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General Information
ME Group International plc (the \u201cCompany\u201d) is a public limited company incorporated and registered in England and
Wales and whose shares are quoted on the London Stock Exchange, under the symbol MEGP. The registered number of
the Company is 735438 and its registered office is at Unit 3B, Blenheim Rd, Epsom, KT19 9AP. The principal activities of
the Company and its subsidiaries (together referred to as the \u201cGroup\u201d) continue to be the operation, sale, and servicing of
a wide range of instant-service equipment. The Group operates coin-operated automatic photobooths for identification
and fun purposes, and a diverse range of vending equipment, including digital photo kiosks, laundry machines, and
business service equipment, and amusement machines.
Authorisation of the financial statements and statement of compliance with IFRSs
The consolidated financial statements of ME Group International plc for the period ended 31 October 2025 were
authorised for issue by the directors on 23 March 2026 and the statements of financial position were signed by
S. Crasnianski, Chief Executive Officer and J. Lewis, Non-executive Chairman.
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting
standards and in conformity with the requirements of the Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-1": { "value": "ME Group International plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-461": { "value": "ME Group International plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-2": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-3": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-4": { "value": "Unit 3B, Blenheim Rd, Epsom, KT19 9AP", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-5": { "value": "The principal activities of the Company and its subsidiaries (together referred to as the \u201cGroup\u201d) continue to be the operation, sale, and servicing of a wide range of instant-service equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-546": { "value": "Authorisation of the financial statements and statement of compliance with IFRSs The consolidated financial statements of ME Group International plc for the period ended 31 October 2025 were authorised for issue by the directors on 23 March 2026 and the statements of financial position were signed by S. Crasnianski, Chief Executive Officer and J. Lewis, Non-executive Chairman. The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-509": { "value": "Authorisation of the financial statements and statement of compliance with IFRSs The consolidated financial statements of ME Group International plc for the period ended 31 October 2025 were authorised for issue by the directors on 23 March 2026 and the statements of financial position were signed by S. Crasnianski, Chief Executive Officer and J. Lewis, Non-executive Chairman. The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and in conformity with the requirements of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-462": { "value": "
1 Material accounting policies
The material accounting policies adopted in the preparation of the Group\u2019s consolidated financial statements are set
out below. The policies have been consistently applied, unless otherwise stated, to all of the statements presented. New
standards adopted for this financial period are shown in note 2 on page 132.
1.1 Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted international accounting
standards, using the historical cost convention except for certain financial instruments held at FVTPL, share-based
payments and defined benefit pension obligations that have been measured at fair value.
The consolidated financial statements are presented in Pounds Sterling, being the presentational currency of the Group
and all values are shown in \u00a3\u2019000 except where indicated. Further details are provided in note 1.3.
Restatement of comparatives
The comparative figures for the year ending 31 October 2024 have been restated to make reclassifications from cash and
cash equivalents to trade and other payables, correcting a prior period error (see notes 19 and 27). As the impact on the
opening balances of the year ending 31 October 2024 was material, the restated balances at 1 November 2023 have also
been presented in the group statement of financial position.
Going concern
The consolidated financial statements of the Group have been prepared on the going concern basis.
In reaching this conclusion the Directors have reviewed detailed budgets, which reflect, where applicable, the current
economic conditions, with regard to the level of demand for the Group\u2019s manufactured products, the level of consumer
confidence and cash flow forecasts for at least the next twelve months.
The Directors assessed the Group\u2019s going concern basis by stress testing three scenarios and their projected financial
impact over a three-year period. The Directors\u2019 have used the three-year business plan in this assessment which covers
a period of 12 months after the date of signing of the financial statements for the assessment of going concern and a
period of three years for the assessment of viability. The following scenarios were tested:
Scenario 1:
The budget, elaborated with each country manager and validated by the top management, which we consider as the
most likely scenario. Please note that this scenario is the one approved by the Board.
Scenario 2:
The \u201cmild\u201d scenario is based on the budget, but with the following sensitivities added:
\u25aa A 5% decrease in machine installations due to supply chain issues
\u25aa A 5% price increase in spare parts and consumables
\u25aa A 1% increase in labour costs
\u25aa A 5% increase in paper costs
\u25aa A 1% drop in total revenue due to loss of key accounts
\u25aa A 1% drop in revenue due to the potential impact of a future pandemic or other global event.
\u25aa This scenario does not consider the potential impact of new regulations regarding photo identification or permission
of selfies as official photos within the three-year forecast
\u25aa In addition we assume in this scenario an additional revenue decrease of 2% in the first year (2026) for an unidentified
reason as of today.
Scenario 3:
The \u201cworst case\u201d scenario is based on the budget, but with the following sensitivities added:
\u25aa A 10% decrease in machine installations due to supply chain issues,
\u25aa A 10% price increase in spare parts and consumables
\u25aa A 2% increase in labour costs
\u25aa A 10% increase in paper costs
\u25aa A 1% drop in total revenue due to loss of key accounts
\u25aa A 3% drop in revenue due to the potential impact of a future pandemic or other global event.
\u25aa Revenue is reduced by 3% each year due to the potential impact of new regulations regarding photo identification or
permission of selfies as official photos.
\u25aa In addition we assume in this scenario an additional revenue decrease of 3% in the first year (2026) for an unidentified
reason as of today.
In all three scenarios, exchange rate assumptions are as per the budget. The forecasts assume payment of dividends
commensurate with results and the Group\u2019s dividend policy.
In all three scenarios tested, the group continues to comply with its bank covenants and loan repayment terms and is in a
strong financial position after three years.
Neither the Ukrainian nor Israeli conflicts are expected by management to have a significant impact on the business of
the Group. The Group has no activity in these regions.
Management does not consider interest rate risk to be a threat to the Group\u2019s going concern, as all current debt is at fixed
rates and the forecasts indicate no requirement for new debt facilities.
As a result, the cash flow projections indicate that the Group will remain within its available banking facilities over the
12 months from signing these financial statements. Additional information on these facilities is provided in note 16.
1.2 Basis of consolidation
The Group consolidates the financial statements of the Company and all of its subsidiaries, and includes associates
under the equity method, as at each year end.
Subsidiaries
Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable.
The acquisition date is the date on which control is transferred to the Group. The financial statements of subsidiaries are
included in the consolidated financial statements from the date that control commences until the date on which control
ceases. Losses applicable to non-controlling interests in a subsidiary are allocated to the non-controlling interests even if
doing so causes the non-controlling interests to have a negative balance.
The principal subsidiaries affecting the results and financial position of the Group are shown in note 19 of the Parent
Company Financial Statements.
Changes in ownership of subsidiaries and loss of control
Changes in the Group\u2019s interest in a subsidiary that do not result in loss of control are accounted for as equity transactions.
Where the Group loses control of a subsidiary, the assets and liabilities are derecognised along with any related non
controlling interest and other components of equity. Any resulting gain or loss is recognised in profit and loss. Any interest
retained in a subsidiary is measured at fair value when control is lost.
The Group uses the acquisition method to account for business combinations. Acquisition costs for business combinations
are expensed as incurred. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets
acquired, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group.
The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration
arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination
are initially measured at their fair values on acquisition date. The Group recognises any non-controlling interest in the
acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate
share of the recognised amounts of acquiree\u2019s identifiable net assets.
If the business combination is achieved in stages, the carrying value of the acquirer\u2019s previously held interest in the
acquiree is re-measured to fair value at the acquisition date, with such gains or losses arising from remeasurement
recognised in profit and loss.
Transactions eliminated on consolidation
Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are
eliminated. Material intercompany transactions which are eliminated include sales between subsidiaries and recharges
of corporate costs to subsidiaries.
1.3 Foreign currency translation
The consolidated financial statements are presented in Pounds Sterling, being the presentational currency of the Group
and all values are shown in \u00a3\u2019000 except where indicated.
Transactions in foreign currencies are translated into the respective functional currencies of the Group\u2019s subsidiaries at
the exchange rate ruling on the date the transaction is recorded. Monetary assets and liabilities denominated in foreign
currencies are translated using the exchange rates ruling at 31 October. Exchange gains and losses resulting from the
above translation are reflected in the income statement.
For subsidiaries that have a functional currency other than Pounds Sterling, income statements are translated into
Pounds Sterling at the weighted average rate of exchange for the year, being a reasonable approximation of actual
exchange rates at the date of the transaction. Statements of financial position are translated into Pounds Sterling at
the exchange rate ruling at 31 October.
Exchange differences arising on the translation of opening net assets are taken to the translation reserve within equity, as is the exchange difference on the translation of the income statement between average and closing exchange rates. For this purpose, net assets includes loans between group companies and any related foreign exchange contracts where settlement is neither planned nor likely to occur in the foreseeable future. Such cumulative exchange differences are released to the income statement on disposal of the subsidiary or associate. 1.4 Revenue recognition There are three types of revenue earned by the Group: a) Vending revenue is recognised when the services are provided, which is at a point in time. Vending revenue is total consideration received during the period including that held in machines at the statement of financial position date. Each vending sale transaction entered into by the Group represents a single performance obligation. Vending revenue is the fair value of consideration received and is measured net of discounts, VAT and other sales-related taxes. The customer makes full payment at the machine immediately before the service is delivered, with no payment terms offered. b) Revenue from the sale of equipment, spare parts and consumables is recognised upon delivery of products and acceptance, if applicable, by the customer. Each sale of equipment, spare parts and consumables represents a single performance obligation. Sales revenue is the fair value of consideration received or receivable and is measured net of discounts, VAT and other sales-related taxes. Payment is typically due and received 30 days after the delivery of the product. The Group offers a two year warranty on all machines sold and is responsible for any repairs required in that period. c) Revenue from the provision of services, principally maintenance contracts, is recognised at the time the service is delivered to the customer. Sales of services represents a single performance obligation. Revenue is the fair value of consideration received or receivable and is measured net of discounts, VAT and other sales-related taxes. Revenue is recognised in a straight line manner over the maintenance contract term. Payment is typically due and received 30 days after the delivery of the service is complete. Contract terms do not exceed one year in length. 1.5 Finance income and costs Finance income and costs are both recognised in the income statement under the effective interest method. 1.6 Taxation Tax expense for the current period comprises current and deferred tax and is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or equity. The current tax charge is calculated on the basis of the laws enacted or substantively enacted at the statement of financial position date in the countries where the Group operates. Deferred tax is provided in full on temporary differences arising between the tax base of assets and liabilities and their carrying value in the accounts. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in future periods in which the temporary difference will reverse, based on tax rates and laws enacted or substantively enacted at the year end. Deferred tax assets are recognised to the extent that it is probable that the future taxable profit, against which the deductible temporary differences can be utilised, will be available. Deferred tax is provided, or an asset recognised, on taxable temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Current tax assets and liabilities are measured at the amounts expected to be recovered from, or paid to, the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at year end.
1.7 Intangible assets
Goodwill
Goodwill represents the excess of cost of an acquisition of a subsidiary over the fair value of the Group\u2019s share of net
identifiable assets at the date of acquisition.
Goodwill is not amortised but is tested annually for impairment or more frequently if events or changes in circumstances
indicate that the carrying amounts may be impaired and is carried at cost less any impairment. On disposals, goodwill is
included in the calculation of gains or losses on the sale of the previously acquired entity.
For the purposes of impairment testing, goodwill is allocated to cash-generating units. Each of these units represents the
Group\u2019s investment in an operating subsidiary.
Where an acquisition creates a gain on bargain purchase (negative goodwill), the gain is recognized directly in the
income statement.
Internally generated research and development expenditure
Research and development costs are accounted for in line with all relevant criteria as mandated by IAS 38 Intangible
Assets. Research expenditure is expensed as incurred. Costs incurred in developing projects are capitalised as intangible
assets when the following criteria are met;
\u25aa The project is deemed to be technically feasible and is expected to produce a product which the Group can operate
or sell;
\u25aa The project is commercially viable based on discounted expected cash flows;
\u25aa The group has sufficient budget and staff capacity to complete development and bring the product to market; and
\u25aa The costs can be reliably measured.
Development costs that do not meet the capitalization requirements of IAS 38 are expensed and are not recognised as
assets.
Separately acquired intangible assets
Intangible assets (including research and development) acquired as part of a business combination are initially
recognised at fair value at the date of acquisition. Other intangibles are initially recognised at cost.
Intangible assets with finite useful lives are carried at cost less accumulated amortisation and impairment.
The amortisation policies applied to the Group\u2019s intangible assets are summarised as follows:
Capitalised research Right to Customer Patents and
and development
Software
Brands
operate related
licences
Droit au Bail
Useful lives
Finite
Finite
Finite
Finite
Finite
Finite
Indefinite
Amortisation Straight-line Straight-line Straight-line Straight-line Straight-line Straight-line Not amortised
basis, with a basis, with a basis, with a basis, over basis, over basis, over regularly, but
maximum life of maximum life maximum life their useful their useful their useful subject to
four years from of three years, of seven years, lives of ten lives of lives of impairment
commencement with no with no years, with no between three between testing
of commercial residual value residual value residual value and ten years, seven and ten
production, with with no years, with no
no residual value residual value residual value
Internally Internally
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
generated or
acquired
generated
Separately acquired intangible assets with indefinite useful lives Droit au bail, which occur in France, are rights to occupy a space to site vending equipment. According to French law, droit au bail contracts are tacitly extended, hence the determination of an indefinite useful life. The carrying amount of droit au bail assets at 31 October 2025 was \u00a3191,000 (2024: \u00a3172,000). Amortisation of capitalised development costs are included in the cost of sales. Amortisation of other intangible assets categories is included in both the cost of sales and administration expenses in the income statement. 1.8 Property, plant and equipment Property, plant and equipment is shown at cost, less accumulated depreciation and any impairment. Subsequent expenditure on property, plant and equipment is capitalised, either as a separate asset, or included in the cost of the asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost can be measured reliably. The carrying amount of any parts of the assets that are replaced are derecognised. All other costs are recognised in the income statement as an expense as incurred. Freehold land is not depreciated. Other assets are depreciated on a straight-line basis, to reduce cost to the estimated residual value over the estimated useful life of the asset at the following rates:
Freehold buildings & vending machine sites
2% \u2013 12.5% straight-line
Photobooths and vending machines
10% \u2013 33.33% straight-line
Right of use assets
Depreciated over lesser of the lease term and the asset\u2019s economic life.
Plant, machinery, furniture, fixtures and motor vehicles
12.5% \u2013 33.33% straight-line.
The assets\u2019 residual values and useful lives are reviewed at each year end and adjusted, if appropriate. 1.9 IFRS 16 leases The Group has arrangements across three main categories that meet the definition of a lease under IFRS 16: site agreements, property and motor vehicles. The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognizes a right-of-use asset and corresponding lease liability at the lease commencement date, except for short term leases and leases of low value. For short term and low value leases, the lease payments are recognized as an operating expense on a straight-line basis over the term of the lease. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for any lease payments made at or before the commencement date, plus any initial costs incurred. The right-of-use assets are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are depreciated from the commencement date over the shorter period of the lease term and useful life of the underlying asset (between one and 12 years). The estimated useful lives of right-of-use assets are determined on the same basis as those of property and equipment. The lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the relevant country discount rate. Lease Liabilities are adjusted for certain re-measurement events, e.g. revised discount rate, change in the lease term or change in future lease payments resulting from a change in an index. Lease liabilities are discounted using their incremental borrowing rates, which are determined using the Group\u2019s external cost of borrowing adjusted for timing of borrowing, lease term, country and currency impacts. An asset specific adjustment is also applied to tailor the discount rate to the specific characteristic of the leased asset. For the purpose of determining asset specific adjustments leases have been organised into pools of similar leased asset types.
Site agreements
The Group operates vending units which are deployed under a fee-paying agreement with the site owner. These
agreements vary widely in their terms and conditions. The Group examines, on an individual basis, the degree to which
these agreements meet the definition of a lease under IFRS 16, with particular regard to the presence of an identified
asset with no substitution rights. While the standard sets out the definition of a lease, judgement is required in assessing
the degree to which those criteria are met, particularly with regard to the presence of an identified asset with no
substitution rights.
Contracts outside of the scope of IFRS 16
Some of the Group\u2019s lease arrangements do not meet the criteria for IFRS 16 treatment (e.g. variable rent, site owners
have control over the machine location or ME Group can stop a contract with a short period notice at any time) and are
de facto accounted for as operating costs.
1.10 Impairment of non-financial assets
For goodwill and intangible assets with indefinite lives, the carrying value is reviewed annually for impairment or more
frequently if events or changes in circumstances indicate that the carrying amounts may be impaired.
Other intangible assets and property, plant and equipment are reviewed for impairment losses whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value of the asset is
higher than the recoverable amount of the asset an impairment loss is recognised. Impairment charges are included in
\u2018Adminstration expenses\u2019 in the income statement. In carrying out such impairment evaluations the recoverable amount
is the higher of the asset\u2019s value in use or its fair value less costs to sell.
Assets that do not generate largely independent cash inflows are grouped at the lowest level for which separately
identifiable cash inflows exist (cash-generating units) and the recoverable amount is determined for the cash-generating
unit (CGU). For the purposes of impairment testing of goodwill and intangible assets, the Group defines a CGU as an
operating company. For property, plant and equipment, impairment testing is performed at the individual asset level.
Reversal of impairment
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate
of its recoverable amount, but so that it does not exceed the carrying amount that would have been determined had no
impairment loss been recognised. No impairment loss is reversed for goodwill or intangible assets with indefinite lives.
1.11 Financial instruments
(i) Financial assets
Classification of financial assets
Financial instruments are classified based on the Group\u2019s business model for managing financial assets and the
contractual cash flow characteristics of the financial asset.
(a) Trade receivables
Trade receivables are initially measured at fair value, and subsequently at their amortised cost as reduced by
appropriate allowances for expected credit losses.
(b) Cash and cash equivalents
Cash and cash equivalents are measured at amortised costs. Bank overdrafts are included within borrowings in
current liabilities in the statements of financial position.
(c) Financial assets at fair value through profit or loss
Financial assets in this category are initially recorded and subsequently valued at fair value, with changes in fair
value recognised in the income statement.
For investments designated as financial assets at fair value through profit or loss, the fair values of quoted
investments are based on current bid prices. For unlisted investments the Group uses various valuation techniques
to determine fair values. Investments in convertible bonds are valued on a discounted cashflow basis and by
reference to the issuing company\u2019s equity value, where necessary.
(ii) Financial liabilities (a) Borrowings Borrowings are recorded initially at the fair value of the consideration received net of directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate method. This method includes any initial issue costs and discounts or premiums on settlement. Finance costs on the borrowings are charged to the income statement under the effective interest rate method. Financial liabilities are derecognised when the obligation under the liability is cancelled, discharged or has expired. (b) Trade and other payables Trade payables are initially recorded at fair value and subsequently recorded at amortised cost using the effective interest rate method. 1.12 Inventories Inventories are stated at the lower of cost and net realisable value. Cost includes costs incurred in bringing inventories to their present location and condition. The cost of work-in-progress and finished goods includes an appropriate proportion of production overheads. Finished goods also include operating equipment not yet sited. Raw materials and consumables are valued on a first-in first-out basis or on an average cost basis where average cost is not significantly different to first-in first-out due to the fast turnaround of consumables. The Group uses standard costs to value inventory and these standard costs are regularly updated to reflect current prices. Inventories are stated net of provisions for slow moving and obsolete inventory based on expected future usage. 1.13 Cash and cash equivalents Cash and cash equivalents are carried in the statements of financial position at amortised cost. Bank overdrafts are included within borrowings in current liabilities in the statements of financial position. For the purposes of the statements of cash flows, cash and cash equivalents comprises cash on hand, restricted and unrestricted deposits held at banks and other highly liquid investments with an original maturity of three months or less, less bank overdrafts. Cash and cash equivalents includes an estimate for cash in transit at the year end, being cash that has been collected and is held in the machines but has not yet been banked. The Group operates a zero balancing cash pooling arrangement, which physically sweeps cash from subsidiary bank accounts to central clearing bank accounts on a daily basis. Any overdrawn balances in subsidiaries are not offset against positive balances. 1.14 Share capital and reserves Share capital Ordinary shares of the Company are classified as equity. Where the Company acquires its own equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of tax relief), is deducted from equity attributable to the Company\u2019s equity shareholders until the shares are either cancelled or subsequently reissued. The amount is shown in equity as treasury shares. Where treasury shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders. Where treasury shares are subsequently cancelled, share capital is reduced by the nominal value of the shares cancelled, with a corresponding credit entry made to the capital redemption reserve. The consideration originally paid to acquire the shares is recognized as a reduction in retained earnings. Share premium Any excess received for shares issued over their nominal value is recorded in the share premium account. Capital redemption reserve The capital redemption reserve is a statutory, non-distributable reserve into which amounts are transferred following the purchase and cancellation of the Company\u2019s own shares. Translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries and associates. In accordance with the options allowed under IFRS 1, only exchange rate differences arising on translation after the date of transition, 1 May 2004, are shown in this reserve. Other reserves Share options reserve This reserve is used to accrue the grant date fair value of options issued, in accordance with IFRS 2. Other reserve accounts arising in subsidiaries These reserves are generally not distributable and arise as a result of local legislation regarding capital maintenance. 1.15 Employee benefits Pension obligations Group companies have various pension schemes in accordance with local conditions and practices in the countries in which they operate. The Group operates both defined benefit and defined contribution schemes. The Company operates a defined benefit pension scheme, which is closed to new entrants, with contributions made by employees and the Company with defined benefits being based upon the employee\u2019s length of service and final pensionable salary. The Company also operates a defined contribution pension scheme. Defined benefit schemes Details of the pension schemes are included in note 24. The net obligation for the Group\u2019s defined benefit pension schemes is calculated for each scheme separately by estimating the future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value amount of plan assets. The calculation is performed by independent actuaries using the projected unit credit actuarial method. If this calculation results in a potential asset for the Group, this asset is only recognised to the present value of the economic benefits available in the form of a refund of contributions paid to the fund or reductions in future contributions. In calculating the present value of any economic benefit consideration is given to any minimum funding requirements. Re-measurement of the net liability, which comprises actuarial gains and losses, the return on plan assets (excluding interest) and the effects of any asset ceiling, are recognised in other comprehensive income. The Group determines the net interest expense (income) on the net liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the period to the then net defined liability (asset), taking into account changes in the period as a result of contributions and pension benefits paid. Other expenses are charged to profit and loss. When plan benefits are changed or the plan curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognised in profit and loss. Gains and losses on settlement of any plan are recognised when settlement occurs. Defined contribution schemes Contributions to defined contribution schemes are expensed as incurred. Other post\u2011employment benefits In addition to the pension schemes noted above, contracts of employment in certain Group companies require provision to be made for employee retirements. These provisions are based on local circumstances, length of service and salaries of the employees concerned. They are included in post-employment benefit obligations and shown in note 24 as other retirement provisions. Share\u2011based payments The cost of equity-settled transactions with employees is measured by reference to the fair value at the date of grant, determined using the Black-Scholes model. The fair value is expensed on a straight-line basis over the vesting period, based on management\u2019s estimate of the number of shares that will eventually vest. The Group does not have options with market conditions. On exercise of the option the proceeds received are allocated to share capital (nominal value of shares) and share premium. The grant by the Parent Company of options over its ordinary shares to the employees of subsidiary undertakings in the Group is treated as a capital contribution. The fair value of the employee services received, measured by reference to the grant date fair value, is recognised over the investing period as an increase to the investment in subsidiary undertakings with a corresponding credit to other reserves in equity. Details of share-based payments are included in note 22. Termination benefits Termination benefits are recognised in the income statement in the period when the Group is demonstrably committed to the termination of employment or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Short\u2011term employee benefits The Group recognises a liability and an expense for short-term employee benefits (such as holiday pay, bonuses and profit sharing) where these obligations contractually arise (for example, as a result of employment contracts) or where a constructive obligation has arisen from past practice. 1.16 Dividend distributions Final dividends to the Company\u2019s shareholders are recognised as a liability and deducted from shareholders\u2019 equity in the period in which the dividends are approved by shareholders. Interim dividends are recognised as a liability when paid. 1.17 Non-current assets classified as held for sale The Group classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Non-current assets transferred to held for sale are recognised at the lower of their carrying amount and fair value less costs to sell and presented separately on the Statement of Financial Position. Non-current assets classified as held for sale are not depreciated. 1.18 Guarantees issued by parent company The parent company of the Group has issued guarantees over certain bank loan liabilities of subsidiary companies in France and Japan. Under these guarantees, the Company would be liable for the subsidiaries\u2019 loan liabilities in the event of a default. The outstanding balance of guaranteed loan liabilities at 31 October 2025 was \u00a38,493,000. The Company is required to recognise expected credit losses provisions (ECL) based on unbiased forward-looking information in relation to these guarantee contracts. The ECL is measured using two main components: probability of default and loss given default. Management have assessed the probability of default and considered the following factors: the Group operates a cash pooling arrangement, which ensures that all subsidiaries have access to sufficient cash to meet their obligations as they fall due; at the reporting date the Group holds cash of \u00a356,539,000, which exceeds the balance of guaranteed loans; and cash forecasts indicate that the Group will continue to hold sufficient cash to cover the guaranteed loans for the next three years. Management concluded that the probability of default is extremely low. The loss given default value would be the outstanding value of the guaranteed loan liabilities. Given the facts set out above, management determined the value of the ECL is trivial, therefore no provision has been recognised. 2 New standards, amendments and interpretations New accounting standards Adopted by the Group The Group has adopted the following new standards and amendments for the first time in these financial statements with no material impact: \u25aa Lease liability in a sale and leaseback \u2013 Amendments to IFRS 16 \u25aa Classification of liabilities as current or non-current and non-current liabilities with covenants \u2013 Amendments to IAS 1 \u25aa Disclosure of supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7 Not yet adopted by the Group Certain new accounting standards and interpretations have been published which are endorsed in the UK that are not mandatory for the current period and have not been early adopted by the Group. These new standards and interpretations, which are not expected to have a material effect on the Group, are set out below. Whilst IFRS 18 will not impact the way that the group recognises and measures items in the financial statements, it will impact on the way some items are presented and disclosed. Specifically: \u25aa The Group Statement of Comprehensive Income will be reorganised into categories defined by IFRS 18; \u25aa Additional disclosure around management-defined performance measures (MPM\u2019s) and reconciliation to the financial statements; and \u25aa Changes to the way items are aggregated and disaggregated. For example the way costs are presented in note 5 operating profit.
Date required to be
Description adopted by the Group
Lack of exchangeability \u2013 Amendments to IAS 21
1 January 2025
Annual Improvements to IFRS Accounting Standards \u2013 Amendments 11
1 January 2026
Amendments to IFRS 7 and IFRS 9 \u2013 classification and measurement of financial instruments
1 January 2026
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
1 January 2027
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-464": { "value": "1.1 Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards, using the historical cost convention except for certain financial instruments held at FVTPL, share-based payments and defined benefit pension obligations that have been measured at fair value. The consolidated financial statements are presented in Pounds Sterling, being the presentational currency of the Group and all values are shown in \u00a3\u2019000 except where indicated. Further details are provided in note 1.3. Restatement of comparatives The comparative figures for the year ending 31 October 2024 have been restated to make reclassifications from cash and cash equivalents to trade and other payables, correcting a prior period error (see notes 19 and 27). As the impact on the opening balances of the year ending 31 October 2024 was material, the restated balances at 1 November 2023 have also been presented in the group statement of financial position. Going concern The consolidated financial statements of the Group have been prepared on the going concern basis. In reaching this conclusion the Directors have reviewed detailed budgets, which reflect, where applicable, the current economic conditions, with regard to the level of demand for the Group\u2019s manufactured products, the level of consumer confidence and cash flow forecasts for at least the next twelve months. The Directors assessed the Group\u2019s going concern basis by stress testing three scenarios and their projected financial impact over a three-year period. The Directors\u2019 have used the three-year business plan in this assessment which covers a period of 12 months after the date of signing of the financial statements for the assessment of going concern and a period of three years for the assessment of viability. The following scenarios were tested: Scenario 1: The budget, elaborated with each country manager and validated by the top management, which we consider as the most likely scenario. Please note that this scenario is the one approved by the Board. Scenario 2: The \u201cmild\u201d scenario is based on the budget, but with the following sensitivities added: \u25aa A 5% decrease in machine installations due to supply chain issues \u25aa A 5% price increase in spare parts and consumables \u25aa A 1% increase in labour costs \u25aa A 5% increase in paper costs \u25aa A 1% drop in total revenue due to loss of key accounts \u25aa A 1% drop in revenue due to the potential impact of a future pandemic or other global event. \u25aa This scenario does not consider the potential impact of new regulations regarding photo identification or permission of selfies as official photos within the three-year forecast \u25aa In addition we assume in this scenario an additional revenue decrease of 2% in the first year (2026) for an unidentified reason as of today. Scenario 3: The \u201cworst case\u201d scenario is based on the budget, but with the following sensitivities added: \u25aa A 10% decrease in machine installations due to supply chain issues, \u25aa A 10% price increase in spare parts and consumables \u25aa A 2% increase in labour costs \u25aa A 10% increase in paper costs \u25aa A 1% drop in total revenue due to loss of key accounts \u25aa A 3% drop in revenue due to the potential impact of a future pandemic or other global event. \u25aa Revenue is reduced by 3% each year due to the potential impact of new regulations regarding photo identification or permission of selfies as official photos. \u25aa In addition we assume in this scenario an additional revenue decrease of 3% in the first year (2026) for an unidentified reason as of today. In all three scenarios, exchange rate assumptions are as per the budget. The forecasts assume payment of dividends commensurate with results and the Group\u2019s dividend policy. In all three scenarios tested, the group continues to comply with its bank covenants and loan repayment terms and is in a strong financial position after three years. Neither the Ukrainian nor Israeli conflicts are expected by management to have a significant impact on the business of the Group. The Group has no activity in these regions. Management does not consider interest rate risk to be a threat to the Group\u2019s going concern, as all current debt is at fixed rates and the forecasts indicate no requirement for new debt facilities. As a result, the cash flow projections indicate that the Group will remain within its available banking facilities over the 12 months from signing these financial statements. Additional information on these facilities is provided in note 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-510": { "value": "Going concern The consolidated financial statements of the Group have been prepared on the going concern basis. In reaching this conclusion the Directors have reviewed detailed budgets, which reflect, where applicable, the current economic conditions, with regard to the level of demand for the Group\u2019s manufactured products, the level of consumer confidence and cash flow forecasts for at least the next twelve months. The Directors assessed the Group\u2019s going concern basis by stress testing three scenarios and their projected financial impact over a three-year period. The Directors\u2019 have used the three-year business plan in this assessment which covers a period of 12 months after the date of signing of the financial statements for the assessment of going concern and a period of three years for the assessment of viability. The following scenarios were tested: Scenario 1: The budget, elaborated with each country manager and validated by the top management, which we consider as the most likely scenario. Please note that this scenario is the one approved by the Board. Scenario 2: The \u201cmild\u201d scenario is based on the budget, but with the following sensitivities added: \u25aa A 5% decrease in machine installations due to supply chain issues \u25aa A 5% price increase in spare parts and consumables \u25aa A 1% increase in labour costs \u25aa A 5% increase in paper costs \u25aa A 1% drop in total revenue due to loss of key accounts \u25aa A 1% drop in revenue due to the potential impact of a future pandemic or other global event. \u25aa This scenario does not consider the potential impact of new regulations regarding photo identification or permission of selfies as official photos within the three-year forecast \u25aa In addition we assume in this scenario an additional revenue decrease of 2% in the first year (2026) for an unidentified reason as of today. Scenario 3: The \u201cworst case\u201d scenario is based on the budget, but with the following sensitivities added: \u25aa A 10% decrease in machine installations due to supply chain issues, \u25aa A 10% price increase in spare parts and consumables \u25aa A 2% increase in labour costs \u25aa A 10% increase in paper costs \u25aa A 1% drop in total revenue due to loss of key accounts \u25aa A 3% drop in revenue due to the potential impact of a future pandemic or other global event. \u25aa Revenue is reduced by 3% each year due to the potential impact of new regulations regarding photo identification or permission of selfies as official photos. \u25aa In addition we assume in this scenario an additional revenue decrease of 3% in the first year (2026) for an unidentified reason as of today. In all three scenarios, exchange rate assumptions are as per the budget. The forecasts assume payment of dividends commensurate with results and the Group\u2019s dividend policy. In all three scenarios tested, the group continues to comply with its bank covenants and loan repayment terms and is in a strong financial position after three years. Neither the Ukrainian nor Israeli conflicts are expected by management to have a significant impact on the business of the Group. The Group has no activity in these regions. Management does not consider interest rate risk to be a threat to the Group\u2019s going concern, as all current debt is at fixed rates and the forecasts indicate no requirement for new debt facilities. As a result, the cash flow projections indicate that the Group will remain within its available banking facilities over the 12 months from signing these financial statements. Additional information on these facilities is provided in note 16. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-466": { "value": "1.2 Basis of consolidation The Group consolidates the financial statements of the Company and all of its subsidiaries, and includes associates under the equity method, as at each year end. Subsidiaries Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date on which control ceases. Losses applicable to non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a negative balance. The principal subsidiaries affecting the results and financial position of the Group are shown in note 19 of the Parent Company Financial Statements. Changes in ownership of subsidiaries and loss of control Changes in the Group\u2019s interest in a subsidiary that do not result in loss of control are accounted for as equity transactions. Where the Group loses control of a subsidiary, the assets and liabilities are derecognised along with any related non controlling interest and other components of equity. Any resulting gain or loss is recognised in profit and loss. Any interest retained in a subsidiary is measured at fair value when control is lost. The Group uses the acquisition method to account for business combinations. Acquisition costs for business combinations are expensed as incurred. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets acquired, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are initially measured at their fair values on acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. If the business combination is achieved in stages, the carrying value of the acquirer\u2019s previously held interest in the acquiree is re-measured to fair value at the acquisition date, with such gains or losses arising from remeasurement recognised in profit and loss. Transactions eliminated on consolidation Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Material intercompany transactions which are eliminated include sales between subsidiaries and recharges of corporate costs to subsidiaries. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-512": { "value": "Subsidiaries Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The acquisition date is the date on which control is transferred to the Group. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date on which control ceases. Losses applicable to non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a negative balance. The principal subsidiaries affecting the results and financial position of the Group are shown in note 19 of the Parent Company Financial Statements. Changes in ownership of subsidiaries and loss of control Changes in the Group\u2019s interest in a subsidiary that do not result in loss of control are accounted for as equity transactions. Where the Group loses control of a subsidiary, the assets and liabilities are derecognised along with any related non controlling interest and other components of equity. Any resulting gain or loss is recognised in profit and loss. Any interest retained in a subsidiary is measured at fair value when control is lost. The Group uses the acquisition method to account for business combinations. Acquisition costs for business combinations are expensed as incurred. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets acquired, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are initially measured at their fair values on acquisition date. The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. If the business combination is achieved in stages, the carrying value of the acquirer\u2019s previously held interest in the acquiree is re-measured to fair value at the acquisition date, with such gains or losses arising from remeasurement recognised in profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-465": { "value": "1.3 Foreign currency translation The consolidated financial statements are presented in Pounds Sterling, being the presentational currency of the Group and all values are shown in \u00a3\u2019000 except where indicated. Transactions in foreign currencies are translated into the respective functional currencies of the Group\u2019s subsidiaries at the exchange rate ruling on the date the transaction is recorded. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rates ruling at 31 October. Exchange gains and losses resulting from the above translation are reflected in the income statement. For subsidiaries that have a functional currency other than Pounds Sterling, income statements are translated into Pounds Sterling at the weighted average rate of exchange for the year, being a reasonable approximation of actual exchange rates at the date of the transaction. Statements of financial position are translated into Pounds Sterling at the exchange rate ruling at 31 October.
Exchange differences arising on the translation of opening net assets are taken to the translation reserve within equity,
as is the exchange difference on the translation of the income statement between average and closing exchange rates.
For this purpose, net assets includes loans between group companies and any related foreign exchange contracts where
settlement is neither planned nor likely to occur in the foreseeable future. Such cumulative exchange differences are
released to the income statement on disposal of the subsidiary or associate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-511": { "value": "The consolidated financial statements are presented in Pounds Sterling, being the presentational currency of the Group and all values are shown in \u00a3\u2019000 except where indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-468": { "value": "
1.4 Revenue recognition
There are three types of revenue earned by the Group:
a) Vending revenue is recognised when the services are provided, which is at a point in time. Vending revenue is total
consideration received during the period including that held in machines at the statement of financial position
date. Each vending sale transaction entered into by the Group represents a single performance obligation. Vending
revenue is the fair value of consideration received and is measured net of discounts, VAT and other sales-related
taxes. The customer makes full payment at the machine immediately before the service is delivered, with no
payment terms offered.
b) Revenue from the sale of equipment, spare parts and consumables is recognised upon delivery of products and
acceptance, if applicable, by the customer. Each sale of equipment, spare parts and consumables represents
a single performance obligation. Sales revenue is the fair value of consideration received or receivable and is
measured net of discounts, VAT and other sales-related taxes. Payment is typically due and received 30 days after
the delivery of the product.
