pence award units
Outstanding at 1 July
\u2014
8,947,593
\u2014
7,823,199
Forfeited during the year
\u2014
(2,593,279)
\u2014
(1,161,682)
Reinstated
\u2014
\u2014
\u2014
8,989
Exercised during the year
\u2014
(538,946)
\u2014
(1,751,100)
Granted during the year
\u2014
4,497,287
\u2014
4,028,187
Outstanding at 30 June
\u2014
10,312,655
\u2014
8,947,593
Exercisable at 30 June
\u2014
\u2014
\u2014
\u2014
2024
2023
Weighted Weighted
average average
exercise exercise
price in Number of price in Number of
Sharesave pence award units pence award units
Outstanding at 1 July
398
11,322,268
474
8,945,381
Forfeited during the year
423
(2,757,679)
532
(4,235,493)
Exercised during the year
454
(590,690)
461
(25,188)
Granted during the year
381
2,549,465
347
6,637,568
Outstanding at 30 June
384
10,523,364
398
11,322,268
Exercisable at 30 June
\u2014
\u2014
\u2014
\u2014
2024
2023
Weighted Weighted
average average
exercise exercise
price in Number of price in Number of
DBP pence award units pence award units
Outstanding at 1 July
\u2014
1,528,406
\u2014
1,225,640
Forfeited during the year
\u2014
(11,964)
\u2014
(25,123)
Exercised during the year
\u2014
\u2014
\u2014
(592,998)
Granted during the year
\u2014
07,
05 7
\u2014
920,887
1
Outstanding at 30 June
\u2014
1,623,499
\u2014
1,528,406
Exercisable at 30 June
\u2014
\u2014
\u2014
\u2014
2024
2023
Weighted Weighted
average average
exercise exercise
price in Number of price in Number of
ELTIP pence award units pence award units
Outstanding at 1 July
\u2014
2,373,943
\u2014
1,879,686
Forfeited during the year
\u2014
(463,741)
\u2014
(387,990)
Exercised during the year
\u2014
(812,867)
\u2014
(910,719)
Granted during the year
\u2014
1,972,714
\u2014
1,792,966
Outstanding at 30 June
\u2014
3,070,049
\u2014
2,373,943
Exercisable at 30 June
\u2014
\u2014
\u2014
\u2014
The weighted average share price, at the date of exercise, of share options exercised during
the year was 460.3 pence (2023: 368.8 pence). The weighted average life for all schemes
outstanding at the end of the year was 1.9 years (2023: 2.1 years).
Fair value of options and awards granted in the year
Weighted average fair value of options granted
Weighted average fair value of
options granted
2024 2023
Valuation model Pence Pence
Sharesave
Black Scholes model
112.3
132.9
LTPP
Black Scholes and Monte Carlo models
1
473.1
260.7
DBP
Black Scholes model
471.1
3 24.1
ELTIP
Black Scholes model
366.4
399.7
1 The TSR portion of the award is valued using a Monte Carlo model. Other elements of the award are valued using a Black Scholes model. The
valuations have also been adjusted for any post-vesting holding period with the adjustment calculated using a Finnerty and Chaffe model.
Inputs used to determine fair value of options
The weighted average inputs to the valuation models were as follows:
Grants 2024
Grants 2023
ELTIP
Sharesave
LTPP
DBP
ELTIP
Sharesave
LTPP
DBP
Average share
price
408p
466p
563p
472p
471p
467p
325p
325p
Average exercise
price
\u2014
381p
\u2014
\u2014
\u2014
347p
\u2014
\u2014
Expected volatility
32.9%
29.1%
32.3%
31.7%
37.3%
37.6%
44.8%
38.2%
2.0 3.5 3.0 3.0 2.0 3.5 3.0 3.0
Expected life years years years years years years years years
Risk-free interest
rate
5.30%
4.34%
3.60%
4.51%
4.14%
3.28%
4.17%
4.35%
Expected
dividends
5.4%
4.1%
\u2014
\u2014
8.2%
5.9%
\u2014
\u2014
Expected volatility was determined by reference to the historical volatility of the Group\u2019s
share price over a period consistent with the expected life of the options. The expected
life used in the models has been adjusted, based on the Directors\u2019 best estimate, for the
effects of non-transferability, exercise restrictions and behavioural considerations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-493": { "value": "Share-based payments Equity-settled share-based payments are measured at the fair value of the equity instrument at the date of grant. Fair value is measured either using Black Scholes or Monte Carlo models depending on the characteristics of the scheme. Valuations have also been adjusted for any post-vesting holding period with the adjustment calculated using a Finnerty and Chaffe model. The fair value is expensed in the Income Statement on a straight-line basis over the vesting period, based on the Group\u2019s estimate of shares that will eventually vest where non-market vesting conditions apply. Non-market vesting conditions are taken into account in the estimate of the fair value of the equity instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-416": { "value": "
27. Non-controlling interests
Group
Movement in non-controlling interest share of net assets recognised in 2024 2023
the Consolidated Balance Sheet \u00a3m \u00a3m
At 1 July
0.5
0.8
Distribution of profits to non-
controlling partner
(0.4)
(0.3)
Share of profit for the year recognised in the Consolidated
Income Statement
\u2014
\u2014
At 30 June
0.1
0.5
There are no significant restrictions on the ability of the Group to access or use assets
and settle liabilities. Detailed arrangements for each subsidiary are laid out in the relevant
shareholder and partnership agreements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-417": { "value": "
28. Contingent liabilities
Contingent liabilities related to subsidiaries
The Company has guaranteed certain bank borrowings of its subsidiary undertakings.
Certain subsidiary undertakings have commitments for the purchase of trading stock
entered into in the normal course of business.
In the normal course of business, the Group has given counter-indemnities in respect of
performance bonds and financial guarantees. At 30 June 2024 the bonds and guarantees
amount to \u00a3419.9m (2023: \u00a3412.7m) and, at the date of these Financial Statements, the
possibility of cash outflow is considered minimal and no provision is required.
External wall systems
As disclosed in note 19, on 13 March 2023, the Group signed the Self-Remediation Terms
and Contract and is continuing to undertake a review of all of its current and legacy
buildings where it has used EWS or cladding solutions. Approved inspectors signed off
all of our buildings, including the EWS or cladding used, as compliant with the relevant
building regulations at the time of completion.
At 30 June 2024, the Group held provisions of \u00a3628.1m (2023: \u00a3535.9m) in relation to EWS
and associated reviews, based on management\u2019s best estimate of the cost and timing
of remediation of in-scope buildings. It is possible that as remediation work proceeds,
additional remedial works are required which do not relate to EWS or cladding solutions.
Such works may not have been identified from the reviews and physical inspections
undertaken to date and may only be identified when detailed remediation work is in
progress. Therefore, the nature, timing and extent of any such costs were unknown
at the balance sheet date.
It is also possible that the number of buildings requiring remediation may increase.
This could occur because buildings which hold valid EWS1 certificates are found to require
remediation or because investigatory works identify remediation not previously identified.
In addition, we recognise that the retrospective review of building materials and fire safety
matters continues to evolve. The Financial Statements have been prepared based on
currently available information and regulatory guidance. However, these estimates may be
updated if government legislation and regulation further evolve.
On 31 May 2023 the Group signed the Scottish Safer Buildings Accord, committing to resolve
life-critical fire safety defects in multi-occupancy residential domestic or part-domestic
buildings, over 11 metres, built by us as a developer in the period of 30 years to 1 June 2022.
This Accord is not legally binding, but we are committed to working in good faith with the
Scottish Government to agree a legal form contract. The Group has undertaken preliminary
cost assessments at multi-occupancy buildings over 11 metres in Scotland at which fire
safety defects have been identified. The Group\u2019s EWS provision at 30 June 2024 reflects
the outcome of these assessments. The estimates are based on the assumption that the
standard of remediation required in Scotland is consistent with that in England and Wales.
The Housing (Cladding Remediation) (Scotland) Act 2024, which became law on 21 June 2024,
has provided a framework on which the remediation programme in Scotland can be based,
but requires secondary legislation and further contractual agreement with developers to
determine the details. The estimated cost may vary depending on the final form of the
developer remediation contract agreed with the Scottish Government.
During the year, warranty providers received claims under warranties for building safety
matters on three developments historically delivered by the Group. Further investigation
is required to determine whether the nature and extent of any remediation work is
incremental to that already expected and we expect this process to be completed within
the next financial year.
Reinforced concrete frames
As disclosed in note 19, the Group is undertaking remediation at developments designed
by certain engineering firms or associated companies. The Financial Statements have been
prepared based on currently available information; however, the detailed review is ongoing
and the extent and cost of any remedial work may change as this work progresses.
We are actively seeking to recover costs from third parties in respect of EWS and
reinforced concrete frames; however, there is no certainty regarding the extent of any
financial recovery.
Contingent liabilities related to JVs
The Group has given counter-indemnities in respect of performance bonds and financial
guarantees to its JVs totalling \u00a35.0m at 30 June 2024 (2023: \u00a39.5m).
The Group has also given a number of performance guarantees in respect of the obligations
of its JVs, requiring the Group to complete development agreement contractual obligations
in the event that the JVs do not perform as required under the terms of the related contracts.
At 30 June 2024, the probability of any loss to the Group resulting from these guarantees
is considered to be remote.
Contingent liabilities related to legal claims
Provision is made for the Directors\u2019 best estimates of all known material legal claims and
all legal actions in progress. The Group takes legal advice as to the likelihood of success
of claims and actions and no provision is made (other than for legal costs) where the
Directors consider, based on such advice, that claims or actions are unlikely to succeed,
or a sufficiently reliable estimate of the potential obligations cannot be made.
Contingent liability in respect of the investigation by the Competition
and Markets Authority
On 26 February 2024, the Competition and Markets Authority (CMA) launched an investigation
under Chapter I of the Competition Act 1998 into suspected breaches of competition law
by eight housebuilders, relating to the exchange of competitively sensitive information,
including the Company and its subsidiaries. We continue to co-operate with the CMA in its
investigation. The timing of the conclusions of this investigation and any potential impact
on the Group is unknown.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-460": { "value": "28. Contingent liabilities Contingent liabilities related to subsidiaries The Company has guaranteed certain bank borrowings of its subsidiary undertakings. Certain subsidiary undertakings have commitments for the purchase of trading stock entered into in the normal course of business. In the normal course of business, the Group has given counter-indemnities in respect of performance bonds and financial guarantees. At 30 June 2024 the bonds and guarantees amount to \u00a3419.9m (2023: \u00a3412.7m) and, at the date of these Financial Statements, the possibility of cash outflow is considered minimal and no provision is required. External wall systems As disclosed in note 19, on 13 March 2023, the Group signed the Self-Remediation Terms and Contract and is continuing to undertake a review of all of its current and legacy buildings where it has used EWS or cladding solutions. Approved inspectors signed off all of our buildings, including the EWS or cladding used, as compliant with the relevant building regulations at the time of completion. At 30 June 2024, the Group held provisions of \u00a3628.1m (2023: \u00a3535.9m) in relation to EWS and associated reviews, based on management\u2019s best estimate of the cost and timing of remediation of in-scope buildings. It is possible that as remediation work proceeds, additional remedial works are required which do not relate to EWS or cladding solutions. Such works may not have been identified from the reviews and physical inspections undertaken to date and may only be identified when detailed remediation work is in progress. Therefore, the nature, timing and extent of any such costs were unknown at the balance sheet date. It is also possible that the number of buildings requiring remediation may increase. This could occur because buildings which hold valid EWS1 certificates are found to require remediation or because investigatory works identify remediation not previously identified. In addition, we recognise that the retrospective review of building materials and fire safety matters continues to evolve. The Financial Statements have been prepared based on currently available information and regulatory guidance. However, these estimates may be updated if government legislation and regulation further evolve. On 31 May 2023 the Group signed the Scottish Safer Buildings Accord, committing to resolve life-critical fire safety defects in multi-occupancy residential domestic or part-domestic buildings, over 11 metres, built by us as a developer in the period of 30 years to 1 June 2022. This Accord is not legally binding, but we are committed to working in good faith with the Scottish Government to agree a legal form contract. The Group has undertaken preliminary cost assessments at multi-occupancy buildings over 11 metres in Scotland at which fire safety defects have been identified. The Group\u2019s EWS provision at 30 June 2024 reflects the outcome of these assessments. The estimates are based on the assumption that the standard of remediation required in Scotland is consistent with that in England and Wales. The Housing (Cladding Remediation) (Scotland) Act 2024, which became law on 21 June 2024, has provided a framework on which the remediation programme in Scotland can be based, but requires secondary legislation and further contractual agreement with developers to determine the details. The estimated cost may vary depending on the final form of the developer remediation contract agreed with the Scottish Government. During the year, warranty providers received claims under warranties for building safety matters on three developments historically delivered by the Group. Further investigation is required to determine whether the nature and extent of any remediation work is incremental to that already expected and we expect this process to be completed within the next financial year. Reinforced concrete frames As disclosed in note 19, the Group is undertaking remediation at developments designed by certain engineering firms or associated companies. The Financial Statements have been prepared based on currently available information; however, the detailed review is ongoing and the extent and cost of any remedial work may change as this work progresses. We are actively seeking to recover costs from third parties in respect of EWS and reinforced concrete frames; however, there is no certainty regarding the extent of any financial recovery. Contingent liabilities related to JVs The Group has given counter-indemnities in respect of performance bonds and financial guarantees to its JVs totalling \u00a35.0m at 30 June 2024 (2023: \u00a39.5m). The Group has also given a number of performance guarantees in respect of the obligations of its JVs, requiring the Group to complete development agreement contractual obligations in the event that the JVs do not perform as required under the terms of the related contracts. At 30 June 2024, the probability of any loss to the Group resulting from these guarantees is considered to be remote. Contingent liabilities related to legal claims Provision is made for the Directors\u2019 best estimates of all known material legal claims and all legal actions in progress. The Group takes legal advice as to the likelihood of success of claims and actions and no provision is made (other than for legal costs) where the Directors consider, based on such advice, that claims or actions are unlikely to succeed, or a sufficiently reliable estimate of the potential obligations cannot be made. Contingent liability in respect of the investigation by the Competition and Markets Authority On 26 February 2024, the Competition and Markets Authority (CMA) launched an investigation under Chapter I of the Competition Act 1998 into suspected breaches of competition law by eight housebuilders, relating to the exchange of competitively sensitive information, including the Company and its subsidiaries. We continue to co-operate with the CMA in its investigation. The timing of the conclusions of this investigation and any potential impact on the Group is unknown.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-418": { "value": "29. Related party transactions Directors of Barratt Developments PLC and remuneration of key personnel The Board and certain members of senior management are related parties within the definition of IAS 24 (Revised): \u2018Related Party Disclosures\u2019 and the Board members are related parties within the definition of Chapter 11 of the UK Listing Rules. There is no difference between transactions with key personnel of the Company and transactions with key personnel of the Group. Disclosures related to the remuneration of key personnel as defined in IAS 24 are given in note 5. There have been no related party transactions as defined in Listing Rule 11.1.5R for the year ended 30 June 2024. Transactions between the Company and its subsidiaries and a former JV The Company has entered into transactions with its subsidiary undertakings in respect of funding and Group services which include management accounting and audit, sales and marketing, IT, company secretarial, architects and purchasing. Recharges are made to the subsidiaries based on their utilisation of these services.
Company
2024 2023
\u00a3m \u00a3m
Transactions between the Company and its subsidiaries and
former JV during the year:
Charges in respect of management and other services provided
to subsidiaries
158.0
142.7
Net interest paid by the Company on net loans from subsidiaries
16.9
18.4
Dividends received from subsidiary undertakings
516.0
500.0
Distribution received from a former JV of the Company
1
\u2014
0.1
Balances at 30 June:
Amounts due by the Company to subsidiary undertakings
91.3
354.2
Amounts due to the Company from subsidiary undertakings
245.1
79.0
1 The Company\u2019s only JV, Rose Shared Equity LLP, was wound up during the prior year. Prior to this, it made a final distribution to its members.
The Company and its subsidiaries have entered into counter-indemnities in the normal
course of business in respect of performance bonds.
Transactions between the Group and its JVs
The Group has entered into transactions with its JVs as follows:
Group
2024 2023
\u00a3m \u00a3m
Transactions between the Group and its JVs during the year:
Charges in respect of development management and other
services provided to JVs
10.3
8.4
Net interest charges in respect of funding provided to JVs
2 .1
1.6
Dividends received from JVs
7.1
34.8
Balances at 30 June:
Funding loans and interest due from JVs net of impairment
86.3
66.5
Other amounts due from JVs
27. 8
37.1
Loans and other amounts due to JVs
(0.6)
(0.5)
Changes in the amounts invested by the Group in joint ventures are shown in note 12.
In addition, one of the Group\u2019s subsidiaries, BDW Trading Limited, contracts with a number
of the Group\u2019s JVs to provide construction services. The Group\u2019s contingent liabilities
relating to its JVs are disclosed in note 28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-461": { "value": "29. Related party transactions Directors of Barratt Developments PLC and remuneration of key personnel The Board and certain members of senior management are related parties within the definition of IAS 24 (Revised): \u2018Related Party Disclosures\u2019 and the Board members are related parties within the definition of Chapter 11 of the UK Listing Rules. There is no difference between transactions with key personnel of the Company and transactions with key personnel of the Group. Disclosures related to the remuneration of key personnel as defined in IAS 24 are given in note 5. There have been no related party transactions as defined in Listing Rule 11.1.5R for the year ended 30 June 2024. Transactions between the Company and its subsidiaries and a former JV The Company has entered into transactions with its subsidiary undertakings in respect of funding and Group services which include management accounting and audit, sales and marketing, IT, company secretarial, architects and purchasing. Recharges are made to the subsidiaries based on their utilisation of these services.
Company
2024 2023
\u00a3m \u00a3m
Transactions between the Company and its subsidiaries and
former JV during the year:
Charges in respect of management and other services provided
to subsidiaries
158.0
142.7
Net interest paid by the Company on net loans from subsidiaries
16.9
18.4
Dividends received from subsidiary undertakings
516.0
500.0
Distribution received from a former JV of the Company
1
\u2014
0.1
Balances at 30 June:
Amounts due by the Company to subsidiary undertakings
91.3
354.2
Amounts due to the Company from subsidiary undertakings
245.1
79.0
1 The Company\u2019s only JV, Rose Shared Equity LLP, was wound up during the prior year. Prior to this, it made a final distribution to its members. The Company and its subsidiaries have entered into counter-indemnities in the normal course of business in respect of performance bonds. Transactions between the Group and its JVs The Group has entered into transactions with its JVs as follows:
Group
2024 2023
\u00a3m \u00a3m
Transactions between the Group and its JVs during the year:
Charges in respect of development management and other
services provided to JVs
10.3
8.4
Net interest charges in respect of funding provided to JVs
2 .1
1.6
Dividends received from JVs
7.1
34.8
Balances at 30 June:
Funding loans and interest due from JVs net of impairment
86.3
66.5
Other amounts due from JVs
27. 8
37.1
Loans and other amounts due to JVs
(0.6)
(0.5)
Changes in the amounts invested by the Group in joint ventures are shown in note 12. In addition, one of the Group\u2019s subsidiaries, BDW Trading Limited, contracts with a number of the Group\u2019s JVs to provide construction services. The Group\u2019s contingent liabilities relating to its JVs are disclosed in note 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-419": { "value": "
30. Financial risk management
The Group\u2019s approach to risk management and the principal operational risks of the business
are detailed on pages 63 to 70. The Group\u2019s financial assets and financial liabilities are
detailed in note 21.
The Group\u2019s operations and financing arrangements expose it to a variety of financial risks,
of which the most material are: liquidity risk, the availability of funding at reasonable
margins, credit risk and interest rates. There is a regular, detailed system for the reporting
and forecasting of cash flows from operations to senior management including Executive
Directors to ensure that liquidity risks are promptly identified and appropriate mitigating
actions are taken by the Treasury department. These forecasts are further stress tested
at a Group level on a regular basis to ensure that adequate headroom within facilities and
banking covenants is maintained. In addition, the Group has a risk management programme
that seeks to limit the adverse effects of the other risks on its financial performance.
The Board approves treasury policies and certain day-to-day treasury activities have been
delegated to a centralised Treasury Operating Committee, which in turn regularly reports
to the Board. The Treasury department implements guidelines that are established by the
Board and the Treasury Operating Committee.
Liquidity risk
Liquidity risk is the risk that the Group will be unable to meet its liabilities as they fall due.
The Group actively maintains a mixture of long-term and medium-term committed facilities
that are designed to ensure that the Group has sufficient available funds for operations.
The Group\u2019s borrowings are typically cyclical throughout the financial year and peak in
April to May, and October to November of each year, due to seasonal trends in income.
Accordingly, the Group maintains sufficient facility headroom to cover these requirements.
On a normal operating basis, the Group has a policy of maintaining a minimum headroom
of \u00a3150.0m. The Group identifies and takes appropriate actions based on its regular,
detailed system for the reporting and forecasting of cash flows from its operations.
The Group\u2019s drawn debt, excluding fees, represented 22.2% (2023: 22.6%) of available
committed facilities at 30 June 2024. In addition, the Group had \u00a31,065.3m (2023: \u00a31,269.1m)
of cash and cash equivalents.