The Group offers a two year warranty on all machines sold and is responsible for any repairs required in that period.
c) Revenue from the provision of services, principally maintenance contracts, is recognised at the time the service is
delivered to the customer. Sales of services represents a single performance obligation. Revenue is the fair value of
consideration received or receivable and is measured net of discounts, VAT and other sales-related taxes. Revenue
is recognised in a straight line manner over the maintenance contract term. Payment is typically due and received
30 days after the delivery of the service is complete. Contract terms do not exceed one year in length.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-467": { "value": "
1.5 Finance income and costs
Finance income and costs are both recognised in the income statement under the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-547": { "value": "1.5 Finance income and costs Finance income and costs are both recognised in the income statement under the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-513": { "value": "1.5 Finance income and costs Finance income and costs are both recognised in the income statement under the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-469": { "value": "
1.6 Taxation
Tax expense for the current period comprises current and deferred tax and is recognised in the income statement,
except to the extent that it relates to items recognised in other comprehensive income or equity. The current tax charge
is calculated on the basis of the laws enacted or substantively enacted at the statement of financial position date in the
countries where the Group operates.
Deferred tax is provided in full on temporary differences arising between the tax base of assets and liabilities and their
carrying value in the accounts.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in future periods in which
the temporary difference will reverse, based on tax rates and laws enacted or substantively enacted at the year end.
Deferred tax assets are recognised to the extent that it is probable that the future taxable profit, against which the
deductible temporary differences can be utilised, will be available.
Deferred tax is provided, or an asset recognised, on taxable temporary differences arising on investments in subsidiaries
and associates, except where the timing of the reversal of the temporary difference can be controlled and it is probable
that the temporary difference will not reverse in the foreseeable future.
Current tax assets and liabilities are measured at the amounts expected to be recovered from, or paid to, the taxation
authorities, based on tax rates and laws that are enacted or substantively enacted at year end.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-514": { "value": "1.6 Taxation Tax expense for the current period comprises current and deferred tax and is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or equity. The current tax charge is calculated on the basis of the laws enacted or substantively enacted at the statement of financial position date in the countries where the Group operates. Deferred tax is provided in full on temporary differences arising between the tax base of assets and liabilities and their carrying value in the accounts. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in future periods in which the temporary difference will reverse, based on tax rates and laws enacted or substantively enacted at the year end. Deferred tax assets are recognised to the extent that it is probable that the future taxable profit, against which the deductible temporary differences can be utilised, will be available. Deferred tax is provided, or an asset recognised, on taxable temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not reverse in the foreseeable future. Current tax assets and liabilities are measured at the amounts expected to be recovered from, or paid to, the taxation authorities, based on tax rates and laws that are enacted or substantively enacted at year end. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-470": { "value": "1.7 Intangible assets Goodwill Goodwill represents the excess of cost of an acquisition of a subsidiary over the fair value of the Group\u2019s share of net identifiable assets at the date of acquisition. Goodwill is not amortised but is tested annually for impairment or more frequently if events or changes in circumstances indicate that the carrying amounts may be impaired and is carried at cost less any impairment. On disposals, goodwill is included in the calculation of gains or losses on the sale of the previously acquired entity. For the purposes of impairment testing, goodwill is allocated to cash-generating units. Each of these units represents the Group\u2019s investment in an operating subsidiary. Where an acquisition creates a gain on bargain purchase (negative goodwill), the gain is recognized directly in the income statement. Internally generated research and development expenditure Research and development costs are accounted for in line with all relevant criteria as mandated by IAS 38 Intangible Assets. Research expenditure is expensed as incurred. Costs incurred in developing projects are capitalised as intangible assets when the following criteria are met; \u25aa The project is deemed to be technically feasible and is expected to produce a product which the Group can operate or sell; \u25aa The project is commercially viable based on discounted expected cash flows; \u25aa The group has sufficient budget and staff capacity to complete development and bring the product to market; and \u25aa The costs can be reliably measured. Development costs that do not meet the capitalization requirements of IAS 38 are expensed and are not recognised as assets. Separately acquired intangible assets Intangible assets (including research and development) acquired as part of a business combination are initially recognised at fair value at the date of acquisition. Other intangibles are initially recognised at cost. Intangible assets with finite useful lives are carried at cost less accumulated amortisation and impairment. The amortisation policies applied to the Group\u2019s intangible assets are summarised as follows:
Capitalised research Right to Customer Patents and
and development
Software
Brands
operate related
licences
Droit au Bail
Useful lives
Finite
Finite
Finite
Finite
Finite
Finite
Indefinite
Amortisation Straight-line Straight-line Straight-line Straight-line Straight-line Straight-line Not amortised
basis, with a basis, with a basis, with a basis, over basis, over basis, over regularly, but
maximum life of maximum life maximum life their useful their useful their useful subject to
four years from of three years, of seven years, lives of ten lives of lives of impairment
commencement with no with no years, with no between three between testing
of commercial residual value residual value residual value and ten years, seven and ten
production, with with no years, with no
no residual value residual value residual value
Internally Internally
Acquired
Acquired
Acquired
Acquired
Acquired
Acquired
generated or
acquired
generated
Separately acquired intangible assets with indefinite useful lives
Droit au bail, which occur in France, are rights to occupy a space to site vending equipment. According to French law, droit
au bail contracts are tacitly extended, hence the determination of an indefinite useful life.
The carrying amount of droit au bail assets at 31 October 2025 was \u00a3191,000 (2024: \u00a3172,000).
Amortisation of capitalised development costs are included in the cost of sales. Amortisation of other intangible assets
categories is included in both the cost of sales and administration expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-516": { "value": "Goodwill Goodwill represents the excess of cost of an acquisition of a subsidiary over the fair value of the Group\u2019s share of net identifiable assets at the date of acquisition. Goodwill is not amortised but is tested annually for impairment or more frequently if events or changes in circumstances indicate that the carrying amounts may be impaired and is carried at cost less any impairment. On disposals, goodwill is included in the calculation of gains or losses on the sale of the previously acquired entity. For the purposes of impairment testing, goodwill is allocated to cash-generating units. Each of these units represents the Group\u2019s investment in an operating subsidiary. Where an acquisition creates a gain on bargain purchase (negative goodwill), the gain is recognized directly in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-515": { "value": "Internally generated research and development expenditure Research and development costs are accounted for in line with all relevant criteria as mandated by IAS 38 Intangible Assets. Research expenditure is expensed as incurred. Costs incurred in developing projects are capitalised as intangible assets when the following criteria are met; \u25aa The project is deemed to be technically feasible and is expected to produce a product which the Group can operate or sell; \u25aa The project is commercially viable based on discounted expected cash flows; \u25aa The group has sufficient budget and staff capacity to complete development and bring the product to market; and \u25aa The costs can be reliably measured. Development costs that do not meet the capitalization requirements of IAS 38 are expensed and are not recognised as assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-471": { "value": "
1.8 Property, plant and equipment
Property, plant and equipment is shown at cost, less accumulated depreciation and any impairment.
Subsequent expenditure on property, plant and equipment is capitalised, either as a separate asset, or included in the
cost of the asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group and the cost can be measured reliably. The carrying amount of any parts of the assets that are replaced are
derecognised. All other costs are recognised in the income statement as an expense as incurred.
Freehold land is not depreciated. Other assets are depreciated on a straight-line basis, to reduce cost to the estimated
residual value over the estimated useful life of the asset at the following rates:
Freehold buildings & vending machine sites
2% \u2013 12.5% straight-line
Photobooths and vending machines
10% \u2013 33.33% straight-line
Right of use assets
Depreciated over lesser of the lease term and the asset\u2019s economic life.
Plant, machinery, furniture, fixtures and motor vehicles
12.5% \u2013 33.33% straight-line.
The assets\u2019 residual values and useful lives are reviewed at each year end and adjusted, if appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-517": { "value": "1.8 Property, plant and equipment Property, plant and equipment is shown at cost, less accumulated depreciation and any impairment. Subsequent expenditure on property, plant and equipment is capitalised, either as a separate asset, or included in the cost of the asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost can be measured reliably. The carrying amount of any parts of the assets that are replaced are derecognised. All other costs are recognised in the income statement as an expense as incurred. Freehold land is not depreciated. Other assets are depreciated on a straight-line basis, to reduce cost to the estimated residual value over the estimated useful life of the asset at the following rates:
Freehold buildings & vending machine sites
2% \u2013 12.5% straight-line
Photobooths and vending machines
10% \u2013 33.33% straight-line
Right of use assets
Depreciated over lesser of the lease term and the asset\u2019s economic life.
Plant, machinery, furniture, fixtures and motor vehicles
12.5% \u2013 33.33% straight-line.
The assets\u2019 residual values and useful lives are reviewed at each year end and adjusted, if appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-472": { "value": "
1.9 IFRS 16 leases
The Group has arrangements across three main categories that meet the definition of a lease under IFRS 16: site
agreements, property and motor vehicles. The Group assesses whether a contract is or contains a lease at inception of
the contract. The Group recognizes a right-of-use asset and corresponding lease liability at the lease commencement
date, except for short term leases and leases of low value. For short term and low value leases, the lease payments are
recognized as an operating expense on a straight-line basis over the term of the lease.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liabilities adjusted for
any lease payments made at or before the commencement date, plus any initial costs incurred. The right-of-use assets
are subsequently measured at cost less accumulated depreciation and impairment losses. The right-of-use assets are
depreciated from the commencement date over the shorter period of the lease term and useful life of the underlying
asset (between one and 12 years). The estimated useful lives of right-of-use assets are determined on the same basis as
those of property and equipment.
The lease liabilities are initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the relevant country discount rate. Lease Liabilities are adjusted for certain
re-measurement events, e.g. revised discount rate, change in the lease term or change in future lease payments resulting
from a change in an index. Lease liabilities are discounted using their incremental borrowing rates, which are determined
using the Group\u2019s external cost of borrowing adjusted for timing of borrowing, lease term, country and currency impacts.
An asset specific adjustment is also applied to tailor the discount rate to the specific characteristic of the leased asset.
For the purpose of determining asset specific adjustments leases have been organised into pools of similar leased
asset types.
Site agreements The Group operates vending units which are deployed under a fee-paying agreement with the site owner. These agreements vary widely in their terms and conditions. The Group examines, on an individual basis, the degree to which these agreements meet the definition of a lease under IFRS 16, with particular regard to the presence of an identified asset with no substitution rights. While the standard sets out the definition of a lease, judgement is required in assessing the degree to which those criteria are met, particularly with regard to the presence of an identified asset with no substitution rights. Contracts outside of the scope of IFRS 16 Some of the Group\u2019s lease arrangements do not meet the criteria for IFRS 16 treatment (e.g. variable rent, site owners have control over the machine location or ME Group can stop a contract with a short period notice at any time) and are de facto accounted for as operating costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-518": { "value": "1.10 Impairment of non-financial assets For goodwill and intangible assets with indefinite lives, the carrying value is reviewed annually for impairment or more frequently if events or changes in circumstances indicate that the carrying amounts may be impaired. Other intangible assets and property, plant and equipment are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value of the asset is higher than the recoverable amount of the asset an impairment loss is recognised. Impairment charges are included in \u2018Adminstration expenses\u2019 in the income statement. In carrying out such impairment evaluations the recoverable amount is the higher of the asset\u2019s value in use or its fair value less costs to sell. Assets that do not generate largely independent cash inflows are grouped at the lowest level for which separately identifiable cash inflows exist (cash-generating units) and the recoverable amount is determined for the cash-generating unit (CGU). For the purposes of impairment testing of goodwill and intangible assets, the Group defines a CGU as an operating company. For property, plant and equipment, impairment testing is performed at the individual asset level. Reversal of impairment Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that it does not exceed the carrying amount that would have been determined had no impairment loss been recognised. No impairment loss is reversed for goodwill or intangible assets with indefinite lives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-473": { "value": "1.10 Impairment of non-financial assets For goodwill and intangible assets with indefinite lives, the carrying value is reviewed annually for impairment or more frequently if events or changes in circumstances indicate that the carrying amounts may be impaired. Other intangible assets and property, plant and equipment are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value of the asset is higher than the recoverable amount of the asset an impairment loss is recognised. Impairment charges are included in \u2018Adminstration expenses\u2019 in the income statement. In carrying out such impairment evaluations the recoverable amount is the higher of the asset\u2019s value in use or its fair value less costs to sell. Assets that do not generate largely independent cash inflows are grouped at the lowest level for which separately identifiable cash inflows exist (cash-generating units) and the recoverable amount is determined for the cash-generating unit (CGU). For the purposes of impairment testing of goodwill and intangible assets, the Group defines a CGU as an operating company. For property, plant and equipment, impairment testing is performed at the individual asset level. Reversal of impairment Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that it does not exceed the carrying amount that would have been determined had no impairment loss been recognised. No impairment loss is reversed for goodwill or intangible assets with indefinite lives. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-474": { "value": "1.11 Financial instruments (i) Financial assets Classification of financial assets Financial instruments are classified based on the Group\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset. (a) Trade receivables Trade receivables are initially measured at fair value, and subsequently at their amortised cost as reduced by appropriate allowances for expected credit losses. (b) Cash and cash equivalents Cash and cash equivalents are measured at amortised costs. Bank overdrafts are included within borrowings in current liabilities in the statements of financial position. (c) Financial assets at fair value through profit or loss Financial assets in this category are initially recorded and subsequently valued at fair value, with changes in fair value recognised in the income statement. For investments designated as financial assets at fair value through profit or loss, the fair values of quoted investments are based on current bid prices. For unlisted investments the Group uses various valuation techniques to determine fair values. Investments in convertible bonds are valued on a discounted cashflow basis and by reference to the issuing company\u2019s equity value, where necessary. (ii) Financial liabilities (a) Borrowings Borrowings are recorded initially at the fair value of the consideration received net of directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate method. This method includes any initial issue costs and discounts or premiums on settlement. Finance costs on the borrowings are charged to the income statement under the effective interest rate method. Financial liabilities are derecognised when the obligation under the liability is cancelled, discharged or has expired. (b) Trade and other payables Trade payables are initially recorded at fair value and subsequently recorded at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-519": { "value": "(i) Financial assets Classification of financial assets Financial instruments are classified based on the Group\u2019s business model for managing financial assets and the contractual cash flow characteristics of the financial asset. (a) Trade receivables Trade receivables are initially measured at fair value, and subsequently at their amortised cost as reduced by appropriate allowances for expected credit losses. (b) Cash and cash equivalents Cash and cash equivalents are measured at amortised costs. Bank overdrafts are included within borrowings in current liabilities in the statements of financial position. (c) Financial assets at fair value through profit or loss Financial assets in this category are initially recorded and subsequently valued at fair value, with changes in fair value recognised in the income statement. For investments designated as financial assets at fair value through profit or loss, the fair values of quoted investments are based on current bid prices. For unlisted investments the Group uses various valuation techniques to determine fair values. Investments in convertible bonds are valued on a discounted cashflow basis and by reference to the issuing company\u2019s equity value, where necessary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-548": { "value": "(a) Trade receivables Trade receivables are initially measured at fair value, and subsequently at their amortised cost as reduced by appropriate allowances for expected credit losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-570": { "value": "(c) Financial assets at fair value through profit or loss Financial assets in this category are initially recorded and subsequently valued at fair value, with changes in fair value recognised in the income statement. For investments designated as financial assets at fair value through profit or loss, the fair values of quoted investments are based on current bid prices. For unlisted investments the Group uses various valuation techniques to determine fair values. Investments in convertible bonds are valued on a discounted cashflow basis and by reference to the issuing company\u2019s equity value, where necessary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-549": { "value": "(c) Financial assets at fair value through profit or loss Financial assets in this category are initially recorded and subsequently valued at fair value, with changes in fair value recognised in the income statement. For investments designated as financial assets at fair value through profit or loss, the fair values of quoted investments are based on current bid prices. For unlisted investments the Group uses various valuation techniques to determine fair values. Investments in convertible bonds are valued on a discounted cashflow basis and by reference to the issuing company\u2019s equity value, where necessary. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-520": { "value": "
(ii) Financial liabilities
(a) Borrowings
Borrowings are recorded initially at the fair value of the consideration received net of directly attributable
transaction costs.
After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate
method. This method includes any initial issue costs and discounts or premiums on settlement. Finance costs on the
borrowings are charged to the income statement under the effective interest rate method.
Financial liabilities are derecognised when the obligation under the liability is cancelled, discharged or has expired.
(b) Trade and other payables
Trade payables are initially recorded at fair value and subsequently recorded at amortised cost using the effective
interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-571": { "value": "(a) Borrowings Borrowings are recorded initially at the fair value of the consideration received net of directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortised cost using the effective interest rate method. This method includes any initial issue costs and discounts or premiums on settlement. Finance costs on the borrowings are charged to the income statement under the effective interest rate method. Financial liabilities are derecognised when the obligation under the liability is cancelled, discharged or has expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-572": { "value": "(b) Trade and other payables Trade payables are initially recorded at fair value and subsequently recorded at amortised cost using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-475": { "value": "
1.12 Inventories
Inventories are stated at the lower of cost and net realisable value. Cost includes costs incurred in bringing inventories to
their present location and condition. The cost of work-in-progress and finished goods includes an appropriate proportion
of production overheads.
Finished goods also include operating equipment not yet sited.
Raw materials and consumables are valued on a first-in first-out basis or on an average cost basis where average cost is
not significantly different to first-in first-out due to the fast turnaround of consumables. The Group uses standard costs to
value inventory and these standard costs are regularly updated to reflect current prices.
Inventories are stated net of provisions for slow moving and obsolete inventory based on expected future usage.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-476": { "value": "
1.13 Cash and cash equivalents
Cash and cash equivalents are carried in the statements of financial position at amortised cost. Bank overdrafts are
included within borrowings in current liabilities in the statements of financial position. For the purposes of the statements
of cash flows, cash and cash equivalents comprises cash on hand, restricted and unrestricted deposits held at banks and
other highly liquid investments with an original maturity of three months or less, less bank overdrafts.
Cash and cash equivalents includes an estimate for cash in transit at the year end, being cash that has been collected
and is held in the machines but has not yet been banked.
The Group operates a zero balancing cash pooling arrangement, which physically sweeps cash from subsidiary bank
accounts to central clearing bank accounts on a daily basis. Any overdrawn balances in subsidiaries are not offset against
positive balances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-477": { "value": "
1.14 Share capital and reserves
Share capital
Ordinary shares of the Company are classified as equity.
Where the Company acquires its own equity share capital (treasury shares), the consideration paid, including any
directly attributable incremental costs (net of tax relief), is deducted from equity attributable to the Company\u2019s
equity shareholders until the shares are either cancelled or subsequently reissued. The amount is shown in equity as
treasury shares.
Where treasury shares are subsequently reissued, any consideration received, net of any directly attributable incremental
transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders.
Where treasury shares are subsequently cancelled, share capital is reduced by the nominal value of the shares cancelled,
with a corresponding credit entry made to the capital redemption reserve. The consideration originally paid to acquire
the shares is recognized as a reduction in retained earnings.
Share premium
Any excess received for shares issued over their nominal value is recorded in the share premium account.
Capital redemption reserve
The capital redemption reserve is a statutory, non-distributable reserve into which amounts are transferred following the
purchase and cancellation of the Company\u2019s own shares.
Translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the
financial statements of foreign subsidiaries and associates. In accordance with the options allowed under IFRS 1, only
exchange rate differences arising on translation after the date of transition, 1 May 2004, are shown in this reserve.
Other reserves
Share options reserve
This reserve is used to accrue the grant date fair value of options issued, in accordance with IFRS 2.
Other reserve accounts arising in subsidiaries
These reserves are generally not distributable and arise as a result of local legislation regarding capital maintenance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-478": { "value": "
1.15 Employee benefits
Pension obligations
Group companies have various pension schemes in accordance with local conditions and practices in the countries in
which they operate. The Group operates both defined benefit and defined contribution schemes.
The Company operates a defined benefit pension scheme, which is closed to new entrants, with contributions made
by employees and the Company with defined benefits being based upon the employee\u2019s length of service and final
pensionable salary. The Company also operates a defined contribution pension scheme.
Defined benefit schemes
Details of the pension schemes are included in note 24.
The net obligation for the Group\u2019s defined benefit pension schemes is calculated for each scheme separately by
estimating the future benefit that employees have earned in the current and prior periods, discounting that amount
and deducting the fair value amount of plan assets. The calculation is performed by independent actuaries using the
projected unit credit actuarial method. If this calculation results in a potential asset for the Group, this asset is only
recognised to the present value of the economic benefits available in the form of a refund of contributions paid to the
fund or reductions in future contributions. In calculating the present value of any economic benefit consideration is given
to any minimum funding requirements.
Re-measurement of the net liability, which comprises actuarial gains and losses, the return on plan assets (excluding
interest) and the effects of any asset ceiling, are recognised in other comprehensive income. The Group determines the
net interest expense (income) on the net liability (asset) for the period by applying the discount rate used to measure
the defined benefit obligation at the beginning of the period to the then net defined liability (asset), taking into account
changes in the period as a result of contributions and pension benefits paid. Other expenses are charged to profit
and loss.
When plan benefits are changed or the plan curtailed, the resulting change in benefit that relates to past service or the
gain or loss on curtailment is recognised in profit and loss. Gains and losses on settlement of any plan are recognised
when settlement occurs.
Defined contribution schemes
Contributions to defined contribution schemes are expensed as incurred.
Other post\u2011employment benefits
In addition to the pension schemes noted above, contracts of employment in certain Group companies require provision
to be made for employee retirements. These provisions are based on local circumstances, length of service and salaries
of the employees concerned. They are included in post-employment benefit obligations and shown in note 24 as other
retirement provisions.
Share\u2011based payments
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date of grant,
determined using the Black-Scholes model. The fair value is expensed on a straight-line basis over the vesting period,
based on management\u2019s estimate of the number of shares that will eventually vest. The Group does not have options
with market conditions.
On exercise of the option the proceeds received are allocated to share capital (nominal value of shares) and share premium.
The grant by the Parent Company of options over its ordinary shares to the employees of subsidiary undertakings in the
Group is treated as a capital contribution. The fair value of the employee services received, measured by reference to the
grant date fair value, is recognised over the investing period as an increase to the investment in subsidiary undertakings
with a corresponding credit to other reserves in equity.
Details of share-based payments are included in note 22.
Termination benefits
Termination benefits are recognised in the income statement in the period when the Group is demonstrably committed
to the termination of employment or to provide termination benefits as a result of an offer made to encourage voluntary
redundancy.
Short\u2011term employee benefits
The Group recognises a liability and an expense for short-term employee benefits (such as holiday pay, bonuses and
profit sharing) where these obligations contractually arise (for example, as a result of employment contracts) or where a
constructive obligation has arisen from past practice.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-523": { "value": "Share\u2011based payments The cost of equity-settled transactions with employees is measured by reference to the fair value at the date of grant, determined using the Black-Scholes model. The fair value is expensed on a straight-line basis over the vesting period, based on management\u2019s estimate of the number of shares that will eventually vest. The Group does not have options with market conditions. On exercise of the option the proceeds received are allocated to share capital (nominal value of shares) and share premium. The grant by the Parent Company of options over its ordinary shares to the employees of subsidiary undertakings in the Group is treated as a capital contribution. The fair value of the employee services received, measured by reference to the grant date fair value, is recognised over the investing period as an increase to the investment in subsidiary undertakings with a corresponding credit to other reserves in equity. Details of share-based payments are included in note 22. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-522": { "value": "Termination benefits Termination benefits are recognised in the income statement in the period when the Group is demonstrably committed to the termination of employment or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-480": { "value": "
1.16 Dividend distributions
Final dividends to the Company\u2019s shareholders are recognised as a liability and deducted from shareholders\u2019 equity in
the period in which the dividends are approved by shareholders. Interim dividends are recognised as a liability when paid.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-479": { "value": "
1.17 Non-current assets classified as held for sale
The Group classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered
principally through a sale transaction rather than through continuing use.
Non-current assets transferred to held for sale are recognised at the lower of their carrying amount and fair value less
costs to sell and presented separately on the Statement of Financial Position. Non-current assets classified as held for
sale are not depreciated.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-521": { "value": "1.17 Non-current assets classified as held for sale The Group classifies a non-current asset (or disposal group) as held for sale if its carrying amount will be recovered principally through a sale transaction rather than through continuing use. Non-current assets transferred to held for sale are recognised at the lower of their carrying amount and fair value less costs to sell and presented separately on the Statement of Financial Position. Non-current assets classified as held for sale are not depreciated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-481": { "value": "
1.18 Guarantees issued by parent company
The parent company of the Group has issued guarantees over certain bank loan liabilities of subsidiary companies in
France and Japan. Under these guarantees, the Company would be liable for the subsidiaries\u2019 loan liabilities in the event
of a default. The outstanding balance of guaranteed loan liabilities at 31 October 2025 was \u00a38,493,000.
The Company is required to recognise expected credit losses provisions (ECL) based on unbiased forward-looking
information in relation to these guarantee contracts. The ECL is measured using two main components: probability of
default and loss given default.
Management have assessed the probability of default and considered the following factors: the Group operates a cash
pooling arrangement, which ensures that all subsidiaries have access to sufficient cash to meet their obligations as they
fall due; at the reporting date the Group holds cash of \u00a356,539,000, which exceeds the balance of guaranteed loans;
and cash forecasts indicate that the Group will continue to hold sufficient cash to cover the guaranteed loans for the next
three years. Management concluded that the probability of default is extremely low.
The loss given default value would be the outstanding value of the guaranteed loan liabilities.
Given the facts set out above, management determined the value of the ECL is trivial, therefore no provision has been
recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-482": { "value": "
New accounting standards
Adopted by the Group
The Group has adopted the following new standards and amendments for the first time in these financial statements
with no material impact:
\u25aa Lease liability in a sale and leaseback \u2013 Amendments to IFRS 16
\u25aa Classification of liabilities as current or non-current and non-current liabilities with covenants \u2013 Amendments to IAS 1
\u25aa Disclosure of supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7
Not yet adopted by the Group
Certain new accounting standards and interpretations have been published which are endorsed in the UK that are
not mandatory for the current period and have not been early adopted by the Group. These new standards and
interpretations, which are not expected to have a material effect on the Group, are set out below.
Whilst IFRS 18 will not impact the way that the group recognises and measures items in the financial statements, it will
impact on the way some items are presented and disclosed. Specifically:
\u25aa The Group Statement of Comprehensive Income will be reorganised into categories defined by IFRS 18;
\u25aa Additional disclosure around management-defined performance measures (MPM\u2019s) and reconciliation to the
financial statements; and
\u25aa Changes to the way items are aggregated and disaggregated. For example the way costs are presented in note 5
operating profit.
Date required to be
Description adopted by the Group
Lack of exchangeability \u2013 Amendments to IAS 21
1 January 2025
Annual Improvements to IFRS Accounting Standards \u2013 Amendments 11
1 January 2026
Amendments to IFRS 7 and IFRS 9 \u2013 classification and measurement of financial instruments
1 January 2026
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
1 January 2027
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-524": { "value": "Adopted by the Group The Group has adopted the following new standards and amendments for the first time in these financial statements with no material impact: \u25aa Lease liability in a sale and leaseback \u2013 Amendments to IFRS 16 \u25aa Classification of liabilities as current or non-current and non-current liabilities with covenants \u2013 Amendments to IAS 1 \u25aa Disclosure of supplier finance arrangements \u2013 Amendments to IAS 7 and IFRS 7 ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-525": { "value": "Not yet adopted by the Group Certain new accounting standards and interpretations have been published which are endorsed in the UK that are not mandatory for the current period and have not been early adopted by the Group. These new standards and interpretations, which are not expected to have a material effect on the Group, are set out below. Whilst IFRS 18 will not impact the way that the group recognises and measures items in the financial statements, it will impact on the way some items are presented and disclosed. Specifically: \u25aa The Group Statement of Comprehensive Income will be reorganised into categories defined by IFRS 18; \u25aa Additional disclosure around management-defined performance measures (MPM\u2019s) and reconciliation to the financial statements; and \u25aa Changes to the way items are aggregated and disaggregated. For example the way costs are presented in note 5 operating profit.
Date required to be
Description adopted by the Group
Lack of exchangeability \u2013 Amendments to IAS 21
1 January 2025
Annual Improvements to IFRS Accounting Standards \u2013 Amendments 11
1 January 2026
Amendments to IFRS 7 and IFRS 9 \u2013 classification and measurement of financial instruments
1 January 2026
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements
1 January 2027
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-483": { "value": "
3 Key judgements, critical accounting estimates and other accounting estimates
The following are the critical judgements, apart from those involving estimations (which are dealt with separately
below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most
significant effect on the amounts recognised in the financial statements.
1) Development costs \u2013 notes 1.7 and 12.
Judgement is required to determine whether development expenditure meets the criteria for capitalization as
an intangible asset, in accordance with IAS 38. Specifically, management must determine that it is probable that
future economic benefits that are attributable to the asset will flow to the Group, and that the cost of the asset can
be reliably measured. Management assesses whether an asset under development will be a commercial success,
and therefore generate economic benefit, through the use of discounted cashflow analysis. This judgement has
been applied consistently year to year.
2) Application of IFRS16 to site agreements \u2013 note 1.9
The Group operates vending units which are deployed under a fee-paying agreement with the site owner. These
agreements vary widely in their terms and conditions. Due to the high volume of such agreements, the accounting
impact is material to the Group. Management assesses, on agreement-by-agreement basis, whether the criteria for
recognition as a lease under IFRS 16 has been met. While the standard sets out the definition of a lease, judgement
is required in assessing the degree to which those criteria are met, particularly with regard to the presence of an
identified asset with no substitution rights. This judgement has been applied consistently year to year.
The following are areas of estimation uncertainty:
Critical estimates:
1) Goodwill and other intangible assets \u2013 notes 1.7, 1.10 and 12.
Impairment
The recoverable amount of cash generating units (CGUs) has been determined by management on either a fair
value less costs to dispose or a value-in-use basis. These calculations require estimates by management, including
management\u2019s expectations of future growth in revenue, costs and profit margins, cash flows and discount rates.
The carrying value of goodwill and intangible assets at the period end were \u00a311,159,000 and \u00a316,205,000 respectively.
For both goodwill and intangible assets, value in use was determined by discounting the future cash flows of the
CGU. Cash flows include a forecast period of five years, based on actual operating results, budgets and economic
market research with a terminal value based on a long-term growth rate applied thereafter. The Growth rate
assumption for all CGUs was 1% (2024: 1%).
Fair value less costs to dispose is determined using a discounted future cashflow income approach.
WACC discount rates were calculated for each territory and ranged between 12.0% and 14.2% (2024: 11.4%-14.3%).
Further details of impairment testing, including assumptions and sensitivities, are disclosed in note 12.
Goodwill impairments are not reversed or adjusted.
Germany CGU
Management has undertaken a comprehensive impairment assessment in accordance with IAS 36 Impairment of Assets
across all cash-generating units (CGUs), with particular emphasis this year on the Group\u2019s operations in Germany (the
German CGU). This increased focus reflects recent changes in German regulatory requirements, which rendered certain
aspects of the identification machines no longer fit for purpose and resulted in reduced revenue from those activities
in the year. In response, management has made significant investments to upgrade the underlying software and is
progressing through the certification process to ensure that the German photo booths fully comply with the revised
regulations and remain fit for purpose.
The forecasts supporting the German CGU\u2019s value-in-use calculations assume that all required certifications will be
obtained by mid-2026, with profitability and trading performance expected to normalize gradually between mid-2026
and 2027. These forecasts also incorporate a substantial capital expenditure program planned for the financial year
ending 30 June 2026, primarily relating to the upgrade and deployment of compliant photo booths and associated
software across the German network. The impairment model reflects both the costs necessary to complete these
enhancements and a revised future sales mix, with revenue expected to diversify away from identification machines as
the primary source of income towards a broader portfolio that includes automated laundromats.
The principal source of estimation uncertainty relates to the timing and successful completion of (i) the certification
process and (ii) the planned capital expenditure program, including the Group\u2019s ability to deliver the investments on
schedule and within budget and to realize the anticipated operational and revenue benefits. Management remains
confident that certification will be achieved, noting its successful track record in securing similar approvals in other
jurisdictions and the absence of any historical failures. As at the date of approval of these financial statements, the first
level of certification has been obtained, the second level is expected within the coming weeks, and final certification is
anticipated by mid-2026.
Based on management\u2019s impairment modelling, including stress testing of key assumptions\u2014particularly the timing of
certification, the profile of the FY26 capital expenditure program, and the expected recovery in revenue and margins\u2014
the directors are satisfied that no impairment of goodwill or other assets within the German CGU is required as at the
reporting date. This conclusion remains appropriate up to the date of approval of these financial statements.
Purchase price allocation (PPA)
In accordance with IFRS, purchase price allocation is completed within one year of the acquisition date. Resulting
adjustments to prior year balances are shown as an opening balance remeasurement in the current year.
2) Useful lives of property, plant and equipment (UEL) \u2013 notes 1.8 and 13.
Management make estimates of the useful life of property, plant and equipment as disclosed in note 1.8. Photobooths
and vending machines are the most material category of property, plant and equipment to the Group (carrying value
of \u00a3135,346,000). UELs for photobooths and vending machines are determined through analysis of the historic cash
generation lifecycle of the vending estate. Technological developments and regulatory changes can impact on the
UELs of the vending estate. Management consider these factors in assessing the UELs of the assets.
The key inputs in determining asset UELs are actual historic and expected forward-looking cash generation
lifecycle data. If the average period of cash generation for photobooths and vending machines increased by one
year, causing a one year increase in UELs, the annual depreciation charge would reduce by \u00a34,108,000. If the
average period of cash generation for photobooths and vending machines decreased by one year, causing a one
year decrease in UELs, the annual depreciation charge would increase by \u00a35,917,000.
3) Valuation of pension obligations \u2013 note 1.15 and 24
The Group operates pension and other retirement and post-employment schemes including both funded defined
benefit schemes, and defined contribution schemes. The schemes\u2019 assets and liabilities are valued annually by third
party actuaries, in accordance with IAS19. Pension valuations are subject to estimation and uncertainty due to the
complex nature of actuarial assumptions. Management reviews the appropriateness of the actuaries\u2019 assumptions
each year as part of the valuation process.
The carrying value of the Group\u2019s pension and retirement obligations at the period end was \u00a34,556,000.
5) Cash in transit \u2013 notes 1.13 and 19
Cash and cash equivalents includes management\u2019s estimate of the value of cash in transit at the year end,
being cash that has been collected and is held in the machines but has not yet been banked. Due to the volume
of machines operated by the Group, it is not possible to collect and count the cash balance of every machine on
the reporting date. The balance is estimated, on a machine-by-machine basis, by multiplying the average daily
revenue by the number of days between the most recent cash collection and the reporting date.
At the period end the value of cash in transit was \u00a37,469,000.
Other estimates
1) Impairment of property, plant and equipment \u2013 notes 1.8, 1.10 and 13.
At 31 October 2025 management reviewed the forecast cash generation of the vending machine estate and their
carrying values, and determined that no indicators of impairment existed.
Further details are disclosed in note 13.
The carrying value of property, plant and equipment at the period end was \u00a3169,506,000.
2) Determination of discount rates for lease accounting \u2013 notes 1.9 and 13
To calculate the value of right of use assets and lease liabilities recognised in the Statement of Financial Position,
management must determine an appropriate discount rate to apply to the cashflows of each lease agreement.
Discount rates are subject to uncertainty and estimation as they are based on numerous external inputs
and assumptions.
Management determines discount rates using the Group\u2019s external cost of borrowing adjusted for timing of
borrowing, lease term, country and currency impacts. Management obtained expert external advice on the
determination of appropriate discount rates for the year ended 31 October 2025. The discount rates used for new
leases entered into during the period range between 0.17% and 3.93%.
The key input in determining the discount rates is the Group\u2019s external cost of borrowing. A 10% increase in the
Group\u2019s external cost of borrowing would result in a discount rate range of 0.29% to 4.05%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-484": { "value": "
4 Segmental analysis
IFRS 8 requires operating segments to be identified based on information presented to the Chief Operating Decision
Maker (CODM) in order to allocate resources to the segments and monitor performance. For ME Group the Board
is considered to be the CODM. The Group reports its segments on a geographical basis: Continental Europe, United
Kingdom & Ireland and Asia Pacific.
Individual operating companies are aggregated into the three geographic segments. The Board believe that the similar
economic characteristics of the operating companies, together with the fact that they are similar in terms of operations,
use common systems and the nature of the regulatory environment allow them to be aggregated into geographic
reporting segments.
The key segmental performance indicators considered by the CODM are revenue and operating profit.
Segmental results are reported before intra-group transfer pricing charges.