The Group was in compliance with its financial covenants at 30 June 2024. The Group\u2019s
resilience to its principal risks has been modelled, together with possible mitigating
actions, over a three-year period, considering the prospects of the combined group. At the
date of approval of the Financial Statements, the Group\u2019s internal forecasts indicate that
it will be able to operate within its current facilities and remain in compliance with these
covenants for the foreseeable future, being at least 12 months from the date of signing
these Financial Statements.
One of the Group\u2019s objectives is to minimise refinancing risk. The Group has a policy that
the average maturity of its committed bank facilities and private placement notes is a
minimum of two years with a target of two to three years. At 30 June 2024, the average
maturity of the Group\u2019s committed facilities was 4.1 years (2023: 4.4 years).
The Group maintains certain committed floating rate facilities with banks to ensure
sufficient liquidity for its operations. The undrawn committed facilities available to the
Group, in respect of which all conditions precedent had been met, were as follows:
Group
Company
2024 2023 2024 2023
Expiry date \u00a3m \u00a3m \u00a3m \u00a3m
In more than two years but not
more than five years
700.0
700.0
700.0
700.0
In addition, the Group had undrawn, uncommitted overdraft facilities available at 30 June 2024
of \u00a337.0m (2023: \u00a337.0m).
The expected undiscounted cash flows of the Group and Company financial liabilities, by
remaining contractual maturity at the balance sheet date, were as follows:
Less
Carrying Contractual than 1-2 2-5 Over 5
amount cash flow 1 year years years years
Group
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Loans and borrowings
(including bank overdrafts)1
21
200.0
219.3
5.5
5.5
208.3
\u2014
Trade and other payables
2
21
1,025.9
1,045.7
862.0
131.0
42.3
10.4
Lease liabilities
21
42.8
47.7
13.6
10.9
16.0
7.2
1,268.7
1,312.7
881.1
147.4
266.6
17.6
2023
Loans and borrowings
(including bank overdrafts)1
21
203.4
224.9
5.5
5.5
213.9
\u2014
Trade and other payables
2
21
1,119.5
1,140.1
937.8
133.0
67.4
1.9
Lease liabilities
21
46.2
50.3
13.3
11.4
18.8
6.8
1,369.1
1,415.3
956.6
149.9
300.1
8.7
1 The Group is party to banking agreements that include a legal right of offset, which enables the overdraft balances of \u00a3nil (2023: \u00a33.4m) to be
settled net with cash balances. These balances have been excluded from contractual cash flows.
2 Excludes deferred income, payments received in excess of amounts recoverable on contracts, tax and social security and other non-financial liabilities.
The Group had no derivative financial instruments at 30 June 2024 or 30 June 2023.
Less
Carrying Contractual than 1\u20132 2\u20135 Over 5
amount cash flow 1 year years years years
Company
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Loans and borrowings
(including bank overdrafts)
21
200.0
219.3
5.5
5.5
208.3
\u2014
Trade and other payables
1
21
20.6
20.6
20.6
\u2014
\u2014
\u2014
Intercompany payables
21
91.3
91.3
91.3
\u2014
\u2014
\u2014
Lease liabilities
21
1.3
1.4
0.7
0.4
0.3
\u2014
313.2
332.6
118.1
5.9
208.6
\u2014
2023
Loans and borrowings
(including bank overdrafts)
21
200.0
224.9
5.5
5.5
213.9
\u2014
Trade and other payables1
21
18.1
18.1
18.1
\u2014
\u2014
\u2014
Intercompany payables
21
354.2
354.2
354.2
\u2014
\u2014
\u2014
Lease liabilities
21
4.2
4.3
1.3
1.2
1.8
\u2014
576.5
601.5
379.1
6.7
215.7
\u2014
1 Excludes tax and social security and other non-financial liabilities.
The Company had no derivative financial instruments at 30 June 2024 or 30 June 2023.
Market risk (price risk)
Interest rate risk
The Group has both interest-bearing assets and interest-bearing liabilities. Floating rate
borrowings expose the Group to cash flow interest rate risk, and fixed rate borrowings
expose the Group to fair value interest rate risk.
The Group has a conservative treasury risk management strategy and the Group\u2019s interest
rates are set using fixed rate debt instruments.
Due to the level of the Group\u2019s interest cover ratio, and in accordance with the Group\u2019s
policy to hedge a proportion of the forecast RCF drawings based on the Group\u2019s three-year
plan, no interest rate hedges are currently required.
The exposure of the Group\u2019s financial liabilities to interest rate risk is as follows:
Non-interest
Floating rate Fixed rate -bearing
financial financial financial
liabilities liabilities liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
2024
Financial liability exposure to
interest rate risk
\u2014
200.0
1,068.7
1,268.7
2023
Financial liability exposure to
interest rate risk
\u2014
200.0
1,169.1
1,369.1
The Group retained a strong cash position throughout the year and, therefore, the Group
did not draw on its RCF during the year and the use of other facilities was minimal.
No interest was paid by the Group on floating rate borrowings in 2024 or 2023.
Sterling USPP notes of \u00a3200.0m were issued on 22 August 2017 with a fixed coupon of
2.77% and a ten-year maturity. These fixed rate notes expose the Group and Company to
fair value interest rate risk.
The exposure of the Company\u2019s financial liabilities to interest rate risk is as follows:
Non-interest
Floating rate Fixed rate -bearing
financial financial financial
liabilities\u200a liabilities liabilities\u200aTotal
Company \u00a3m \u00a3m \u00a3m \u00a3m
2024
Financial liability exposure
to interest rate risk
77.8
200.0
35.4
313.2
2023
Financial liability exposure to
interest rate risk
340.7
200.0
35.8
576.5
The Company\u2019s floating rate financial liabilities comprise interest-bearing loans from other Group undertakings, on which interest was charged at a rate of 4.0% throughout the year (2023: 4.0%). Sensitivity analysis In the year ended 30 June 2024, if UK interest rates had been 1.0% higher/lower (considered to be a reasonably possible change based on forecast Bank of England interest rates) and all other variables were held constant, the Group\u2019s pre-tax profit would increase/decrease by \u00a37.8m, the Group\u2019s post-tax profit would increase/decrease by \u00a35.9m and, as such, the Group\u2019s equity would increase/decrease by \u00a35.9m. Credit risk In the majority of cases, the Group receives cash on legal completion for private sales and receives advance stage payments from registered providers for affordable housing. The Group has \u00a31,065.3m (2023: \u00a31,269.1m) on deposit or in current accounts with 14 (2023: 14) financial institutions. Other than this, neither the Group nor the Company has a significant concentration of credit risk, as their exposure is spread over a large number of counterparties and customers. The Group manages credit risk through its credit policy. This limits its exposure to financial institutions with high credit ratings, as set by international credit rating agencies, and determines the maximum permissible exposure to any single counterparty. The maximum exposure to any counterparty at 30 June 2024 was \u00a3141.2m (2023: \u00a3181.3m) of cash on deposit with a financial institution. The carrying amount of financial assets recorded in the Financial Statements, net of any allowance for losses, represents the Group\u2019s maximum exposure to credit risk. As at 30 June 2024, the Company was exposed to \u00a3245.1m (2023: \u00a379.0m) of credit risk in relation to intercompany loans, which are considered to be of low credit risk and fully recoverable, as well as financial guarantees, performance bonds and the bank borrowings of subsidiary undertakings. Further details are provided in notes 28 and 29. Capital risk management (cash flow risk) The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns for shareholders and meet its liabilities as they fall due while maintaining an appropriate capital structure. The Group manages its share capital as equity, as set out in the Statement of Changes in Shareholders\u2019 Equity, and its bank borrowings (being overdrafts and bank loans) and its private placement notes as other financial liabilities, as set out in note 21. The Group is subject to the prevailing conditions of the UK economy and the quantum of the Group\u2019s earnings is dependent upon the level of UK house prices. UK house prices are determined by the UK economy and economic conditions, employment levels, interest rates, consumer confidence, mortgage availability and competitor pricing. The Group\u2019s approach to the management of the principal operational risks of the business is detailed on pages 63 to 65. Other methods by which the Group can manage its short-term and long-term capital structure include: adjusting the level of dividend payments to shareholders (assuming the Company is paying a dividend); issuing new share capital; arranging debt to meet liability payments; and selling assets to reduce debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-444": { "value": "Liquidity risk Liquidity risk is the risk that the Group will be unable to meet its liabilities as they fall due. The Group actively maintains a mixture of long-term and medium-term committed facilities that are designed to ensure that the Group has sufficient available funds for operations. The Group\u2019s borrowings are typically cyclical throughout the financial year and peak in April to May, and October to November of each year, due to seasonal trends in income. Accordingly, the Group maintains sufficient facility headroom to cover these requirements. On a normal operating basis, the Group has a policy of maintaining a minimum headroom of \u00a3150.0m. The Group identifies and takes appropriate actions based on its regular, detailed system for the reporting and forecasting of cash flows from its operations. The Group\u2019s drawn debt, excluding fees, represented 22.2% (2023: 22.6%) of available committed facilities at 30 June 2024. In addition, the Group had \u00a31,065.3m (2023: \u00a31,269.1m) of cash and cash equivalents. The Group was in compliance with its financial covenants at 30 June 2024. The Group\u2019s resilience to its principal risks has been modelled, together with possible mitigating actions, over a three-year period, considering the prospects of the combined group. At the date of approval of the Financial Statements, the Group\u2019s internal forecasts indicate that it will be able to operate within its current facilities and remain in compliance with these covenants for the foreseeable future, being at least 12 months from the date of signing these Financial Statements. One of the Group\u2019s objectives is to minimise refinancing risk. The Group has a policy that the average maturity of its committed bank facilities and private placement notes is a minimum of two years with a target of two to three years. At 30 June 2024, the average maturity of the Group\u2019s committed facilities was 4.1 years (2023: 4.4 years). The Group maintains certain committed floating rate facilities with banks to ensure sufficient liquidity for its operations. The undrawn committed facilities available to the Group, in respect of which all conditions precedent had been met, were as follows:
Group
Company
2024 2023 2024 2023
Expiry date \u00a3m \u00a3m \u00a3m \u00a3m
In more than two years but not
more than five years
700.0
700.0
700.0
700.0
In addition, the Group had undrawn, uncommitted overdraft facilities available at 30 June 2024 of \u00a337.0m (2023: \u00a337.0m). The expected undiscounted cash flows of the Group and Company financial liabilities, by remaining contractual maturity at the balance sheet date, were as follows:
Less
Carrying Contractual than 1-2 2-5 Over 5
amount cash flow 1 year years years years
Group
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Loans and borrowings
(including bank overdrafts)1
21
200.0
219.3
5.5
5.5
208.3
\u2014
Trade and other payables
2
21
1,025.9
1,045.7
862.0
131.0
42.3
10.4
Lease liabilities
21
42.8
47.7
13.6
10.9
16.0
7.2
1,268.7
1,312.7
881.1
147.4
266.6
17.6
2023
Loans and borrowings
(including bank overdrafts)1
21
203.4
224.9
5.5
5.5
213.9
\u2014
Trade and other payables
2
21
1,119.5
1,140.1
937.8
133.0
67.4
1.9
Lease liabilities
21
46.2
50.3
13.3
11.4
18.8
6.8
1,369.1
1,415.3
956.6
149.9
300.1
8.7
1 The Group is party to banking agreements that include a legal right of offset, which enables the overdraft balances of \u00a3nil (2023: \u00a33.4m) to be settled net with cash balances. These balances have been excluded from contractual cash flows. 2 Excludes deferred income, payments received in excess of amounts recoverable on contracts, tax and social security and other non-financial liabilities. The Group had no derivative financial instruments at 30 June 2024 or 30 June 2023.