The following tables provide analysis of performance by geographic segment:
United
Continental Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Photo.ME
107,925
15,132
43,154
\u2013
166,211
Wash.ME
68,532
32,216
100
\u2013
100,848
Print.ME
10,689
112
5
\u2013
10,806
Other vending (including Feed.ME)
2,244
1,922
5,934
\u2013
10,100
Total vending revenue
189,390
49,382
49,193
\u2013
287,965
Sales of equipment, spare parts, consumables
20,894
559
304
\u2013
21,757
Sales of services
5,228
177
266
\u2013
5,671
Total revenue
215,512
50,118
49,763
\u2013
315,393
EBITDA
96,428
21,088
11,473
(8,554)
120,435
Depreciation and amortisation
(28,838)
(7,499)
(4,830)
(1,130)
(42,297)
(Impairment) / reversal of impairment of
non-current assets
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit / (loss)
67,590
13,589
6,643
(9,684)
78,138
Operating profit
78,138
Non operating income \u2013 net
2,211
Finance income
118
Finance costs
(2,256)
Profit before tax
78,211
Tax
(21,639)
Profit for the period
56,572
Capital expenditure (excluding Right of Use assets)
43,540
17,284
2,812
1,972
65,609
Non-current assets
132,683
41,781
21,860
4,552
200,876
United
Continental Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Photo.ME
111,646
19,288
42,296
\u2013
173,230
Wash.ME
64,084
27,207
166
\u2013
91,457
Print.ME
10,657
116
85
\u2013
10,858
Other vending (including Feed.ME)
1,889
1,587
6,426
\u2013
9,902
Total vending revenue
188,276
48,198
48,973
\u2013
285,447
Sales of equipment, spare parts, consumables
17,406
841
378
\u2013
18,625
Sales of services
3,305
150
360
\u2013
3,815
Total revenue
208,987
49,188
49,711
\u2013
307,886
EBITDA
94,490
19,205
10,979
(10,450)
114,224
Depreciation and amortisation
(27,000)
(6,482)
(5,327)
(392)
(39,201)
(Impairment) / reversal of impairment of
non-current assets
585
312
(1,530)
\u2013
(633)
Operating profit / (loss)
68,075
13,035
4,122
(10,842)
74,390
Operating profit
74,390
Non operating income \u2013 net
982
Finance income
670
Finance costs
(2,621)
Profit before tax
73,421
Tax
(19,331)
Profit for the period
54,090
Capital expenditure (excluding Right of Use assets)
38,582
12,764
2,487
781
54,614
Non-current assets
108,727
32,265
23,667
1,511
166,170
The tables below provide additional analysis, showing the Group\u2019s results by product segment:
Other
Photo.ME Wash.ME Print.ME Vending Corporate Total
31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Vending revenue
166,211
100,848
10,806
10,100
\u2013
287,965
Sales of equipment, spare parts,
consumables
1,598
11,042
217
8,900
\u2013
21,757
Sales of services
798
532
48
4,293
\u2013
5,671
Total revenue
168,607
112,422
11,071
23,293
\u2013
315,393
EBITDA
59,275
55,525
6,211
7,978
(8,554)
120,435
Depreciation and amortisation
(10,774)
(22,330)
(2,959)
(5,104)
(1,130)
(42,297)
(Impairment) / reversal of impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
of non-current assets
Operating profit / (loss)
48,501
33,195
3,252
2,874
(9,684)
78,138
Other
Photo.ME Wash.ME Print.ME Vending Corporate Total
31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Vending revenue
173,230
91,457
10,858
9,902
\u2013
285,447
Sales of equipment, spare parts,
consumables
798
5,084
1,205
11,538
\u2013
18,625
Sales of services
923
532
53
2,306
\u2013
3,815
Total revenue
174,951
97,073
12,116
23,746
\u2013
307,886
EBITDA
61,621
46,953
4,925
11,175
(10,450)
114,224
Depreciation and amortisation
(10,922)
(20,054)
(2,762)
(4,504)
(959)
(39,201)
(Impairment) / reversal of impairment
1,595
1,550
79
(3,885)
28
(633)
of non-current assets
Operating profit / (loss)
52,294
28,449
2,242
2,786
(11,381)
74,390
The Parent Company is domiciled in the UK.
There were no major customers, defined as a single customer contributing at least 10% of the Group\u2019s revenue, in the
period ended 31 October 2025 (2024: none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-550": { "value": "4 Segmental analysis IFRS 8 requires operating segments to be identified based on information presented to the Chief Operating Decision Maker (CODM) in order to allocate resources to the segments and monitor performance. For ME Group the Board is considered to be the CODM. The Group reports its segments on a geographical basis: Continental Europe, United Kingdom & Ireland and Asia Pacific. Individual operating companies are aggregated into the three geographic segments. The Board believe that the similar economic characteristics of the operating companies, together with the fact that they are similar in terms of operations, use common systems and the nature of the regulatory environment allow them to be aggregated into geographic reporting segments. The key segmental performance indicators considered by the CODM are revenue and operating profit. Segmental results are reported before intra-group transfer pricing charges. The following tables provide analysis of performance by geographic segment:
United
Continental Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Photo.ME
107,925
15,132
43,154
\u2013
166,211
Wash.ME
68,532
32,216
100
\u2013
100,848
Print.ME
10,689
112
5
\u2013
10,806
Other vending (including Feed.ME)
2,244
1,922
5,934
\u2013
10,100
Total vending revenue
189,390
49,382
49,193
\u2013
287,965
Sales of equipment, spare parts, consumables
20,894
559
304
\u2013
21,757
Sales of services
5,228
177
266
\u2013
5,671
Total revenue
215,512
50,118
49,763
\u2013
315,393
EBITDA
96,428
21,088
11,473
(8,554)
120,435
Depreciation and amortisation
(28,838)
(7,499)
(4,830)
(1,130)
(42,297)
(Impairment) / reversal of impairment of
non-current assets
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit / (loss)
67,590
13,589
6,643
(9,684)
78,138
Operating profit
78,138
Non operating income \u2013 net
2,211
Finance income
118
Finance costs
(2,256)
Profit before tax
78,211
Tax
(21,639)
Profit for the period
56,572
Capital expenditure (excluding Right of Use assets)
43,540
17,284
2,812
1,972
65,609
Non-current assets
132,683
41,781
21,860
4,552
200,876
United
Continental Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Photo.ME
111,646
19,288
42,296
\u2013
173,230
Wash.ME
64,084
27,207
166
\u2013
91,457
Print.ME
10,657
116
85
\u2013
10,858
Other vending (including Feed.ME)
1,889
1,587
6,426
\u2013
9,902
Total vending revenue
188,276
48,198
48,973
\u2013
285,447
Sales of equipment, spare parts, consumables
17,406
841
378
\u2013
18,625
Sales of services
3,305
150
360
\u2013
3,815
Total revenue
208,987
49,188
49,711
\u2013
307,886
EBITDA
94,490
19,205
10,979
(10,450)
114,224
Depreciation and amortisation
(27,000)
(6,482)
(5,327)
(392)
(39,201)
(Impairment) / reversal of impairment of
non-current assets
585
312
(1,530)
\u2013
(633)
Operating profit / (loss)
68,075
13,035
4,122
(10,842)
74,390
Operating profit
74,390
Non operating income \u2013 net
982
Finance income
670
Finance costs
(2,621)
Profit before tax
73,421
Tax
(19,331)
Profit for the period
54,090
Capital expenditure (excluding Right of Use assets)
38,582
12,764
2,487
781
54,614
Non-current assets
108,727
32,265
23,667
1,511
166,170
The tables below provide additional analysis, showing the Group\u2019s results by product segment:
Other
Photo.ME Wash.ME Print.ME Vending Corporate Total
31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Vending revenue
166,211
100,848
10,806
10,100
\u2013
287,965
Sales of equipment, spare parts,
consumables
1,598
11,042
217
8,900
\u2013
21,757
Sales of services
798
532
48
4,293
\u2013
5,671
Total revenue
168,607
112,422
11,071
23,293
\u2013
315,393
EBITDA
59,275
55,525
6,211
7,978
(8,554)
120,435
Depreciation and amortisation
(10,774)
(22,330)
(2,959)
(5,104)
(1,130)
(42,297)
(Impairment) / reversal of impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
of non-current assets
Operating profit / (loss)
48,501
33,195
3,252
2,874
(9,684)
78,138
Other
Photo.ME Wash.ME Print.ME Vending Corporate Total
31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Vending revenue
173,230
91,457
10,858
9,902
\u2013
285,447
Sales of equipment, spare parts,
consumables
798
5,084
1,205
11,538
\u2013
18,625
Sales of services
923
532
53
2,306
\u2013
3,815
Total revenue
174,951
97,073
12,116
23,746
\u2013
307,886
EBITDA
61,621
46,953
4,925
11,175
(10,450)
114,224
Depreciation and amortisation
(10,922)
(20,054)
(2,762)
(4,504)
(959)
(39,201)
(Impairment) / reversal of impairment
1,595
1,550
79
(3,885)
28
(633)
of non-current assets
Operating profit / (loss)
52,294
28,449
2,242
2,786
(11,381)
74,390
The Parent Company is domiciled in the UK. There were no major customers, defined as a single customer contributing at least 10% of the Group\u2019s revenue, in the period ended 31 October 2025 (2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-526": { "value": "4 Segmental analysis IFRS 8 requires operating segments to be identified based on information presented to the Chief Operating Decision Maker (CODM) in order to allocate resources to the segments and monitor performance. For ME Group the Board is considered to be the CODM. The Group reports its segments on a geographical basis: Continental Europe, United Kingdom & Ireland and Asia Pacific. Individual operating companies are aggregated into the three geographic segments. The Board believe that the similar economic characteristics of the operating companies, together with the fact that they are similar in terms of operations, use common systems and the nature of the regulatory environment allow them to be aggregated into geographic reporting segments. The key segmental performance indicators considered by the CODM are revenue and operating profit. Segmental results are reported before intra-group transfer pricing charges. The following tables provide analysis of performance by geographic segment:
United
Continental Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Photo.ME
107,925
15,132
43,154
\u2013
166,211
Wash.ME
68,532
32,216
100
\u2013
100,848
Print.ME
10,689
112
5
\u2013
10,806
Other vending (including Feed.ME)
2,244
1,922
5,934
\u2013
10,100
Total vending revenue
189,390
49,382
49,193
\u2013
287,965
Sales of equipment, spare parts, consumables
20,894
559
304
\u2013
21,757
Sales of services
5,228
177
266
\u2013
5,671
Total revenue
215,512
50,118
49,763
\u2013
315,393
EBITDA
96,428
21,088
11,473
(8,554)
120,435
Depreciation and amortisation
(28,838)
(7,499)
(4,830)
(1,130)
(42,297)
(Impairment) / reversal of impairment of
non-current assets
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit / (loss)
67,590
13,589
6,643
(9,684)
78,138
Operating profit
78,138
Non operating income \u2013 net
2,211
Finance income
118
Finance costs
(2,256)
Profit before tax
78,211
Tax
(21,639)
Profit for the period
56,572
Capital expenditure (excluding Right of Use assets)
43,540
17,284
2,812
1,972
65,609
Non-current assets
132,683
41,781
21,860
4,552
200,876
United
Continental Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Photo.ME
111,646
19,288
42,296
\u2013
173,230
Wash.ME
64,084
27,207
166
\u2013
91,457
Print.ME
10,657
116
85
\u2013
10,858
Other vending (including Feed.ME)
1,889
1,587
6,426
\u2013
9,902
Total vending revenue
188,276
48,198
48,973
\u2013
285,447
Sales of equipment, spare parts, consumables
17,406
841
378
\u2013
18,625
Sales of services
3,305
150
360
\u2013
3,815
Total revenue
208,987
49,188
49,711
\u2013
307,886
EBITDA
94,490
19,205
10,979
(10,450)
114,224
Depreciation and amortisation
(27,000)
(6,482)
(5,327)
(392)
(39,201)
(Impairment) / reversal of impairment of
non-current assets
585
312
(1,530)
\u2013
(633)
Operating profit / (loss)
68,075
13,035
4,122
(10,842)
74,390
Operating profit
74,390
Non operating income \u2013 net
982
Finance income
670
Finance costs
(2,621)
Profit before tax
73,421
Tax
(19,331)
Profit for the period
54,090
Capital expenditure (excluding Right of Use assets)
38,582
12,764
2,487
781
54,614
Non-current assets
108,727
32,265
23,667
1,511
166,170
The tables below provide additional analysis, showing the Group\u2019s results by product segment:
Other
Photo.ME Wash.ME Print.ME Vending Corporate Total
31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Vending revenue
166,211
100,848
10,806
10,100
\u2013
287,965
Sales of equipment, spare parts,
consumables
1,598
11,042
217
8,900
\u2013
21,757
Sales of services
798
532
48
4,293
\u2013
5,671
Total revenue
168,607
112,422
11,071
23,293
\u2013
315,393
EBITDA
59,275
55,525
6,211
7,978
(8,554)
120,435
Depreciation and amortisation
(10,774)
(22,330)
(2,959)
(5,104)
(1,130)
(42,297)
(Impairment) / reversal of impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
of non-current assets
Operating profit / (loss)
48,501
33,195
3,252
2,874
(9,684)
78,138
Other
Photo.ME Wash.ME Print.ME Vending Corporate Total
31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Vending revenue
173,230
91,457
10,858
9,902
\u2013
285,447
Sales of equipment, spare parts,
consumables
798
5,084
1,205
11,538
\u2013
18,625
Sales of services
923
532
53
2,306
\u2013
3,815
Total revenue
174,951
97,073
12,116
23,746
\u2013
307,886
EBITDA
61,621
46,953
4,925
11,175
(10,450)
114,224
Depreciation and amortisation
(10,922)
(20,054)
(2,762)
(4,504)
(959)
(39,201)
(Impairment) / reversal of impairment
1,595
1,550
79
(3,885)
28
(633)
of non-current assets
Operating profit / (loss)
52,294
28,449
2,242
2,786
(11,381)
74,390
The Parent Company is domiciled in the UK. There were no major customers, defined as a single customer contributing at least 10% of the Group\u2019s revenue, in the period ended 31 October 2025 (2024: none).", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-573": { "value": "The following tables provide analysis of performance by geographic segment:
United
Continental Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Photo.ME
107,925
15,132
43,154
\u2013
166,211
Wash.ME
68,532
32,216
100
\u2013
100,848
Print.ME
10,689
112
5
\u2013
10,806
Other vending (including Feed.ME)
2,244
1,922
5,934
\u2013
10,100
Total vending revenue
189,390
49,382
49,193
\u2013
287,965
Sales of equipment, spare parts, consumables
20,894
559
304
\u2013
21,757
Sales of services
5,228
177
266
\u2013
5,671
Total revenue
215,512
50,118
49,763
\u2013
315,393
EBITDA
96,428
21,088
11,473
(8,554)
120,435
Depreciation and amortisation
(28,838)
(7,499)
(4,830)
(1,130)
(42,297)
(Impairment) / reversal of impairment of
non-current assets
\u2013
\u2013
\u2013
\u2013
\u2013
Operating profit / (loss)
67,590
13,589
6,643
(9,684)
78,138
Operating profit
78,138
Non operating income \u2013 net
2,211
Finance income
118
Finance costs
(2,256)
Profit before tax
78,211
Tax
(21,639)
Profit for the period
56,572
Capital expenditure (excluding Right of Use assets)
43,540
17,284
2,812
1,972
65,609
Non-current assets
132,683
41,781
21,860
4,552
200,876
United
Continental Kingdom Asia
Europe & Ireland Pacific Corporate Total
31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Photo.ME
111,646
19,288
42,296
\u2013
173,230
Wash.ME
64,084
27,207
166
\u2013
91,457
Print.ME
10,657
116
85
\u2013
10,858
Other vending (including Feed.ME)
1,889
1,587
6,426
\u2013
9,902
Total vending revenue
188,276
48,198
48,973
\u2013
285,447
Sales of equipment, spare parts, consumables
17,406
841
378
\u2013
18,625
Sales of services
3,305
150
360
\u2013
3,815
Total revenue
208,987
49,188
49,711
\u2013
307,886
EBITDA
94,490
19,205
10,979
(10,450)
114,224
Depreciation and amortisation
(27,000)
(6,482)
(5,327)
(392)
(39,201)
(Impairment) / reversal of impairment of
non-current assets
585
312
(1,530)
\u2013
(633)
Operating profit / (loss)
68,075
13,035
4,122
(10,842)
74,390
Operating profit
74,390
Non operating income \u2013 net
982
Finance income
670
Finance costs
(2,621)
Profit before tax
73,421
Tax
(19,331)
Profit for the period
54,090
Capital expenditure (excluding Right of Use assets)
38,582
12,764
2,487
781
54,614
Non-current assets
108,727
32,265
23,667
1,511
166,170
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-485": { "value": "
5 Operating profit
Costs and overhead items charged/(credited) in arriving at operating profit for the period, include the following:
Cost of sales
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Depreciation of owned assets (note\ue01f13)
32,385
27,348
Depreciation of right of use assets (note 13)
5,269
5,584
Amortisation of previously capitalised research and development expenditure (note 12)
2,130
2,168
Amortisation of intangible assets other than research and development (note 12)
1,266
1,921
Impairment of previously capitalised research and development expenditure (note 12)
\u2013
771
Reversal of impairment of property, plant and equipment (note\ue01f13)
\u2013
(919)
Total depreciation, amortisation and impairment
41,050
36,873
Commissions
73,244
72,517
Cost of inventories recognised as an expense
13,915
15,877
Site costs
5,437
4,665
Employment and other labour costs
44,008
45,031
Non capitalised research and development costs (excluding employment costs)
150
183
Property costs
981
1,051
Transportation freight costs
4,447
4,768
Marketing costs
2,917
2,797
Vehicle costs
2,764
3,036
Cash collection and telemetry costs
2,755
2,624
Short term and low value lease rentals
2,259
2,224
Provisions charged against obsolete inventory
85
401
Foreign exchange (gain) / loss
(568)
1,767
Loss on disposal of property, plant and equipment
1,180
250
Other cost of sales
7,806
4,330
Cost of sales
202,430
198,394
Other operating income
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Rental income
76
124
Other non-trading income
78
85
Other operating Income
154
209
Administrative expenses
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Employment and other labour costs
20,219
21,819
Depreciation of owned assets (note\ue01f13)
137
1,144
Amortisation of intangible assets other than research and development (note 12)
1,112
1,036
Impairment of intangible assets other than research and development (note\ue01f12)
\u2013
516
Impairment of goodwill (note 12)
\u2013
1,014
Reversal of impairment of property, plant and equipment (note\ue01f13)
\u2013
(749)
Foreign exchange loss/(gain)
(843)
(305)
Legal, audit and professional fees
6,371
3,438
Travel and entertaining costs
1,014
1,092
Other administrative costs
6,958
6,612
Administrative expenses
34,968
35,617
Audit and non\u2011audit services The following fees for audit and non-audit services were paid or are payable to the Group\u2019s auditor, Forvis Mazars (2024: Forvis Mazars) and its associates.
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees for the audit of the company and the group \u2013 Forvis Mazars
437
420
Fees for the audit of the company and the group \u2013 Forvis Mazars (overrun in prior year)
\u2013
40
Fees for the audit of the subsidiaries \u2013 other Forvis Mazars
128
129
Fees for audit related services (interim review) \u2013 Forvis Mazars
58
55
Fees for the audit of the subsidiaries \u2013 Other firms
88
87
711
731
In order to maintain the independence of the external auditors, the Board has determined policies as to what non-audit services can be provided by the Group\u2019s external auditors and the approval processes related thereto. This function is performed by the Audit Committee. Such services will only be approved if there are clear efficiencies and added value benefits to the Group. In addition to the audit fees payable to the Group\u2019s auditor and its associates, certain Group subsidiaries are audited by other firms.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-527": { "value": "5 Operating profit Costs and overhead items charged/(credited) in arriving at operating profit for the period, include the following: Cost of sales
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Depreciation of owned assets (note\ue01f13)
32,385
27,348
Depreciation of right of use assets (note 13)
5,269
5,584
Amortisation of previously capitalised research and development expenditure (note 12)
2,130
2,168
Amortisation of intangible assets other than research and development (note 12)
1,266
1,921
Impairment of previously capitalised research and development expenditure (note 12)
\u2013
771
Reversal of impairment of property, plant and equipment (note\ue01f13)
\u2013
(919)
Total depreciation, amortisation and impairment
41,050
36,873
Commissions
73,244
72,517
Cost of inventories recognised as an expense
13,915
15,877
Site costs
5,437
4,665
Employment and other labour costs
44,008
45,031
Non capitalised research and development costs (excluding employment costs)
150
183
Property costs
981
1,051
Transportation freight costs
4,447
4,768
Marketing costs
2,917
2,797
Vehicle costs
2,764
3,036
Cash collection and telemetry costs
2,755
2,624
Short term and low value lease rentals
2,259
2,224
Provisions charged against obsolete inventory
85
401
Foreign exchange (gain) / loss
(568)
1,767
Loss on disposal of property, plant and equipment
1,180
250
Other cost of sales
7,806
4,330
Cost of sales
202,430
198,394
Other operating income
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Rental income
76
124
Other non-trading income
78
85
Other operating Income
154
209
Administrative expenses
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Employment and other labour costs
20,219
21,819
Depreciation of owned assets (note\ue01f13)
137
1,144
Amortisation of intangible assets other than research and development (note 12)
1,112
1,036
Impairment of intangible assets other than research and development (note\ue01f12)
\u2013
516
Impairment of goodwill (note 12)
\u2013
1,014
Reversal of impairment of property, plant and equipment (note\ue01f13)
\u2013
(749)
Foreign exchange loss/(gain)
(843)
(305)
Legal, audit and professional fees
6,371
3,438
Travel and entertaining costs
1,014
1,092
Other administrative costs
6,958
6,612
Administrative expenses
34,968
35,617
Audit and non\u2011audit services
The following fees for audit and non-audit services were paid or are payable to the Group\u2019s auditor, Forvis Mazars
(2024: Forvis Mazars) and its associates.
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees for the audit of the company and the group \u2013 Forvis Mazars
437
420
Fees for the audit of the company and the group \u2013 Forvis Mazars (overrun in prior year)
\u2013
40
Fees for the audit of the subsidiaries \u2013 other Forvis Mazars
128
129
Fees for audit related services (interim review) \u2013 Forvis Mazars
58
55
Fees for the audit of the subsidiaries \u2013 Other firms
88
87
711
731
In order to maintain the independence of the external auditors, the Board has determined policies as to what non-audit
services can be provided by the Group\u2019s external auditors and the approval processes related thereto. This function is
performed by the Audit Committee. Such services will only be approved if there are clear efficiencies and added value
benefits to the Group.
In addition to the audit fees payable to the Group\u2019s auditor and its associates, certain Group subsidiaries are audited by
other firms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-574": { "value": "Costs and overhead items charged/(credited) in arriving at operating profit for the period, include the following: Cost of sales
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Depreciation of owned assets (note\ue01f13)
32,385
27,348
Depreciation of right of use assets (note 13)
5,269
5,584
Amortisation of previously capitalised research and development expenditure (note 12)
2,130
2,168
Amortisation of intangible assets other than research and development (note 12)
1,266
1,921
Impairment of previously capitalised research and development expenditure (note 12)
\u2013
771
Reversal of impairment of property, plant and equipment (note\ue01f13)
\u2013
(919)
Total depreciation, amortisation and impairment
41,050
36,873
Commissions
73,244
72,517
Cost of inventories recognised as an expense
13,915
15,877
Site costs
5,437
4,665
Employment and other labour costs
44,008
45,031
Non capitalised research and development costs (excluding employment costs)
150
183
Property costs
981
1,051
Transportation freight costs
4,447
4,768
Marketing costs
2,917
2,797
Vehicle costs
2,764
3,036
Cash collection and telemetry costs
2,755
2,624
Short term and low value lease rentals
2,259
2,224
Provisions charged against obsolete inventory
85
401
Foreign exchange (gain) / loss
(568)
1,767
Loss on disposal of property, plant and equipment
1,180
250
Other cost of sales
7,806
4,330
Cost of sales
202,430
198,394
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-551": { "value": "Cost of sales
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Depreciation of owned assets (note\ue01f13)
32,385
27,348
Depreciation of right of use assets (note 13)
5,269
5,584
Amortisation of previously capitalised research and development expenditure (note 12)
2,130
2,168
Amortisation of intangible assets other than research and development (note 12)
1,266
1,921
Impairment of previously capitalised research and development expenditure (note 12)
\u2013
771
Reversal of impairment of property, plant and equipment (note\ue01f13)
\u2013
(919)
Total depreciation, amortisation and impairment
41,050
36,873
Commissions
73,244
72,517
Cost of inventories recognised as an expense
13,915
15,877
Site costs
5,437
4,665
Employment and other labour costs
44,008
45,031
Non capitalised research and development costs (excluding employment costs)
150
183
Property costs
981
1,051
Transportation freight costs
4,447
4,768
Marketing costs
2,917
2,797
Vehicle costs
2,764
3,036
Cash collection and telemetry costs
2,755
2,624
Short term and low value lease rentals
2,259
2,224
Provisions charged against obsolete inventory
85
401
Foreign exchange (gain) / loss
(568)
1,767
Loss on disposal of property, plant and equipment
1,180
250
Other cost of sales
7,806
4,330
Cost of sales
202,430
198,394
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-554": { "value": "Other operating income
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Rental income
76
124
Other non-trading income
78
85
Other operating Income
154
209
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-575": { "value": "Other operating income
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Rental income
76
124
Other non-trading income
78
85
Other operating Income
154
209
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-552": { "value": "Administrative expenses
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Employment and other labour costs
20,219
21,819
Depreciation of owned assets (note\ue01f13)
137
1,144
Amortisation of intangible assets other than research and development (note 12)
1,112
1,036
Impairment of intangible assets other than research and development (note\ue01f12)
\u2013
516
Impairment of goodwill (note 12)
\u2013
1,014
Reversal of impairment of property, plant and equipment (note\ue01f13)
\u2013
(749)
Foreign exchange loss/(gain)
(843)
(305)
Legal, audit and professional fees
6,371
3,438
Travel and entertaining costs
1,014
1,092
Other administrative costs
6,958
6,612
Administrative expenses
34,968
35,617
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-553": { "value": "Audit and non\u2011audit services The following fees for audit and non-audit services were paid or are payable to the Group\u2019s auditor, Forvis Mazars (2024: Forvis Mazars) and its associates.
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fees for the audit of the company and the group \u2013 Forvis Mazars
437
420
Fees for the audit of the company and the group \u2013 Forvis Mazars (overrun in prior year)
\u2013
40
Fees for the audit of the subsidiaries \u2013 other Forvis Mazars
128
129
Fees for audit related services (interim review) \u2013 Forvis Mazars
58
55
Fees for the audit of the subsidiaries \u2013 Other firms
88
87
711
731
In order to maintain the independence of the external auditors, the Board has determined policies as to what non-audit services can be provided by the Group\u2019s external auditors and the approval processes related thereto. This function is performed by the Audit Committee. Such services will only be approved if there are clear efficiencies and added value benefits to the Group. In addition to the audit fees payable to the Group\u2019s auditor and its associates, certain Group subsidiaries are audited by other firms.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-486": { "value": "
6 Non-operating income \u2013 net
Non-operating income \u2013 net comprises transactions relating to financial instruments held at FVTPL, acquisition and
disposal of subsidiaries and disposal of property. They have been disclosed separately in order to improve the reader\u2019s
understanding of the financial statements and are not disclosed within operating profit as they are non-trading
in nature.
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Gain on disposal of property
1,577
378
Gain on bargain purchase
222
1,120
Fair value gain / (loss) on financial instrument held at FVTPL
321
(334)
Loss on disposal of subsidiary
\u2013
(339)
Other gain
90
157
Non-operating income \u2013 net
2,211
982
Period ended 31 October 2025
The Group generated a gain of \u00a31,577,000 from the partial disposal of an office building, previously held as non-current
assets classified as held for sale. See note 14 for details.
The Group recognised a gain on bargain purchase of \u00a3222,000 in the relation to the APS acquisition. See note 31 for details.
Period ended 31 October 2024
The Group made a loss on disposal of \u00a3339,000 from the disposal of its French subsidiary Sempa SAS in May 2024.
The Group generated a gain of \u00a3378,000 from the partial disposal of an office building, previously held as non-current
assets classified as held for sale. See note 14 for details.
The Group recognised a gain on bargain purchase of \u00a31,120,000 in relation to the Fujifilm acquisition.
", "dimensions": { "concept": "photomeinternational:DisclosureOfNonOperatingIncomeNet", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-487": { "value": "
7 Employees
Employment costs
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Wages and salaries
42,105
44,389
Social security costs
10,556
9,269
Share options granted to directors and employees
413
795
Post-employment benefit costs
\u2013 defined benefit schemes
270
359
\u2013 defined contribution schemes
467
783
53,811
55,595
Number of employees
The average number of employees during the period (including executive directors) comprised:
31 October 31 October
2025 2024
Full \u2013 time
997
968
Part \u2013 time
146
151
1,143
1,119
UK: Full \u2013 time
157
154
UK: Part \u2013 time
2
3
Continental Europe: Full \u2013 time
613
651
Continental Europe: Part \u2013 time
30
40
Asia and rest of the world: Full \u2013 time
227
163
Asia and rest of the world: Part \u2013 time
114
108
1,143
1,119
Employees by category
As at As at
31 October 31 October
2025 2024
Senior managers in the Group (excluding directors of ME Group)
18
18
Employees \u2013 Sales
106
108
Employees \u2013 Administration
189
181
Employees \u2013 Operating
830
812
Total
1,143
1,119
The cost of sales employees and operating employees are recognised in the income statement in Cost of Sales. The
cost of administration employees is recognised in the income statement in Administrative Expenses. The cost of senior
managers is recognised in the income statement in either Cost of Sales or Administrative Expenses, dependent on the
function they perform.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-488": { "value": "
8 Finance income and costs
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
118
670
118
670
Finance costs
Bank loans and overdrafts at amortised cost
(861)
(1,037)
Interest on lease liabilities
(1,357)
(1,575)
Other finance costs
(38)
(9)
(2,256)
(2,621)
Interest income, interest cost on bank loans and overdrafts and interest on lease liabilities are all recognised on an
effective interest rate basis.
Interest income is earned on short term deposits. The Group earned interest on deposits at rates between 2.25% and
4.05% in the year (2024: 2.90% to 4.75%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-584": { "value": "8 Finance income and costs
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
118
670
118
670
Finance costs
Bank loans and overdrafts at amortised cost
(861)
(1,037)
Interest on lease liabilities
(1,357)
(1,575)
Other finance costs
(38)
(9)
(2,256)
(2,621)
Interest income, interest cost on bank loans and overdrafts and interest on lease liabilities are all recognised on an effective interest rate basis. Interest income is earned on short term deposits. The Group earned interest on deposits at rates between 2.25% and 4.05% in the year (2024: 2.90% to 4.75%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-582": { "value": "8 Finance income and costs
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
118
670
118
670
Finance costs
Bank loans and overdrafts at amortised cost
(861)
(1,037)
Interest on lease liabilities
(1,357)
(1,575)
Other finance costs
(38)
(9)
(2,256)
(2,621)
Interest income, interest cost on bank loans and overdrafts and interest on lease liabilities are all recognised on an effective interest rate basis. Interest income is earned on short term deposits. The Group earned interest on deposits at rates between 2.25% and 4.05% in the year (2024: 2.90% to 4.75%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-576": { "value": "8 Finance income and costs
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
118
670
118
670
Finance costs
Bank loans and overdrafts at amortised cost
(861)
(1,037)
Interest on lease liabilities
(1,357)
(1,575)
Other finance costs
(38)
(9)
(2,256)
(2,621)
Interest income, interest cost on bank loans and overdrafts and interest on lease liabilities are all recognised on an effective interest rate basis. Interest income is earned on short term deposits. The Group earned interest on deposits at rates between 2.25% and 4.05% in the year (2024: 2.90% to 4.75%).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-555": { "value": "8 Finance income and costs
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
118
670
118
670
Finance costs
Bank loans and overdrafts at amortised cost
(861)
(1,037)
Interest on lease liabilities
(1,357)
(1,575)
Other finance costs
(38)
(9)
(2,256)
(2,621)
Interest income, interest cost on bank loans and overdrafts and interest on lease liabilities are all recognised on an effective interest rate basis. Interest income is earned on short term deposits. The Group earned interest on deposits at rates between 2.25% and 4.05% in the year (2024: 2.90% to 4.75%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-528": { "value": "8 Finance income and costs
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Finance income
Interest income
118
670
118
670
Finance costs
Bank loans and overdrafts at amortised cost
(861)
(1,037)
Interest on lease liabilities
(1,357)
(1,575)
Other finance costs
(38)
(9)
(2,256)
(2,621)
Interest income, interest cost on bank loans and overdrafts and interest on lease liabilities are all recognised on an effective interest rate basis. Interest income is earned on short term deposits. The Group earned interest on deposits at rates between 2.25% and 4.05% in the year (2024: 2.90% to 4.75%).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-489": { "value": "
9 Taxation expense
Tax charges/(credits) in the statement of comprehensive income
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Taxation
Current taxation
UK Corporation tax
\u2013 current period
8,552
10,081
\u2013 prior periods
120
(156)
8,672
9,925
Overseas taxation
\u2013 current period
8,079
7,702
\u2013 prior periods
2,475
125
10,554
7,827
Total current taxation
19,226
17,752
Deferred taxation
Origination and reversal of temporary differences
\u2013 current period \u2013 UK
2,813
2,239
\u2013 current period \u2013 overseas
(402)
(803)
Adjustments in respect of prior periods \u2013 UK
2
143
Total deferred tax
2,413
1,579
Tax charge in the income statement
21,639
19,331
Tax relating to items charged / (credited) to other components of comprehensive income
Corporation tax
\u2013
\u2013
Deferred tax
25
(118)
Tax charge in other comprehensive income
25
(118)\ue01f
Total tax charge in the statement of comprehensive income
21,664
19,213
Reconciliation of total tax charge
The difference between the Group tax charge and the standard UK corporation tax rate of 25% (2024: 25%) is explained below:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Profit before tax
78,211
73,421
Tax using the weighted average UK corporation tax rate of 25%
19,553
18,355
Effect of:
\u2013 non-taxable items
(1,144)
(349)
\u2013 overseas tax rates
487
975
\u2013 non-deductible expenses
174
197
\u2013 adjustments to tax in respect of prior periods
2,597\ue01f
112
\u2013 other adjustments
(28)
41
Total tax charge
21,639
19,331
Effective tax rate
27.7%
26.3%
The Group undertakes business in multiple tax jurisdictions.
The Group tax charge of \u00a321.6m (2024: \u00a319.3m) corresponds to an effective tax rate of 27.7% (2024: 26.3%). The increase in
the effective tax rate is due to provisions for tax reassessments in France, as explained in note 3 - key judgements, critical
accounting estimates and other accounting estimates.
The increase in the effective tax rate is due to provisions for tax reassessments in France, as explained in note 3 - key
judgements, critical accounting estimates and other accounting estimates.
26 Deferred taxation
Deferred tax comprises:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Temporary differences relating to property, plant and equipment
5,618
4,408
Other temporary differences in recognising revenue and expense items in other periods for taxation
purposes:
\u2013 capitalised development costs
1,040
989
\u2013 post-employment benefit provisions
(1,297)
(1,269)
\u2013 acquisition related intangibles
541
916
\u2013 other short-term temporary differences
3,695
2,159
9,598
7,202
The closing balance comprises:
Deferred tax assets
(2,151)
(2,668)
Deferred tax liabilities
11,749
9,870
9,598
7,202
The movements on deferred taxation during the period were as follows:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Opening balance
7,202
8,566
Exchange differences
(42)
(233)
Post-employment benefit provisions
25
(118)
Charge for the period in income statement
2,413
1,580
Disposal of subsidiary
\u2013
(2,593)
Closing balance
9,598
7,202
Temporary differences associated with Group investments
Unremitted earnings of overseas affiliates
No deferred tax liability has been recognised on the unremitted earnings of overseas subsidiaries as no tax is expected
to be payable on them in the foreseeable future based on current legislation or where the Group is able to control
remittance of earnings and it is possible that such earnings will not be remitted in the foreseeable future.
Unrecognised deferred tax assets
The Group has no unrecognised deferred tax assets.
Factors that may affect future tax charges
The deferred tax assets and liabilities have been recognised based on the respective corporation tax rates at which they
are anticipated to unwind in each jurisdiction.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-490": { "value": "
10 Dividends paid and proposed
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Declared and paid during the year
Interim dividend for 2024: 3.45p (2023: 2.97p)
12,998
11,202
Final dividend for 2024: 4.45p (2023: 4.42p)
16,771
16,640
29,769
27,842
Declared but paid after the year end
Interim dividend for 2025: 3.85p (2024:\ue01f3,45p)
14,542
12,998
14,542
12,998
Proposed for approval by shareholders at the AGM
(Not recognised as a liability at 31 October)
Final dividend for 2025: 4.79p (2024: 4.45p)
18,101
16,771
18,101
16,771
Declared and paid during the year
The Board approved an interim dividend of 3.45p per ordinary share for the year ended 31 October 2024, at its
12 July 2024 meeting. The interim dividend was paid on 29 November 2024.
The Board proposed a final dividend of 4.45p per ordinary share in respect of the year ended 31 October 2024, which was
approved by shareholders at the Annual General Meeting held on 25 April 2025 and paid on 23 May 2025.
Declared but paid after the year end
The Board approved an interim dividend of 3.85p per ordinary share for the year ended 31 October 2025, at its
21 July 2025 meeting. The interim dividend was paid on 28 November 2025.
Proposed for approval by shareholders at the AGM
The Board proposed a final dividend of 4.7 9p per ordinary share in respect of the year ended 31 October 2025. Subject to
approval by shareholders at the Annual General Meeting on 24 April 2026, the final dividend will be paid on 29 May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-6": { "value": "0.0479", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-491": { "value": "
11 Earnings per share
Basic earnings per share amounts are calculated by dividing net earnings attributable to shareholders of the Parent
Company of \u00a356,572,000 (2024: \u00a354,090,000) by the weighted average number of shares in issue during the period.
Diluted earnings per share amounts are calculated by dividing the net earnings attributable to shareholders of the
Parent Company by the weighted average number of shares outstanding during the period plus the weighted average
number of shares that would be issued on conversion of all the dilutive potential shares into shares. The Group has only
one category of dilutive potential shares being share options granted to senior staff, including directors, as detailed in
note 22.
The earnings and weighted average number of shares used in the calculation are set out in the table below:
31 October 2025
31 October 2024
Weighted Weighted
average average
number Earnings number Earnings
Earnings of shares per share Earnings of shares per share
\u00a3\u2019000 \u2018000 pence \u00a3\u2019000 \u2018000 pence
Basic earnings per share
56,572
377,155
15.00
54,090
376,605
14.36
Effect of dilutive share options
\u2013
2,346
(0.09)
\u2013
2,566
(0.09)
Diluted earnings per share
56,572
379,501
14.91
54,090
379,171
14.27
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-492": { "value": "
12 Goodwill and other intangible assets
Goodwill
\u00a3\u2019000
Cost:\ue01f
At 1 November 2023
17,207
Exchange differences
(540)
Disposals
(3,357)
At 31 October 2024
13,310
At 1 November 2024
13,310
Exchange differences
163
Disposals
(317)
At 31 October 2025
13,156
Impairment charges:\ue01f
At 1 November 2023
1,318
Exchange differences
(28)
Impairment charge in the period
1,014
At 31 October 2024
2,304
At 1 November 2024
2,304
Exchange differences
10
Disposals
(317)
At 31 October 2025
1,997
Net book value:\ue01f
At 1 November 2023
15,889
At 1 November 2024
11,006
At 31 October 2025
11,159
Impairment losses are recognised in administrative costs.
Disposals:
\u00a3\u2019000
Jolly Roger:
Cost
317
Impairment
(317)
Net book value
0
The Group\u2019s subsidiary, Jolly Roger, was liquidated on 29 April 2025.
Goodwill by segments
The table below shows the allocation of goodwill acquired through business combinations between segments.
Goodwill has been allocated for impairment testing purposes to six (2024: six) cash-generating units (CGUs).
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Carrying amount
UK & Ireland
CGU 1 \u2013 ME Group Ireland Supplies Limited
154
154
CGU 2 \u2013 Photo-Me Northern Ireland
14
14
Total UK & Ireland
168
168
Continental Europe
CGU 1 \u2013 ME Group France SAS
316
300
CGU 2 \u2013 ME Group Germany GmbH
2,026
1,926
CGU 3 \u2013 Dreamakers
934
888
Total Continental Europe
3,276
3,114
Asia
CGU 1 \u2013 ME Group Japan
1
7,715
7,724
Total Asia
7,715
7,724
Total
11,159
11,006
1
Asia CGU 1 includes goodwill from the acquisition of Photo Plaza Co Ltd, which was merged into ME Group Japan on 15th March 2021.
Goodwill impairment assessment
The Group tests annually, for impairment, or more frequently if there are indications that goodwill might be impaired. The
recoverable amount of all CGUs has beeneach CGU is determined on either a value in use basis, except for or fair value
less costs to dispose basis.
ME Group Germany GmbH CGU (\u201cGermany\u201d). Germany was valued on a fair value less costs to dispose basis, using a
discounted future cashflows income approach. The fair value measurement is categorised as level three of the fair value
hierarchy. The forecast cashflows for Germany include the effect of planned improvements to the CGU\u2019s assets, meaning
that value in use was not an appropriate measure of recoverable amount.
The recoverable amount of all other CGUs has been determined on a value in use basis, using discounted future
cashflows. Consistent with the Germany CGU, the cash flow projections for these CGUs cover a five-year forecast period
based on actual operating results, budgets and economic market research, with a terminal value calculated using a
long-term growth rate thereafter.
No impairments were identified in the period.
In the year ended 31 October 2024, the goodwill relating to the Now Retail Group CGU was fully impaired (\u00a31,014,000).
This was due to a reduction in forecast cash generation.
Key assumptions for impairment tests of goodwill and other intangible assets
Growth rate 1% (2024: 1%)
The Growth rate assumption for all Group CGUs was 1%. The growth rate has been determined based on a conservative
basis for expected annual growth in EBITDA for each CGU and takes into account revenue, volumes, selling prices
and operating costs. It is based on past experience and expected future developments in markets, operations and
economic conditions.
Discount rate 12.0%-14.2% (2024: 11.4%-14.3%)
The post-tax discount rates applied to the cash flow forecasts for the CGUs are derived from the pre-tax weighted
average cost of capital for the Group adjusted for country specific risks, local risk free borrowing rates and local tax rates
for the specific country concerned. The changes in discount rate assumptions from the prior year reflect the change in
economic conditions, in each territory, over the period.
The rates used are: United Kingdom 14.2%, (2024: 14.3%), Ireland 13.1% (2024: 12.5%), France 13.6% (2024: 12.8%), Germany
12.0% (2024: 11.4%), Japan 12.0% (2024: 11.4%) and Australia 13.2% (2024: 13.6%). The Board is confident, overall, that these
discount rates reflect the circumstances in each region and are in accordance with IAS 36.
Regulatory requirements in Germany
Management has undertaken a comprehensive impairment assessment in accordance with IAS 36 Impairment of Assets
across all cash-generating units (CGUs), with particular emphasis this year on the Group\u2019s operations in Germany (the
German CGU). This increased focus reflects recent changes in German regulatory requirements, which rendered certain
aspects of the identification machines no longer fit for purpose and resulted in reduced revenue from those activities
in the year. In response, management has made significant investments to upgrade the underlying software and is
progressing through the certification process to ensure that the German photo booths fully comply with the revised
regulations and remain fit for purpose.
The forecasts supporting the German CGU\u2019s value-in-use calculations assume that all required certifications will be
obtained by mid-2026, with profitability and trading performance expected to normalize gradually between mid-2026
and 2027. These forecasts also incorporate a substantial capital expenditure program planned for the financial year
ending 30 June 2026, primarily relating to the upgrade and deployment of compliant photo booths and associated
software across the German network. The impairment model reflects both the costs necessary to complete these
enhancements and a revised future sales mix, with revenue expected to diversify away from identification machines as
the primary source of income towards a broader portfolio that includes automated laundromats.
The principal source of estimation uncertainty relates to the timing and successful completion of (i) the certification
process and (ii) the planned capital expenditure program, including the Group\u2019s ability to deliver the investments on
schedule and within budget and to realize the anticipated operational and revenue benefits. Management remains
confident that certification will be achieved, noting its successful track record in securing similar approvals in other
jurisdictions and the absence of any historical failures. As at the date of approval of these financial statements, the first
level of certification has been obtained, the second level is expected within the coming weeks, and final certification is
anticipated by mid-2026.
Based on management\u2019s impairment modelling, including stress testing of key assumptions\u2014particularly the timing of
certification, the profile of the FY26 capital expenditure program, and the expected recovery in revenue and margins\u2014
the directors are satisfied that no impairment of goodwill or other assets within the German CGU is required as at the
reporting date. This conclusion remains appropriate up to the date of approval of these financial statements.
Sensitivity to key assumptions
As at the measurement date, the recoverable amount of all CGUs, based on their value in use, is higher than the carrying
amount relevant for the impairment test. The headroom of recoverable amount over carrying value for each CGU range
between \u00a3710,000 and \u00a3328,138,000 (2024: \u00a33,337,000 to \u00a3481,815,000).
The sensitivity of the recoverable amount of CGUs to key assumptions has been assessed as follows.
Discount rate
A 1% increase in the discount rate assumption for each territory would not generate any additional impairments.
Aggregate headroom across all CGUs would be reduced by \u00a348,233,000 (2024: \u00a364,196,000). For the CGU with the
lowest headroom, the 1% increase in discount rate would reduce headroom by a further \u00a3305,000 (2024: \u00a3544,000).
Growth rate
A 1% decrease in the growth rate assumption for each territory would not generate any additional impairments.
Aggregate headroom across all CGUs would be reduced by \u00a329,002,000 (2024: \u00a339,626,000). For the CGU with the
lowest headroom, the 1% decrease in growth rate would reduce headroom by a further \u00a3181,000 (2024: \u00a3333,000).
Future growth in revenue, costs and profit margins
CGUs were subjected to an impairment test under a worst-case scenario, with decreased revenue and increased costs.
The details of the sensitivity assumptions used are disclosed in the going concern section of the accounting policies (note
1.1 Basis of preparation).
In this worst-case scenario, Germany would be impaired by \u00a33,393,000.
Aggregate headroom across remaining unimpaired CGUs would be reduced by \u00a3106,829,000 (2024: \u00a3134,443,000).
Excluding Germany, for the CGU with the lowest headroom, using the worst-case scenario would reduce headroom by
a further \u00a3303,000 (2024: \u00a3761,000).
Other intangible assets
Capitalised
development Right to Customer Droit
costs Software Brands operate related Patents au Bail Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost:\ue01f
At 1 November 2023
15,049
4,161
1,291
\u2013
24,143
1,527
3,583
49,754
Exchange differences
(483)
(172)
(51)
\u2013
(780)
(73)
(126)
(1,685)
Additions
918
661
\u2013
\u2013
4
1
6
1,590
Additions work in progress
921
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
921
Transfers
(59)
(186)
\u2013
\u2013
168
42
35
\u2013
Disposal of subsidiary
\u2013
\u2013
\u2013
\u2013
(10,874)
\u2013
\u2013
(10,874)
Disposals
(123)
(146)
\u2013
\u2013
(848)
(2)
(41)
(1,160)
At 31 October 2024
16,223
4,318
1,240
\u2013
11,813
1,495
3,457
38,546
At 1 November 2024
16,223
4,318
1,240
\u2013
11,813
1,495
3,457
38,546
Exchange differences
382
181
65
\u2013
9
94
190
921
Additions
928
962
\u2013
\u2013
119
\u2013
\u2013
2,009
Additions work in progress
1,064
455
\u2013
\u2013
\u2013
\u2013
\u2013
1,519
Additions new subsidiary
\u2013
2
\u2013
2,673
\u2013
\u2013
\u2013
2,675
Transfers from property,
plant and equipment
\u2013
(8)
\u2013
\u2013
20
\u2013
\u2013
12
Disposals
(1,036)
(60)
\u2013
\u2013
(2)
\u2013
\u2013
(1,098)
At 31 October 2025
17,561
5,850
1,305
2,673
11,959
1,589
3,647
44,584
Amortisation:\ue01f
At 1 November 2023
7,689
2,838
963
\u2013
11,446
1,409
3,446
27,791
Exchange differences
(247)
(128)
(39)
\u2013
(466)
(67)
(135)
(1,082)
Provided during the period
2,168
646
59
\u2013
2,211
\u2013
\u2013
5,084
Impairment charge
771
\u2013
\u2013
\u2013
516
\u2013
\u2013
1,287
Transfers
(57)
(74)
\u2013
\u2013
116
\u2013
15
\u2013
Disposal of subsidiary
\u2013
\u2013
\u2013
\u2013
(7,774)
\u2013
\u2013
(7,774)
Disposals
(123)
(146)
\u2013
\u2013
(810)
(2)
(41)
(1,122)
At 31 October 2024
10,201
3,136
983
\u2013
5,239
1,340
3,285
24,184
At 1 November 2024
10,201
3,136
983
\u2013
5,239
1,340
3,285
24,184
Exchange differences
252
146
53
\u2013
(23)
87
171
686
Provided during the period
2,130
780
59
181
1,318
40
\u2013
4,508
Transfers from property,
plant and equipment
\u2013
(8)
\u2013
\u2013
18
\u2013
\u2013
10
Disposals
(996)
(11)
\u2013
\u2013
(2)
\u2013
\u2013
(1,009)
At 31 October 2025
11,587
4,043
1,095
181
6,550
1,467
3,456
28,379
Net book value:\ue01f
At 1 November 2023
7,360
1,323
328
\u2013
12,696
118
137
21,962
At 1 November 2024
6,022
1,182
257
\u2013
6,574
155
172
14,362
At 31 October 2025
5,974
1,807
210
2,492
5,409
122
191
16,205
Capitalised research and development expenditure is amortised over a maximum of four years, with no residual value.
The remaining amortisation periods for material categories of other intangible assets are:
\u25aa Capitalised development costs \u2013 between one and four years
\u25aa Right to operate - nine years
\u25aa Customer related \u2013 between three and eight years
Impairment charges
Current year
No new impairments in the period.
Prior year
An impairment charge of \u00a3771,000 was recognised against the capitalised development costs relating to the Group\u2019s
pizza vending machines. With the Group\u2019s food division performing below expectations, the pizza development costs
are no longer expected to generate economic benefit, so the carrying amount has been fully impaired. The impairment
charge was recognised in the income statement line \u201cCost of sales\u201d. The impairment charge was made against an asset
in the Continental Europe operating segment.
An impairment charge of \u00a3516,000 was recognised against customer related intangible assets. The impairment charge
was recognised in the income statement line \u201cAdministrative expenses\u201d. The entire impairment charge relates to the Now
Retail Group CGU and is due to a reduction in forecast cash generation. The impairment charge was made against an
asset in the Asia Pacific operating segment. The recoverable amount of the impaired asset is nil, determined by value in
use. The discount rate used in determining the value in use was 13.6%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-556": { "value": "12 Goodwill and other intangible assets Goodwill
\u00a3\u2019000
Cost:\ue01f
At 1 November 2023
17,207
Exchange differences
(540)
Disposals
(3,357)
At 31 October 2024
13,310
At 1 November 2024
13,310
Exchange differences
163
Disposals
(317)
At 31 October 2025
13,156
Impairment charges:\ue01f
At 1 November 2023
1,318
Exchange differences
(28)
Impairment charge in the period
1,014
At 31 October 2024
2,304
At 1 November 2024
2,304
Exchange differences
10
Disposals
(317)
At 31 October 2025
1,997
Net book value:\ue01f
At 1 November 2023
15,889
At 1 November 2024
11,006
At 31 October 2025
11,159
Impairment losses are recognised in administrative costs.
Disposals:
\u00a3\u2019000
Jolly Roger:
Cost
317
Impairment
(317)
Net book value
0
The Group\u2019s subsidiary, Jolly Roger, was liquidated on 29 April 2025. Goodwill by segments The table below shows the allocation of goodwill acquired through business combinations between segments. Goodwill has been allocated for impairment testing purposes to six (2024: six) cash-generating units (CGUs).
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Carrying amount
UK & Ireland
CGU 1 \u2013 ME Group Ireland Supplies Limited
154
154
CGU 2 \u2013 Photo-Me Northern Ireland
14
14
Total UK & Ireland
168
168
Continental Europe
CGU 1 \u2013 ME Group France SAS
316
300
CGU 2 \u2013 ME Group Germany GmbH
2,026
1,926
CGU 3 \u2013 Dreamakers
934
888
Total Continental Europe
3,276
3,114
Asia
CGU 1 \u2013 ME Group Japan
1
7,715
7,724
Total Asia
7,715
7,724
Total
11,159
11,006
1 Asia CGU 1 includes goodwill from the acquisition of Photo Plaza Co Ltd, which was merged into ME Group Japan on 15th March 2021. Goodwill impairment assessment The Group tests annually, for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amount of all CGUs has beeneach CGU is determined on either a value in use basis, except for or fair value less costs to dispose basis. ME Group Germany GmbH CGU (\u201cGermany\u201d). Germany was valued on a fair value less costs to dispose basis, using a discounted future cashflows income approach. The fair value measurement is categorised as level three of the fair value hierarchy. The forecast cashflows for Germany include the effect of planned improvements to the CGU\u2019s assets, meaning that value in use was not an appropriate measure of recoverable amount. The recoverable amount of all other CGUs has been determined on a value in use basis, using discounted future cashflows. Consistent with the Germany CGU, the cash flow projections for these CGUs cover a five-year forecast period based on actual operating results, budgets and economic market research, with a terminal value calculated using a long-term growth rate thereafter. No impairments were identified in the period. In the year ended 31 October 2024, the goodwill relating to the Now Retail Group CGU was fully impaired (\u00a31,014,000). This was due to a reduction in forecast cash generation. Key assumptions for impairment tests of goodwill and other intangible assets Growth rate 1% (2024: 1%) The Growth rate assumption for all Group CGUs was 1%. The growth rate has been determined based on a conservative basis for expected annual growth in EBITDA for each CGU and takes into account revenue, volumes, selling prices and operating costs. It is based on past experience and expected future developments in markets, operations and economic conditions. Discount rate 12.0%-14.2% (2024: 11.4%-14.3%) The post-tax discount rates applied to the cash flow forecasts for the CGUs are derived from the pre-tax weighted average cost of capital for the Group adjusted for country specific risks, local risk free borrowing rates and local tax rates for the specific country concerned. The changes in discount rate assumptions from the prior year reflect the change in economic conditions, in each territory, over the period. The rates used are: United Kingdom 14.2%, (2024: 14.3%), Ireland 13.1% (2024: 12.5%), France 13.6% (2024: 12.8%), Germany 12.0% (2024: 11.4%), Japan 12.0% (2024: 11.4%) and Australia 13.2% (2024: 13.6%). The Board is confident, overall, that these discount rates reflect the circumstances in each region and are in accordance with IAS 36. Regulatory requirements in Germany Management has undertaken a comprehensive impairment assessment in accordance with IAS 36 Impairment of Assets across all cash-generating units (CGUs), with particular emphasis this year on the Group\u2019s operations in Germany (the German CGU). This increased focus reflects recent changes in German regulatory requirements, which rendered certain aspects of the identification machines no longer fit for purpose and resulted in reduced revenue from those activities in the year. In response, management has made significant investments to upgrade the underlying software and is progressing through the certification process to ensure that the German photo booths fully comply with the revised regulations and remain fit for purpose. The forecasts supporting the German CGU\u2019s value-in-use calculations assume that all required certifications will be obtained by mid-2026, with profitability and trading performance expected to normalize gradually between mid-2026 and 2027. These forecasts also incorporate a substantial capital expenditure program planned for the financial year ending 30 June 2026, primarily relating to the upgrade and deployment of compliant photo booths and associated software across the German network. The impairment model reflects both the costs necessary to complete these enhancements and a revised future sales mix, with revenue expected to diversify away from identification machines as the primary source of income towards a broader portfolio that includes automated laundromats. The principal source of estimation uncertainty relates to the timing and successful completion of (i) the certification process and (ii) the planned capital expenditure program, including the Group\u2019s ability to deliver the investments on schedule and within budget and to realize the anticipated operational and revenue benefits. Management remains confident that certification will be achieved, noting its successful track record in securing similar approvals in other jurisdictions and the absence of any historical failures. As at the date of approval of these financial statements, the first level of certification has been obtained, the second level is expected within the coming weeks, and final certification is anticipated by mid-2026. Based on management\u2019s impairment modelling, including stress testing of key assumptions\u2014particularly the timing of certification, the profile of the FY26 capital expenditure program, and the expected recovery in revenue and margins\u2014 the directors are satisfied that no impairment of goodwill or other assets within the German CGU is required as at the reporting date. This conclusion remains appropriate up to the date of approval of these financial statements. Sensitivity to key assumptions As at the measurement date, the recoverable amount of all CGUs, based on their value in use, is higher than the carrying amount relevant for the impairment test. The headroom of recoverable amount over carrying value for each CGU range between \u00a3710,000 and \u00a3328,138,000 (2024: \u00a33,337,000 to \u00a3481,815,000). The sensitivity of the recoverable amount of CGUs to key assumptions has been assessed as follows. Discount rate A 1% increase in the discount rate assumption for each territory would not generate any additional impairments. Aggregate headroom across all CGUs would be reduced by \u00a348,233,000 (2024: \u00a364,196,000). For the CGU with the lowest headroom, the 1% increase in discount rate would reduce headroom by a further \u00a3305,000 (2024: \u00a3544,000). Growth rate A 1% decrease in the growth rate assumption for each territory would not generate any additional impairments. Aggregate headroom across all CGUs would be reduced by \u00a329,002,000 (2024: \u00a339,626,000). For the CGU with the lowest headroom, the 1% decrease in growth rate would reduce headroom by a further \u00a3181,000 (2024: \u00a3333,000). Future growth in revenue, costs and profit margins CGUs were subjected to an impairment test under a worst-case scenario, with decreased revenue and increased costs. The details of the sensitivity assumptions used are disclosed in the going concern section of the accounting policies (note 1.1 Basis of preparation). In this worst-case scenario, Germany would be impaired by \u00a33,393,000. Aggregate headroom across remaining unimpaired CGUs would be reduced by \u00a3106,829,000 (2024: \u00a3134,443,000). Excluding Germany, for the CGU with the lowest headroom, using the worst-case scenario would reduce headroom by a further \u00a3303,000 (2024: \u00a3761,000). Other intangible assets
Capitalised
development Right to Customer Droit
costs Software Brands operate related Patents au Bail Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost:\ue01f
At 1 November 2023
15,049
4,161
1,291
\u2013
24,143
1,527
3,583
49,754
Exchange differences
(483)
(172)
(51)
\u2013
(780)
(73)
(126)
(1,685)
Additions
918
661
\u2013
\u2013
4
1
6
1,590
Additions work in progress
921
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
921
Transfers
(59)
(186)
\u2013
\u2013
168
42
35
\u2013
Disposal of subsidiary
\u2013
\u2013
\u2013
\u2013
(10,874)
\u2013
\u2013
(10,874)
Disposals
(123)
(146)
\u2013
\u2013
(848)
(2)
(41)
(1,160)
At 31 October 2024
16,223
4,318
1,240
\u2013
11,813
1,495
3,457
38,546
At 1 November 2024
16,223
4,318
1,240
\u2013
11,813
1,495
3,457
38,546
Exchange differences
382
181
65
\u2013
9
94
190
921
Additions
928
962
\u2013
\u2013
119
\u2013
\u2013
2,009
Additions work in progress
1,064
455
\u2013
\u2013
\u2013
\u2013
\u2013
1,519
Additions new subsidiary
\u2013
2
\u2013
2,673
\u2013
\u2013
\u2013
2,675
Transfers from property,
plant and equipment
\u2013
(8)
\u2013
\u2013
20
\u2013
\u2013
12
Disposals
(1,036)
(60)
\u2013
\u2013
(2)
\u2013
\u2013
(1,098)
At 31 October 2025
17,561
5,850
1,305
2,673
11,959
1,589
3,647
44,584
Amortisation:\ue01f
At 1 November 2023
7,689
2,838
963
\u2013
11,446
1,409
3,446
27,791
Exchange differences
(247)
(128)
(39)
\u2013
(466)
(67)
(135)
(1,082)
Provided during the period
2,168
646
59
\u2013
2,211
\u2013
\u2013
5,084
Impairment charge
771
\u2013
\u2013
\u2013
516
\u2013
\u2013
1,287
Transfers
(57)
(74)
\u2013
\u2013
116
\u2013
15
\u2013
Disposal of subsidiary
\u2013
\u2013
\u2013
\u2013
(7,774)
\u2013
\u2013
(7,774)
Disposals
(123)
(146)
\u2013
\u2013
(810)
(2)
(41)
(1,122)
At 31 October 2024
10,201
3,136
983
\u2013
5,239
1,340
3,285
24,184
At 1 November 2024
10,201
3,136
983
\u2013
5,239
1,340
3,285
24,184
Exchange differences
252
146
53
\u2013
(23)
87
171
686
Provided during the period
2,130
780
59
181
1,318
40
\u2013
4,508
Transfers from property,
plant and equipment
\u2013
(8)
\u2013
\u2013
18
\u2013
\u2013
10
Disposals
(996)
(11)
\u2013
\u2013
(2)
\u2013
\u2013
(1,009)
At 31 October 2025
11,587
4,043
1,095
181
6,550
1,467
3,456
28,379
Net book value:\ue01f
At 1 November 2023
7,360
1,323
328
\u2013
12,696
118
137
21,962
At 1 November 2024
6,022
1,182
257
\u2013
6,574
155
172
14,362
At 31 October 2025
5,974
1,807
210
2,492
5,409
122
191
16,205
Capitalised research and development expenditure is amortised over a maximum of four years, with no residual value. The remaining amortisation periods for material categories of other intangible assets are: \u25aa Capitalised development costs \u2013 between one and four years \u25aa Right to operate - nine years \u25aa Customer related \u2013 between three and eight years Impairment charges Current year No new impairments in the period. Prior year An impairment charge of \u00a3771,000 was recognised against the capitalised development costs relating to the Group\u2019s pizza vending machines. With the Group\u2019s food division performing below expectations, the pizza development costs are no longer expected to generate economic benefit, so the carrying amount has been fully impaired. The impairment charge was recognised in the income statement line \u201cCost of sales\u201d. The impairment charge was made against an asset in the Continental Europe operating segment. An impairment charge of \u00a3516,000 was recognised against customer related intangible assets. The impairment charge was recognised in the income statement line \u201cAdministrative expenses\u201d. The entire impairment charge relates to the Now Retail Group CGU and is due to a reduction in forecast cash generation. The impairment charge was made against an asset in the Asia Pacific operating segment. The recoverable amount of the impaired asset is nil, determined by value in use. The discount rate used in determining the value in use was 13.6%.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-529": { "value": "12 Goodwill and other intangible assets Goodwill
\u00a3\u2019000
Cost:\ue01f
At 1 November 2023
17,207
Exchange differences
(540)
Disposals
(3,357)
At 31 October 2024
13,310
At 1 November 2024
13,310
Exchange differences
163
Disposals
(317)
At 31 October 2025
13,156
Impairment charges:\ue01f
At 1 November 2023
1,318
Exchange differences
(28)
Impairment charge in the period
1,014
At 31 October 2024
2,304
At 1 November 2024
2,304
Exchange differences
10
Disposals
(317)
At 31 October 2025
1,997
Net book value:\ue01f
At 1 November 2023
15,889
At 1 November 2024
11,006
At 31 October 2025
11,159
Impairment losses are recognised in administrative costs.
Disposals:
\u00a3\u2019000
Jolly Roger:
Cost
317
Impairment
(317)
Net book value
0
The Group\u2019s subsidiary, Jolly Roger, was liquidated on 29 April 2025. Goodwill by segments The table below shows the allocation of goodwill acquired through business combinations between segments. Goodwill has been allocated for impairment testing purposes to six (2024: six) cash-generating units (CGUs).
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Carrying amount
UK & Ireland
CGU 1 \u2013 ME Group Ireland Supplies Limited
154
154
CGU 2 \u2013 Photo-Me Northern Ireland
14
14
Total UK & Ireland
168
168
Continental Europe
CGU 1 \u2013 ME Group France SAS
316
300
CGU 2 \u2013 ME Group Germany GmbH
2,026
1,926
CGU 3 \u2013 Dreamakers
934
888
Total Continental Europe
3,276
3,114
Asia
CGU 1 \u2013 ME Group Japan
1
7,715
7,724
Total Asia
7,715
7,724
Total
11,159
11,006
1 Asia CGU 1 includes goodwill from the acquisition of Photo Plaza Co Ltd, which was merged into ME Group Japan on 15th March 2021. Goodwill impairment assessment The Group tests annually, for impairment, or more frequently if there are indications that goodwill might be impaired. The recoverable amount of all CGUs has beeneach CGU is determined on either a value in use basis, except for or fair value less costs to dispose basis. ME Group Germany GmbH CGU (\u201cGermany\u201d). Germany was valued on a fair value less costs to dispose basis, using a discounted future cashflows income approach. The fair value measurement is categorised as level three of the fair value hierarchy. The forecast cashflows for Germany include the effect of planned improvements to the CGU\u2019s assets, meaning that value in use was not an appropriate measure of recoverable amount. The recoverable amount of all other CGUs has been determined on a value in use basis, using discounted future cashflows. Consistent with the Germany CGU, the cash flow projections for these CGUs cover a five-year forecast period based on actual operating results, budgets and economic market research, with a terminal value calculated using a long-term growth rate thereafter. No impairments were identified in the period. In the year ended 31 October 2024, the goodwill relating to the Now Retail Group CGU was fully impaired (\u00a31,014,000). This was due to a reduction in forecast cash generation. Key assumptions for impairment tests of goodwill and other intangible assets Growth rate 1% (2024: 1%) The Growth rate assumption for all Group CGUs was 1%. The growth rate has been determined based on a conservative basis for expected annual growth in EBITDA for each CGU and takes into account revenue, volumes, selling prices and operating costs. It is based on past experience and expected future developments in markets, operations and economic conditions. Discount rate 12.0%-14.2% (2024: 11.4%-14.3%) The post-tax discount rates applied to the cash flow forecasts for the CGUs are derived from the pre-tax weighted average cost of capital for the Group adjusted for country specific risks, local risk free borrowing rates and local tax rates for the specific country concerned. The changes in discount rate assumptions from the prior year reflect the change in economic conditions, in each territory, over the period. The rates used are: United Kingdom 14.2%, (2024: 14.3%), Ireland 13.1% (2024: 12.5%), France 13.6% (2024: 12.8%), Germany 12.0% (2024: 11.4%), Japan 12.0% (2024: 11.4%) and Australia 13.2% (2024: 13.6%). The Board is confident, overall, that these discount rates reflect the circumstances in each region and are in accordance with IAS 36. Regulatory requirements in Germany Management has undertaken a comprehensive impairment assessment in accordance with IAS 36 Impairment of Assets across all cash-generating units (CGUs), with particular emphasis this year on the Group\u2019s operations in Germany (the German CGU). This increased focus reflects recent changes in German regulatory requirements, which rendered certain aspects of the identification machines no longer fit for purpose and resulted in reduced revenue from those activities in the year. In response, management has made significant investments to upgrade the underlying software and is progressing through the certification process to ensure that the German photo booths fully comply with the revised regulations and remain fit for purpose. The forecasts supporting the German CGU\u2019s value-in-use calculations assume that all required certifications will be obtained by mid-2026, with profitability and trading performance expected to normalize gradually between mid-2026 and 2027. These forecasts also incorporate a substantial capital expenditure program planned for the financial year ending 30 June 2026, primarily relating to the upgrade and deployment of compliant photo booths and associated software across the German network. The impairment model reflects both the costs necessary to complete these enhancements and a revised future sales mix, with revenue expected to diversify away from identification machines as the primary source of income towards a broader portfolio that includes automated laundromats. The principal source of estimation uncertainty relates to the timing and successful completion of (i) the certification process and (ii) the planned capital expenditure program, including the Group\u2019s ability to deliver the investments on schedule and within budget and to realize the anticipated operational and revenue benefits. Management remains confident that certification will be achieved, noting its successful track record in securing similar approvals in other jurisdictions and the absence of any historical failures. As at the date of approval of these financial statements, the first level of certification has been obtained, the second level is expected within the coming weeks, and final certification is anticipated by mid-2026. Based on management\u2019s impairment modelling, including stress testing of key assumptions\u2014particularly the timing of certification, the profile of the FY26 capital expenditure program, and the expected recovery in revenue and margins\u2014 the directors are satisfied that no impairment of goodwill or other assets within the German CGU is required as at the reporting date. This conclusion remains appropriate up to the date of approval of these financial statements. Sensitivity to key assumptions As at the measurement date, the recoverable amount of all CGUs, based on their value in use, is higher than the carrying amount relevant for the impairment test. The headroom of recoverable amount over carrying value for each CGU range between \u00a3710,000 and \u00a3328,138,000 (2024: \u00a33,337,000 to \u00a3481,815,000). The sensitivity of the recoverable amount of CGUs to key assumptions has been assessed as follows. Discount rate A 1% increase in the discount rate assumption for each territory would not generate any additional impairments. Aggregate headroom across all CGUs would be reduced by \u00a348,233,000 (2024: \u00a364,196,000). For the CGU with the lowest headroom, the 1% increase in discount rate would reduce headroom by a further \u00a3305,000 (2024: \u00a3544,000). Growth rate A 1% decrease in the growth rate assumption for each territory would not generate any additional impairments. Aggregate headroom across all CGUs would be reduced by \u00a329,002,000 (2024: \u00a339,626,000). For the CGU with the lowest headroom, the 1% decrease in growth rate would reduce headroom by a further \u00a3181,000 (2024: \u00a3333,000). Future growth in revenue, costs and profit margins CGUs were subjected to an impairment test under a worst-case scenario, with decreased revenue and increased costs. The details of the sensitivity assumptions used are disclosed in the going concern section of the accounting policies (note 1.1 Basis of preparation). In this worst-case scenario, Germany would be impaired by \u00a33,393,000. Aggregate headroom across remaining unimpaired CGUs would be reduced by \u00a3106,829,000 (2024: \u00a3134,443,000). Excluding Germany, for the CGU with the lowest headroom, using the worst-case scenario would reduce headroom by a further \u00a3303,000 (2024: \u00a3761,000). Other intangible assets
Capitalised
development Right to Customer Droit
costs Software Brands operate related Patents au Bail Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost:\ue01f
At 1 November 2023
15,049
4,161
1,291
\u2013
24,143
1,527
3,583
49,754
Exchange differences
(483)
(172)
(51)
\u2013
(780)
(73)
(126)
(1,685)
Additions
918
661
\u2013
\u2013
4
1
6
1,590
Additions work in progress
921
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
921
Transfers
(59)
(186)
\u2013
\u2013
168
42
35
\u2013
Disposal of subsidiary
\u2013
\u2013
\u2013
\u2013
(10,874)
\u2013
\u2013
(10,874)
Disposals
(123)
(146)
\u2013
\u2013
(848)
(2)
(41)
(1,160)
At 31 October 2024
16,223
4,318
1,240
\u2013
11,813
1,495
3,457
38,546
At 1 November 2024
16,223
4,318
1,240
\u2013
11,813
1,495
3,457
38,546
Exchange differences
382
181
65
\u2013
9
94
190
921
Additions
928
962
\u2013
\u2013
119
\u2013
\u2013
2,009
Additions work in progress
1,064
455
\u2013
\u2013
\u2013
\u2013
\u2013
1,519
Additions new subsidiary
\u2013
2
\u2013
2,673
\u2013
\u2013
\u2013
2,675
Transfers from property,
plant and equipment
\u2013
(8)
\u2013
\u2013
20
\u2013
\u2013
12
Disposals
(1,036)
(60)
\u2013
\u2013
(2)
\u2013
\u2013
(1,098)
At 31 October 2025
17,561
5,850
1,305
2,673
11,959
1,589
3,647
44,584
Amortisation:\ue01f
At 1 November 2023
7,689
2,838
963
\u2013
11,446
1,409
3,446
27,791
Exchange differences
(247)
(128)
(39)
\u2013
(466)
(67)
(135)
(1,082)
Provided during the period
2,168
646
59
\u2013
2,211
\u2013
\u2013
5,084
Impairment charge
771
\u2013
\u2013
\u2013
516
\u2013
\u2013
1,287
Transfers
(57)
(74)
\u2013
\u2013
116
\u2013
15
\u2013
Disposal of subsidiary
\u2013
\u2013
\u2013
\u2013
(7,774)
\u2013
\u2013
(7,774)
Disposals
(123)
(146)
\u2013
\u2013
(810)
(2)
(41)
(1,122)
At 31 October 2024
10,201
3,136
983
\u2013
5,239
1,340
3,285
24,184
At 1 November 2024
10,201
3,136
983
\u2013
5,239
1,340
3,285
24,184
Exchange differences
252
146
53
\u2013
(23)
87
171
686
Provided during the period
2,130
780
59
181
1,318
40
\u2013
4,508
Transfers from property,
plant and equipment
\u2013
(8)
\u2013
\u2013
18
\u2013
\u2013
10
Disposals
(996)
(11)
\u2013
\u2013
(2)
\u2013
\u2013
(1,009)
At 31 October 2025
11,587
4,043
1,095
181
6,550
1,467
3,456
28,379
Net book value:\ue01f
At 1 November 2023
7,360
1,323
328
\u2013
12,696
118
137
21,962
At 1 November 2024
6,022
1,182
257
\u2013
6,574
155
172
14,362
At 31 October 2025
5,974
1,807
210
2,492
5,409
122
191
16,205
Capitalised research and development expenditure is amortised over a maximum of four years, with no residual value. The remaining amortisation periods for material categories of other intangible assets are: \u25aa Capitalised development costs \u2013 between one and four years \u25aa Right to operate - nine years \u25aa Customer related \u2013 between three and eight years Impairment charges Current year No new impairments in the period. Prior year An impairment charge of \u00a3771,000 was recognised against the capitalised development costs relating to the Group\u2019s pizza vending machines. With the Group\u2019s food division performing below expectations, the pizza development costs are no longer expected to generate economic benefit, so the carrying amount has been fully impaired. The impairment charge was recognised in the income statement line \u201cCost of sales\u201d. The impairment charge was made against an asset in the Continental Europe operating segment. An impairment charge of \u00a3516,000 was recognised against customer related intangible assets. The impairment charge was recognised in the income statement line \u201cAdministrative expenses\u201d. The entire impairment charge relates to the Now Retail Group CGU and is due to a reduction in forecast cash generation. The impairment charge was made against an asset in the Asia Pacific operating segment. The recoverable amount of the impaired asset is nil, determined by value in use. The discount rate used in determining the value in use was 13.6%.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-577": { "value": "An impairment charge of \u00a3771,000 was recognised against the capitalised development costs relating to the Group\u2019s pizza vending machines. With the Group\u2019s food division performing below expectations, the pizza development costs are no longer expected to generate economic benefit, so the carrying amount has been fully impaired. The impairment charge was recognised in the income statement line \u201cCost of sales\u201d. The impairment charge was made against an asset in the Continental Europe operating segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-493": { "value": "
13 Property, plant and equipment
Plant,
machinery, Right of
furniture, Use Plant,
Photobooth fixtures\ue01f Right of machinery, Right of
Land & & vending & motor Use Land\ue01f furniture, Use Motor
Buildings machines vehicles & Buildings fixtures vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost:\ue01f
At 31 October 2023
37,534
298,575
12,563
5,771
12,840
7,727
375,010
Exchange difference
(1,117)
(12,277)
(747)
(207)
(461)
(277)
(15,087)
Additions
2,154
45,878
4,071
1,337
334
2,566
56,340
Transfers
(124)
(74)
198
214
(176)
(38)
\u2013
Disposal of subsidiary
(23)
\u2013
(312)
\u2013
\u2013
\u2013
(335)
Disposals
(596)
(13,421)
(1,178)
(769)
(2,444)
(1,147)
(19,556)
At 31 October 2024
37,828
318,681
14,595
6,346
10,092
8,831
396,373
Exchange difference
1,316
10,892
821
247
522
344
14,142
Additions
2,122
52,976
6,983
222
2,264
3,523
68,090
Additions new subsidiary
\u2013
497
9
\u2013
\u2013
\u2013
506
Reclassifications/transfers to intangible assets
(96)
68
16
\u2013
\u2013
\u2013
(12)
Disposals
(463)
(15,136)
(705)
(1,801)
(1,522)
(2,754)
(22,381)
At 31 October 2025
40,707
367,978
21,719
5,014
11,356
9,944
456,718
Depreciation:
At 31 October 2023
21,436
210,508
10,730
3,700
7,126
3,386
256,886
Exchange difference
(754)
(9,299)
(582)
(154)
(283)
(158)
(11,230)
Provided during the period
3,025
23,235
2,232
1,233
1,770
2,581
34,077
Reversal of impairments
(57)
(1,434)
(177)
\u2013
\u2013
\u2013
(1,668)
Transfers
(39)
(74)
113
258
(293)
35
\u2013
Disposal of subsidiary
(16)
\u2013
(201)
\u2013
\u2013
\u2013
(217)
Disposals
(284)
(12,175)
(988)
(769)
(2,444)
(1,147)
(17,807)
At 31 October 2024
23,311
210,761
11,127
4,269
5,876
4,697
260,041
Exchange difference
952
7,469
672
185
359
280
9,917
Provided during the period
1,579
28,258
2,685
754
1,502
3,013
37,791
Reclassifications/transfers to intangible assets
(74)
52
12
\u2013
\u2013
\u2013
(10)
Disposals
(358)
(13,908)
(184)
(1,801)
(1,522)
(2,754)
(20,527)
At 31 October 2025
25,410
232,632
14,312
3,407
6,215
5,236
287,212
Net book value:\ue01f
At 31 October 2023
16,098
88,067
1,832
2,071
5,714
4,341
118,124
At 31 October 2024
14,517
107,920
3,467
2,077
4,216
4,134
136,332
At 31 October 2025
15,297
135,346
7,407
1,607
5,141
4,708
169,506
Property, plant and equipment Impairment assessment
At 31 October 2025 management reviewed the forecast cash generation of the assets and their carrying values, and
determined that no indicators of impairment existed.