Less
Carrying Contractual than 1\u20132 2\u20135 Over 5
amount cash flow 1 year years years years
Company
Notes
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2024
Loans and borrowings
(including bank overdrafts)
21
200.0
219.3
5.5
5.5
208.3
\u2014
Trade and other payables
1
21
20.6
20.6
20.6
\u2014
\u2014
\u2014
Intercompany payables
21
91.3
91.3
91.3
\u2014
\u2014
\u2014
Lease liabilities
21
1.3
1.4
0.7
0.4
0.3
\u2014
313.2
332.6
118.1
5.9
208.6
\u2014
2023
Loans and borrowings
(including bank overdrafts)
21
200.0
224.9
5.5
5.5
213.9
\u2014
Trade and other payables1
21
18.1
18.1
18.1
\u2014
\u2014
\u2014
Intercompany payables
21
354.2
354.2
354.2
\u2014
\u2014
\u2014
Lease liabilities
21
4.2
4.3
1.3
1.2
1.8
\u2014
576.5
601.5
379.1
6.7
215.7
\u2014
1 Excludes tax and social security and other non-financial liabilities. The Company had no derivative financial instruments at 30 June 2024 or 30 June 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-445": { "value": "Market risk (price risk) Interest rate risk The Group has both interest-bearing assets and interest-bearing liabilities. Floating rate borrowings expose the Group to cash flow interest rate risk, and fixed rate borrowings expose the Group to fair value interest rate risk. The Group has a conservative treasury risk management strategy and the Group\u2019s interest rates are set using fixed rate debt instruments. Due to the level of the Group\u2019s interest cover ratio, and in accordance with the Group\u2019s policy to hedge a proportion of the forecast RCF drawings based on the Group\u2019s three-year plan, no interest rate hedges are currently required. The exposure of the Group\u2019s financial liabilities to interest rate risk is as follows:
Non-interest
Floating rate Fixed rate -bearing
financial financial financial
liabilities liabilities liabilities Total
Group \u00a3m \u00a3m \u00a3m \u00a3m
2024
Financial liability exposure to
interest rate risk
\u2014
200.0
1,068.7
1,268.7
2023
Financial liability exposure to
interest rate risk
\u2014
200.0
1,169.1
1,369.1
The Group retained a strong cash position throughout the year and, therefore, the Group did not draw on its RCF during the year and the use of other facilities was minimal. No interest was paid by the Group on floating rate borrowings in 2024 or 2023. Sterling USPP notes of \u00a3200.0m were issued on 22 August 2017 with a fixed coupon of 2.77% and a ten-year maturity. These fixed rate notes expose the Group and Company to fair value interest rate risk. The exposure of the Company\u2019s financial liabilities to interest rate risk is as follows:
Non-interest
Floating rate Fixed rate -bearing
financial financial financial
liabilities\u200a liabilities liabilities\u200aTotal
Company \u00a3m \u00a3m \u00a3m \u00a3m
2024
Financial liability exposure
to interest rate risk
77.8
200.0
35.4
313.2
2023
Financial liability exposure to
interest rate risk
340.7
200.0
35.8
576.5
The Company\u2019s floating rate financial liabilities comprise interest-bearing loans from other
Group undertakings, on which interest was charged at a rate of 4.0% throughout the year
(2023: 4.0%).
Sensitivity analysis
In the year ended 30 June 2024, if UK interest rates had been 1.0% higher/lower (considered
to be a reasonably possible change based on forecast Bank of England interest rates) and
all other variables were held constant, the Group\u2019s pre-tax profit would increase/decrease
by \u00a37.8m, the Group\u2019s post-tax profit would increase/decrease by \u00a35.9m and, as such, the
Group\u2019s equity would increase/decrease by \u00a35.9m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-462": { "value": "Sensitivity analysis In the year ended 30 June 2024, if UK interest rates had been 1.0% higher/lower (considered to be a reasonably possible change based on forecast Bank of England interest rates) and all other variables were held constant, the Group\u2019s pre-tax profit would increase/decrease by \u00a37.8m, the Group\u2019s post-tax profit would increase/decrease by \u00a35.9m and, as such, the Group\u2019s equity would increase/decrease by \u00a35.9m. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-446": { "value": "
Credit risk
In the majority of cases, the Group receives cash on legal completion for private sales
and receives advance stage payments from registered providers for affordable housing.
The Group has \u00a31,065.3m (2023: \u00a31,269.1m) on deposit or in current accounts with 14
(2023: 14) financial institutions. Other than this, neither the Group nor the Company has
a significant concentration of credit risk, as their exposure is spread over a large number
of counterparties and customers.
The Group manages credit risk through its credit policy. This limits its exposure to financial
institutions with high credit ratings, as set by international credit rating agencies, and
determines the maximum permissible exposure to any single counterparty.
The maximum exposure to any counterparty at 30 June 2024 was \u00a3141.2m (2023: \u00a3181.3m)
of cash on deposit with a financial institution. The carrying amount of financial assets
recorded in the Financial Statements, net of any allowance for losses, represents the
Group\u2019s maximum exposure to credit risk.
As at 30 June 2024, the Company was exposed to \u00a3245.1m (2023: \u00a379.0m) of credit risk
in relation to intercompany loans, which are considered to be of low credit risk and fully
recoverable, as well as financial guarantees, performance bonds and the bank borrowings
of subsidiary undertakings. Further details are provided in notes 28 and 29.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-447": { "value": "
Capital risk management (cash flow risk)
The Group\u2019s objectives when managing capital are to safeguard its ability to continue as a
going concern in order to provide returns for shareholders and meet its liabilities as they
fall due while maintaining an appropriate capital structure.
The Group manages its share capital as equity, as set out in the Statement of Changes
in Shareholders\u2019 Equity, and its bank borrowings (being overdrafts and bank loans) and
its private placement notes as other financial liabilities, as set out in note 21. The Group
is subject to the prevailing conditions of the UK economy and the quantum of the Group\u2019s
earnings is dependent upon the level of UK house prices. UK house prices are determined
by the UK economy and economic conditions, employment levels, interest rates, consumer
confidence, mortgage availability and competitor pricing. The Group\u2019s approach to the
management of the principal operational risks of the business is detailed on pages 63 to 65.
Other methods by which the Group can manage its short-term and long-term capital
structure include: adjusting the level of dividend payments to shareholders (assuming the
Company is paying a dividend); issuing new share capital; arranging debt to meet liability
payments; and selling assets to reduce debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-420": { "value": "
31. Post balance sheet events
On 21 August 2024, the Company acquired the full share capital of Redrow plc in an all
share transaction. On 23 August 2024, the Company issued 476,309,120 new ordinary shares
as consideration for this transaction.
In accordance with standard practice, the CMA has issued an Initial Enforcement Order
requiring the Barratt and Redrow businesses to continue to operate independently until
the CMA has formally accepted the undertakings proposed by the parties in response to its
limited concerns, or otherwise agrees to integration taking place.
Due to the short time between the completion of the acquisition and the signing of these
Financial Statements, the fair values of the consideration and the assets and liabilities
acquired are still being assessed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138006R85VEOF5YNK29", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00" } }, "fact-421": { "value": "
32. Group subsidiary undertakings
Consolidation
The Financial Statements of subsidiary undertakings are consolidated from the date
when control passes to the Group, as defined in IFRS 3, using the acquisition method
of accounting up to the date control ceases. All of the subsidiaries\u2019 identifiable assets
and liabilities, including contingent liabilities, existing at the date of acquisition
are recorded at their fair values. All changes to those assets and liabilities, and
the resulting gains and losses that arise after the Group has gained control of the
subsidiary are included in the Income Statement. All intra-Group transactions and
intercompany profits or losses are eliminated on consolidation.
The entities listed on the following pages, are subsidiaries of the Company or Group. All are
registered in England and Wales or Scotland, with the exception of SQ Holdings Limited,
which is registered in Guernsey. Unless otherwise stated, the results of these entities are
consolidated within these Financial Statements.
Audit exemption The following UK subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies Act 2006 for the year ended 30 June 2024. The undertakings listed below are 100% owned, either directly or indirectly, by Barratt Developments PLC.
Subsidiary
Company number
Acre Developments Limited
SC091934
Base East Central Rochdale LLP
OC318544
Base Hattersley LLP
OC318541
Base Regeneration LLP
OC318540
Basildon Regeneration (Barratt Wilson Bowden) Limited
05876010
BDW (F.R.) Limited
05876012
BDW (F.R. Commercial) Limited
05876013
BDW North Scotland Limited
SC027535
BLLQ LLP
OC411400
BLLQ2 Limited
12373138
David Wilson Homes Limited
00830271
Milton Park Homes Limited
03787306
Wilson Bowden Limited
02059194
Yeovil Developments Limited
05285388
In accordance with Section 479C of the Companies Act 2006, the Company will guarantee the debts and liabilities of the UK subsidiary undertakings listed in the preceding table. As at 30 June 2024, the total sum of these debts and liabilities is \u00a360.7m. At 30 June 2024 the Group owned 100% of the ordinary share capital of the following subsidiaries: Subsidiary Registered office Notes Acre Developments Limited 2 A Advance Housing Limited 1 A Ambrose Builders Limited 1 A Barratt Bristol Limited 1 Barratt Central Limited 1 Barratt Chester Limited 1 A Barratt Commercial Limited 1 Barratt Construction (Southern) Limited 1 A Barratt Corporate Secretarial Services Limited 1 Barratt Developments (International) Limited 1 Barratt Dormant (Atlantic Quay) Limited 1 A
Registered
Subsidiary
office
Notes
Barratt Dormant (Blackpool) Limited
1
A
Barratt Dormant (Harlow) Limited
1
A
Barratt Dormant (Tyers Bros. Oakham) Limited
1
A
Barratt Dormant (Walton) Limited
1
A
Barratt Dormant (Tyers Bros. Oakham) Limited
1
A
Barratt Dormant (WB\ue446Construction) Limited
1
A
Barratt Dormant (WB Developments) Limited
1
A
Barratt Dormant (WB Properties Developments) Limited
1
A
Barratt Dormant (WB Properties Northern) Limited
1
A
Barratt East Anglia Limited
1
A
Barratt East Midlands Limited
1
Barratt East Scotland Limited
58
A
Barratt Eastern Counties Limited
1
A
Barratt Edinburgh Limited
2
A
Barratt Evolution Limited
1
A
Barratt Falkirk Limited
2
A
Barratt Leeds Limited
1
Barratt London Limited
1
Barratt Manchester Limited
1
A
Barratt Newcastle Limited
1
A
Barratt North London Limited
1
Barratt Northampton Limited
1
Barratt Northern Limited
1
Barratt Norwich Limited
1
A
Barratt Poppleton Limited
1
A
Barratt Preston Limited
1
A
Barratt Properties Limited
1
A
Barratt Redrow Limited
1
Barratt Scottish Holdings Limited
2
A
Barratt South London Limited
1
Barratt South Wales Limited
1
Barratt South West Limited
1
A
Barratt Southern Counties Limited
1
Barratt Southern Limited
1
Barratt Southern Properties Limited
1
A
Barratt Special Projects Limited
1
A
Barratt St Mary\u2019s Limited
1
A
Barratt St Paul\u2019s Limited
1
A
Barratt Sutton Coldfield Limited
1
A
Barratt Trade And Property Company Limited
2
A
Barratt Urban Construction (East London) Limited
1
A
Registered
Subsidiary
office
Notes
Barratt Urban Construction (Northern) Limited
1
A
Barratt Urban Construction (Scotland) Limited
2
A
Barratt West Midlands Limited
1
Barratt West Scotland Limited
2
Barratt Woking Limited
1
A
Barratt York Limited
1
Bart 225 Limited
1
A
Basildon Regeneration (Barratt Wilson Bowden) Limited
1
A
BDW (F.R.) Limited
1
A
BDW (F.R. Commercial) Limited
1
A
BDW North Scotland Limited
51
BDW Trading Limited
1
Bradgate Development Services Limited
1
A
Broad Oak Homes Limited
1
A
C V (Ward) Limited
1
A
Crossbourne Construction Limited
1
A
David Wilson Estates Limited
1
A
David Wilson Homes (Anglia) Limited
1
A
David Wilson Homes (East Midlands) Limited
1
A
David Wilson Homes (Home Counties) Limited
1
A
David Wilson Homes (North Midlands) Limited
1
A
David Wilson Homes (Northern) Limited
1
A
David Wilson Homes (South Midlands) Limited
1
A
David Wilson Homes (Southern) Limited
1
A
David Wilson Homes (Western) Limited
1
A
David Wilson Homes Land (No 10) Limited
1
A
David Wilson Homes Land (No 11) Limited
1
A
David Wilson Homes Land (No 13) Limited
1
A
David Wilson Homes Land (No 14) Limited
1
A
David Wilson Homes Land (No 15) Limited
1
A
David Wilson Homes Limited
1
A
David Wilson Homes Services Limited
1
A
David Wilson Homes Yorkshire Limited
1
A
Decorfresh Projects Limited
1
A
Dicconson Holdings Limited
1
A
E. Barker Limited
1
A
E. Geary & Son Limited
1
A
English Oak Homes Limited
1
Francis (Springmeadows) Limited
1
A
Registered
Subsidiary
office
Notes
Frenchay Developments Limited
1
A
G.D. Thorner (Construction) Limited
1
A
G.D. Thorner (Holdings) Limited
1
A
Gladman Developments Limited
1
A
Glasgow Trust Limited
2
A
Hartswood House Limited
1
Hawkstone (South West) Limited
1
A
Idle Works Limited
1
A
J.G.Parker Limited
1
A
James Harrison (Contracts) Limited
2
A
Janellis (No.2) Limited
1
A
Kealoha 11 Limited
1
A
Kealoha Limited
1
A
Kingsoak Homes Limited
1
Knightsdale Homes Limited
1
Lindmere Construction Limited
1
A
Marple Development Company Limited
1
A
Milton Park Homes Limited
1
A
Norfolk Garden Estates Limited
1
A
North West Land Developments Limited
1
A
Oregon Contract Management Limited
51
A
Oregon Timber Frame Limited
51
A
Oregon Timber Frame (England) Limited
1
A
Redbourne Builders Limited
1
A
Roland Bardsley Homes Limited
1
A
Scothomes Limited
2
A
Scottish Homes Investment Company, Limited
2
A
Skydream Property Co. Limited
1
A
Squires Bridge Homes Limited
1
A
Squires Bridge Limited
1
A
Swift Properties Limited
1
A
The French House Limited
1
A
Tomnik Limited
1
A
Trencherwood Commercial Limited
1
A
Trencherwood Construction Limited
1
A
Trencherwood Developments Limited
1
A
Trencherwood Estates Limited
1
A
Trencherwood Group Services Limited
1
A
Trencherwood Homes (Holdings) Limited
1
A
Registered
Subsidiary
office
Notes
Trencherwood Homes (Midlands) Limited
1
A
Trencherwood Homes (South Western) Limited
1
A
Trencherwood Homes (Southern) Limited
1
A
Trencherwood Homes Limited
1
A
Trencherwood Housing Developments Limited
1
A
Trencherwood Investments Limited
1
A
Trencherwood Land Holdings Limited
1
A
Trencherwood Land Limited
1
A
Trencherwood Retirement Homes Limited
1
A
Vizion (Milton Keynes) Limited
1
A
Ward Holdings Limited
1
A
Ward Homes (London) Limited
1
A
Ward Homes (North Thames) Limited
1
A
Ward Homes (South Eastern) Limited
1
A
Ward Homes Group Limited
1
A
Ward Homes Limited
1
A
Ward Insurance Services Limited
1
A
Wards Construction (Industrial) Limited
1
A
Wards Construction (Investments) Limited
1
A
Wards Country Houses Limited
1
A
Waterton Tennis Centre Limited
29
A
William Corah & Son Limited
1
A
William Corah Joinery Limited
1
A
Wilson Bowden (Atlantic Quay Number 2) Limited
1
A
Wilson Bowden (Ravenscraig) Limited
1
Wilson Bowden City Homes Limited
1
A
Wilson Bowden Developments Limited
1
A
Wilson Bowden Group Services Limited
1
A
Wilson Bowden Limited
1
Yeovil Developments Limited
1
A
Subsidiaries of the Group which are management companies limited by guarantee:
Registered
Subsidiary
office
Notes
28-33 Imperial Park Management Company Limited
26
A, B
254-257 Scholars Place Management Company Limited
45
A, B
Abbey Gate Residents Management Company Limited
5
A, B
Abbey View Residents Management Company Limited
57
A, B
Abbotts Green (Woolpit) Management Company Limited
14
A, B
Abbotts Meadow (Steventon) Management Company Limited
12
A, B
Adderbury Fields Management Company Limited
5
A, B
Aldhelm Court Management Company Limited
30
A, B
Amberswood Rise Management Company Limited
57
A, B
Ambler\u2019s Meadow (East Ardsley) Management Company Limited
10
A, B
Applegarth Manor (Oulton) Management Company Limited
10
A, B
Applegate (Sittingbourne) Management Company Limited
11
A, B
Ashridge Grange (Wokingham) Management Company Limited
10
A, B
Ashtree Grove Residents Management Company Limited
23
A, B
Aylesham (Central) Residents Management Company Limited
11
A, B
Aylesham Village (Barratt) Residents Management Company Limited
49
A, B
B5 Central Residents Management Company Limited
23
A, B
Baggeridge Village Management Company Limited
5
A, B
Barrow Farm Management Company Limited
32
A, B
Barum Knoll, Barnstaple Management Company Limited
54
A, B
Beaufort Park (Wootton Bassett) Management Limited
50
A, B
Beavans House Management Company Limited
1
A, B
Beck Lane, Sutton-in-Ashfield (The Hawthorns) Management Company Limited
26
A, B
Beeston Quarter Apartments (Beeston) Management Company Limited
8
A, B
Belle Vue (Doncaster) Management Company Limited
6
A, B
Bentley Fields Residents Management Company Limited
23
A, B
Bermondsey Heights Residents Energy Management Company Limited
4
A, B
Bermondsey Heights Residents Management Company Limited
4
A, B
Berry Acres (Paignton) Management Company Limited
40
A, B
Bilberry Chase Residents Management Company Limited
20
A, B
Birds Marsh View Chippenham Apartment Resident Management
Company Limited
13
A, B
Bishop Fields (Hereford) Management Company Limited
20
A, B
Bishop Park (Henfield) Management Company Limited
53
A, B
Bishops Green (Wells) Management Company Limited
30
A, B
Bishop\u2019s Hill Residents Management Company Limited
23
A, B
Blackberry Park Residents Management Company Limited
13
A, B
Blackdown Heights (Crimchard) Management Company Limited
31
A, B
Blackhorse View Energy Centre Management Company
1
A, B
Registered
Subsidiary
office
Notes
Blackhorse View Residents Management Company
1
A, B
Blackwater Reach (Southminster) Management Company Limited
52
A, B
Blossomfields Residents Management Company Limited
5
A, B
Bluebell Woods (Wyke) Management Company Limited
10
A, B
Blythe House Management Company Limited
39
A, B
Bodington Manor (Adel) Management Company Limited
9
A, B
Bowds House Management Company Limited
1
A, B
Braid Park (Tiverton) Management Company Limited
40
A, B
Brindsley (Old Mill Farm) Management Company Limited
60
A, B
Broken Stone Road (Blackburn) Residents Management Company Limited
57
A, B
Brooklands (Milton Keynes) Management Company Limited
54
A, B
Brookside Meadows Phase 1B Residents Management Company Limited
41
A, B