Prior year
Significant impairment charges were made against property, plant and equipment in the year ended 31 October 2020.
The Covid 19 pandemic had impacted the trading and outlook of the Group, indicating reduced value in use of the
vending estate and therefore impairment. In the subsequent years the Group continued to subject these assets to annual
impairment tests, with the impairment value reduced where testing indicated increased value in use.
At 31 October 2024 management considered that the original indicator of impairment, caused by the Covid 19 pandemic,
no longer existed. This conclusion was supported by increased cash generation of the assets since 2020.
A key input to the determination of value in use is the revenue generated by each machine. This metric has increased
significantly post-Covid, as the Group\u2019s trading performance has recovered. Accordingly, management increased their
estimate of the future revenue generation of all machines. This increased the service potential of the assets, increasing
value in use, and therefore recoverable amount, above the carrying value (excluding impairment). Consequently, all
remaining impairments were reversed in the prior year, with care taken to ensure that the closing net book value did not
exceed what it would have been had the original impairment never occurred.
Impairments to property, plant and equipment with a total value of \u00a31,668,000 were reversed.
Reversals of impairment to photobooths and vending machines were recognised in the following operating
segments: Continental Europe (\u00a31,172,000) and United Kingdom (\u00a3262,000).
Reversals of impairment to plant, machinery, furniture, fixtures and motor vehicles were recognised in the following
operating segments: Continental Europe (\u00a3184,000) and United Kingdom (\u00a350,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-530": { "value": "13 Property, plant and equipment
Plant,
machinery, Right of
furniture, Use Plant,
Photobooth fixtures\ue01f Right of machinery, Right of
Land & & vending & motor Use Land\ue01f furniture, Use Motor
Buildings machines vehicles & Buildings fixtures vehicles Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Cost:\ue01f
At 31 October 2023
37,534
298,575
12,563
5,771
12,840
7,727
375,010
Exchange difference
(1,117)
(12,277)
(747)
(207)
(461)
(277)
(15,087)
Additions
2,154
45,878
4,071
1,337
334
2,566
56,340
Transfers
(124)
(74)
198
214
(176)
(38)
\u2013
Disposal of subsidiary
(23)
\u2013
(312)
\u2013
\u2013
\u2013
(335)
Disposals
(596)
(13,421)
(1,178)
(769)
(2,444)
(1,147)
(19,556)
At 31 October 2024
37,828
318,681
14,595
6,346
10,092
8,831
396,373
Exchange difference
1,316
10,892
821
247
522
344
14,142
Additions
2,122
52,976
6,983
222
2,264
3,523
68,090
Additions new subsidiary
\u2013
497
9
\u2013
\u2013
\u2013
506
Reclassifications/transfers to intangible assets
(96)
68
16
\u2013
\u2013
\u2013
(12)
Disposals
(463)
(15,136)
(705)
(1,801)
(1,522)
(2,754)
(22,381)
At 31 October 2025
40,707
367,978
21,719
5,014
11,356
9,944
456,718
Depreciation:
At 31 October 2023
21,436
210,508
10,730
3,700
7,126
3,386
256,886
Exchange difference
(754)
(9,299)
(582)
(154)
(283)
(158)
(11,230)
Provided during the period
3,025
23,235
2,232
1,233
1,770
2,581
34,077
Reversal of impairments
(57)
(1,434)
(177)
\u2013
\u2013
\u2013
(1,668)
Transfers
(39)
(74)
113
258
(293)
35
\u2013
Disposal of subsidiary
(16)
\u2013
(201)
\u2013
\u2013
\u2013
(217)
Disposals
(284)
(12,175)
(988)
(769)
(2,444)
(1,147)
(17,807)
At 31 October 2024
23,311
210,761
11,127
4,269
5,876
4,697
260,041
Exchange difference
952
7,469
672
185
359
280
9,917
Provided during the period
1,579
28,258
2,685
754
1,502
3,013
37,791
Reclassifications/transfers to intangible assets
(74)
52
12
\u2013
\u2013
\u2013
(10)
Disposals
(358)
(13,908)
(184)
(1,801)
(1,522)
(2,754)
(20,527)
At 31 October 2025
25,410
232,632
14,312
3,407
6,215
5,236
287,212
Net book value:\ue01f
At 31 October 2023
16,098
88,067
1,832
2,071
5,714
4,341
118,124
At 31 October 2024
14,517
107,920
3,467
2,077
4,216
4,134
136,332
At 31 October 2025
15,297
135,346
7,407
1,607
5,141
4,708
169,506
Property, plant and equipment Impairment assessment At 31 October 2025 management reviewed the forecast cash generation of the assets and their carrying values, and determined that no indicators of impairment existed. Prior year Significant impairment charges were made against property, plant and equipment in the year ended 31 October 2020. The Covid 19 pandemic had impacted the trading and outlook of the Group, indicating reduced value in use of the vending estate and therefore impairment. In the subsequent years the Group continued to subject these assets to annual impairment tests, with the impairment value reduced where testing indicated increased value in use. At 31 October 2024 management considered that the original indicator of impairment, caused by the Covid 19 pandemic, no longer existed. This conclusion was supported by increased cash generation of the assets since 2020. A key input to the determination of value in use is the revenue generated by each machine. This metric has increased significantly post-Covid, as the Group\u2019s trading performance has recovered. Accordingly, management increased their estimate of the future revenue generation of all machines. This increased the service potential of the assets, increasing value in use, and therefore recoverable amount, above the carrying value (excluding impairment). Consequently, all remaining impairments were reversed in the prior year, with care taken to ensure that the closing net book value did not exceed what it would have been had the original impairment never occurred. Impairments to property, plant and equipment with a total value of \u00a31,668,000 were reversed. Reversals of impairment to photobooths and vending machines were recognised in the following operating segments: Continental Europe (\u00a31,172,000) and United Kingdom (\u00a3262,000). Reversals of impairment to plant, machinery, furniture, fixtures and motor vehicles were recognised in the following operating segments: Continental Europe (\u00a3184,000) and United Kingdom (\u00a350,000).", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-531": { "value": "
14 Non-current assets classified as held for sale
Property
\u00a3\u2019000
Net Book Value
At 1 November 2023
4,947
Exchange differences
(196)
Disposal
(1,882)
At 31 October 2024
2,869
Exchange differences
(17)
Disposal
(2,852)
At 31 October 2025
\u2013
The non-current asset classified as held for sale was an office building and associated land, located in Grenoble, France.
The Group previously earned rental income from the office building but has now disposed of the property.
The property was disposed in two tranches. The sale of tranche one was completed on 31 October 2024 and the sale of
tranche two was completed on 20 February 2025.
The disposal recognized in the period represents the cost attributable to the sale of tranche two. The Group made a gain
of \u00a31,577,000 on the disposal of tranche two, which has been recognised in non-operating income \u2013 net.
The disposal of tranche one was recognized in the year ended 31 October 2024, a gain of \u00a3378,000 recognised in
non-operating income \u2013 net.
The non-current asset classified as held for sale was included in the Continental Europe operating segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-494": { "value": "14 Non-current assets classified as held for sale
Property
\u00a3\u2019000
Net Book Value
At 1 November 2023
4,947
Exchange differences
(196)
Disposal
(1,882)
At 31 October 2024
2,869
Exchange differences
(17)
Disposal
(2,852)
At 31 October 2025
\u2013
The non-current asset classified as held for sale was an office building and associated land, located in Grenoble, France. The Group previously earned rental income from the office building but has now disposed of the property. The property was disposed in two tranches. The sale of tranche one was completed on 31 October 2024 and the sale of tranche two was completed on 20 February 2025. The disposal recognized in the period represents the cost attributable to the sale of tranche two. The Group made a gain of \u00a31,577,000 on the disposal of tranche two, which has been recognised in non-operating income \u2013 net. The disposal of tranche one was recognized in the year ended 31 October 2024, a gain of \u00a3378,000 recognised in non-operating income \u2013 net. The non-current asset classified as held for sale was included in the Continental Europe operating segment.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-532": { "value": "
15 Investments in associates
In the current and prior year, the Group held investments in only one associate, Photomaton Maroc. This associate
company is incorporated in Morocco and its registered address is 131 Bd D\u2019Anfares Azur Sidi Belyout, Casablanca.
\u00a3\u2019000
Cost:\ue01f
At 1 November 2023
35
Exchange differences
(2)
Share of profit
3
At 31 October 2024
36
Exchange differences
2
Share of profit
1
At 31 October 2025
39
The Group\u2019s share of post-tax profits from associates is recognized within operating profit in the group statement of
comprehensive income. This policy is employed as the Group\u2019s only associate investment, Photomaton Maroc, is engaged
in the same principal activity as the Group, so the investment is deemed to be part of the Group\u2019s operating activities.
Share of
Assets Liabilities Revenue Profit Dividends Interest
Name \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 received %
At 31 October 2024
159
123
\u2013
3
\u2013
50
159
123
\u2013
3
\u2013
50
At 31 October 2025
182
143
\u2013
1
\u2013
50
182
143
\u2013
1
\u2013
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-495": { "value": "15 Investments in associates In the current and prior year, the Group held investments in only one associate, Photomaton Maroc. This associate company is incorporated in Morocco and its registered address is 131 Bd D\u2019Anfares Azur Sidi Belyout, Casablanca.
\u00a3\u2019000
Cost:\ue01f
At 1 November 2023
35
Exchange differences
(2)
Share of profit
3
At 31 October 2024
36
Exchange differences
2
Share of profit
1
At 31 October 2025
39
The Group\u2019s share of post-tax profits from associates is recognized within operating profit in the group statement of comprehensive income. This policy is employed as the Group\u2019s only associate investment, Photomaton Maroc, is engaged in the same principal activity as the Group, so the investment is deemed to be part of the Group\u2019s operating activities.
Share of
Assets Liabilities Revenue Profit Dividends Interest
Name \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 received %
At 31 October 2024
159
123
\u2013
3
\u2013
50
159
123
\u2013
3
\u2013
50
At 31 October 2025
182
143
\u2013
1
\u2013
50
182
143
\u2013
1
\u2013
50
30 Subsidary audit exemption Photo-Me Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of individual accounts for the year ended 31 October 2025 by virtue of Section 479A of the Companies Act 2006.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-557": { "value": "15 Investments in associates In the current and prior year, the Group held investments in only one associate, Photomaton Maroc. This associate company is incorporated in Morocco and its registered address is 131 Bd D\u2019Anfares Azur Sidi Belyout, Casablanca.
\u00a3\u2019000
Cost:\ue01f
At 1 November 2023
35
Exchange differences
(2)
Share of profit
3
At 31 October 2024
36
Exchange differences
2
Share of profit
1
At 31 October 2025
39
The Group\u2019s share of post-tax profits from associates is recognized within operating profit in the group statement of comprehensive income. This policy is employed as the Group\u2019s only associate investment, Photomaton Maroc, is engaged in the same principal activity as the Group, so the investment is deemed to be part of the Group\u2019s operating activities.
Share of
Assets Liabilities Revenue Profit Dividends Interest
Name \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 received %
At 31 October 2024
159
123
\u2013
3
\u2013
50
159
123
\u2013
3
\u2013
50
At 31 October 2025
182
143
\u2013
1
\u2013
50
182
143
\u2013
1
\u2013
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-496": { "value": "
16 Financial instruments
Group Treasury
The Group has a centralised treasury function. The primary aim of this function is to manage liquidity and funding
arrangements and the Group\u2019s exposure to associated financial and market risks, including liquidity risk, credit risk,
interest rate risk and foreign currency risk. The general approach for Group Treasury is one of risk reduction within a
framework of delivering total shareholder return.
Treasury operations
Overview and policy
Treasury policy is set by the Board. Group Treasury activities are subject to a set of controls appropriate for the
magnitude of the borrowing, investments and group-wide exposures. To date the treasury function has limited itself to
obtaining surplus cash from subsidiaries and depositing this in bank accounts owned by the Group to maximise returns
on cash. The Board has defined an investment strategy, which dictates the types of products to which the surplus cash
may be invested and the financial limits for such investments.
The Board monitors the performance of the Treasury function and is responsible for making changes to the personnel
and limits of authority of Treasury personnel.
The Board has provided written principles for overall risk management of the Treasury function. It has also defined
policies and procedures covering such areas as foreign exchange risk, interest rate risk, credit risk, the use of derivative
instruments and investment of excess liquidity (surplus funds above the immediate and short\u2013term operational funding
needs, such as working capital requirements). The key objectives for Group Treasury are to protect the principal value
of cash and cash equivalents, to concentrate cash at the centre to minimise external borrowings, and to maximise the
return on cash.
16(A) Fair values of financial instruments by class
Generally, there is no material difference between the fair values and the carrying values of financial assets and financial
liabilities held in the Group\u2019s statement of financial position. However, given the sharp increase in market interest rates
since the Group last financed its fixed rate debt, the fair value of the Group\u2019s loans liabilities could differ from its carrying
value. The estimated fair value of the Group\u2019s fixed rate debt at the reporting date is \u00a330,120,000, which is \u00a380,000
higher than its carrying value.
Financial instruments held at fair value \u2013 Level 1
The Group holds an investment in Max Sight Group Holdings Ltd, which is a listed company. This investment is valued
at level 1. The Group owns 109,972,500 Max Sight Group Holdings Ltd\u2019s shares valued at 0,089 HKD per share as at
31 October 2025, giving a value at that date of \u00a3958,000 (2024: \u00a3637,000).
This financial instrument is valued at the reporting date by reference to quoted market prices.
Financial instruments held at fair value \u2013 Level 2
There are no material Level 2 investments held by the Group.
Financial instruments held at fair value \u2013 Level 3 The Group holds 125 B shares in Energy Observer Developments SAS, a privately held company, following the conversion of 100,000 convertible bonds to equity on 14 November 2023. This investment is valued at level 3 as its value is linked to the equity value of Energy Observer Developments SAS, which is not observable market data. At 31 October 2025 the investment is valued at \u00a31,033,000. The investment in shares was valued at the reporting date by reference to the latest equity valuation of the issuing company. The equity valuation used was based on a fund raising by the issuing company. This, in effect, gave an external, arms-length valuation as new investors were purchasing equity based on their valuation of the company. This fund raising information is the key unobservable input to the valuation calculation. Sensitivity to key unobservable inputs Equity valuation A 20% decrease in the equity value of Energy Observer Developments SAS would result in a decrease in valuation of \u00a3192,000. Movement in level 3 financial instruments value The following table presents the changes in level 3 financial instruments for the years ended 31 October 2024 and 31 October 2025.
Convertible Unlisted
Bond Equities Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fair value at 1 November 2023
4,741
\u2013
4,741
Foreign exchange movement recognised in other comprehensive income
(150)
(41)
(191)
Conversion of bonds to shares
(1,023)
1,023
\u2013
Fair value gain recognised in non-operating income \u2013 net
172
\u2013
172
Bonds matured (transferred to receivables)
(3,740)
\u2013
(3,740)
Fair value at 31 October 2024
\u2013
982
982
Foreign exchange movement recognised in other comprehensive income
\u2013
51
51
Fair value at 31 October 2025
\u2013
1,033
1,033
No assets or liabilities were transferred between levels 1,2 and 3 in the year. 16(A) Fair values of financial instruments by class Financial instruments by category The tables below show financial instruments by category for the Group.
Fair Value
Amortised Through
Cost Profit & Loss Total
At 31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
\u2013
1,991
1,991
Financial assets \u2013 held at amortised cost:
Trade and other receivables (excluding prepayments)
15,570
\u2013
15,570
Cash and cash equivalents
56,539
\u2013
56,539
72,109
1,991
74,100
16(A) Fair values of financial instruments by class continued
Other financial
liabilities at
amortised cost Total
\u00a3\u2019000 \u00a3\u2019000
Liabilities per statement of financial position
Borrowings
30,040
30,040
Leases
13,002
13,002
Trade and other payables
52,594
52,594
95,636
95,636
Amortised Fair Value
Cost Through Total
Restated Profit & Loss Restated
At 31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
\u2013
1,619
1,619
Financial assets \u2013 held at amortised cost:
Trade and other receivables (excluding prepayments)
18,240
\u2013
18,240
Cash and cash equivalents
77,458
\u2013
77,458
95,698
1,619
97,317
Other financial
liabilities at
amortised cost Total
Restated Restated
\u00a3\u2019000 \u00a3\u2019000
Liabilities per statement of financial position
Borrowings
47,945
47,945
Leases
11,819
11,819
Trade and other payables
48,154
48,154
107,918
107,918
16(B) Financial risk management
Financial risk factors and financial risk management
Overview
The Group is exposed to the following risks arising from financial instruments:
(i) Credit risk
(ii) Liquidity risk
(iii) Market risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its
contractual obligations. It mainly arises on trade and other receivables and bank balances.
Liquidity risk arises from the Group having insufficient cash resources to meet its obligations as and when they fall due for
payment. A material and sustained shortfall in the Group\u2019s cash flow could undermine the Group\u2019s credit rating, impair
major investor confidence and restrict the ability of the Group to raise new funds.
Market risk arises from changes in market prices, such as exchange rates, interest rates and equity prices that will impact
on the Group\u2019s statement of comprehensive income or the value of its holding of financial instruments.
Listed below are details of these risks, the Group\u2019s objectives, policies and processes for measuring and monitoring risks
and the Group\u2019s management of capital.
Risk Management Framework The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential risks for the Group. There is a continuous process for identifying, evaluating and managing the key financial risks faced by the Group in line with changing market conditions and the Group\u2019s strategy. If necessary, the Group\u2019s internal audit function may assist in monitoring and assessing the effectiveness of controls and procedures. The Board retains responsibility for ensuring the adequacy of systems for identifying and assessing significant risks, that appropriate control systems and other mitigating actions are in place and that residual exposures are consistent with the Group\u2019s strategy and objectives. Assessments are conducted for all material entities. The Group may use derivatives to manage exchange or interest rate risk. Approval for their use is given by the Board and the position is monitored constantly. With regard to management of interest rate risk, the objectives are to lessen the impact of adverse interest rate movements on earnings and shareholders\u2019 funds and to ensure no breach of covenants. This is mainly achieved by reviewing the mix of fixed and floating rate borrowings. The Group\u2019s liquidity risk management involves maintaining sufficient cash and cash equivalents and the availability of funding through an adequate amount of committed credit facilities. (i) Credit risk The Group has no significant concentrations of credit risk. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, and on outstanding trade and other receivables. Cash deposits are limited to high credit quality financial institutions. The Group has policies in place to ensure that sales of products and services are made to customers with an approved credit history. Credit quality of financial assets Cash and cash equivalents Individual Group companies have banking relationships with leading banks in the country in which the Group company operates. Surplus cash is placed with Group Treasury bank accounts, as described above. The Group has procedures in place to ensure that cash is placed with sound financial institutions. Accounts receivable The Group trades with a large number of customers, ranging from quoted companies and state organisations to individual traders. Individual Group companies have credit control procedures in place before making sales to new customers and levels of credit are reviewed in light of trading experience. The normal terms of settlement are in the range 30\u201390 days. Trade receivables are normally interest free. The collection of outstanding receivables is monitored at both the Group and subsidiary level. Under the Group\u2019s operating model, most revenue is collected at the point of sale. Where credit terms are offered, the Group has a strong record of debtor recovery. The maximum credit risk for financial assets is the carrying value. Expected credit losses (ECL) The Group makes allowances for ECL against trade receivables and contract assets, by applying the simplified ECL model. Due to the low volume of receivables accounts, the Group\u2019s approach is to assess on an account-by-account basis, rather than organising accounts into groupings. ECL are determined for each receivables account, by reference to the customer\u2019s past payment performance and latest information on the customer. Where the Group has open work in progress or where technical issues are preventing the proper operation of the vending unit in question, these factors are taken into consideration when determining the ECL. Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. ECL allowances against trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivable and contract assets for which no loss allowance is recognised because of collateral. The ageing of net current trade receivables is as follows:
31 October 2025
31 October 2024
Allowance Allowance
Gross trade for expected Trade Gross trade for expected Trade
receivables credit losses receivables receivables credit losses receivables
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
8,218
\u2013
8,218
3,709
\u2013
3,709
Past due
\u2013 overdue 1-30 days
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 overdue 31-60 days
587
\u2013
587
407
\u2013
407
\u2013 overdue 61 days
2,928
(614)
2,314
2,865
(882)
1,983
Total past due
3,515
(614)
2,901
3,272
(882)
2,390
Total trade receivables
11,733
(614)\ue01f
11,119
6,981
(882)
6,099
The credit quality of trade receivables that are neither past due nor impaired is assessed on an individual basis, based on credit ratings and experience. In 2025, a large proportion of the Group\u2019s sales of machines and equipment occurred in the last two months of the year, resulting in a large balance of current trade receivables at the reporting date. Because these receivables are not overdue, the ECL allowance has not increased proportionally to the gross receivables balance. As it is the Group\u2019s policy to assess recoverability on an account-by-account basis, the ratio of ECL allowance to total past due receivables does fluctuate. Management believes an adequate allowance for expected credit losses has been made for trade receivables. Other receivables Other receivables usually consist of one-off non-trading items. As these balances are low in volume, management assesses their recoverability on an item-by-item basis, making provisions for expected non-recovery as necessary. (ii) Liquidity risk The Group\u2019s liquidity risk management involves maintaining sufficient cash and cash equivalents and the availability of funding through an adequate amount of committed credit facilities. Trading forecasts indicate that the current facilities provide more than sufficient liquidity headroom to support the business for the foreseeable future. The Group\u2019s strong cash generation and net cash position at 31 October 2025 and 31 October 2024 mitigates its liquidity risk. The Group largely finances its working capital and capital expenditure programmes from its own resources. During the current period and prior period surplus cash held by the operating subsidiaries, over and above balances required for working capital management was transferred to Group Treasury. These funds were deposited in interest bearing, centrally managed, bank accounts. The Group has undrawn facilities totalling 2 million euros and having regard to the Group\u2019s cash flow, it is considered that the facilities provide adequate headroom for the Group\u2019s needs. The facilities are generally reaffirmed by the banks annually. These undrawn facilities, if used, will be subject to floating rates of interest and may be subject to the normal covenant conditions attached to such borrowings.
Some of the Group\u2019s loans are subject to covenants and, during the years to 31 October 2025 and 31 October 2024, the
Group has comfortably complied with such requirements. The nature of the covenants are ratio of EBITDA to debt, ratio
of debt to equity, ratio of net interest to EBITDA, free cashflow and profit requirements.
The table below summarises the maturity profile of the Group\u2019s financial liabilities (including trade and other payables) at
31 October 2025 and 31 October 2024 based on contractual undiscounted payments.
Group contractual cashflows
Within Over
one year Year 2 Year 3 Year 4 Year 5 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 October 2025
Interest bearing loans and borrowings
17,853
10,938
697
463
420
\u2013
30,371
Leases
4,953
3,361
1,836
833
512
776
12,271
Trade and other payables
52,213
381
\u2013
\u2013
\u2013
\u2013
52,594
75,019
14,680
2,533
1,296
932
776
95,236
At 30 October 2024
Interest bearing loans and borrowings
19,796
16,910
10,342
711
472
428
48,659
Leases
5,195
3,340
1,918
1,281
588
986
13,308
Trade and other payables (restated)
48,154
\u2013
\u2013
\u2013
\u2013
\u2013
48,154
73,145
20,250
12,260
1,992
1,060
1,414
110,121
Financial instruments held at amortised cost
These largely comprise of restricted bank deposit accounts where the cash acts as security against possible shortfalls in
the Group\u2019s UK pension fund obligation.
(iii) Market risk
Foreign exchange risk
The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than the
local functional currency. In addition, the Group faces currency risks arising from monetary financial instruments held in
non-functional currencies. The income statement reflects the impact of realised and unrealised exchange differences on
trading items and monetary financial instruments (note 5).
The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation
risk. The main currency translation risk relates to foreign operations whose functional currency is the Euro, Swiss Franc
or Japanese Yen. The investments are not hedged. The translation reserve reflects the exchange differences arising on
translation of the opening net assets and results of the foreign operation (note 21).
Operational foreign exchange exposure
Where possible, the Group tries to invoice in the local currency of the respective entity. If this is not possible, to mitigate
exposure, the Group endeavours to buy from suppliers and sell to customers in the same currency. The exposure relating
to receivables and payables denominated in the non-functional currency is normally less than 3 months as this is the
normal settlement period for these items.
Subject to the requirements of Group Treasury, where possible, the Group tries to hold the majority of its cash and cash
equivalent balances in the local currency of the respective entity.
Monetary assets and liabilities
The Group continues to monitor exchange rates and buy or sell currencies in order to minimise the open exposure to
foreign exchange risk.
The Group may use derivative financial instruments mainly to reduce the risk of foreign exchange exposure on trading
items (sales or purchases in currencies other than the domestic currency of the company concerned) and interest rate
movements. The Group does not hold or issue derivative financial instruments for financial trading purposes.
Borrowings At 31 October 2025 and 31 October 2024 the majority of the Group\u2019s borrowings were denominated in Euros and held by subsidiaries whose functional currency is the Euro. Analysis of monetary assets and liabilities by currency
Swiss Japanese Other
Sterling Euro Franc Yen Currencies Total
At 31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
958
1,033
\u2013
\u2013
\u2013
1,991
Trade and other receivables (excluding prepayments)
158
13,248
65
1,400
699
15,570
Cash and cash equivalents
9,935
28,175
3,170
13,968
1,291
56,539
11,051
42,456
3,235
15,368
1,990
74,100
Liabilities per statement of financial position
Borrowings and leases
986
36,845
342
4,869
\u2013
43,042
Trade and other payables
6,061
39,689
1,881
4,363
600
52,594
7,047
76,534
2,223
9,232
600
95,636
Swiss
Sterling Euro Franc Japanese Other Total
Restated Restated Restated Yen Currencies Restated
At 31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
637
982
\u2013
\u2013
\u2013
1,619
Trade and other receivables (excluding prepayments)
3,063
12,973
56
1,430
718
18,240
Cash and cash equivalents
5,594
55,023
4,372
11,264
1,205
77,458
9,294
68,978
4,428
12,694
1,923
97,317
Liabilities per statement of financial position
Borrowings and leases
1,160
52,157
242
6,205
\u2013
59,764
Trade and other payables
5,704
36,015
1,799
3,952
684
48,154
6,864
88,172
2,041
10,157
684
107,918
IFRS 7 sensitivity analysis Sensitivity analysis has been performed on the Group\u2019s Euro foreign exchange risk, as its most material foreign currency. A 10% strengthening of Euro against Sterling, at the Statement of Financial Position date, would have caused a \u00a33,552,000 decrease in the Group\u2019s net assets at that date (2024: \u00a32,906,000 decrease in net assets). A 10% weakening of Euro against Sterling would have had the equal and opposite effect on the Group\u2019s net assets. Interest rate risk
2024
2025 Carrying
Carrying amount
amount Restated
\u00a3\u2019000 \u00a3\u2019000
Net cash
Mainly non-interest bearing current accounts:
Cash at bank and in hand
51,888
63,980
Deposit accounts \u2013 generally interest bearing:
Bank deposit accounts
4,651
13,478
Other items
Interest bearing loans
(30,040)
(47,945)
26,499
29,513
The above table shows which components of net debt are subject to interest. The Group has no exposure to floating rate
interest bearing debt and a change in interest rates will not have a material change on interest expense.
IFRS 7 sensitivity analysis
All of the Group\u2019s debt is subject to fixed rates of interest, so interest payable charges would not be materially impacted
by a change in interest rates. Consequently, no sensitivity tables have been presented.
Details of the Group\u2019s borrowings are shown in the table below. All loans are subject to fixed rates of interest. A theoretical
increase of 1% in the fixed rate of interest would result in an extra \u00a3300,000 (31 October 2024: \u00a3479,000) of interest
expense. This sensitivity is purely illustrative as the Group\u2019s debt is not subject to an interest rate risk.
Terms and debt repayment schedule
The table below shows the maturity profile and interest rates of the Group\u2019s borrowings at 31 October 2025 and
31 October 2024.
2025 2024
Carrying Carrying
Interest Year of amount amount
Group
Status
Currency
Rate maturity \u00a3\u2019000 \u00a3\u2019000
Loans
Fixed rate
Euro
0,28% \u2013 1,57%
2026-2027
26,281
42,957
Loans
Fixed rate
Japanese Yen
0,54% \u2013 1,15%
2028-2030
3,758
4,986
Lease liabilities
Fixed rate
Various
0,10% \u2013 4,46%
2025-2037
13,003
11,820
43,042
59,763
Price risk
The Group is exposed to changes in prices on raw materials, consumables and finished goods purchased from suppliers.
Wherever possible, price rises are passed on to customers via sales price increases to help manage this risk.
The Group\u2019s investments in listed and unlisted equity securities are not material thus the Group does not have any
significant exposure to price risk on these equity investments.
16(C) Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern
and to enhance long-term shareholder value, by investing in the business so as to improve the return on investment (by
increasing profits available for dividends) and by managing the capital gearing ratio (mixture of equity and debt).
The Group manages, and makes adjustments to, its capital structure in light of the prevailing risks and economic
conditions affecting its business activities. This may involve adjusting the rate of dividends, purchasing the Company\u2019s
own shares, the issue of new shares and reviewing the level and type of debt. The Group manages its borrowings by
appraising the mix of fixed and floating rate borrowings and the mix of long-term and short-term borrowings.
Details of how the Group and subsidiaries are funded are shown below. There were no changes to the Group\u2019s approach
to capital management during the period.
Group
The Group is funded by share capital and retained earnings; supplemented by external borrowing as required. The Group
has had a strong net cash position throughout the current and comparative period.
Subsidiary companies
Subsidiary companies are funded by share capital and retained earnings, and where applicable local borrowings by the
subsidiaries in appropriate currencies.
The capital structure of the Group is presented below.
31 October
31 October 2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents
56,539
77,458
Borrowings
(30,040)
(47,945)
Net cash
26,499
29,513
Equity
213,004
179,871
The Group has various borrowings and available facilities that contain certain external capital requirements (covenants) that are considered normal for these types of arrangements. The Group remains comfortably within all such covenants.
20 Net cash
31 October
31 October 2024
2025 Restated
Notes \u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents per statement of financial position
19
56,539
77,458
Non-current borrowings
23
(12,422)
(28,547)
Current borrowings
23
(17,618)
(19,398)
Net Cash
26,499
29,513
Net cash is a non-GAAP measure since it is not defined in accordance with IFRS but is a key indicator used by
management in assessing operational performance and financial position strength. The inclusion of items in net cash as
defined by the Group may not be comparable with other companies\u2019 measurement of net cash/debt. The Group defines
net cash as cash and cash equivalents less current and non-current borrowings outstanding, excluding lease liabilities of
\u00a313,002,000 (2024: \u00a311,819,000).
Reconciliation of movement in liabilities arising from financing activities
Non cash movements
Cash movements
Exchange New lease Other Repayment
1 November differences liabilities movements of liabilities New loans 31 October
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
31 October 2025
Non-current loans
28,547
1,214
\u2013
(16,406)
(1,147)
214
12,422
Non-current lease liabilities
7,410
378
3,402
(3,340)
\u2013
\u2013
7,849
Non-current liabilities arising from
financing activities
35,957
1,592
3,402
(19,746)
(1,147)
214
20,271
Current loans
19,398
930
\u2013
16,406
(20,402)
1,286
17,618
Current lease liabilities
4,409
93
2,143
3,340
(4,832)
\u2013
5,153
Current liabilities arising from
financing activities
23,807
1,023
2,143
19,746
(25,234)
1,286
22,771
Total liabilities arising from
financing activities
59,764
2,614
5,545
\u2013
(26,381)
1,500
43,042
31 October 2024
Non-current loans
50,137
(2,194)
\u2013
(18,245)
(1,151)
\u2013
28,547
Non-current lease liabilities
8,310
(409)
3,260
(4,061)
310
\u2013
7,410
Non-current liabilities arising from
financing activities
58,447
(2,603)
3,260
(22,306)
(841)
\u2013
35,957
Current loans
27,037
(1,138)
\u2013
18,245
(25,898)
1,152
19,398
Current lease liabilities
5,026
(88)
1,653
4,061
(6,243)
\u2013
4,409
Current liabilities arising from
financing activities
32,063
(1,226)
1,653
22,306
(32,141)
1,152
23,807
Total liabilities arising from
financing activities
90,510
(3,829)
4,913
\u2013
(32,982)
1,152
59,764
23 Financial liabilities
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current liabilities
Non-current instalments due on bank loans
12,422
28,547
Current liabilities
Current instalments due on loans
17,618
19,398
Bank loans bear fixed rates of interest and vary between 0.28% and 1.57%. Further details are provided in note 16.
Lease Liabilities
In addition to bank loans, the Group has lease liabilities of \u00a313,002,000 (2024: \u00a311,819,000).
The Group has lease arrangements across three main categories: site agreements, property and motor vehicles. The key
quantitative information regarding the lease portfolio is shown below:
Site
As at 31 October 2025
agreements
Property
Motor vehicles
Number of lease agreements
446
5
616
Average lease term (months)
105
126
37
Average remaining term (months)
43
52
19
Site
As at 31 October 2024
agreements
Property
Motor vehicles
Number of lease agreements
481
7
600
Average lease term (months)
103
100
39
Average remaining term (months)
43
47
20
The maturity profile of lease liabilities is shown below:
Within Over
one year Year 2 Year 3 Year 4 Year 5 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 October 2025
Leases
4,953
3,361
1,836
833
512
776
12,271
At 31 October 2024
Leases
5,195
3,340
1,918
1,281
588
986
13,308
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-558": { "value": "16(A) Fair values of financial instruments by class Generally, there is no material difference between the fair values and the carrying values of financial assets and financial liabilities held in the Group\u2019s statement of financial position. However, given the sharp increase in market interest rates since the Group last financed its fixed rate debt, the fair value of the Group\u2019s loans liabilities could differ from its carrying value. The estimated fair value of the Group\u2019s fixed rate debt at the reporting date is \u00a330,120,000, which is \u00a380,000 higher than its carrying value. Financial instruments held at fair value \u2013 Level 1 The Group holds an investment in Max Sight Group Holdings Ltd, which is a listed company. This investment is valued at level 1. The Group owns 109,972,500 Max Sight Group Holdings Ltd\u2019s shares valued at 0,089 HKD per share as at 31 October 2025, giving a value at that date of \u00a3958,000 (2024: \u00a3637,000). This financial instrument is valued at the reporting date by reference to quoted market prices. Financial instruments held at fair value \u2013 Level 2 There are no material Level 2 investments held by the Group. Financial instruments held at fair value \u2013 Level 3 The Group holds 125 B shares in Energy Observer Developments SAS, a privately held company, following the conversion of 100,000 convertible bonds to equity on 14 November 2023. This investment is valued at level 3 as its value is linked to the equity value of Energy Observer Developments SAS, which is not observable market data. At 31 October 2025 the investment is valued at \u00a31,033,000. The investment in shares was valued at the reporting date by reference to the latest equity valuation of the issuing company. The equity valuation used was based on a fund raising by the issuing company. This, in effect, gave an external, arms-length valuation as new investors were purchasing equity based on their valuation of the company. This fund raising information is the key unobservable input to the valuation calculation. Sensitivity to key unobservable inputs Equity valuation A 20% decrease in the equity value of Energy Observer Developments SAS would result in a decrease in valuation of \u00a3192,000. Movement in level 3 financial instruments value The following table presents the changes in level 3 financial instruments for the years ended 31 October 2024 and 31 October 2025.