Brookwood Meadows (Westham) Management Company Limited
57
A, B
Brue Place Residents Management Company Limited
32
A, B
Bruneval Gardens (Wellesley) Management Company Limited
10
A, B
Brun Lea Heights Resident Management Company Limited
64
A, B
Buckley Gardens (Melksham) Management Company Limited
59
A, B
Bure Meadows (Aylsham) Management Company Limited
10
A, B
Burlington Road Residents\u2019 Management Company Limited
1
A, B
Calder Rise Residents Management Company Limited
26
A, B
Canal Quarter Resident Management Company Limited
16
A, B
Cane Hill Park (Coulsdon) Management Company Limited
54
A, B
Cane Hill Park (Gateway) Management Company Limited
53
A, B
Canes Meadow (Brixton) Management Company Limited
40
A, B
Canford Paddock (Poole) Management Company Limited
46
A, B
Carlton Green (Carlton) Management Company Limited
9
A, B
Castle Hill (DWH1) Residents Management Company Limited
8
A, B
Castlegate & Mowbray Park Management Company Limited
6
A, B
Cedar Ridge Management Company Limited
10
A, B
Central Area Heat Company Limited
12
A, B
Centurion Meadows (Burley) Management Company Limited
54
A, B
Centurion Village Management Company Limited
57
A, B
Ceres Rise Residents Management Company Limited
16
A, B
Chalkers Rise (Peacehaven) Management Company Limited
10
A, B
Chapel Gate (Launceston) Management Company Limited
40
A, B
Charfield Gardens Management Company Limited
10
A, B
Cherry Blossom Meadow (Newbury) Management Company Limited
12
A, B
City Heights Apartments (Leicester) Management Company Limited
8
A, B
Clements Gate (Poringland 2) Management Company Limited
54
A, B
Registered
Subsidiary
office
Notes
Clipstone Park (Leighton Buzzard) Management Company Limited
54
A, B
Coat Grove (Martock) Management Company Limited
40
A, B
Colliers Court (Speedwell) Management Company Limited
13
A, B
Compass Point (Swanage Grammar School)
Management Company Limited
46
A, B
Compass Point (Swanage) Management Company Limited
46
A, B
Constable Gardens (Residents) Management Company Limited
14
A, B
Corinthian Place Management Company Limited
54
A, B
Cottam Gardens Resident Management Company Limited
57
A, B
Cringleford Heights Management Company Limited
61
A, B
Croft Gardens (Phase 2) Management Company Limited
12
A, B
Daracombe Gardens Management Company Limited
33
A, B
Darwin Green Management Company Limited
54
A, B
De Cheney Gardens Management Company Limited
30
A, B
De Havilland Place (Hatfield) Limited
22
A, B
De Lacy Fields KM8 Management Company Limited
5
A, B
De Lacy Fields KM12 Management Company Limited
5
A, B
Delamere Park (Nunney) Management Company Limited
50
A, B
Dickens Gate (Staplehurst) Management Company Limited
8
A, B
Dida Gardens (Didcot) Management Company Limited
12
A, B
Donnington Heights (Newbury) Management Company Limited
12
A, B
Doseley Park Residents Management Company Limited
5
A, B
Drayton Meadows Management Company Limited
23
A, B
Drovers Court (Micklefield) Management Company Limited
9
A, B
Dunmore Road (Abingdon) Management Company Limited
12
A, B
Dunstall Park (Tamworth) Residents Management Company Limited
20
A, B
Earls Park Management Company Limited
30
A, B
East Ham Market Energy Centre Management Company
54
A, B
East Ham Market Residents Management Company
54
A, B
Eastman Village Energy Centre Management Company Limited
1
A, B
Eastman Village Residents Management Company Limited
1
A, B
Ecclesden Park (Angmering) Management Company Limited
18
A, B
Edwalton (Sharp Hill) Management Company Limited
54
A, B
Eldebury Place (Chertsey) Management Company Limited
53
A, B
Elderwood (Bannerdale) Management Company Limited
9
A, B
Elm Tree Park (Rainworth) Management Company Limited
9
A, B
Elworthy Place (Wiveliscombe) Management Company Limited
31
A, B
Elysian Fields (Adel) Management Company Limited
10
A, B
Embden Grange (Tavistock) Management Company Limited
40
A, B
Registered
Subsidiary
office
Notes
Emmet\u2019s Reach (Birkenshaw) Management Company Limited
54
A, B
Ersham Park (Hailsham) Management Company Limited
10
A, B
Fairfield Croft Management Company Limited
6
A, B
Fairfield (Stony Stratford) Management Company Limited
54
A, B
Fairway Gardens (Rustington) Management Company Limited
28
A, B
Farrier Place \u2013 Canford Paddock Phase 2 (Poole)
Management Company Limited
46
A, B
Ferris House Management Company Limited
54
A, B
Fiddington Management Company Limited
32
A, B
Filwood Park Management Company Limited
13
A, B
Finchwood Park Management Company Limited
7
A, B
Folliott\u2019s Manor Residents Management Company Limited
20
A, B
Forest Walk, Whiteley Management Company Limited
48
A, B
Foundry Lea (Bridport) Management Company Limited
31
A, B
Fradley Manor Management Company Limited
20
A, B
Franklin Gardens (Darwin Green) Management Company Limited
14
A, B
Freemen\u2019s Meadow Residents Management Company Limited
26
A, B
Garnett Wharf (Otley) Management Company Limited
9
A, B
Gateway Residents Management Company Limited
58
A, B
Gerway Management Limited
40
A, B
Gilden Park (Old Harlow) Residents Management Company Limited
8
A, B
Gillies Meadow (Basingstoke) Management Company Limited
12
A, B
Glenvale Park Management Company Limited
43
A, B
Grange Park (Hampsthwaite) Management Company Limited
10
A, B
Great Dunmow Grange Management Company Limited
18
A, B
H2363
Limited
50
A, B
Hallam Park Residents Management Company Limited
23
A, B
Hampton Water Management Company Limited
15
A, B
Hanwood Park Community Partnership Limited
17
A, B
Harbour Place (Bedhampton) Management Company Limited
35
A, B
Harbourside (East Quay Apartments 13\u201321 & 31\u201339)
Management Company Limited
29
A, B
Harclay Park Management Company Limited
57
A, B
Harlow Gateway Limited
25
A, B
Hartley Brook (Netherton) Management Company Limited
9
A, B
Haskins House Management Company Limited
1
A, B
Hawley Gardens Management Company Limited
36
A, B
Hawthorn Grove (Westham) Management Company Limited
57
A, B
Hawthorn Rise (Newton Abbot) Management Company Limited
54
A, B
Hayes Village Energy Centre Management Company Limited
1
A, B
Registered
Subsidiary
office
Notes
Hayes Village Resident Management Company Limited
1
A, B
Heather Croft (Pickering) Management Company Limited
9
A, B
Helme Ridge (Meltham) Management Company Limited
54
A, B
Henbrook Gardens Management Company Limited
20
A, B
Hendon Waterside Energy Centre Management Company Limited
1
A, B
Hendon Waterside Residents Management Company Limited
1
A, B
Heron House (Wichelstowe) Management Company Limited
1
A, B
Hesslewood Park Management Company Limited
10
A, B
Hewenden Ridge (Cullingworth) Management Company Limited
9
A, B
Hidcote House Management Company Limited
39
A, B
High Elms Park (Hullbridge) Management Company Limited
54
A, B
High Forest (New Waltham) Management Company Limited
10
A, B
High Street Quarter Energy Centre Management Company Limited
1
A, B
High Street Quarter Residents Management Company Limited
1
A, B
Highgrove Gardens (Romsey) Management Company Limited
46
A, B
Hillside Gardens (Orchard RW) Residents Management Company Limited
40
A, B
Hollygate Park (Cotgrave) Management Company Limited
16
A, B
Infinity Park Derby Management Limited
1
A, B
Honeymans Helm (Highworth) Management Company Limited
59
A, B
Inglewhite Meadows Residents Management Company Limited
8
A, B
Inkersall Road (Chesterfield) Management Company Limited
9
A, B
Jenkins House Management Company Limited
1
A, B
Keeper\u2019s Meadow Residents Management Company Limited
23
A, B
Kennett Heath Management Limited
8
A, B
Kilners Grange (Tongham) Management Company Limited
53
A, B
Kingfisher Meadow (Horsford) Management Company Limited
14
A, B
Kingfisher Meadows Residents Management Company Limited
23
A, B
Kingsbourne (Nantwich) Community Management Company Limited
8
A, B
Kingsbrook Estate Management Company Limited
16
A, B
Kings Chase Residents Management Company Limited
25
A, B
Kings Lodge (Hatfield) Management Company Limited
25
A, B
Kingsdown Gate (Swindon) Management Company Limited
13
A, B
Kingsley Meadows (Harrogate) Management Company Limited
6
A, B
Kingston Grange House Management Company Limited
23
A, B
Kipling Road (Ledbury) Residents Management Company Limited
20
A, B
Knights Park (Watton) Management Company Limited
54
A, B
Knights Rise (Temple Cloud) Management Company Limited
30
A, B
Knights View (Landgold) Management Company Limited
54
A, B
KP (Macclesfield) Residents Management Company Limited
26
A, B
Registered
Subsidiary
office
Notes
KW (Site B) Management Company Limited
12
A, B
Ladden Garden Village Apartment Blocks BCD
Management Company Limited
30
A, B
Ladden Garden Village Management Company Limited
30
A, B
Lakeside Walk (Hamworthy) Management Company Limited
35
A, B
Lancaster Gardens Management Company Limited
6
A, B
Lancaster Gardens (Phase 2) Management Company Limited
6
A, B
Langham Mews Management Company Limited
44
A, B
Languard View (Dovercourt) Residents Management Company Limited
14
A, B
Lavender Grange (Stondon) Residential Management Company Limited
54
A, B
Lavendon Fields (Olney) Residents Management Company Limited
57
A, B
Lay Wood (Devizes) Management Company Limited
13
A, B
Letcombe Gardens (Grove) Management Company Limited
41
A, B
Linmere (Houghton Regis) Residents Management Company Limited
15
A, B
Lock Keeper\u2019s Gate (Low Barugh) Management Company Limited
10
A, B
Locksbridge Park (Andover) Management Company Limited
12
A, B
Lockwood Fields (Chidswell) Management Company Limited
10
A, B
Lubbesthorpe R5 Management Company Limited
60
A, B
Lucerne Fields (Ivybridge) Management Company Limited
40
A, B
Luneside Mills Management Company Limited
8
A, B
Lyde View Residents Management Company Limited
10
A, B
Macclesfield Road Management Company Limited
36
A, B
Madgwick Park Management Company Limited
46
A, B
Marham Park Management Company Limited
18
A, B
Market Warsop (Stonebridge Lane) Management Company Limited
16
A, B
Marston Park (Marston Moretaine) Management Company Limited
54
A, B
Martello Lakes (Barratt) Resident Management Company Limited
8
A, B
Martello Lakes (Hythe) Resident Management Company Limited
11
A, B
Martingale Chase (Newbury) Management Company Limited
8
A, B
Meadowburne Place (Willingdon) Management Company Limited
54
A, B
Meadowfields (Boroughbridge) Management Company Limited
9
A, B
Meadow View Watchfield Management Company Limited
13
A, B
Melton Mowbray (Kirby Lane) Management Company Limited
60
A, B
Merlin Gate (Newent) Management Company Limited
50
A, B
Mill Brook (Westbury) Management Company Limited
59
A, B
Millbrook Park (Phase 9) Energy Centre Management Company Limited
1
A, B
Millbrook Park (Phase 9) Residents\u2019 Management Company Limited
1
A, B
Mill Springs (Whitchurch) Management Company Limited
34
A, B
Minerva (Apartments) Management Company Limited
40
A, B
Registered
Subsidiary
office
Notes
Monarchs Keep (Bursledon) Management Company Limited
46
A, B
Montague Park No2 (Buckhurst Farm) Management Company Limited
12
A, B
Monument House Management Company Limited
54
A, B
Moorland Gate (Bishops Lydeard) Management Company Limited
50
A, B
Mortimer Park (Driffield) Management Company Limited
9
A, B
Mortimer Park Phase 2 and Porters Way Residential Management
Company Limited
9
A, B
Mortimer Place (Hatfield Peverel)\ue445Residents\ue445Management Company Limited
14
A, B
Morton Meadows (Thornbury) Management Company Limited
50
A, B
Nant Y Castell (Caldicot) Management Company Limited
33
A, B
Needham\u2019s Grange Residents Management Company Limited
20
A, B
Needingworth Park Residents Management Company Limited
56
A, B
Nerrols Grange (Taunton) Management Company Limited
13
A, B
Netherwood (Darfield) Management Company Limited
54
A, B
Newbery Corner Management Company Ltd
13
A, B
New Heritage (Bordon) Management Company Limited
46
A, B
New Mill Quarter (BL) Residents Management Company Limited
8
A, B
New Mill Quarter Estate Resident Management Company Limited
8
A, B
Nightingale Woods (Wendover) Residential Management Company Limited
42
A, B
Niveus Walk Management Company Limited
7
A, B
North Abington Management Company Limited
41
A, B
Northfield Park (Patchway) Management Company Limited
32
A, B
Northstowe Residents Management Company Limited
54
A, B
Northwalls Grange (Taunton) Management Company Limited
30
A, B
Norton Farm Management Company Limited
20
A, B
Notton Wood View (Royston) Management Company Limited
54
A, B
Oak Hill Mews Management Company Limited
20
A, B
Oakfield Village Estate Management Company Limited
16
A, B
Oakhill Gardens (Swanmore) Management Company Limited
18
A, B
Oaklands (Pontefract) Management Company Limited
9
A, B
Oatley Park Management Company Limited
62
A, B
Okement Park (Okehampton) Management Company Limited
54
A, B
Olive Park Residents Management Company Limited
17
A, B
Orchard Gate (Kingston Bagpuize) Management Company Limited
12
A, B
Orchard Green Estate Management Company Limited
16
A, B
Orchard Meadows (Appleton) Management Company Limited
45
A, B
Oughtibridge Valley (Oughtibridge) Management Company Limited
9
A, B
Overstone Gate Residents Management Company Limited
56
A, B
Parc Fferm Wen (St Athen) Management Company Limited
33
A, B
Registered
Subsidiary
office
Notes
Parish Brook Residents Management Company Limited
32
A, B
Park Farm (Thornbury) Community Interest Company
30
A, B
Patch Meadows (Somerton) Management Company Limited
30
A, B
Pates House Management Company Limited
39
A, B
Pavilion Square (Phase 2) Management Company Limited
6
A, B
Pavilion Square (Pocklington) Management Company Limited
6
A, B
Peasedown Meadows Management Company Limited
30
A, B
Pebble Walk (Hayling Island) Management Company Limited
54
A, B
Pembridge Park (Phase 2) Management Company Limited
26
A, B
Pembroke Park (Cirencester) Management Company Limited
30
A, B
Pen Bethan (Falmouth) Management Company Limited
18
A, B
Penndrumm (Looe) Management Company Limited
40
A, B
Penning Ridge (Penistone) Management Company Limited
9
A, B
Pentref Llewelyn (Penllergaer) Management Company Limited
10
A, B
Perry Court (Faversham) Management Company Limited
54
A, B
Phase 3 Clark Drive LGV Management Company Limited
32
A, B
Phase 3 Clark Drive 2 LGV Management Company Limited
32
A, B
Phase 6 Apartments LGV Management Company Limited
32
A, B
Phoenix And Scorseby Park Management Company Limited
6
A, B
Phoenix Quarter \u2014 Apt \u2014 Management Company Limited
49
A, B
Phoenix Quarter Estate Management Company Limited
49
A, B
Pinewood Park (Formby) Management Company Limited
57
A, B
Pinn Brook Park (Monkerton) Management Company Limited
40
A, B
PL2 Plymouth (2016) Limited
40
A, B
Poppy Fields (Cottingham) Management Company Limited
6
A, B
Portman Square West Village Reading Management Company Limited
12
A, B
Preston Grange Residents Management Company Limited
3
A, B
Priestley House Management Company Limited
54
A, B
Priory Fields (Pontefract) Management Company Limited
10
A, B
Prospect Rise (Whitby) Management Company Limited
6
A, B
Quarter Jack Park Management Company Limited
55
A, B
Quarter Jack Park (Wimborne) Management Company Limited
46
A, B
Raleigh Holt (Barnstaple) Management Company Limited
41
A, B
Ramsey Park Residents Management Company Limited
56
A, B
Ravenhill Park Management Company Limited
20
A, B
Redhayes Management Company Limited
40
A, B
Redwood Heights (Plymouth) Management Company Limited
40
A, B
Residents Management Company (Beaconside) Limited
57
A, B
Richmond Park (Whitfield) Residents Management Company Limited
8
A, B
Registered
Subsidiary
office
Notes
Ridgeway Views Energy Centre Management Company
54
A, B
Ridgeway Views Residents Management Company
54
A, B
River Meadow (Stanford in the Vale) Management Company Limited
12
A, B
River Whitewater Management Company (Hook) Limited
10
A, B
Riverdown Park (Salisbury) Management Company Limited
54
A, B
Riverside Grange (Farmbridge) Management Company Limited
9
A, B
Romans Edge Godmanchester Management Company Limited
54
A, B
Romans\u2019 Quarter (Bingham) Residential Management Company Limited
16
A, B
Rose and Lillies Residents Management Company Limited
23
A, B
Rosewood Park Bexhill Residents Management Company Limited
8
A, B
RV North Petherton Residents Management Company Limited
32
A, B
Ryebank Gate (Yapton) Management Company Limited
28
A, B
Salters Brook (Cudworth) Management Company Limited
54
A, B
Sandridge Place (Melksham) Management Company Limited
10
A, B
Saunderson Gardens Management Co Limited
10
A, B
Sawbridge Park (Sawbridgeworth) Management Company Limited
16
A, B
Saxon Corner (Emsworth) Management Company Limited
46
A, B
Saxon Dean (Silsden) Management Company Limited
10
A, B
Saxon Fields (Cullompton) Management Company Limited
40
A, B
Saxon Fields (Thanington) Management Company Limited
11
A, B
Saxon Gate (Leonard Stanley) Management Company Limited
10
A, B
Saxon Gate (Stamford Bridge) Management Company Limited
6
A, B
Saxon Mills (Hassocks) Management Company Limited
53
A, B
Scotgate Ridge (Honley) Management Company Limited
54
A, B
Shaftmoor Land Residents Management Company Limited
20
A, B
Silkwood Gate (Wakefield) Management Company Limited
9
A, B
Spinney Fields Residents Management Company Limited
5
A, B
Spitfire Green (Manston) Residents Management Company Limited
49
A, B
Spring Valley View (Clayton) Management Company Limited
10
A, B
Springfield Place Resident Management Company Limited
4
A, B
St Andrews View (Morley) Management Co. Limited
54
A, B
St James Gardens (Wick) Management Company Limited
29
A, B
St James Management Company Limited
9
A, B
St Johns View Residents Management Company Limited
57
A, B
St Rumbolds Fields Management Company Limited
16
A, B
St. Andrews Place (Morley) Management Co. Limited
54
A, B
St. John\u2019s Walk (Hoylandswaine) Management Company Limited
54
A, B
St. Mary\u2019s Park (Hartley Wintney) Management Company Limited
25
A, B
St. Oswald\u2019s View (Methley) Management Company Limited
9
A, B
Registered
Subsidiary
office
Notes
Stallard House Management Company Limited
39
A, B
Stewarts Reach and Wolds View Residential Management Company Limited
63
A, B
Stotfold Park Management Company Limited
10
A, B
Summersfield (Papworth) Management Company Limited
54
A, B
Sundial Place Residents Management Company Limited
57
A, B
Swallows Field (Hemel Hempstead) Management Company Ltd
22
A, B
Swan Mill (Newbury) Management Company Limited
12
A, B
Swinbrook Park (Carterton) Management Company Limited
12
A, B
Sydney Place (Crewe) Management Company Limited
57
A, B
Talbot and Clockmakers Management Company Limited
23
A, B
Tarka Ridge (Yelland) Management Company Limited
41
A, B
Templar\u2019s Chase (Wetherby) Management Company Limited
9
A, B
The Acorns and Hunters Wood Management Company Limited
54
A, B
The Belt Open Space Management Co Limited
63
A, B
The Bridleways (Eccleshill) Management Company Limited
54
A, B
The Causeway Park (Petersfield) Management Company Limited
34
A, B
The Chase (Newbury) Management Company Limited
12
A, B
The Chocolate Works Management Company Limited
37
A, B
The Courtyard (Darwin Green) Management Company Limited
16
A, B
The Furlongs (Westergate) Management Company Limited
46
A, B
The Glassworks (Catcliffe) Management Company Limited
10
A, B
The Grange (Lightcliffe) Management Company Limited
10
A, B
The Meads (Frampton Cotterell) Management Company Limited
13
A, B
The Mounts Residents Management Company Limited
5
A, B
The Old Meadow Management Company Limited
41
A, B
The Orchards (Hildersley) Management Company Limited
10
A, B
The Paddocks (Skelmanthorpe) Management Company Limited
10
A, B
The Paddocks (Southmoor) Management Company Limited
12
A, B
The Pastures (Knaresborough) Management Company Limited
6
A, B
The Pavilions Management Company (Southampton) Limited
46
A, B