Convertible Unlisted
Bond Equities Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fair value at 1 November 2023
4,741
\u2013
4,741
Foreign exchange movement recognised in other comprehensive income
(150)
(41)
(191)
Conversion of bonds to shares
(1,023)
1,023
\u2013
Fair value gain recognised in non-operating income \u2013 net
172
\u2013
172
Bonds matured (transferred to receivables)
(3,740)
\u2013
(3,740)
Fair value at 31 October 2024
\u2013
982
982
Foreign exchange movement recognised in other comprehensive income
\u2013
51
51
Fair value at 31 October 2025
\u2013
1,033
1,033
No assets or liabilities were transferred between levels 1,2 and 3 in the year. 16(A) Fair values of financial instruments by class Financial instruments by category The tables below show financial instruments by category for the Group.
Fair Value
Amortised Through
Cost Profit & Loss Total
At 31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
\u2013
1,991
1,991
Financial assets \u2013 held at amortised cost:
Trade and other receivables (excluding prepayments)
15,570
\u2013
15,570
Cash and cash equivalents
56,539
\u2013
56,539
72,109
1,991
74,100
16(A) Fair values of financial instruments by class continued
Other financial
liabilities at
amortised cost Total
\u00a3\u2019000 \u00a3\u2019000
Liabilities per statement of financial position
Borrowings
30,040
30,040
Leases
13,002
13,002
Trade and other payables
52,594
52,594
95,636
95,636
Amortised Fair Value
Cost Through Total
Restated Profit & Loss Restated
At 31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
\u2013
1,619
1,619
Financial assets \u2013 held at amortised cost:
Trade and other receivables (excluding prepayments)
18,240
\u2013
18,240
Cash and cash equivalents
77,458
\u2013
77,458
95,698
1,619
97,317
Other financial
liabilities at
amortised cost Total
Restated Restated
\u00a3\u2019000 \u00a3\u2019000
Liabilities per statement of financial position
Borrowings
47,945
47,945
Leases
11,819
11,819
Trade and other payables
48,154
48,154
107,918
107,918
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-533": { "value": "16(A) Fair values of financial instruments by class Generally, there is no material difference between the fair values and the carrying values of financial assets and financial liabilities held in the Group\u2019s statement of financial position. However, given the sharp increase in market interest rates since the Group last financed its fixed rate debt, the fair value of the Group\u2019s loans liabilities could differ from its carrying value. The estimated fair value of the Group\u2019s fixed rate debt at the reporting date is \u00a330,120,000, which is \u00a380,000 higher than its carrying value. Financial instruments held at fair value \u2013 Level 1 The Group holds an investment in Max Sight Group Holdings Ltd, which is a listed company. This investment is valued at level 1. The Group owns 109,972,500 Max Sight Group Holdings Ltd\u2019s shares valued at 0,089 HKD per share as at 31 October 2025, giving a value at that date of \u00a3958,000 (2024: \u00a3637,000). This financial instrument is valued at the reporting date by reference to quoted market prices. Financial instruments held at fair value \u2013 Level 2 There are no material Level 2 investments held by the Group.
Financial instruments held at fair value \u2013 Level 3
The Group holds 125 B shares in Energy Observer Developments SAS, a privately held company, following the conversion
of 100,000 convertible bonds to equity on 14 November 2023. This investment is valued at level 3 as its value is linked to
the equity value of Energy Observer Developments SAS, which is not observable market data. At 31 October 2025 the
investment is valued at \u00a31,033,000.
The investment in shares was valued at the reporting date by reference to the latest equity valuation of the issuing
company. The equity valuation used was based on a fund raising by the issuing company. This, in effect, gave an external,
arms-length valuation as new investors were purchasing equity based on their valuation of the company. This fund
raising information is the key unobservable input to the valuation calculation.
Sensitivity to key unobservable inputs
Equity valuation
A 20% decrease in the equity value of Energy Observer Developments SAS would result in a decrease in valuation of
\u00a3192,000.
Movement in level 3 financial instruments value
The following table presents the changes in level 3 financial instruments for the years ended 31 October 2024 and
31 October 2025.
Convertible Unlisted
Bond Equities Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fair value at 1 November 2023
4,741
\u2013
4,741
Foreign exchange movement recognised in other comprehensive income
(150)
(41)
(191)
Conversion of bonds to shares
(1,023)
1,023
\u2013
Fair value gain recognised in non-operating income \u2013 net
172
\u2013
172
Bonds matured (transferred to receivables)
(3,740)
\u2013
(3,740)
Fair value at 31 October 2024
\u2013
982
982
Foreign exchange movement recognised in other comprehensive income
\u2013
51
51
Fair value at 31 October 2025
\u2013
1,033
1,033
No assets or liabilities were transferred between levels 1,2 and 3 in the year.
16(A) Fair values of financial instruments by class
Financial instruments by category
The tables below show financial instruments by category for the Group.
Fair Value
Amortised Through
Cost Profit & Loss Total
At 31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
\u2013
1,991
1,991
Financial assets \u2013 held at amortised cost:
Trade and other receivables (excluding prepayments)
15,570
\u2013
15,570
Cash and cash equivalents
56,539
\u2013
56,539
72,109
1,991
74,100
16(A) Fair values of financial instruments by class continued
Other financial
liabilities at
amortised cost Total
\u00a3\u2019000 \u00a3\u2019000
Liabilities per statement of financial position
Borrowings
30,040
30,040
Leases
13,002
13,002
Trade and other payables
52,594
52,594
95,636
95,636
Amortised Fair Value
Cost Through Total
Restated Profit & Loss Restated
At 31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
\u2013
1,619
1,619
Financial assets \u2013 held at amortised cost:
Trade and other receivables (excluding prepayments)
18,240
\u2013
18,240
Cash and cash equivalents
77,458
\u2013
77,458
95,698
1,619
97,317
Other financial
liabilities at
amortised cost Total
Restated Restated
\u00a3\u2019000 \u00a3\u2019000
Liabilities per statement of financial position
Borrowings
47,945
47,945
Leases
11,819
11,819
Trade and other payables
48,154
48,154
107,918
107,918
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-534": { "value": "16(B) Financial risk management Financial risk factors and financial risk management Overview The Group is exposed to the following risks arising from financial instruments: (i) Credit risk (ii) Liquidity risk (iii) Market risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. It mainly arises on trade and other receivables and bank balances. Liquidity risk arises from the Group having insufficient cash resources to meet its obligations as and when they fall due for payment. A material and sustained shortfall in the Group\u2019s cash flow could undermine the Group\u2019s credit rating, impair major investor confidence and restrict the ability of the Group to raise new funds. Market risk arises from changes in market prices, such as exchange rates, interest rates and equity prices that will impact on the Group\u2019s statement of comprehensive income or the value of its holding of financial instruments. Listed below are details of these risks, the Group\u2019s objectives, policies and processes for measuring and monitoring risks and the Group\u2019s management of capital.
Risk Management Framework
The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to
minimise potential risks for the Group.
There is a continuous process for identifying, evaluating and managing the key financial risks faced by the Group in line
with changing market conditions and the Group\u2019s strategy. If necessary, the Group\u2019s internal audit function may assist
in monitoring and assessing the effectiveness of controls and procedures. The Board retains responsibility for ensuring
the adequacy of systems for identifying and assessing significant risks, that appropriate control systems and other
mitigating actions are in place and that residual exposures are consistent with the Group\u2019s strategy and objectives.
Assessments are conducted for all material entities.
The Group may use derivatives to manage exchange or interest rate risk. Approval for their use is given by the Board and
the position is monitored constantly.
With regard to management of interest rate risk, the objectives are to lessen the impact of adverse interest rate
movements on earnings and shareholders\u2019 funds and to ensure no breach of covenants. This is mainly achieved by
reviewing the mix of fixed and floating rate borrowings.
The Group\u2019s liquidity risk management involves maintaining sufficient cash and cash equivalents and the availability of
funding through an adequate amount of committed credit facilities.
(i) Credit risk
The Group has no significant concentrations of credit risk. Credit risk arises from cash and cash equivalents and deposits
with banks and financial institutions, and on outstanding trade and other receivables. Cash deposits are limited to high
credit quality financial institutions. The Group has policies in place to ensure that sales of products and services are made
to customers with an approved credit history.
Credit quality of financial assets
Cash and cash equivalents
Individual Group companies have banking relationships with leading banks in the country in which the Group company
operates. Surplus cash is placed with Group Treasury bank accounts, as described above. The Group has procedures in
place to ensure that cash is placed with sound financial institutions.
Accounts receivable
The Group trades with a large number of customers, ranging from quoted companies and state organisations to
individual traders. Individual Group companies have credit control procedures in place before making sales to new
customers and levels of credit are reviewed in light of trading experience. The normal terms of settlement are in the range
30\u201390 days. Trade receivables are normally interest free. The collection of outstanding receivables is monitored at both
the Group and subsidiary level.
Under the Group\u2019s operating model, most revenue is collected at the point of sale. Where credit terms are offered, the
Group has a strong record of debtor recovery.
The maximum credit risk for financial assets is the carrying value.
Expected credit losses (ECL)
The Group makes allowances for ECL against trade receivables and contract assets, by applying the simplified ECL model.
Due to the low volume of receivables accounts, the Group\u2019s approach is to assess on an account-by-account basis,
rather than organising accounts into groupings. ECL are determined for each receivables account, by reference to the
customer\u2019s past payment performance and latest information on the customer.
Where the Group has open work in progress or where technical issues are preventing the proper operation of the vending
unit in question, these factors are taken into consideration when determining the ECL.
Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that
there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment
plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due.
ECL allowances against trade receivables and contract assets are presented as net impairment losses within operating
profit. Subsequent recoveries of amounts previously written off are credited against the same line item.
The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivable
and contract assets for which no loss allowance is recognised because of collateral.
The ageing of net current trade receivables is as follows:
31 October 2025
31 October 2024
Allowance Allowance
Gross trade for expected Trade Gross trade for expected Trade
receivables credit losses receivables receivables credit losses receivables
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
8,218
\u2013
8,218
3,709
\u2013
3,709
Past due
\u2013 overdue 1-30 days
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 overdue 31-60 days
587
\u2013
587
407
\u2013
407
\u2013 overdue 61 days
2,928
(614)
2,314
2,865
(882)
1,983
Total past due
3,515
(614)
2,901
3,272
(882)
2,390
Total trade receivables
11,733
(614)\ue01f
11,119
6,981
(882)
6,099
The credit quality of trade receivables that are neither past due nor impaired is assessed on an individual basis, based on
credit ratings and experience.
In 2025, a large proportion of the Group\u2019s sales of machines and equipment occurred in the last two months of the year,
resulting in a large balance of current trade receivables at the reporting date. Because these receivables are not overdue,
the ECL allowance has not increased proportionally to the gross receivables balance. As it is the Group\u2019s policy to assess
recoverability on an account-by-account basis, the ratio of ECL allowance to total past due receivables does fluctuate.
Management believes an adequate allowance for expected credit losses has been made for trade receivables.
Other receivables
Other receivables usually consist of one-off non-trading items. As these balances are low in volume, management
assesses their recoverability on an item-by-item basis, making provisions for expected non-recovery as necessary.
(ii) Liquidity risk
The Group\u2019s liquidity risk management involves maintaining sufficient cash and cash equivalents and the availability of
funding through an adequate amount of committed credit facilities. Trading forecasts indicate that the current facilities
provide more than sufficient liquidity headroom to support the business for the foreseeable future. The Group\u2019s strong
cash generation and net cash position at 31 October 2025 and 31 October 2024 mitigates its liquidity risk. The Group
largely finances its working capital and capital expenditure programmes from its own resources.
During the current period and prior period surplus cash held by the operating subsidiaries, over and above balances
required for working capital management was transferred to Group Treasury. These funds were deposited in interest
bearing, centrally managed, bank accounts.
The Group has undrawn facilities totalling 2 million euros and having regard to the Group\u2019s cash flow, it is considered
that the facilities provide adequate headroom for the Group\u2019s needs. The facilities are generally reaffirmed by the banks
annually. These undrawn facilities, if used, will be subject to floating rates of interest and may be subject to the normal
covenant conditions attached to such borrowings.
Some of the Group\u2019s loans are subject to covenants and, during the years to 31 October 2025 and 31 October 2024, the Group has comfortably complied with such requirements. The nature of the covenants are ratio of EBITDA to debt, ratio of debt to equity, ratio of net interest to EBITDA, free cashflow and profit requirements. The table below summarises the maturity profile of the Group\u2019s financial liabilities (including trade and other payables) at 31 October 2025 and 31 October 2024 based on contractual undiscounted payments. Group contractual cashflows
Within Over
one year Year 2 Year 3 Year 4 Year 5 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 October 2025
Interest bearing loans and borrowings
17,853
10,938
697
463
420
\u2013
30,371
Leases
4,953
3,361
1,836
833
512
776
12,271
Trade and other payables
52,213
381
\u2013
\u2013
\u2013
\u2013
52,594
75,019
14,680
2,533
1,296
932
776
95,236
At 30 October 2024
Interest bearing loans and borrowings
19,796
16,910
10,342
711
472
428
48,659
Leases
5,195
3,340
1,918
1,281
588
986
13,308
Trade and other payables (restated)
48,154
\u2013
\u2013
\u2013
\u2013
\u2013
48,154
73,145
20,250
12,260
1,992
1,060
1,414
110,121
Financial instruments held at amortised cost These largely comprise of restricted bank deposit accounts where the cash acts as security against possible shortfalls in the Group\u2019s UK pension fund obligation. (iii) Market risk Foreign exchange risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than the local functional currency. In addition, the Group faces currency risks arising from monetary financial instruments held in non-functional currencies. The income statement reflects the impact of realised and unrealised exchange differences on trading items and monetary financial instruments (note 5). The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. The main currency translation risk relates to foreign operations whose functional currency is the Euro, Swiss Franc or Japanese Yen. The investments are not hedged. The translation reserve reflects the exchange differences arising on translation of the opening net assets and results of the foreign operation (note 21). Operational foreign exchange exposure Where possible, the Group tries to invoice in the local currency of the respective entity. If this is not possible, to mitigate exposure, the Group endeavours to buy from suppliers and sell to customers in the same currency. The exposure relating to receivables and payables denominated in the non-functional currency is normally less than 3 months as this is the normal settlement period for these items. Subject to the requirements of Group Treasury, where possible, the Group tries to hold the majority of its cash and cash equivalent balances in the local currency of the respective entity. Monetary assets and liabilities The Group continues to monitor exchange rates and buy or sell currencies in order to minimise the open exposure to foreign exchange risk. The Group may use derivative financial instruments mainly to reduce the risk of foreign exchange exposure on trading items (sales or purchases in currencies other than the domestic currency of the company concerned) and interest rate movements. The Group does not hold or issue derivative financial instruments for financial trading purposes.
Borrowings
At 31 October 2025 and 31 October 2024 the majority of the Group\u2019s borrowings were denominated in Euros and held by
subsidiaries whose functional currency is the Euro.
Analysis of monetary assets and liabilities by currency
Swiss Japanese Other
Sterling Euro Franc Yen Currencies Total
At 31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
958
1,033
\u2013
\u2013
\u2013
1,991
Trade and other receivables (excluding prepayments)
158
13,248
65
1,400
699
15,570
Cash and cash equivalents
9,935
28,175
3,170
13,968
1,291
56,539
11,051
42,456
3,235
15,368
1,990
74,100
Liabilities per statement of financial position
Borrowings and leases
986
36,845
342
4,869
\u2013
43,042
Trade and other payables
6,061
39,689
1,881
4,363
600
52,594
7,047
76,534
2,223
9,232
600
95,636
Swiss
Sterling Euro Franc Japanese Other Total
Restated Restated Restated Yen Currencies Restated
At 31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
637
982
\u2013
\u2013
\u2013
1,619
Trade and other receivables (excluding prepayments)
3,063
12,973
56
1,430
718
18,240
Cash and cash equivalents
5,594
55,023
4,372
11,264
1,205
77,458
9,294
68,978
4,428
12,694
1,923
97,317
Liabilities per statement of financial position
Borrowings and leases
1,160
52,157
242
6,205
\u2013
59,764
Trade and other payables
5,704
36,015
1,799
3,952
684
48,154
6,864
88,172
2,041
10,157
684
107,918
IFRS 7 sensitivity analysis
Sensitivity analysis has been performed on the Group\u2019s Euro foreign exchange risk, as its most material foreign currency.
A 10% strengthening of Euro against Sterling, at the Statement of Financial Position date, would have caused a
\u00a33,552,000 decrease in the Group\u2019s net assets at that date (2024: \u00a32,906,000 decrease in net assets). A 10% weakening
of Euro against Sterling would have had the equal and opposite effect on the Group\u2019s net assets.
Interest rate risk
2024
2025 Carrying
Carrying amount
amount Restated
\u00a3\u2019000 \u00a3\u2019000
Net cash
Mainly non-interest bearing current accounts:
Cash at bank and in hand
51,888
63,980
Deposit accounts \u2013 generally interest bearing:
Bank deposit accounts
4,651
13,478
Other items
Interest bearing loans
(30,040)
(47,945)
26,499
29,513
The above table shows which components of net debt are subject to interest. The Group has no exposure to floating rate interest bearing debt and a change in interest rates will not have a material change on interest expense. IFRS 7 sensitivity analysis All of the Group\u2019s debt is subject to fixed rates of interest, so interest payable charges would not be materially impacted by a change in interest rates. Consequently, no sensitivity tables have been presented. Details of the Group\u2019s borrowings are shown in the table below. All loans are subject to fixed rates of interest. A theoretical increase of 1% in the fixed rate of interest would result in an extra \u00a3300,000 (31 October 2024: \u00a3479,000) of interest expense. This sensitivity is purely illustrative as the Group\u2019s debt is not subject to an interest rate risk. Terms and debt repayment schedule The table below shows the maturity profile and interest rates of the Group\u2019s borrowings at 31 October 2025 and 31 October 2024.
2025 2024
Carrying Carrying
Interest Year of amount amount
Group
Status
Currency
Rate maturity \u00a3\u2019000 \u00a3\u2019000
Loans
Fixed rate
Euro
0,28% \u2013 1,57%
2026-2027
26,281
42,957
Loans
Fixed rate
Japanese Yen
0,54% \u2013 1,15%
2028-2030
3,758
4,986
Lease liabilities
Fixed rate
Various
0,10% \u2013 4,46%
2025-2037
13,003
11,820
43,042
59,763
Price risk The Group is exposed to changes in prices on raw materials, consumables and finished goods purchased from suppliers. Wherever possible, price rises are passed on to customers via sales price increases to help manage this risk. The Group\u2019s investments in listed and unlisted equity securities are not material thus the Group does not have any significant exposure to price risk on these equity investments. 16(C) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to enhance long-term shareholder value, by investing in the business so as to improve the return on investment (by increasing profits available for dividends) and by managing the capital gearing ratio (mixture of equity and debt). The Group manages, and makes adjustments to, its capital structure in light of the prevailing risks and economic conditions affecting its business activities. This may involve adjusting the rate of dividends, purchasing the Company\u2019s own shares, the issue of new shares and reviewing the level and type of debt. The Group manages its borrowings by appraising the mix of fixed and floating rate borrowings and the mix of long-term and short-term borrowings. Details of how the Group and subsidiaries are funded are shown below. There were no changes to the Group\u2019s approach to capital management during the period. Group The Group is funded by share capital and retained earnings; supplemented by external borrowing as required. The Group has had a strong net cash position throughout the current and comparative period. Subsidiary companies Subsidiary companies are funded by share capital and retained earnings, and where applicable local borrowings by the subsidiaries in appropriate currencies.
The capital structure of the Group is presented below.
31 October
31 October 2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents
56,539
77,458
Borrowings
(30,040)
(47,945)
Net cash
26,499
29,513
Equity
213,004
179,871
The Group has various borrowings and available facilities that contain certain external capital requirements (covenants)
that are considered normal for these types of arrangements. The Group remains comfortably within all such covenants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-559": { "value": "(i) Credit risk The Group has no significant concentrations of credit risk. Credit risk arises from cash and cash equivalents and deposits with banks and financial institutions, and on outstanding trade and other receivables. Cash deposits are limited to high credit quality financial institutions. The Group has policies in place to ensure that sales of products and services are made to customers with an approved credit history. Credit quality of financial assets Cash and cash equivalents Individual Group companies have banking relationships with leading banks in the country in which the Group company operates. Surplus cash is placed with Group Treasury bank accounts, as described above. The Group has procedures in place to ensure that cash is placed with sound financial institutions. Accounts receivable The Group trades with a large number of customers, ranging from quoted companies and state organisations to individual traders. Individual Group companies have credit control procedures in place before making sales to new customers and levels of credit are reviewed in light of trading experience. The normal terms of settlement are in the range 30\u201390 days. Trade receivables are normally interest free. The collection of outstanding receivables is monitored at both the Group and subsidiary level. Under the Group\u2019s operating model, most revenue is collected at the point of sale. Where credit terms are offered, the Group has a strong record of debtor recovery. The maximum credit risk for financial assets is the carrying value. Expected credit losses (ECL) The Group makes allowances for ECL against trade receivables and contract assets, by applying the simplified ECL model. Due to the low volume of receivables accounts, the Group\u2019s approach is to assess on an account-by-account basis, rather than organising accounts into groupings. ECL are determined for each receivables account, by reference to the customer\u2019s past payment performance and latest information on the customer. Where the Group has open work in progress or where technical issues are preventing the proper operation of the vending unit in question, these factors are taken into consideration when determining the ECL. Trade receivables and contract assets are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the group, and a failure to make contractual payments for a period of greater than 120 days past due. ECL allowances against trade receivables and contract assets are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item. The Group does not require collateral in respect of trade and other receivables. The Group does not have trade receivable and contract assets for which no loss allowance is recognised because of collateral. The ageing of net current trade receivables is as follows:
31 October 2025
31 October 2024
Allowance Allowance
Gross trade for expected Trade Gross trade for expected Trade
receivables credit losses receivables receivables credit losses receivables
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Current
8,218
\u2013
8,218
3,709
\u2013
3,709
Past due
\u2013 overdue 1-30 days
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013 overdue 31-60 days
587
\u2013
587
407
\u2013
407
\u2013 overdue 61 days
2,928
(614)
2,314
2,865
(882)
1,983
Total past due
3,515
(614)
2,901
3,272
(882)
2,390
Total trade receivables
11,733
(614)\ue01f
11,119
6,981
(882)
6,099
The credit quality of trade receivables that are neither past due nor impaired is assessed on an individual basis, based on credit ratings and experience. In 2025, a large proportion of the Group\u2019s sales of machines and equipment occurred in the last two months of the year, resulting in a large balance of current trade receivables at the reporting date. Because these receivables are not overdue, the ECL allowance has not increased proportionally to the gross receivables balance. As it is the Group\u2019s policy to assess recoverability on an account-by-account basis, the ratio of ECL allowance to total past due receivables does fluctuate. Management believes an adequate allowance for expected credit losses has been made for trade receivables. Other receivables Other receivables usually consist of one-off non-trading items. As these balances are low in volume, management assesses their recoverability on an item-by-item basis, making provisions for expected non-recovery as necessary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-560": { "value": "(ii) Liquidity risk The Group\u2019s liquidity risk management involves maintaining sufficient cash and cash equivalents and the availability of funding through an adequate amount of committed credit facilities. Trading forecasts indicate that the current facilities provide more than sufficient liquidity headroom to support the business for the foreseeable future. The Group\u2019s strong cash generation and net cash position at 31 October 2025 and 31 October 2024 mitigates its liquidity risk. The Group largely finances its working capital and capital expenditure programmes from its own resources. During the current period and prior period surplus cash held by the operating subsidiaries, over and above balances required for working capital management was transferred to Group Treasury. These funds were deposited in interest bearing, centrally managed, bank accounts. The Group has undrawn facilities totalling 2 million euros and having regard to the Group\u2019s cash flow, it is considered that the facilities provide adequate headroom for the Group\u2019s needs. The facilities are generally reaffirmed by the banks annually. These undrawn facilities, if used, will be subject to floating rates of interest and may be subject to the normal covenant conditions attached to such borrowings. Some of the Group\u2019s loans are subject to covenants and, during the years to 31 October 2025 and 31 October 2024, the Group has comfortably complied with such requirements. The nature of the covenants are ratio of EBITDA to debt, ratio of debt to equity, ratio of net interest to EBITDA, free cashflow and profit requirements. The table below summarises the maturity profile of the Group\u2019s financial liabilities (including trade and other payables) at 31 October 2025 and 31 October 2024 based on contractual undiscounted payments. Group contractual cashflows
Within Over
one year Year 2 Year 3 Year 4 Year 5 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 October 2025
Interest bearing loans and borrowings
17,853
10,938
697
463
420
\u2013
30,371
Leases
4,953
3,361
1,836
833
512
776
12,271
Trade and other payables
52,213
381
\u2013
\u2013
\u2013
\u2013
52,594
75,019
14,680
2,533
1,296
932
776
95,236
At 30 October 2024
Interest bearing loans and borrowings
19,796
16,910
10,342
711
472
428
48,659
Leases
5,195
3,340
1,918
1,281
588
986
13,308
Trade and other payables (restated)
48,154
\u2013
\u2013
\u2013
\u2013
\u2013
48,154
73,145
20,250
12,260
1,992
1,060
1,414
110,121
Financial instruments held at amortised cost These largely comprise of restricted bank deposit accounts where the cash acts as security against possible shortfalls in the Group\u2019s UK pension fund obligation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-561": { "value": "(iii) Market risk Foreign exchange risk The Group is exposed to foreign currency risk on sales and purchases that are denominated in a currency other than the local functional currency. In addition, the Group faces currency risks arising from monetary financial instruments held in non-functional currencies. The income statement reflects the impact of realised and unrealised exchange differences on trading items and monetary financial instruments (note 5). The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. The main currency translation risk relates to foreign operations whose functional currency is the Euro, Swiss Franc or Japanese Yen. The investments are not hedged. The translation reserve reflects the exchange differences arising on translation of the opening net assets and results of the foreign operation (note 21). Operational foreign exchange exposure Where possible, the Group tries to invoice in the local currency of the respective entity. If this is not possible, to mitigate exposure, the Group endeavours to buy from suppliers and sell to customers in the same currency. The exposure relating to receivables and payables denominated in the non-functional currency is normally less than 3 months as this is the normal settlement period for these items. Subject to the requirements of Group Treasury, where possible, the Group tries to hold the majority of its cash and cash equivalent balances in the local currency of the respective entity. Monetary assets and liabilities The Group continues to monitor exchange rates and buy or sell currencies in order to minimise the open exposure to foreign exchange risk. The Group may use derivative financial instruments mainly to reduce the risk of foreign exchange exposure on trading items (sales or purchases in currencies other than the domestic currency of the company concerned) and interest rate movements. The Group does not hold or issue derivative financial instruments for financial trading purposes. Borrowings At 31 October 2025 and 31 October 2024 the majority of the Group\u2019s borrowings were denominated in Euros and held by subsidiaries whose functional currency is the Euro. Analysis of monetary assets and liabilities by currency
Swiss Japanese Other
Sterling Euro Franc Yen Currencies Total
At 31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
958
1,033
\u2013
\u2013
\u2013
1,991
Trade and other receivables (excluding prepayments)
158
13,248
65
1,400
699
15,570
Cash and cash equivalents
9,935
28,175
3,170
13,968
1,291
56,539
11,051
42,456
3,235
15,368
1,990
74,100
Liabilities per statement of financial position
Borrowings and leases
986
36,845
342
4,869
\u2013
43,042
Trade and other payables
6,061
39,689
1,881
4,363
600
52,594
7,047
76,534
2,223
9,232
600
95,636
Swiss
Sterling Euro Franc Japanese Other Total
Restated Restated Restated Yen Currencies Restated
At 31 October 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets per statement of financial position
Financial instruments held at FVTPL
637
982
\u2013
\u2013
\u2013
1,619
Trade and other receivables (excluding prepayments)
3,063
12,973
56
1,430
718
18,240
Cash and cash equivalents
5,594
55,023
4,372
11,264
1,205
77,458
9,294
68,978
4,428
12,694
1,923
97,317
Liabilities per statement of financial position
Borrowings and leases
1,160
52,157
242
6,205
\u2013
59,764
Trade and other payables
5,704
36,015
1,799
3,952
684
48,154
6,864
88,172
2,041
10,157
684
107,918
IFRS 7 sensitivity analysis Sensitivity analysis has been performed on the Group\u2019s Euro foreign exchange risk, as its most material foreign currency. A 10% strengthening of Euro against Sterling, at the Statement of Financial Position date, would have caused a \u00a33,552,000 decrease in the Group\u2019s net assets at that date (2024: \u00a32,906,000 decrease in net assets). A 10% weakening of Euro against Sterling would have had the equal and opposite effect on the Group\u2019s net assets. Interest rate risk
2024
2025 Carrying
Carrying amount
amount Restated
\u00a3\u2019000 \u00a3\u2019000
Net cash
Mainly non-interest bearing current accounts:
Cash at bank and in hand
51,888
63,980
Deposit accounts \u2013 generally interest bearing:
Bank deposit accounts
4,651
13,478
Other items
Interest bearing loans
(30,040)
(47,945)
26,499
29,513
The above table shows which components of net debt are subject to interest. The Group has no exposure to floating rate interest bearing debt and a change in interest rates will not have a material change on interest expense. IFRS 7 sensitivity analysis All of the Group\u2019s debt is subject to fixed rates of interest, so interest payable charges would not be materially impacted by a change in interest rates. Consequently, no sensitivity tables have been presented. Details of the Group\u2019s borrowings are shown in the table below. All loans are subject to fixed rates of interest. A theoretical increase of 1% in the fixed rate of interest would result in an extra \u00a3300,000 (31 October 2024: \u00a3479,000) of interest expense. This sensitivity is purely illustrative as the Group\u2019s debt is not subject to an interest rate risk. Terms and debt repayment schedule The table below shows the maturity profile and interest rates of the Group\u2019s borrowings at 31 October 2025 and 31 October 2024.
2025 2024
Carrying Carrying
Interest Year of amount amount
Group
Status
Currency
Rate maturity \u00a3\u2019000 \u00a3\u2019000
Loans
Fixed rate
Euro
0,28% \u2013 1,57%
2026-2027
26,281
42,957
Loans
Fixed rate
Japanese Yen
0,54% \u2013 1,15%
2028-2030
3,758
4,986
Lease liabilities
Fixed rate
Various
0,10% \u2013 4,46%
2025-2037
13,003
11,820
43,042
59,763
Price risk The Group is exposed to changes in prices on raw materials, consumables and finished goods purchased from suppliers. Wherever possible, price rises are passed on to customers via sales price increases to help manage this risk. The Group\u2019s investments in listed and unlisted equity securities are not material thus the Group does not have any significant exposure to price risk on these equity investments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-578": { "value": "IFRS 7 sensitivity analysis Sensitivity analysis has been performed on the Group\u2019s Euro foreign exchange risk, as its most material foreign currency. A 10% strengthening of Euro against Sterling, at the Statement of Financial Position date, would have caused a \u00a33,552,000 decrease in the Group\u2019s net assets at that date (2024: \u00a32,906,000 decrease in net assets). A 10% weakening of Euro against Sterling would have had the equal and opposite effect on the Group\u2019s net assets. IFRS 7 sensitivity analysis All of the Group\u2019s debt is subject to fixed rates of interest, so interest payable charges would not be materially impacted by a change in interest rates. Consequently, no sensitivity tables have been presented. Details of the Group\u2019s borrowings are shown in the table below. All loans are subject to fixed rates of interest. A theoretical increase of 1% in the fixed rate of interest would result in an extra \u00a3300,000 (31 October 2024: \u00a3479,000) of interest expense. This sensitivity is purely illustrative as the Group\u2019s debt is not subject to an interest rate risk. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-562": { "value": "16(C) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern and to enhance long-term shareholder value, by investing in the business so as to improve the return on investment (by increasing profits available for dividends) and by managing the capital gearing ratio (mixture of equity and debt). The Group manages, and makes adjustments to, its capital structure in light of the prevailing risks and economic conditions affecting its business activities. This may involve adjusting the rate of dividends, purchasing the Company\u2019s own shares, the issue of new shares and reviewing the level and type of debt. The Group manages its borrowings by appraising the mix of fixed and floating rate borrowings and the mix of long-term and short-term borrowings. Details of how the Group and subsidiaries are funded are shown below. There were no changes to the Group\u2019s approach to capital management during the period. Group The Group is funded by share capital and retained earnings; supplemented by external borrowing as required. The Group has had a strong net cash position throughout the current and comparative period. Subsidiary companies Subsidiary companies are funded by share capital and retained earnings, and where applicable local borrowings by the subsidiaries in appropriate currencies. The capital structure of the Group is presented below.
31 October
31 October 2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents
56,539
77,458
Borrowings
(30,040)
(47,945)
Net cash
26,499
29,513
Equity
213,004
179,871
The Group has various borrowings and available facilities that contain certain external capital requirements (covenants) that are considered normal for these types of arrangements. The Group remains comfortably within all such covenants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-535": { "value": "
17 Trade and other receivables
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
Other receivables
1,976
2,814
1,976
2,814
Current assets
Gross trade receivables
11,733
6,981
Allowance for expected credit losses
(614)
(882)
Trade receivables
11,119
6,099
Other receivables
2,475
9,327
Prepayments and accrued income
5,644
3,866
19,238
19,292
All trade receivables arise from contracts with customers.
In the prior year, non-current other receivables included \u00a3988,000 of restricted deposits in relation to the Group\u2019s pension
schemes. In the period, the restrictions were removed and deposits are now included in cash and cash equivalents.