The Pavilions Resident Management Company Limited
23
A, B
The Poppies (Maidstone) Residents Management Company Limited
11
A, B
The Spires (Chesterfield) Management Company Limited
26
A, B
The Vineyards Management Company Limited
30
A, B
The Woodlands (Sturry) Management Company Limited
11
A, B
Thornbury Gardens Dinnington Management Company Limited
10
A, B
Townsend Landing (Henstridge) Management Company Limited
54
A, B
Tranby Fields Management Company Limited
10
A, B
Treledan (Saltash) Management Company Limited
54
A, B
Registered
Subsidiary
office
Notes
Trumpington Meadows Residents Management Company Limited
10
A, B
Trumpington (Phase 8\u201411) Management Company Limited
10
A, B
Trumpington Vista Management Company Limited
16
A, B
Union Park (Falmouth) Management Company Limited
40
A, B
Upton Gardens Energy Centre Management Company
1
A, B
Upton Gardens Residents Management Company
54
A, B
Victoria Heights (Alphington) Management Company Limited
40
A, B
Wadsworth Gardens (Cleckheaton) Management Company Limited
54
A, B
Waite House Management Company Limited
1
A, B
Waldmers Wood Management Company Limited
57
A, B
Warboys Management Company Limited
38
A, B
Waterside (The Quays Barry) Management Company Number 1 Limited
29
A, B
Waterside (The Quays Barry) Management Company Number 2 Limited
29
A, B
Waterside (The Quays Barry) Management Company Number 3 Limited
29
A, B
Waterside Trentham Residents Management Company Limited
36
A, B
Watkin Road Energy Centre Management Company
1
A, B
Watkin Road Residents Management Company
1
A, B
Wayland Fields Residents Management Company Limited
14
A, B
WBD (Kingsway Management) Limited
1
A, B
Weavers Chase (Golcar) Management Company Limited
9
A, B
Webheath (Redditch) Management Company Limited
54
A, B
Wedgwood Residents Management Company Limited
5
A, B
Wendel View Residents Management Company Limited
56
A, B
Westbridge Park (Auckley) Management Company Limited
26
A, B
Westminster View (Clayton) Management Company Limited
10
A, B
Weston Meadows, Calne Management Company Limited
50
A, B
Whalley Road (Barrow) Management Company Limited
8
A, B
White Lias House Management Company Limited
23
A, B
White Post Farm Midsomer Norton Management Company Limited
32
A, B
Whittingham Residents Management Company Limited
36
A, B
Whittlesey Lakeside (Cambridge) Management Company Limited
21
A, B
Wichelstowe Estate Management CIC
1
A, B
Wigmore Park Management Company Limited
10
A, B
Willow Grove (Stopsley) Management Company Limited
8
A, B
Willow Grove (Wixams) Management Company Limited
54
A, B
Willow Lane (Beverley) Management Company Limited
6
A, B
Willow Lane (Beverley) Phase 2 Management Company Limited
19
A, B
Willowmead (Wiveliscombe) Management Company Limited
50
A, B
Winnington View Management Company Limited
26
A, B
Registered
Subsidiary
office
Notes
Winnington Village Community Management Company Limited
26
A, B
Winnycroft Residents Management Company Limited
32
A, B
Withies Bridge Management Company Ltd
30
A, B
Woodhall Grange Management Company Limited
6
A, B
Woodland Heath Residential Management Company Limited
14
A, B
Wychwood Park (Haywards Heath) Management
53
A, B
Other subsidiary entities:
Registered Class of % of shares
Subsidiary
office
Notes
 share held owned
Base East Central Rochdale LLP
1
A
N/A
N/A
Base Hattersley LLP
1
A
N/A
N/A
Base Regeneration LLP
1
A
N/A
N/A
Base Werneth Oldham LLP
1
A
N/A
N/A
BLLQ LLP
1
A
N/A
N/A
BLLQ2 Limited
1
A
Ordinary
100%
SQ Holdings Limited
53
A
Ordinary
90%
Vizion (MK) Properties LLP
1
A
N/A
N/A
Ash Tree Court Management Co. Ltd
1
A, D
Ordinary
0%
Aspects Management Company Limited
27
A
Ordinary
50%
Buckshaw Village Management Company Limited
8
A
Ordinary
50%
Foxcote Mead Management Company Limited
1
A
Ordinary
100%
GWQ Management Limited
24
A, C
Ordinary
0%
Hazelmere Management Company Limited
1
A, D
Ordinary
0%
Interlink Park Management Company Limited
1
A, D
Ordinary
0%
Meridian Business Park Extension Management
Company Limited
1
A, C
Ordinary
2%
Newbury Racecourse Management Limited
12
A, D
Ordinary
0%
Nottingham Business Park Management Company
Limited
1
A, C
Ordinary
2%
Nottingham Business Park (Orchard Place)
Management Company Limited
1
A, C
Ordinary
2%
Optimus Point Management Company Limited
1
A, C
Ordinary
0%
Pye Green Management Company Limited
20
A, C
Ordinary
17%
Riverside Exchange Management Company
1
A, C
Ordinary/
22%
Limited preference
Runshaw Management Company Limited
8
A
Ordinary
100%
Stoneyfield Management Limited
1
A
Ordinary
100%
WBD (Riverside Exchange Sheffield B) Limited
1
A, C
Ordinary
100%
WBD Riverside Sheffield Building K Limited
1
A, C
Ordinary
100%
West Village Reading Management Limited
12
A, D
Ordinary
0%
Willow Farm Management Company Limited
1
A, C
Ordinary
3%
Registered office
1. Barratt House, Cartwright Way, Forest Business Park, Bardon Hill, Coalville, Leicestershire LE67 1UF
2. Buchanan Gate, Cumbernauld Road, Stepps, Glasgow G33 6FB
3. 111 West Street, Faversham, Kent ME13 7JB
4. Barratt East London, 3rd Floor Press Centre, Here East, 13 East Bay Lane, Stratford, London E15 2GW
5. One Eleven, Edmund Street, Birmingham, West Midlands B3 2HJ
6. Unit 11, Omega Business Park, Omega Business Village, Thurston Road, Northallerton, North Yorkshire
DL6 2NJ
7. Discovery House, Crossley Road, Stockport, Greater Manchester, England SK4 5BH
8. RMG House, Essex Road, Hoddesdon, Hertfordshire EN11 0DR
9. Gateway House, 10 Coopers Way, Southend-on-Sea, Essex SS2 5TE
10. Vantage Point, 23 Mark Road, Hemel Hempstead, Hertfordshire HP2 7DN
11. Weald House, 88 Main Road, Sundridge, Kent, United Kingdom TN14 6ER
12. Cygnet House, Cygnet Way, Hungerford, Berkshire RG17 0YL
13. Units 1, 2 & 3 Beech Court, Wokingham Road, Hurst, Reading RG10 0RU
14. Barratt House, 7 Springfield Lyons Approach, Chelmsford, Essex CM2 5EY
15. The Maltings, Hyde Hall Farm, Sandon, Hertfordshire SG9 0RU
16. 2 Hills Road, Cambridge, Cambridgeshire CB2 1JP
17. Unit A5 Optimum Business Park, Optimum Road, Swadlincote, Derbyshire, England, DE11 0WT
18. Fisher House, 84 Fisherton Street, Salisbury SP2 7QY
19. 6 Alpha Court, Monks Cross Drive, York, North Yorkshire, YO32 9WN
20. 60 Whitehall Road, Halesowen B63 3JS
21. Unit 1 Forder Way, Cygnet Park, Hampton, Peterborough, United Kingdom, PE7 8GX
22. Wellstones House, Wellstones, Watford, Hertfordshire WD17 2AF
23. Remus 2, 2 Cranbook Way, Solihull Business Park, Solihull, West Midlands B90 4GT
24. Wallis House, Great West Road, Brentford, Middlesex TW8 9BS
25. Firstport Property Services Limited, Marlborough House, Wigmore Place, Wigmore Lane, Luton LU2 9EX
26. Chiltern House, 72\u201374 King Edward Street, Macclesfield, Cheshire SK10 1AT
27. 100 Avebury Boulevard, Milton Keynes, England MK9 1FH
28. 41a Beach Road, Littlehampton, West Sussex, England DN17 5JA
29. Oak House, Village Way, Cardiff CF15 7NE
30. Unit 2 Beech Court, Wokingham Road, Hurst, Twyford, Berkshire RG10 0RQ
31. Vanguard House, Yeoford Way, Marsh Barton, Exeter EX2 8HL
32. Barratt House, 710 Waterside Drive, Aztec West, Almondsbury, Bristol BS32 4UD
33. Whittington Hall, Whittington Road, Worcester WR5 2ZX
34. Building 4, Dares Farm Business Park, Farnham Road, Ewshot, Farnham, Surrey GU10 5BB
35.
Ground Floor, Cromwell House, 15 Andover Road, Winchester, Hampshire SO23 7BT
36. 4 Brindley Road, City Park, Manchester M16 9HQ
37. Watson, Glendevon House, 4 Hawthorn Park, Coal Road, Leeds, West Yorkshire LS14 1PQ
38. Cumberland Court, 80 Mount Street, Nottingham, Nottinghamshire, United Kingdom NG1 6HH
39. Ashford House, Grenadier Road, Exeter, Devon EX1 3LH
40. Woodwater House, Pynes Hill, Exeter, Devon EX2 5WR
41. Unit 7, Astra Centre, Edinburgh Way, Harlow, Essex, England CM20 2BN
42. 5th Floor Halo, Counterslip, Bristol, United Kingdom BS1 6AJ
43. Barratt House, Sandy Way, Grange Park, Northampton NN4 5EJ
44. Unit 7, Hockliffe Business Park, Watling Street, Hockliffe, Leighton Buzzard, Bedfordshire LU7 9NB
45. 377\u2013379 Hoylake Road, Moreton, Wirral, Merseyside CH46 0RW
46. 128 Pyle Street, Granary Court, Newport, Isle of Wight PO30 1JW
47. Woodland Place, Wickford Business Park, Hurricane Way, Wickford SS11 8YB
48. 154\u2013155 Great Charles Street, Queensway, Birmingham B3 3LP
49. Thamesbourne Lodge, Station Road, Bourne End, Buckinghamshire SL8 5QH
50. 1 West Point Court, Great Park Road, Bradley Stoke, Bristol BS32 4PY
51. Blairton House, Old Aberdeen Road, Balmedie, Aberdeen, Scotland AB23 8SH
52. C/O East Block Group, The Colchester Centre, Hawkins Road, Colchester, Essex CO2 8JX
53. Compton House, The Guildway, Old Portsmouth Road, Guildford GU3 1LR
54. Queensway House, 11 Queensway, New Milton, Hampshire BH25 5NR
55. Tollbar House Tollbar Way, Hedge End, Southampton, United Kingdom SO30 2UH
56. 1a Fortune Close, Riverside Business Park, Northampton NN3 9HT
57. Unit 7, Portal Business Park, Eaton Lane, Tarporley, Cheshire CW6 9DL
58. Aurora House, Part 3rd Floor 71-75 Uxbridge Road, Ealing, London, England W5 5SL
59. Wellington House, Great Park Road, Bradley Stoke, Bristol BS32 4PY
60. 72\u201374 King Edward Street, Macclesfield, Cheshire SK10 1AT
61. Second Floor Lakeside 300, Broadland Business Park, Norwich, Norfolk, England NR7 0WG
62. Unit 1, Great Park Road, Bradley Stoke, Bristol, United Kingdom BS32 4PY
63. Sunnybank Farm, St. Johns Chapel, Bishop Auckland, England DL13 1QZ
64. Adamson House, Wilmslow Road, Manchester, England M20 2YY
Notes
A Owned through another Group company.
B Entity is limited by guarantee and is a temporary member of the Group. Assets are not held for the benefit of the Group and the entity has no
profit or loss in the year.
C The Group is a minority shareholder but has voting control.
D The Group does not own any shares but has control via directors who are employees of the Group.
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