In the prior year, current other receivables included \u00a33,740,000 due from the maturity of convertible bonds.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-498": { "value": "17 Trade and other receivables
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
Other receivables
1,976
2,814
1,976
2,814
Current assets
Gross trade receivables
11,733
6,981
Allowance for expected credit losses
(614)
(882)
Trade receivables
11,119
6,099
Other receivables
2,475
9,327
Prepayments and accrued income
5,644
3,866
19,238
19,292
All trade receivables arise from contracts with customers. In the prior year, non-current other receivables included \u00a3988,000 of restricted deposits in relation to the Group\u2019s pension schemes. In the period, the restrictions were removed and deposits are now included in cash and cash equivalents. In the prior year, current other receivables included \u00a33,740,000 due from the maturity of convertible bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-563": { "value": "17 Trade and other receivables
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
Other receivables
1,976
2,814
1,976
2,814
Current assets
Gross trade receivables
11,733
6,981
Allowance for expected credit losses
(614)
(882)
Trade receivables
11,119
6,099
Other receivables
2,475
9,327
Prepayments and accrued income
5,644
3,866
19,238
19,292
All trade receivables arise from contracts with customers. In the prior year, non-current other receivables included \u00a3988,000 of restricted deposits in relation to the Group\u2019s pension schemes. In the period, the restrictions were removed and deposits are now included in cash and cash equivalents. In the prior year, current other receivables included \u00a33,740,000 due from the maturity of convertible bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-579": { "value": "17 Trade and other receivables
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
Other receivables
1,976
2,814
1,976
2,814
Current assets
Gross trade receivables
11,733
6,981
Allowance for expected credit losses
(614)
(882)
Trade receivables
11,119
6,099
Other receivables
2,475
9,327
Prepayments and accrued income
5,644
3,866
19,238
19,292
All trade receivables arise from contracts with customers. In the prior year, non-current other receivables included \u00a3988,000 of restricted deposits in relation to the Group\u2019s pension schemes. In the period, the restrictions were removed and deposits are now included in cash and cash equivalents. In the prior year, current other receivables included \u00a33,740,000 due from the maturity of convertible bonds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-583": { "value": "17 Trade and other receivables
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current assets
Other receivables
1,976
2,814
1,976
2,814
Current assets
Gross trade receivables
11,733
6,981
Allowance for expected credit losses
(614)
(882)
Trade receivables
11,119
6,099
Other receivables
2,475
9,327
Prepayments and accrued income
5,644
3,866
19,238
19,292
All trade receivables arise from contracts with customers. In the prior year, non-current other receivables included \u00a3988,000 of restricted deposits in relation to the Group\u2019s pension schemes. In the period, the restrictions were removed and deposits are now included in cash and cash equivalents. In the prior year, current other receivables included \u00a33,740,000 due from the maturity of convertible bonds. 26 Deferred taxation Deferred tax comprises:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Temporary differences relating to property, plant and equipment
5,618
4,408
Other temporary differences in recognising revenue and expense items in other periods for taxation
purposes:
\u2013 capitalised development costs
1,040
989
\u2013 post-employment benefit provisions
(1,297)
(1,269)
\u2013 acquisition related intangibles
541
916
\u2013 other short-term temporary differences
3,695
2,159
9,598
7,202
The closing balance comprises:
Deferred tax assets
(2,151)
(2,668)
Deferred tax liabilities
11,749
9,870
9,598
7,202
The movements on deferred taxation during the period were as follows:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Opening balance
7,202
8,566
Exchange differences
(42)
(233)
Post-employment benefit provisions
25
(118)
Charge for the period in income statement
2,413
1,580
Disposal of subsidiary
\u2013
(2,593)
Closing balance
9,598
7,202
Temporary differences associated with Group investments Unremitted earnings of overseas affiliates No deferred tax liability has been recognised on the unremitted earnings of overseas subsidiaries as no tax is expected to be payable on them in the foreseeable future based on current legislation or where the Group is able to control remittance of earnings and it is possible that such earnings will not be remitted in the foreseeable future. Unrecognised deferred tax assets The Group has no unrecognised deferred tax assets. Factors that may affect future tax charges The deferred tax assets and liabilities have been recognised based on the respective corporation tax rates at which they are anticipated to unwind in each jurisdiction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-497": { "value": "
18 Inventories
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Raw materials and consumables
30,327
25,794
Finished goods
17,413
12,271
47,740
38,065
The replacement value of inventories is not materially different from that stated above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-564": { "value": "
19 Cash and cash equivalents
31 October
31 October 2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Cash at bank and in hand
51,888
63,979
Deposit accounts
4,651
13,479
Cash and cash equivalents per statement of financial position
56,539
77,458
Deposit accounts have an original maturity term of less than three months. The amounts placed in short-term deposit accounts depend on the immediate cash requirements of the Group. Interest was earned on deposits at rates between 2.25% and 4.05% in the year (2024: 2.90% to 4.75%). Cash at bank is generally interest free but may earn interest at the applicable daily bank floating deposit rate. Cash in hand includes an estimate for cash in transit at the year end of \u00a37,469,000 (2024: \u00a38,306,000) reflecting cash that is held in the machines at the year end. Correction of prior period error \u2013 cash in transit The opening balance of cash and cash equivalents at 1 November 2024 has been restated by a reduction of \u00a38,689,000 to correct an error in the prior year financial statements. The adjustment is to correct an error in the calculation of the value of cash in transit held in the Group\u2019s vending machines at the reporting date. A corresponding adjustment has been made to decrease the balance of trade and other payables by the same value (note 27) The restatement is reflected in the group statement of financial position at 31 October 2024 as a decrease in cash and cash equivalents and a decrease in trade and other payables. As the impact on the prior period opening balances was material, the comparatives at 1 November 2023 have also been restated and presented in the group statement of financial position. The balance of cash and cash equivalents at 1 November 2023 has been reduced by \u00a37,393,000 and trade and other payables decreased by the same value. The group statement of cashflows for the year ended 31 October 2024 has been restated by decreasing the cash and cash equivalents at the beginning of the year by \u00a37,393,000, decreasing the cash generated from operations by \u00a31,296,000 (movement in trade and other payables) and decreasing the cash and cash equivalents at the end of the year by \u00a38,689,000. This restatement had no impact on the group\u2019s total assets, total shareholders\u2019 funds, statement of comprehensive income and earnings per share for years ended 31 October 2025, 2024 or 2023. 20 Net cash
31 October
31 October 2024
2025 Restated
Notes \u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents per statement of financial position
19
56,539
77,458
Non-current borrowings
23
(12,422)
(28,547)
Current borrowings
23
(17,618)
(19,398)
Net Cash
26,499
29,513
Net cash is a non-GAAP measure since it is not defined in accordance with IFRS but is a key indicator used by management in assessing operational performance and financial position strength. The inclusion of items in net cash as defined by the Group may not be comparable with other companies\u2019 measurement of net cash/debt. The Group defines net cash as cash and cash equivalents less current and non-current borrowings outstanding, excluding lease liabilities of \u00a313,002,000 (2024: \u00a311,819,000). Reconciliation of movement in liabilities arising from financing activities
Non cash movements
Cash movements
Exchange New lease Other Repayment
1 November differences liabilities movements of liabilities New loans 31 October
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
31 October 2025
Non-current loans
28,547
1,214
\u2013
(16,406)
(1,147)
214
12,422
Non-current lease liabilities
7,410
378
3,402
(3,340)
\u2013
\u2013
7,849
Non-current liabilities arising from
financing activities
35,957
1,592
3,402
(19,746)
(1,147)
214
20,271
Current loans
19,398
930
\u2013
16,406
(20,402)
1,286
17,618
Current lease liabilities
4,409
93
2,143
3,340
(4,832)
\u2013
5,153
Current liabilities arising from
financing activities
23,807
1,023
2,143
19,746
(25,234)
1,286
22,771
Total liabilities arising from
financing activities
59,764
2,614
5,545
\u2013
(26,381)
1,500
43,042
31 October 2024
Non-current loans
50,137
(2,194)
\u2013
(18,245)
(1,151)
\u2013
28,547
Non-current lease liabilities
8,310
(409)
3,260
(4,061)
310
\u2013
7,410
Non-current liabilities arising from
financing activities
58,447
(2,603)
3,260
(22,306)
(841)
\u2013
35,957
Current loans
27,037
(1,138)
\u2013
18,245
(25,898)
1,152
19,398
Current lease liabilities
5,026
(88)
1,653
4,061
(6,243)
\u2013
4,409
Current liabilities arising from
financing activities
32,063
(1,226)
1,653
22,306
(32,141)
1,152
23,807
Total liabilities arising from
financing activities
90,510
(3,829)
4,913
\u2013
(32,982)
1,152
59,764
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-536": { "value": "20 Net cash
31 October
31 October 2024
2025 Restated
Notes \u00a3\u2019000 \u00a3\u2019000
Cash and cash equivalents per statement of financial position
19
56,539
77,458
Non-current borrowings
23
(12,422)
(28,547)
Current borrowings
23
(17,618)
(19,398)
Net Cash
26,499
29,513
Net cash is a non-GAAP measure since it is not defined in accordance with IFRS but is a key indicator used by management in assessing operational performance and financial position strength. The inclusion of items in net cash as defined by the Group may not be comparable with other companies\u2019 measurement of net cash/debt. The Group defines net cash as cash and cash equivalents less current and non-current borrowings outstanding, excluding lease liabilities of \u00a313,002,000 (2024: \u00a311,819,000). Reconciliation of movement in liabilities arising from financing activities
Non cash movements
Cash movements
Exchange New lease Other Repayment
1 November differences liabilities movements of liabilities New loans 31 October
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
31 October 2025
Non-current loans
28,547
1,214
\u2013
(16,406)
(1,147)
214
12,422
Non-current lease liabilities
7,410
378
3,402
(3,340)
\u2013
\u2013
7,849
Non-current liabilities arising from
financing activities
35,957
1,592
3,402
(19,746)
(1,147)
214
20,271
Current loans
19,398
930
\u2013
16,406
(20,402)
1,286
17,618
Current lease liabilities
4,409
93
2,143
3,340
(4,832)
\u2013
5,153
Current liabilities arising from
financing activities
23,807
1,023
2,143
19,746
(25,234)
1,286
22,771
Total liabilities arising from
financing activities
59,764
2,614
5,545
\u2013
(26,381)
1,500
43,042
31 October 2024
Non-current loans
50,137
(2,194)
\u2013
(18,245)
(1,151)
\u2013
28,547
Non-current lease liabilities
8,310
(409)
3,260
(4,061)
310
\u2013
7,410
Non-current liabilities arising from
financing activities
58,447
(2,603)
3,260
(22,306)
(841)
\u2013
35,957
Current loans
27,037
(1,138)
\u2013
18,245
(25,898)
1,152
19,398
Current lease liabilities
5,026
(88)
1,653
4,061
(6,243)
\u2013
4,409
Current liabilities arising from
financing activities
32,063
(1,226)
1,653
22,306
(32,141)
1,152
23,807
Total liabilities arising from
financing activities
90,510
(3,829)
4,913
\u2013
(32,982)
1,152
59,764
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-537": { "value": "
21 Share capital and reserves
31 October 31 October 31 October 31 October
2025 2024 2025 2024
Share Capital Number Number \u00a3\u2019000 \u00a3\u2019000
Allotted, issued and fully paid:
Ordinary shares of 0.5p each
At the beginning of the period
376,763,753
378,454,879
1,882
1,891
Issued in year \u2013 share options exercised
959,583
677,500
5
3
Cancellation of shares held in treasury
\u2013
(2,368,626)
\u2013
(12)
At the end of the period
377,723,336
376,763,753
1,887
1,882
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote
per share at meetings of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-499": { "value": "21 Share capital and reserves
31 October 31 October 31 October 31 October
2025 2024 2025 2024
Share Capital Number Number \u00a3\u2019000 \u00a3\u2019000
Allotted, issued and fully paid:
Ordinary shares of 0.5p each
At the beginning of the period
376,763,753
378,454,879
1,882
1,891
Issued in year \u2013 share options exercised
959,583
677,500
5
3
Cancellation of shares held in treasury
\u2013
(2,368,626)
\u2013
(12)
At the end of the period
377,723,336
376,763,753
1,887
1,882
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. Reserves Treasury shares
Proportion of
Number of Cost* ordinary issued
Shares \u00a3\u2019000 share capital
Shares held in treasury at 1 November 2023
1,260,534
1,969
0.33%
Purchase of own shares
1,108,092
1,425
\u2013
Cancellation of shares held in treasury
(2,368,626)
(3,394)
\u2013
Shares held in treasury at 31 October 2024
\u2013
\u2013
\u2013
Shares held in treasury at 31 October 2025
\u2013
\u2013
\u2013
* Purchase cost including transaction costs
At the Annual General Meeting on 18 August 2023, a shareholders\u2019 resolution was passed permitting the Company to
purchase its own shares up to a maximum of 10% of the Ordinary shares in issue.
In the year ended 31 October 2024 the Company purchased, on various dates and at various prices, 1,108,092 shares at a
combined cost of \u00a31,425,000 including \u00a36,000 transaction costs, bringing the total number of shares purchased since the
resolution to 2,368,626 at a combined cost of \u00a33,394,000. The shares were purchased at an average price of 133.17 pence
per ordinary share.
On 12 July 2024 the Board of the Company passed a resolution to cancel all of its 2,368,626 ordinary shares of 0.5 p each
held in treasury. The cancellation took place on the same date. The cancellation is reflected in the statement of financial
position as a reduction in share capital and retained earnings.
The treasury shares had no voting or dividend rights.
Share premium
Share premium reserve is the cumulative value of the excess received for shares above their nominal value.
Capital redemption reserve
The capital redemption reserve is a statutory, non-distributable reserve into which amounts are transferred following the
purchase and cancellation of the Company\u2019s own shares.
Other reserves
Other reserves includes the share-based payment reserve on equity settled schemes. The share-based payment reserve
is generally distributable.
The other reserve accounts included within this category mainly arise in subsidiaries, are generally not distributable, and
arise as a result of local legislation regarding capital maintenance.
Translation reserve
The foreign currency translation reserve is used to record exchange differences arising from the translation of the
financial statements of foreign subsidiaries and associates. In accordance with the options allowed under IFRS 1, only
exchange rate differences arising on translation after the date of transition, 1 May 2004, are shown in this reserve. When
an overseas subsidiary or associate is disposed, the cumulative exchange difference relating to the entity disposed is
recycled through the statement of comprehensive income as part of the profit or loss on sale in other net gains/(losses)
and is shown as a movement in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-538": { "value": "
Reserves
Treasury shares
Proportion of
Number of Cost* ordinary issued
Shares \u00a3\u2019000 share capital
Shares held in treasury at 1 November 2023
1,260,534
1,969
0.33%
Purchase of own shares
1,108,092
1,425
\u2013
Cancellation of shares held in treasury
(2,368,626)
(3,394)
\u2013
Shares held in treasury at 31 October 2024
\u2013
\u2013
\u2013
Shares held in treasury at 31 October 2025
\u2013
\u2013
\u2013
* Purchase cost including transaction costs
At the Annual General Meeting on 18 August 2023, a shareholders\u2019 resolution was passed permitting the Company to purchase its own shares up to a maximum of 10% of the Ordinary shares in issue. In the year ended 31 October 2024 the Company purchased, on various dates and at various prices, 1,108,092 shares at a combined cost of \u00a31,425,000 including \u00a36,000 transaction costs, bringing the total number of shares purchased since the resolution to 2,368,626 at a combined cost of \u00a33,394,000. The shares were purchased at an average price of 133.17 pence per ordinary share. On 12 July 2024 the Board of the Company passed a resolution to cancel all of its 2,368,626 ordinary shares of 0.5 p each held in treasury. The cancellation took place on the same date. The cancellation is reflected in the statement of financial position as a reduction in share capital and retained earnings. The treasury shares had no voting or dividend rights. Share premium Share premium reserve is the cumulative value of the excess received for shares above their nominal value. Capital redemption reserve The capital redemption reserve is a statutory, non-distributable reserve into which amounts are transferred following the purchase and cancellation of the Company\u2019s own shares. Other reserves Other reserves includes the share-based payment reserve on equity settled schemes. The share-based payment reserve is generally distributable. The other reserve accounts included within this category mainly arise in subsidiaries, are generally not distributable, and arise as a result of local legislation regarding capital maintenance. Translation reserve The foreign currency translation reserve is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries and associates. In accordance with the options allowed under IFRS 1, only exchange rate differences arising on translation after the date of transition, 1 May 2004, are shown in this reserve. When an overseas subsidiary or associate is disposed, the cumulative exchange difference relating to the entity disposed is recycled through the statement of comprehensive income as part of the profit or loss on sale in other net gains/(losses) and is shown as a movement in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-565": { "value": "Treasury shares
Proportion of
Number of Cost* ordinary issued
Shares \u00a3\u2019000 share capital
Shares held in treasury at 1 November 2023
1,260,534
1,969
0.33%
Purchase of own shares
1,108,092
1,425
\u2013
Cancellation of shares held in treasury
(2,368,626)
(3,394)
\u2013
Shares held in treasury at 31 October 2024
\u2013
\u2013
\u2013
Shares held in treasury at 31 October 2025
\u2013
\u2013
\u2013
* Purchase cost including transaction costs At the Annual General Meeting on 18 August 2023, a shareholders\u2019 resolution was passed permitting the Company to purchase its own shares up to a maximum of 10% of the Ordinary shares in issue. In the year ended 31 October 2024 the Company purchased, on various dates and at various prices, 1,108,092 shares at a combined cost of \u00a31,425,000 including \u00a36,000 transaction costs, bringing the total number of shares purchased since the resolution to 2,368,626 at a combined cost of \u00a33,394,000. The shares were purchased at an average price of 133.17 pence per ordinary share. On 12 July 2024 the Board of the Company passed a resolution to cancel all of its 2,368,626 ordinary shares of 0.5 p each held in treasury. The cancellation took place on the same date. The cancellation is reflected in the statement of financial position as a reduction in share capital and retained earnings. The treasury shares had no voting or dividend rights. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-500": { "value": "
22 Share-based payments
Share options, which have been granted to senior staff, including directors, to purchase Ordinary shares of 0.5p each, are
as follows:
Lapsed or Date from Last date
Date options At 31 October Exercise Granted forfeited Exercised
At 31 October
which on which
granted 2024 price during year during year
during year
2025
exercisable exercisable
27-Aug-19
594,752
101.40p
\u2013
\u2013
(30,000)
564,752
27-Aug-22
26-Aug-26
19-Apr-21
260,000
61.40p
\u2013
(50,000)
(70,000)
140,000
19-Apr-24
19-Apr-28
05-Aug-21
1,619,274
77.50p
\u2013
(7,500)
(40,000)
1,571,774
05-Aug-24
05-Aug-28
12-May-22
1,530,000
68.73p
\u2013
(200,000)
(819,583)
510,417
12-May-25
12-May-29
04-Apr-23
1,889,947
126.70p
\u2013
(615,000)
\u2013
1,274,947
04-Apr-26
03-Apr-30
19-Jul-23
350,000
163.10p
\u2013
\u2013
\u2013
350,000
19-Jul-26
19-Jul-30
22-Aug-24
1,115,000
192.33p
\u2013
(50,000)
\u2013
1,065,000
22-Aug-27
22-Aug-34
23-Sep-24
90,000
192.33p
\u2013
\u2013
\u2013
90,000
23-Sep-27
22-Sep-34
7,448,973
\u2013
(922,500)
(959,583)
5,566,890
All options can be exercised, in normal circumstances, within a period of between four and seven years from the exercise
of option date, providing that the performance criterion or performance condition has been achieved. The subscription
price for all options is based upon the average market price on the three days prior to the date of grant. Options are
restricted, or may lapse, if the grantee leaves the employment of the Group before the first exercise date.
All options are equity settled options.
Options granted after 2005 are covered by the new Me Group Executive Share Option Scheme. The vesting of options
is subject to an EPS-based performance condition relating to the extent to which the Group\u2019s basic EPS for the third
financial year, following the date of grant, reaches a sliding scale of challenging EPS targets.
Options are normally granted over shares worth up to 150% of a participant\u2019s salary each year. In exceptional cases as
part of the terms of attracting senior management, options in excess of that number may be granted.
The weighted average exercise price of all options outstanding at 31 October 2025 is 119.19p (2024: 112.21p) and the
weighted average exercise price of options exercisable at 31 October 2025 is 79.93p (2024: 81.55p).
The weighted average share price for options exercised during the period ended 31 October 2025 was 216.81p
(31 October 2024: 173.82p).
The weighted average remaining years for options outstanding at the period-end date is 4.4 years (2024: 6.3 years).
Share\u2011based payments expense
In accordance with IFRS 2 Share-based Payments, share options granted to senior management including directors after
November 2002 have been fair-valued and the Group has used the Black-Scholes option pricing model. This model takes
into account the terms and conditions under which the options were granted.
The following table lists the inputs to the model used for the years ended 31 October 2025 and 31 October 2024:
19 April 5 August 12 May
Date of grant 2021 2021 2022
Vesting period
3 years
3 years
3 years
Share price volatility
51.40%
77.50%
49.91%
Share price on date of grant
63.20p
77.50p
65.20p
Option price
61.40p
77.50p
68.73p
Expected term
3.25 years
3.25 years
3.25 years
Dividend yield
0.00%
0.00%
4.43%
Risk free interest rate
0.17%
0.15%
1.24%
Fair value
34.89p
28.18p
25.17p
4 April 19 July 22 August
Date of grant 2023 2023 2024
Vesting period
3 years
3 years
3 years
Share price volatility
52.91%
40.51%
35.96%
Share price on date of grant
127.40p
159.00p
191.80p
Option price
126.70p
163.10p
192.33p
Expected term
3.25 years
3.25 years
3.25 years
Dividend yield
4.40%
4.14%
4.10%
Risk free interest rate
3.35%
4.53%
3.84%
Fair value
59.25p
60.26p
62.93p
23 September
Date of grant 2024
Vesting period
3 years
Share price volatility
35.74%
Share price on date of grant
190.20p
Option price
192.33p
Expected term
3.25 years
Dividend yield
3.75%
Risk free interest rate
3.69%
Fair value
60.62p
The charge for share-based payments is \u00a3413,000 (2024: \u00a3795,000).
Share price volatility is based on historical data.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-566": { "value": "23 Financial liabilities
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Non-current liabilities
Non-current instalments due on bank loans
12,422
28,547
Current liabilities
Current instalments due on loans
17,618
19,398
Bank loans bear fixed rates of interest and vary between 0.28% and 1.57%. Further details are provided in note 16. Lease Liabilities In addition to bank loans, the Group has lease liabilities of \u00a313,002,000 (2024: \u00a311,819,000). The Group has lease arrangements across three main categories: site agreements, property and motor vehicles. The key quantitative information regarding the lease portfolio is shown below:
Site
As at 31 October 2025
agreements
Property
Motor vehicles
Number of lease agreements
446
5
616
Average lease term (months)
105
126
37
Average remaining term (months)
43
52
19
Site
As at 31 October 2024
agreements
Property
Motor vehicles
Number of lease agreements
481
7
600
Average lease term (months)
103
100
39
Average remaining term (months)
43
47
20
The maturity profile of lease liabilities is shown below:
Within Over
one year Year 2 Year 3 Year 4 Year 5 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 October 2025
Leases
4,953
3,361
1,836
833
512
776
12,271
At 31 October 2024
Leases
5,195
3,340
1,918
1,281
588
986
13,308
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-580": { "value": "Lease Liabilities In addition to bank loans, the Group has lease liabilities of \u00a313,002,000 (2024: \u00a311,819,000). The Group has lease arrangements across three main categories: site agreements, property and motor vehicles. The key quantitative information regarding the lease portfolio is shown below:
Site
As at 31 October 2025
agreements
Property
Motor vehicles
Number of lease agreements
446
5
616
Average lease term (months)
105
126
37
Average remaining term (months)
43
52
19
Site
As at 31 October 2024
agreements
Property
Motor vehicles
Number of lease agreements
481
7
600
Average lease term (months)
103
100
39
Average remaining term (months)
43
47
20
The maturity profile of lease liabilities is shown below:
Within Over
one year Year 2 Year 3 Year 4 Year 5 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 October 2025
Leases
4,953
3,361
1,836
833
512
776
12,271
At 31 October 2024
Leases
5,195
3,340
1,918
1,281
588
986
13,308
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-539": { "value": "Lease Liabilities In addition to bank loans, the Group has lease liabilities of \u00a313,002,000 (2024: \u00a311,819,000). The Group has lease arrangements across three main categories: site agreements, property and motor vehicles. The key quantitative information regarding the lease portfolio is shown below:
Site
As at 31 October 2025
agreements
Property
Motor vehicles
Number of lease agreements
446
5
616
Average lease term (months)
105
126
37
Average remaining term (months)
43
52
19
Site
As at 31 October 2024
agreements
Property
Motor vehicles
Number of lease agreements
481
7
600
Average lease term (months)
103
100
39
Average remaining term (months)
43
47
20
The maturity profile of lease liabilities is shown below:
Within Over
one year Year 2 Year 3 Year 4 Year 5 5 years Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 October 2025
Leases
4,953
3,361
1,836
833
512
776
12,271
At 31 October 2024
Leases
5,195
3,340
1,918
1,281
588
986
13,308
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-501": { "value": "
24 Post-employment benefit obligations
The Parent Company and its principal subsidiaries (the \u201cGroup\u201d) operate pension and other retirement and
post-employment schemes including both funded defined benefit schemes, and defined contribution schemes.
Defined benefit plans
A defined benefit plan is a pension arrangement under which participating members receive a benefit at retirement.
The amount is determined by the plan rules and is dependent on such factors as age, years of service and pensionable
pay and is not dependent on contributions made by the employing company or members. The income statement service
cost, in respect of defined benefit plans represents the increase in the defined benefit liability arising from pension
benefits accrued by members in the current experience being different to those assumptions and the return on plan
assets above the amount included in net pension interest.
Defined contribution plans are arrangements in which the benefits paid to participants are linked to the amount of
contributions paid and the performance of the scheme. Such plans are independent of the Group and the Group has no
exposure to investment and experience risks. The income statement charge for these plans represents the contributions
paid by the Group based on a percentage of employees\u2019 pay.
The Group\u2019s defined benefit pension schemes are included in the statement of financial position under employment
benefit obligations, as are other overseas retirement provisions.
The amounts charged to profit and loss for all post-employment benefits are shown in note 7.
The amount shown in the statement of financial position is detailed as follows:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Overseas employment benefit obligations
4,292
4,119
Defined benefit schemes
264
283
4,556
4,402
Me Group International plc defined benefit pension scheme
The Parent Company (the \u201cCompany\u201d) runs a defined benefit pension scheme, the Photo-Me International Plc Pension
and Life Assurance Fund (the \u201cFund\u201d). This note covers the pension obligations provided from the Fund.
The Fund is administered by a corporate Trustee, with Trustee Directors, which is legally separate from the Company. The
Trustee Directors include representatives of both the Company and Fund members. The Trustee Directors are required
by law to act in the interest of all relevant beneficiaries and are responsible for the investment policy with regard to the
assets plus the day-to-day administration of the benefits.
The level of benefits provided by the Fund depends on a member\u2019s length of service and salary at date of leaving or
retiring from the Fund. Annual pension increases between leaving the Fund and retirement are linked to increases
in the Retail Prices Index (RPI). After retirement, annual pension increases are at 3.0% pa for pension accrued before
April 1997 and in line with increases in the Retail Prices Index (RPI), up to a maximum of 5.0% pa, for pension accrued from
April 1997.
The benefit payments are from a trustee administered fund containing assets held in trust and governed by UK regulations
and practice. The amount of Company contributions is decided jointly by the Trustee Directors and the Company.
The Fund\u2019s investment strategy is decided by the Trustee Directors, in consultation with the Company. The Trustee
Directors exercise their powers of investment (or delegation where these powers have been delegated to a fund
manager) in a manner calculated to ensure the security, quality, liquidity and profitability of the portfolio as a whole.
In November 2024, the Trustees decided to obtain an additional buy-in insurance policy and the total asset portfolio is
now made up of cash held in the Fund bank account and insurance policies in respect of the Fund members. The trustee
directors have taken expert advice on the investment strategy and purchase of the insurance policies.
The actuarial valuation of the UK Pension scheme has revealed a surplus at 31 October 2025 and at each financial
statement date since 30 April 2017. This surplus has not been recognised as an asset, in accordance with IFRIC 14, as in the
future the surplus will not be recovered by a reduction in future contributions to the scheme and the Group has no right to
receive a refund of surplus at any point. The scheme has been closed to new members for over 30 years.
Profile of the Fund
The Defined Benefit Obligation is entirely made up of pensioner members.
The Defined Benefit Obligation for all members is backed by insurance policies. A corresponding asset equal to the
Defined Benefit Obligation is included in this note in respect of these members.
The Fund duration is an indicator of the weighted-average time until benefit payments are made. For the Fund as a
whole, the duration is around 8 years.
Funding requirements
UK legislation requires that pension schemes are funded prudently. The most recent triennial funding valuation of the
Fund was carried out by a qualified actuary with an effective date of 1 June 2021. The scheme entered wind-up in July
2025, ending the requirement for triennial funding valuations. As the wind-up began before the statutory deadline for
completing the June 2024 valuation, no valuation was necessary.
At the last funding valuation date the Fund had a funding level of 102% and a surplus of approximately \u00a30.2 million on a
technical provisions basis. This basis uses actuarial assumptions adopted by the Trustee Directors of the Fund that are
consistent with the Fund continuing on an ongoing basis with support from the Company.
The last active member ceased employment with the Company in 2020 so contributions are no longer required in respect
of the accrual of benefits in the Fund.
Risks associated with the Fund
The Fund exposes the Company to a number of risks, the most significant of which are described below. However, as all
liabilities are now backed by insurance policies, the risks to the Company have been significantly reduced.
Changes in bond yields
A decrease in corporate bond yields will increase the value placed on the Fund\u2019s liabilities for
IAS 19, although this will be offset by an increase in the value of the Fund\u2019s insurance policies
backing pensions in payment.
Inflation risk
Some of the Fund\u2019s benefit obligations are linked to inflation, and higher inflation will lead to
higher liabilities (although, in most cases, caps on the level of inflationary increases are in place
to protect against extreme inflation). However, this will be offset by an increase in the value of
the insurance policies backing pensions in payment.
Life expectancy
The majority of the Fund\u2019s obligations are to provide benefits for the life of the member, so
increases in life expectancy will result in an increase in the liabilities. Increases in life expectancy
will be offset by an increase in the value of the insurance policies backing pensions in payment.
Reconciliation of the movement in the present value of the defined benefit obligation
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Present value of defined benefit obligation at beginning of the period
3,662
3,685
Current service cost
\u2013
\u2013
Interest cost
186
197
Actuarial losses / (gains) on fund liabilities arising in demographic assumptions
30
(4)
Actuarial (gains) / losses from changes in financial assumptions
(30)
84
Actuarial losses on liabilities from experience
18
29
Benefits paid
(320)
(329)
Present value of defined benefit obligation at end of the period
3,546
3,662
Reconciliation of the movement in the fair value of plan assets
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fair value of plan assets at beginning of the period
3,958
4,001
Interest income on fund assets
201
215
Remeasurement (losses) / gains on assets
(263)
71
Benefits paid
(320)
(329)
Fair value of plan assets at end of the period
3,576
3,958
Amount to be recognised in the statement of financial position
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Present value of funded obligations
3,546
3,662
Fair value of scheme assets
3,576
3,958
Net surplus
(30)
(296)
Effect of limit of recognition of an asset
30
296
Amount recognised in statement of financial position
\u2013
\u2013
Amount recognised in profit and loss
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Amount recognised in profit and loss
Current service cost
\u2013
\u2013
Interest on net defined liability / (asset)
\u2013
\u2013
Total charge
\u2013
\u2013
Pension expense recognised in profit and loss
\u2013
\u2013
Remeasurement in Other Comprehensive Income
Return on Scheme assets below that / (in excess of) that recognised in net interest
263
(71)
Actuarial (gains) / losses due to changes in financial assumptions
(30)
84
Actuarial losses / (gains) due to changes in demographic assumptions
30
(4)
Actuarial losses on liabilities arising from experience
18
29
Adjustment due to the asset ceiling
(281)
(38)
Total expense / (income)\ue01famount recognised in Other Comprehensive Income
\u2013
\u2013
Total expense amount recognised in Comprehensive Income
\u2013
\u2013
The amounts shown above are included in staff costs (note 7) and in administrative expenses.
An analysis of the assets of the plan is as follows:
31 October 2025
31 October 2024
\u00a3\u2019000
%
\u00a3\u2019000
%
Bonds and insurance policies
3,546
99
3,810
96
Other
30
1
148
4
3,576
100
3,958
100
There were no financial instruments of the Company included in the plan assets (2024: none) and there were no property
assets occupied by the Company (2024: none).
Principal actuarial assumptions
31 October 31 October
2025 2024
% %
Discount rate for scheme liabilities
5.3
5.3
Rate for increase in salaries
n/a
n/a
Price inflation
2.6
3.2
Pension increases
2.6
3.0
The mortality tables used for 2025 are S3NXA Light tables for males and S3NXA All lives for females, with CMI 2024
projections and a long-term rate of improvement of 1.25% pa. The mortality tables used for 2024 were also S3NXA Light
tables, but with CMI 2023 projections and a long term rate of improvement of 1.25% pa. The mortality assumptions allow
for expected future improvements in mortality rates.
31 October 2025
31 October 2024
Male currently aged 65
23.7 years (age 88.7)
23.3 years (age 88.3)
Female currently aged 65
24.9 years (age 89.9)
24.8 years (age 89.8)
History of asset values, defined benefit obligation and surplus/deficit in fund
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fair value of defined benefit obligation
3,576
3,958
3,685
4,364
5,788
Fair value of assets
3,546
3,662
4,001
4,769
6,641
Surplus / (deficit)
30
296
316
405
853
History of experience gains and losses
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Experience gains / (losses) on fund assets
(263)
71
(672)
(1,645)
(170)
Experience (losses) / gains on plan liabilities
(18)
(29)
268
(84)
79
Liabilities for 2025, 2024, 2023, 2022 and 2021 relate to gains/(losses) in respect of liability experience only, and excludes
any change in liabilities in respect of changes to the actuarial assumptions used.
Sensitivity to key assumptions
The key assumptions used for the IAS 19 valuation are: discount rate, inflation rate and mortality. If different assumptions
were used, this could have a material effect on the results disclosed. The table below shows the sensitivity to the key
assumptions noted above.
Defined
Plan benefit
assets obligation Surplus
Period ended 31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
As reported
3,576
3,546
30
Following a 0.1% decrease in the discount rate
3,604
3,574
30
Following a 0.1% increase in the inflation assumption
3,584
3,554
30
Following an increase in the life expectancy of one year
3,801
3,771
30
The sensitivity information shown above has been prepared using the same method as adopted when adjusting the
results of the latest valuation to the statement of financial position data. This is the same approach as has been adopted
in previous years.
Overseas pension schemes
The Group\u2019s Swiss subsidiary, Me Group Switzerland AG participates in funded multi-employer pension schemes.
A guaranteed return for such employees\u2019 schemes is mandated by the Swiss state. An actuarial valuation was performed
at 31 October 2025 and 31 October 2024 by independent actuaries.
Reconciliation of the movement in the present value of the defined benefit obligation
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Present value of defined benefit obligation at start of the period
3,012
2,930
Exchange difference
204
(61)
Contribution by members
37
37
Current service cost
143
130
Past service cost
(31)
(24)
Interest cost
36
56
Remeasurement losses on plan liabilities
213
282
Prepaid risk premiums
(38)
(37)
Benefits deposited / (paid)
192
(302)
Administration costs
2
1
Present value of defined benefit obligation at end of the period
3,770
3,012
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fair value of plan assets at start of the period
2,729
2,714
Exchange difference
189
(56)
Contributions by company and members
187
185
Expected return on plan assets
33
52
Remeasurement gains on plan assets
215
173
Benefits deposited / (paid)
192
(302)
Prepaid risk premiums
(38)
(37)
Fair value of plan assets at end of the period
3,507
2,729
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net liability at start of the period
283
216
Exchange difference
15
(5)
(Decrease) / increase in liability
(35)
72
Net liability at end of the period
263
283
Amounts recognised in comprehensive income
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Amount recognised in profit and loss:
Amounts recognised in comprehensive income:
Current service cost
143
130
Past service cost
(31)
(24)
Administrative expenses
2
1
Net pension interest
3
4
Total charge
117
111
Amount recognised in other comprehensive income:
Gain on scheme assets
(215)
(173)
Actuarial losses on defined benefit obligation
213
282
Total amount recognised in other comprehensive income
(2)
109
Total amount recognised in profit and loss and other comprehensive income
115
220
31 October 2025
30 October 2024
\u00a3\u2019000
%
\u00a3\u2019000
%
Cash
35
1
28
1
Equities & debt instruments
2,349
67
1,856
68
Other
1,122
32
846
31
Total plan assets
3,507
100
2,729
100
Principal actuarial assumptions
31 October 31 October
2025 2024
% %
Discount rate
1.10
1.10
Expected return on plan assets at end of year
n/a
n/a
Rate of increase in salaries
1.20
1.20
Price inflation
1.00
1.00
The normal retirement age for males is between 60 \u2013 65 years and for females between 59 \u2013 64 years for both 2025
and 2024.
The mortality tables used in 2025, 2024, 2023, 2022 and 2021 were the BVG 2020 GT tables
History of assets, liabilities and actuarial gains and losses
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Present value of defined benefit obligation
3,770
3,012
2,930
2,898
3,621
Fair value of assets
3,507
2,729
2,714
2,740
3,113
Deficit
(263)
(283)
(216)
(158)
(508)
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Experience (losses) / gains on plan liabilities
(213)
(282)
56
658
436
\u2013 as a percentage of the present value of plan liabilities
(6%)
(9%)
(2%)
(23%)
(12%)
Remeasurement gains / (losses) on plan assets
215
173
(125)
(276)
166
\u2013 as a percentage of the present value of plan assets
6%
6%
(5%)
(10%)
5%
Sensitivity to key assumptions
The key assumptions used for the IAS 19 valuation are: discount rate, inflation rate and mortality.
If different assumptions were used, this could have a material effect on the results disclosed.
The table below shows the sensitivity to the key assumptions noted above.
Increase/
Defined (decrease) in
benefit defined benefit
obligation obligation
\u00a3\u2019000 \u00a3\u2019000
Defined benefit obligation as reported
3,770
\u2013
Defined benefit obligation
\u2013 with discount rate \u2013 0.25%
3,903
133
\u2013 with discount rate 0.25%
3,645
(125)
\u2013 with salary decrease \u2013 0.25%
3,747
(24)
\u2013 with salary increase 0.25%
3,792
22
\u2013 with life expectancy 1 year
3,826
56
\u2013 with life expectancy \u2013 1 year
3,713
(57)
The Group\u2019s best estimate for contributions to be paid by the Group next year to the scheme is \u00a3199,000 (2024: \u00a3139,000).
The amount recognised in the income statement for this scheme was \u00a3117,000 (2024: \u00a3111,000).
Overseas post\u2011employment benefit obligations
Provisions for obligations to make termination payments on retirement, to employees who are not members of the
pension and retirement schemes, are as follows:
\u25aa The Group\u2019s Japanese subsidiary undertaking, ME Group Japan, has an unfunded post-employment retirement
provision based on an employee\u2019s length of service with the company and their current salary. The allowance is
paid to an employee when they leave the company. This has been provided for in full within the accounts. ME Group
Japan, agreed with the employees that 50% of the liability for the retirement provision will be paid in cash to an
independently controlled defined contribution scheme, with the balance to be met by the company when the
employee leaves. The provision was valued by an independent actuary using the Projected Unit Credit Method at
31 October 2025 and 31 October 2024. This actuarial valuation incorporated the following principal assumptions in
arriving at the present value of the obligations:
31 October 31 October
2025 2024
Discount rate
1.65%
0.97%
Rate of increase in salaries
0%
0%
Retirement age
60 years
60 years
Mortality table
Standard mortality rates under
Standard mortality rates under
defined benefit corporation defined benefit corporation
pension plan (the 23rd Life Table pension plan (the 22nd Life Table
for male & female for male & female
Expenses relating to the Japanese post-employment benefit obligation were recognised in the following sections of the
statement of comprehensive income:
\u25aa Administration expenses \u00a356,000 (2024: \u00a362,000)
\u25aa Interest expense \u00a37,000 (2024: \u00a38,000)
\u25aa Remeasurement loss in other comprehensive income \u00a336,000 (2024: remeasurement gain of \u00a34,000)
To meet the legal obligations within France, the Group\u2019s subsidiary undertakings have unfunded retirement provisions,
which were valued by an independent actuary using the Projected Unit Credit Method at 31 October 2025 and
31 October 2024. This actuarial valuation incorporated the following principal assumptions in arriving at the present value
of the obligations:
31 October 31 October
2025 2024
Discount rate
3.70%
3.40%
Rate of increase in salaries
2.00%
2.00%
Retirement age
62-67 years
62-67 years
Inflation rate
2.10%
2.10%
Mortality table
TGH/TGF 05
TGH/TGF 05
Expenses relating to the French post-employment benefit obligation were recognised in the following sections of the
statement of comprehensive income:
\u25aa Administration expenses \u00a3100,000 (2024: \u00a374,000)
\u25aa Finance cost \u00a3114,000 (2024: \u00a3105,000)
\u25aa Remeasurement gains in other comprehensive income \u00a3100,000 (2024: remeasurement loss of \u00a3408,000)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-540": { "value": "Defined benefit plans A defined benefit plan is a pension arrangement under which participating members receive a benefit at retirement. The amount is determined by the plan rules and is dependent on such factors as age, years of service and pensionable pay and is not dependent on contributions made by the employing company or members. The income statement service cost, in respect of defined benefit plans represents the increase in the defined benefit liability arising from pension benefits accrued by members in the current experience being different to those assumptions and the return on plan assets above the amount included in net pension interest. Defined contribution plans are arrangements in which the benefits paid to participants are linked to the amount of contributions paid and the performance of the scheme. Such plans are independent of the Group and the Group has no exposure to investment and experience risks. The income statement charge for these plans represents the contributions paid by the Group based on a percentage of employees\u2019 pay. The Group\u2019s defined benefit pension schemes are included in the statement of financial position under employment benefit obligations, as are other overseas retirement provisions. The amounts charged to profit and loss for all post-employment benefits are shown in note 7. The amount shown in the statement of financial position is detailed as follows:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Overseas employment benefit obligations
4,292
4,119
Defined benefit schemes
264
283
4,556
4,402
Me Group International plc defined benefit pension scheme The Parent Company (the \u201cCompany\u201d) runs a defined benefit pension scheme, the Photo-Me International Plc Pension and Life Assurance Fund (the \u201cFund\u201d). This note covers the pension obligations provided from the Fund. The Fund is administered by a corporate Trustee, with Trustee Directors, which is legally separate from the Company. The Trustee Directors include representatives of both the Company and Fund members. The Trustee Directors are required by law to act in the interest of all relevant beneficiaries and are responsible for the investment policy with regard to the assets plus the day-to-day administration of the benefits. The level of benefits provided by the Fund depends on a member\u2019s length of service and salary at date of leaving or retiring from the Fund. Annual pension increases between leaving the Fund and retirement are linked to increases in the Retail Prices Index (RPI). After retirement, annual pension increases are at 3.0% pa for pension accrued before April 1997 and in line with increases in the Retail Prices Index (RPI), up to a maximum of 5.0% pa, for pension accrued from April 1997. The benefit payments are from a trustee administered fund containing assets held in trust and governed by UK regulations and practice. The amount of Company contributions is decided jointly by the Trustee Directors and the Company. The Fund\u2019s investment strategy is decided by the Trustee Directors, in consultation with the Company. The Trustee Directors exercise their powers of investment (or delegation where these powers have been delegated to a fund manager) in a manner calculated to ensure the security, quality, liquidity and profitability of the portfolio as a whole. In November 2024, the Trustees decided to obtain an additional buy-in insurance policy and the total asset portfolio is now made up of cash held in the Fund bank account and insurance policies in respect of the Fund members. The trustee directors have taken expert advice on the investment strategy and purchase of the insurance policies. The actuarial valuation of the UK Pension scheme has revealed a surplus at 31 October 2025 and at each financial statement date since 30 April 2017. This surplus has not been recognised as an asset, in accordance with IFRIC 14, as in the future the surplus will not be recovered by a reduction in future contributions to the scheme and the Group has no right to receive a refund of surplus at any point. The scheme has been closed to new members for over 30 years. Profile of the Fund The Defined Benefit Obligation is entirely made up of pensioner members. The Defined Benefit Obligation for all members is backed by insurance policies. A corresponding asset equal to the Defined Benefit Obligation is included in this note in respect of these members. The Fund duration is an indicator of the weighted-average time until benefit payments are made. For the Fund as a whole, the duration is around 8 years. Funding requirements UK legislation requires that pension schemes are funded prudently. The most recent triennial funding valuation of the Fund was carried out by a qualified actuary with an effective date of 1 June 2021. The scheme entered wind-up in July 2025, ending the requirement for triennial funding valuations. As the wind-up began before the statutory deadline for completing the June 2024 valuation, no valuation was necessary. At the last funding valuation date the Fund had a funding level of 102% and a surplus of approximately \u00a30.2 million on a technical provisions basis. This basis uses actuarial assumptions adopted by the Trustee Directors of the Fund that are consistent with the Fund continuing on an ongoing basis with support from the Company. The last active member ceased employment with the Company in 2020 so contributions are no longer required in respect of the accrual of benefits in the Fund. Risks associated with the Fund The Fund exposes the Company to a number of risks, the most significant of which are described below. However, as all liabilities are now backed by insurance policies, the risks to the Company have been significantly reduced.
Changes in bond yields
A decrease in corporate bond yields will increase the value placed on the Fund\u2019s liabilities for
IAS 19, although this will be offset by an increase in the value of the Fund\u2019s insurance policies
backing pensions in payment.
Inflation risk
Some of the Fund\u2019s benefit obligations are linked to inflation, and higher inflation will lead to
higher liabilities (although, in most cases, caps on the level of inflationary increases are in place
to protect against extreme inflation). However, this will be offset by an increase in the value of
the insurance policies backing pensions in payment.
Life expectancy
The majority of the Fund\u2019s obligations are to provide benefits for the life of the member, so
increases in life expectancy will result in an increase in the liabilities. Increases in life expectancy
will be offset by an increase in the value of the insurance policies backing pensions in payment.
Reconciliation of the movement in the present value of the defined benefit obligation
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Present value of defined benefit obligation at beginning of the period
3,662
3,685
Current service cost
\u2013
\u2013
Interest cost
186
197
Actuarial losses / (gains) on fund liabilities arising in demographic assumptions
30
(4)
Actuarial (gains) / losses from changes in financial assumptions
(30)
84
Actuarial losses on liabilities from experience
18
29
Benefits paid
(320)
(329)
Present value of defined benefit obligation at end of the period
3,546
3,662
Reconciliation of the movement in the fair value of plan assets
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fair value of plan assets at beginning of the period
3,958
4,001
Interest income on fund assets
201
215
Remeasurement (losses) / gains on assets
(263)
71
Benefits paid
(320)
(329)
Fair value of plan assets at end of the period
3,576
3,958
Amount to be recognised in the statement of financial position
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Present value of funded obligations
3,546
3,662
Fair value of scheme assets
3,576
3,958
Net surplus
(30)
(296)
Effect of limit of recognition of an asset
30
296
Amount recognised in statement of financial position
\u2013
\u2013
Amount recognised in profit and loss
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Amount recognised in profit and loss
Current service cost
\u2013
\u2013
Interest on net defined liability / (asset)
\u2013
\u2013
Total charge
\u2013
\u2013
Pension expense recognised in profit and loss
\u2013
\u2013
Remeasurement in Other Comprehensive Income
Return on Scheme assets below that / (in excess of) that recognised in net interest
263
(71)
Actuarial (gains) / losses due to changes in financial assumptions
(30)
84
Actuarial losses / (gains) due to changes in demographic assumptions
30
(4)
Actuarial losses on liabilities arising from experience
18
29
Adjustment due to the asset ceiling
(281)
(38)
Total expense / (income)\ue01famount recognised in Other Comprehensive Income
\u2013
\u2013
Total expense amount recognised in Comprehensive Income
\u2013
\u2013
The amounts shown above are included in staff costs (note 7) and in administrative expenses. An analysis of the assets of the plan is as follows:
31 October 2025
31 October 2024
\u00a3\u2019000
%
\u00a3\u2019000
%
Bonds and insurance policies
3,546
99
3,810
96
Other
30
1
148
4
3,576
100
3,958
100
There were no financial instruments of the Company included in the plan assets (2024: none) and there were no property assets occupied by the Company (2024: none). Principal actuarial assumptions
31 October 31 October
2025 2024
% %
Discount rate for scheme liabilities
5.3
5.3
Rate for increase in salaries
n/a
n/a
Price inflation
2.6
3.2
Pension increases
2.6
3.0
The mortality tables used for 2025 are S3NXA Light tables for males and S3NXA All lives for females, with CMI 2024 projections and a long-term rate of improvement of 1.25% pa. The mortality tables used for 2024 were also S3NXA Light tables, but with CMI 2023 projections and a long term rate of improvement of 1.25% pa. The mortality assumptions allow for expected future improvements in mortality rates.
31 October 2025
31 October 2024
Male currently aged 65
23.7 years (age 88.7)
23.3 years (age 88.3)
Female currently aged 65
24.9 years (age 89.9)
24.8 years (age 89.8)
History of asset values, defined benefit obligation and surplus/deficit in fund
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Fair value of defined benefit obligation
3,576
3,958
3,685
4,364
5,788
Fair value of assets
3,546
3,662
4,001
4,769
6,641
Surplus / (deficit)
30
296
316
405
853
History of experience gains and losses
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Experience gains / (losses) on fund assets
(263)
71
(672)
(1,645)
(170)
Experience (losses) / gains on plan liabilities
(18)
(29)
268
(84)
79
Liabilities for 2025, 2024, 2023, 2022 and 2021 relate to gains/(losses) in respect of liability experience only, and excludes any change in liabilities in respect of changes to the actuarial assumptions used. Sensitivity to key assumptions The key assumptions used for the IAS 19 valuation are: discount rate, inflation rate and mortality. If different assumptions were used, this could have a material effect on the results disclosed. The table below shows the sensitivity to the key assumptions noted above.
Defined
Plan benefit
assets obligation Surplus
Period ended 31 October 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
As reported
3,576
3,546
30
Following a 0.1% decrease in the discount rate
3,604
3,574
30
Following a 0.1% increase in the inflation assumption
3,584
3,554
30
Following an increase in the life expectancy of one year
3,801
3,771
30
The sensitivity information shown above has been prepared using the same method as adopted when adjusting the results of the latest valuation to the statement of financial position data. This is the same approach as has been adopted in previous years. Overseas pension schemes The Group\u2019s Swiss subsidiary, Me Group Switzerland AG participates in funded multi-employer pension schemes. A guaranteed return for such employees\u2019 schemes is mandated by the Swiss state. An actuarial valuation was performed at 31 October 2025 and 31 October 2024 by independent actuaries. Reconciliation of the movement in the present value of the defined benefit obligation
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Present value of defined benefit obligation at start of the period
3,012
2,930
Exchange difference
204
(61)
Contribution by members
37
37
Current service cost
143
130
Past service cost
(31)
(24)
Interest cost
36
56
Remeasurement losses on plan liabilities
213
282
Prepaid risk premiums
(38)
(37)
Benefits deposited / (paid)
192
(302)
Administration costs
2
1
Present value of defined benefit obligation at end of the period
3,770
3,012
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Fair value of plan assets at start of the period
2,729
2,714
Exchange difference
189
(56)
Contributions by company and members
187
185
Expected return on plan assets
33
52
Remeasurement gains on plan assets
215
173
Benefits deposited / (paid)
192
(302)
Prepaid risk premiums
(38)
(37)
Fair value of plan assets at end of the period
3,507
2,729
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Net liability at start of the period
283
216
Exchange difference
15
(5)
(Decrease) / increase in liability
(35)
72
Net liability at end of the period
263
283
Amounts recognised in comprehensive income
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Amount recognised in profit and loss:
Amounts recognised in comprehensive income:
Current service cost
143
130
Past service cost
(31)
(24)
Administrative expenses
2
1
Net pension interest
3
4
Total charge
117
111
Amount recognised in other comprehensive income:
Gain on scheme assets
(215)
(173)
Actuarial losses on defined benefit obligation
213
282
Total amount recognised in other comprehensive income
(2)
109
Total amount recognised in profit and loss and other comprehensive income
115
220
31 October 2025
30 October 2024
\u00a3\u2019000
%
\u00a3\u2019000
%
Cash
35
1
28
1
Equities & debt instruments
2,349
67
1,856
68
Other
1,122
32
846
31
Total plan assets
3,507
100
2,729
100
Principal actuarial assumptions
31 October 31 October
2025 2024
% %
Discount rate
1.10
1.10
Expected return on plan assets at end of year
n/a
n/a
Rate of increase in salaries
1.20
1.20
Price inflation
1.00
1.00
The normal retirement age for males is between 60 \u2013 65 years and for females between 59 \u2013 64 years for both 2025 and 2024. The mortality tables used in 2025, 2024, 2023, 2022 and 2021 were the BVG 2020 GT tables History of assets, liabilities and actuarial gains and losses
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Present value of defined benefit obligation
3,770
3,012
2,930
2,898
3,621
Fair value of assets
3,507
2,729
2,714
2,740
3,113
Deficit
(263)
(283)
(216)
(158)
(508)
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Experience (losses) / gains on plan liabilities
(213)
(282)
56
658
436
\u2013 as a percentage of the present value of plan liabilities
(6%)
(9%)
(2%)
(23%)
(12%)
Remeasurement gains / (losses) on plan assets
215
173
(125)
(276)
166
\u2013 as a percentage of the present value of plan assets
6%
6%
(5%)
(10%)
5%
Sensitivity to key assumptions The key assumptions used for the IAS 19 valuation are: discount rate, inflation rate and mortality. If different assumptions were used, this could have a material effect on the results disclosed. The table below shows the sensitivity to the key assumptions noted above.
Increase/
Defined (decrease) in
benefit defined benefit
obligation obligation
\u00a3\u2019000 \u00a3\u2019000
Defined benefit obligation as reported
3,770
\u2013
Defined benefit obligation
\u2013 with discount rate \u2013 0.25%
3,903
133
\u2013 with discount rate 0.25%
3,645
(125)
\u2013 with salary decrease \u2013 0.25%
3,747
(24)
\u2013 with salary increase 0.25%
3,792
22
\u2013 with life expectancy 1 year
3,826
56
\u2013 with life expectancy \u2013 1 year
3,713
(57)
The Group\u2019s best estimate for contributions to be paid by the Group next year to the scheme is \u00a3199,000 (2024: \u00a3139,000). The amount recognised in the income statement for this scheme was \u00a3117,000 (2024: \u00a3111,000). Overseas post\u2011employment benefit obligations Provisions for obligations to make termination payments on retirement, to employees who are not members of the pension and retirement schemes, are as follows: \u25aa The Group\u2019s Japanese subsidiary undertaking, ME Group Japan, has an unfunded post-employment retirement provision based on an employee\u2019s length of service with the company and their current salary. The allowance is paid to an employee when they leave the company. This has been provided for in full within the accounts. ME Group Japan, agreed with the employees that 50% of the liability for the retirement provision will be paid in cash to an independently controlled defined contribution scheme, with the balance to be met by the company when the employee leaves. The provision was valued by an independent actuary using the Projected Unit Credit Method at 31 October 2025 and 31 October 2024. This actuarial valuation incorporated the following principal assumptions in arriving at the present value of the obligations:
31 October 31 October
2025 2024
Discount rate
1.65%
0.97%
Rate of increase in salaries
0%
0%
Retirement age
60 years
60 years
Mortality table
Standard mortality rates under
Standard mortality rates under
defined benefit corporation defined benefit corporation
pension plan (the 23rd Life Table pension plan (the 22nd Life Table
for male & female for male & female
Expenses relating to the Japanese post-employment benefit obligation were recognised in the following sections of the statement of comprehensive income: \u25aa Administration expenses \u00a356,000 (2024: \u00a362,000) \u25aa Interest expense \u00a37,000 (2024: \u00a38,000) \u25aa Remeasurement loss in other comprehensive income \u00a336,000 (2024: remeasurement gain of \u00a34,000) To meet the legal obligations within France, the Group\u2019s subsidiary undertakings have unfunded retirement provisions, which were valued by an independent actuary using the Projected Unit Credit Method at 31 October 2025 and 31 October 2024. This actuarial valuation incorporated the following principal assumptions in arriving at the present value of the obligations:
31 October 31 October
2025 2024
Discount rate
3.70%
3.40%
Rate of increase in salaries
2.00%
2.00%
Retirement age
62-67 years
62-67 years
Inflation rate
2.10%
2.10%
Mortality table
TGH/TGF 05
TGH/TGF 05
Expenses relating to the French post-employment benefit obligation were recognised in the following sections of the statement of comprehensive income: \u25aa Administration expenses \u00a3100,000 (2024: \u00a374,000) \u25aa Finance cost \u00a3114,000 (2024: \u00a3105,000) \u25aa Remeasurement gains in other comprehensive income \u00a3100,000 (2024: remeasurement loss of \u00a3408,000)", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-502": { "value": "
25 Provisions
Employee
related Product
claims warranties Other Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
At 31 October 2023
272
901
711
1,884
Exchange differences
(20)
(14)
(41)
(75)
Utilised and other movements
(77)
\u2013
(296)
(373)
Disposal of subsidiary
\u2013
\u2013
(303)
(303)
Charged to income statement
621
(453)
5
173
At 31 October 2024
796
434
76
1,306
Amount shown as current liability
796
434
76
1,306
Amount shown as non-current liability
\u2013
\u2013
\u2013
\u2013
At 31 October 2024
796
434
76
1,306
Exchange differences
20
2
17
39
Utilised and other movements
(553)
(268)
\u2013
(821)
Charged to income statement
\u2013
\u2013
36
36
At 31 October 2025
263
168
129
560
Amount shown as current liability
263
168
129
560
Amount shown as non-current liability
\u2013
\u2013
\u2013
\u2013
Employee related claims
Expected timing of payment is over the next 12 months.
Product warranties
The Group provides a warranty on all machines sold. The provision value is based on historic data regarding the average
cost of repairs performed under warranty and future expectations. The expected timing of payment is over the next
12 months.
Other
Expected timing of payment is over the next 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-585": { "value": "26 Deferred taxation Deferred tax comprises:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Temporary differences relating to property, plant and equipment
5,618
4,408
Other temporary differences in recognising revenue and expense items in other periods for taxation
purposes:
\u2013 capitalised development costs
1,040
989
\u2013 post-employment benefit provisions
(1,297)
(1,269)
\u2013 acquisition related intangibles
541
916
\u2013 other short-term temporary differences
3,695
2,159
9,598
7,202
The closing balance comprises:
Deferred tax assets
(2,151)
(2,668)
Deferred tax liabilities
11,749
9,870
9,598
7,202
The movements on deferred taxation during the period were as follows:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Opening balance
7,202
8,566
Exchange differences
(42)
(233)
Post-employment benefit provisions
25
(118)
Charge for the period in income statement
2,413
1,580
Disposal of subsidiary
\u2013
(2,593)
Closing balance
9,598
7,202
Temporary differences associated with Group investments Unremitted earnings of overseas affiliates No deferred tax liability has been recognised on the unremitted earnings of overseas subsidiaries as no tax is expected to be payable on them in the foreseeable future based on current legislation or where the Group is able to control remittance of earnings and it is possible that such earnings will not be remitted in the foreseeable future. Unrecognised deferred tax assets The Group has no unrecognised deferred tax assets. Factors that may affect future tax charges The deferred tax assets and liabilities have been recognised based on the respective corporation tax rates at which they are anticipated to unwind in each jurisdiction. 27 Trade and other payables
31 October
31 October 2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Amounts shown as non-current liabilities
Amounts due for acquisition earn-outs
381
\u2013
381
\u2013
Amounts shown as current liabilities
Trade payables
34,502
31,179
Other taxes and social security costs
3,416
4,692
Other payables
2,122
3,279
Amounts due for acquisition earn-outs
937
\u2013
Accruals and deferred income
11,236
9,004
52,213
48,154
Amounts due for acquisition earn-outs are in relation to the Group\u2019s acquisition of APS. Earn-out values are contingent on future performance of the acquired company and have been measured at fair value. Earn-out payments are due in March 2026 and March 2027. See note 31 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-567": { "value": "26 Deferred taxation Deferred tax comprises:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Temporary differences relating to property, plant and equipment
5,618
4,408
Other temporary differences in recognising revenue and expense items in other periods for taxation
purposes:
\u2013 capitalised development costs
1,040
989
\u2013 post-employment benefit provisions
(1,297)
(1,269)
\u2013 acquisition related intangibles
541
916
\u2013 other short-term temporary differences
3,695
2,159
9,598
7,202
The closing balance comprises:
Deferred tax assets
(2,151)
(2,668)
Deferred tax liabilities
11,749
9,870
9,598
7,202
The movements on deferred taxation during the period were as follows:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Opening balance
7,202
8,566
Exchange differences
(42)
(233)
Post-employment benefit provisions
25
(118)
Charge for the period in income statement
2,413
1,580
Disposal of subsidiary
\u2013
(2,593)
Closing balance
9,598
7,202
Temporary differences associated with Group investments Unremitted earnings of overseas affiliates No deferred tax liability has been recognised on the unremitted earnings of overseas subsidiaries as no tax is expected to be payable on them in the foreseeable future based on current legislation or where the Group is able to control remittance of earnings and it is possible that such earnings will not be remitted in the foreseeable future. Unrecognised deferred tax assets The Group has no unrecognised deferred tax assets. Factors that may affect future tax charges The deferred tax assets and liabilities have been recognised based on the respective corporation tax rates at which they are anticipated to unwind in each jurisdiction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-541": { "value": "26 Deferred taxation Deferred tax comprises:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Temporary differences relating to property, plant and equipment
5,618
4,408
Other temporary differences in recognising revenue and expense items in other periods for taxation
purposes:
\u2013 capitalised development costs
1,040
989
\u2013 post-employment benefit provisions
(1,297)
(1,269)
\u2013 acquisition related intangibles
541
916
\u2013 other short-term temporary differences
3,695
2,159
9,598
7,202
The closing balance comprises:
Deferred tax assets
(2,151)
(2,668)
Deferred tax liabilities
11,749
9,870
9,598
7,202
The movements on deferred taxation during the period were as follows:
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Opening balance
7,202
8,566
Exchange differences
(42)
(233)
Post-employment benefit provisions
25
(118)
Charge for the period in income statement
2,413
1,580
Disposal of subsidiary
\u2013
(2,593)
Closing balance
9,598
7,202
Temporary differences associated with Group investments Unremitted earnings of overseas affiliates No deferred tax liability has been recognised on the unremitted earnings of overseas subsidiaries as no tax is expected to be payable on them in the foreseeable future based on current legislation or where the Group is able to control remittance of earnings and it is possible that such earnings will not be remitted in the foreseeable future. Unrecognised deferred tax assets The Group has no unrecognised deferred tax assets. Factors that may affect future tax charges The deferred tax assets and liabilities have been recognised based on the respective corporation tax rates at which they are anticipated to unwind in each jurisdiction. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-543": { "value": "
27 Trade and other payables
31 October
31 October 2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Amounts shown as non-current liabilities
Amounts due for acquisition earn-outs
381
\u2013
381
\u2013
Amounts shown as current liabilities
Trade payables
34,502
31,179
Other taxes and social security costs
3,416
4,692
Other payables
2,122
3,279
Amounts due for acquisition earn-outs
937
\u2013
Accruals and deferred income
11,236
9,004
52,213
48,154
Amounts due for acquisition earn-outs are in relation to the Group\u2019s acquisition of APS. Earn-out values are contingent
on future performance of the acquired company and have been measured at fair value. Earn-out payments are due in
March 2026 and March 2027. See note 31 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-504": { "value": "27 Trade and other payables
31 October
31 October 2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Amounts shown as non-current liabilities
Amounts due for acquisition earn-outs
381
\u2013
381
\u2013
Amounts shown as current liabilities
Trade payables
34,502
31,179
Other taxes and social security costs
3,416
4,692
Other payables
2,122
3,279
Amounts due for acquisition earn-outs
937
\u2013
Accruals and deferred income
11,236
9,004
52,213
48,154
Amounts due for acquisition earn-outs are in relation to the Group\u2019s acquisition of APS. Earn-out values are contingent on future performance of the acquired company and have been measured at fair value. Earn-out payments are due in March 2026 and March 2027. See note 31 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-581": { "value": "27 Trade and other payables
31 October
31 October 2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Amounts shown as non-current liabilities
Amounts due for acquisition earn-outs
381
\u2013
381
\u2013
Amounts shown as current liabilities
Trade payables
34,502
31,179
Other taxes and social security costs
3,416
4,692
Other payables
2,122
3,279
Amounts due for acquisition earn-outs
937
\u2013
Accruals and deferred income
11,236
9,004
52,213
48,154
Amounts due for acquisition earn-outs are in relation to the Group\u2019s acquisition of APS. Earn-out values are contingent on future performance of the acquired company and have been measured at fair value. Earn-out payments are due in March 2026 and March 2027. See note 31 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-568": { "value": "27 Trade and other payables
31 October
31 October 2024
2025 Restated
\u00a3\u2019000 \u00a3\u2019000
Amounts shown as non-current liabilities
Amounts due for acquisition earn-outs
381
\u2013
381
\u2013
Amounts shown as current liabilities
Trade payables
34,502
31,179
Other taxes and social security costs
3,416
4,692
Other payables
2,122
3,279
Amounts due for acquisition earn-outs
937
\u2013
Accruals and deferred income
11,236
9,004
52,213
48,154
Amounts due for acquisition earn-outs are in relation to the Group\u2019s acquisition of APS. Earn-out values are contingent on future performance of the acquired company and have been measured at fair value. Earn-out payments are due in March 2026 and March 2027. See note 31 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-503": { "value": "
28 Capital commitments and contingent liabilities
Contingent liabilities
In the opinion of the Directors, adequate provision has been made for claims and legal disputes and the Directors
therefore consider that no contingent liability for litigation exists.
The Group has no contingent liabilities with regard to its interest in the associated undertakings (2024 none).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-542": { "value": "28 Capital commitments and contingent liabilities Contingent liabilities In the opinion of the Directors, adequate provision has been made for claims and legal disputes and the Directors therefore consider that no contingent liability for litigation exists. The Group has no contingent liabilities with regard to its interest in the associated undertakings (2024 none).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-506": { "value": "
29 Related parties
The Group\u2019s related parties are its associated undertakings, subsidiary undertakings and its key management personnel,
which comprises the Board of Directors.
The following transactions were carried out with related parties:
Directors\u2019 compensation
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Salaries, director fees, short term benefits and short term bonuses
2,267
2,186
Share-based payment charge
8
105
2,275
2,291
The remuneration of the directors, both executive and non-executive, of the Parent Company, who are the key
management personnel of the Group, is set out in the table above. These figures include amounts payable to related
party companies, which are controlled by directors of the Group, for services of the directors. The figures exclude pension
related costs and any long-term incentive costs.
Directors of the Company control 36.54% of the Ordinary shares of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-545": { "value": "29 Related parties The Group\u2019s related parties are its associated undertakings, subsidiary undertakings and its key management personnel, which comprises the Board of Directors. The following transactions were carried out with related parties: Directors\u2019 compensation
31 October 31 October
2025 2024
\u00a3\u2019000 \u00a3\u2019000
Salaries, director fees, short term benefits and short term bonuses
2,267
2,186
Share-based payment charge
8
105
2,275
2,291
The remuneration of the directors, both executive and non-executive, of the Parent Company, who are the key management personnel of the Group, is set out in the table above. These figures include amounts payable to related party companies, which are controlled by directors of the Group, for services of the directors. The figures exclude pension related costs and any long-term incentive costs. Directors of the Company control 36.54% of the Ordinary shares of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-569": { "value": "The remuneration of the directors, both executive and non-executive, of the Parent Company, who are the key management personnel of the Group, is set out in the table above. These figures include amounts payable to related party companies, which are controlled by directors of the Group, for services of the directors. The figures exclude pension related costs and any long-term incentive costs. Directors of the Company control 36.54% of the Ordinary shares of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-544": { "value": "
30 Subsidary audit exemption
Photo-Me Limited is exempt from the requirements of the Companies Act 2006 relating to the audit of individual
accounts for the year ended 31 October 2025 by virtue of Section 479A of the Companies Act 2006.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-505": { "value": "
31 Business combinations and disposals
On 7 March 2025 the Group completed the acquisition of 100% of the issued share capital of SG Technologies Systems
International and its fully owned subsidiary, Automated Products Services (APS), obtaining control of both businesses on
that date.
The initial consideration paid on the acquisition date was \u20ac2,400,000 (\u00a32,011,000).
APS is a Belgian photobooth manufacturer and operator and its acquisition adds an additional 116 photobooth units to
the Group\u2019s existing operations in Belgium. This acquisition supports the Group\u2019s strategy to expand the number of units
in operation.
The acquisition was funded by the Group\u2019s cash.
Acquisition-related expenses of \u00a347,000 have been recognised in the Group\u2019s Statement of Comprehensive income.
Deferred consideration
A further \u20ac227,000 consideration was paid on 4 June 2025. This was in relation to a post-closing net debt adjustment.
A portion of the total consideration is deferred and contingent on the acquired business meeting revenue targets for the
12-month periods ending 31 December 2025 and 2026. The deferred consideration is determined using a sliding scale
subject to a maximum of \u20ac1,600,000.
At the reporting date, management\u2019s best estimate is that the revenue targets will be met in full and the maximum
deferred consideration of \u20ac1,600,000 will be payable. The present value of the deferred consideration and estimated
contingent consideration has been accrued and included in the total estimated consideration value of \u20ac4,121,000
(\u00a33,453,000).
Acquired assets and liabilities
The purchase price allocation, including determination of the fair value of intangible assets recognised on consolidation,
has been completed. As part of this process, the Group has recognised separately identifiable acquired intangible assets
in accordance with IAS 38 and had their fair values assessed by an independent expert.
The fair value adjustments in respect of acquired intangible assets are due to the recognition of \u20ac3,190,000 (\u00a32,673,000)
in respect of APS\u2019s right to operate commercial agreements.
Gain on bargain purchase
Including the identified right to operate intangible asset, the acquired net assets (\u20ac4,386,000) exceed the total
consideration paid (\u20ac4,121,000), generating a gain on bargain purchase of \u20ac265,000 (\u00a3222,000). The gain has been
recognised in non-operating income in the Group\u2019s statement of comprehensive income.
This acquisition resulted in a gain on bargain purchase for the following reasons:
\u25aa APS\u2019 owners were keen to sell and approached Me Group with the intention of selling the company;
\u25aa There was no competitive bidding process, as there were no other prospective buyers considered by the sellers; and
\u25aa Some regulatory changes in Belgium, which could impact the acquired business, further incentivised the owners
to sell. Management has seen no evidence of the regulatory changes negatively impacting on performance, with
photobooth revenue in Belgium continuing to grow. A risk mitigation strategy, based on technical improvements to
photobooths and consultation with the Belgian authorities, is in place should the regulatory risk materialise.
For the above reasons, management were able to negotiate the purchase price down significantly in the Group\u2019s favour.
The fair value of acquired other receivables is equal to their carrying value. All receivables are expected to be recoverable
in full.
The fair values of the assets and liabilities acquired, cash outlay on acquisition and results of the acquired business
included in Group results in the twelve months ended 31 October 2025 are shown in the table below.
\u00a3\u2019000
Property, plant and equipment
101
Intangible assets
2,675
Total non-current assets
2,776
Inventory
24
Other receivables
110
Cash and cash equivalents
1,486
Total current assets
1,620
Total assets
4,396
Trade and other payables
228
Total current liabilities
228
Borrowings
492
Total non-current liabilities
492
Total liabilities
720
Total identifiable net assets excluding goodwill
3,676
Gain on bargain purchase
( 222)
Total identifiable net assets acquired
3,454
Satisfied by:
Cash
2,200
Deferred consideration
1,254
Total consideration
3,454
Cash consideration per cashflow:
Cash consideration
2,200
Net cash acquired
(1,486)
Initial cash outlay on purchase of subsidiaries
714
Contribution to consolidated income statement in the period
Revenue
1,386
Profit before tax
506
Acquisition of the sticker machine business of Kaga Devices Co. Ltd.
On 1 October 2025 Me Group Japan, a Japanese subsidiary of Me Group International Plc, completed the acquisition of
the sticker machine business of Kaga Devices Co. Ltd. (\u201cKaga\u201d). Total consideration was JPY 70 million (\u00a30.4 million).
The acquisition adds 439 self-service sticker vending machines to the Group\u2019s existing operations in Asia Pacific. This
acquisition is in line with the Group\u2019s strategy to expand the number of units in operation.
The acquisition was funded by the Group\u2019s cash.
Acquisition-related expenses of \u00a347,000 have been recognised in the Group\u2019s Statement of Comprehensive Income.
The Group is not acquiring a legal entity with this transaction. It is an acquisition of the sticker vending machine trade and
assets of Kaga.
In accordance with IFRS 3, this transaction meets the definition of a business combination so has been accounted for
using the acquisition method.
Deferred consideration
There is no deferred or contingent consideration.
Acquired assets and liabilities
The purchase price allocation has been completed. As part of this process, a \u00a3405,000 fair value adjustment was made
to increase the carrying amount of property, plant and equipment to its fair value.
The fair values of the assets and liabilities acquired, cash outlay on acquisition and results of the acquired business
included in Group results in the twelve months ended 31 October 2025 are shown in the table below.
\u00a3\u2019000
Property, plant and equipment
405
Total non-current assets
405
Total assets
405
Trade and other payables
(55)
Total current liabilities
(55)
Total liabilities
(55)
Total identifiable net assets excluding goodwill
350
Goodwill
\u2013
Total identifiable net assets acquired
350
Satisfied by:
Cash
350
Total consideration
350
Cash consideration per cashflow:
Cash consideration
350
Net cash acquired
\u2013
Initial cash outlay on purchase of subsidiaries
350
Contribution to consolidated income statement in the period
Revenue
59
Profit before tax
33
Results of the combined entities
Had the acquired entities been part of the Group\u2019s consolidated results since the beginning of the reporting period
(1 November 2024), they would have contributed \u00a33,176,000 to revenue and \u00a31,377,000 to profit before tax. For the
12-month period ended 31 October 2025, the combined Group\u2019s revenue would have been \u00a3317,124,000 and profit before
tax would have been \u00a379,049,000.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-507": { "value": "
32 Events after the statement of financial position date
Interim dividend
On 28 November 2025 the Group paid its interim dividend in respect of the year ended 31 October 2025 of 3.85 pence per
ordinary share, totalling \u00a314,542,000.
New bank loan
On 15 March 2026 the Group entered into an agreement with BNP Paribas for a new \u20ac30,000,000 bank loan for a
duration of 5 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } }, "fact-508": { "value": "
33 Period summary (unaudited)
Income statement
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Revenue
UK & Ireland
50,118
49,188
48,173
41,996
29,644
Continental Europe
215,512
208,987
205,157
177,839
145,009
Asia
49,763
49,711
44,332
39,945
39,751
Total revenue
315,393
307,886
297,662
259,780
214,404
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Operating profit
78,138
74,390
67,502
56,681
29,335
Net finance (cost) / income & non-operating income
73
(969)
(435)
(3,327)
(780)
Profit before taxation
78,211
73,421
67,067
53,354
28,555
Taxation
(21,639)
(19,331)
(16,401)
(14,561)
(6,703)
Profit after taxation
56,572
54,090
50,666
38,793
21,852
Attributable to:
\u2013 equity owners of the Parent
56,572
54,090
50,666
38,793
21,713
\u2013 Non-controlling interests
\u2013
\u2013
\u2013
\u2013
139
56,572
54,090
50,666
38,793
21,852
Earnings per share \u2013 basic
15.00p
14.36p
13.40p
10.26p
5.78p
Earnings per share \u2013 diluted
14.91p
14.27p
13.31p
10.23p
5.72p
Dividends \u2013 interim
3.85p
3.45p
2.97p
2.60p
0.00p
Dividends \u2013 final
4.79p
4.45p
4.42p
3.00p
2.89p
Dividends \u2013 special
0.00p
0.00p
0.00p
7.10p
0.00p
Total dividends
8.64p
7.90p
7.39p
12.70p
2.89p
Statement of financial position
2025 2024 2023 2022 2021
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Intangible assets
27,364
25,368
36,710
32,736
34,502
Property, plant and equipment
169,506
136,332
118,124
101,090
91,973
Other non-current investments
39
37
35
21
21
Other non-current assets
3,967
4,433
8,891
7,805
3,966
Current assets
133,514
134,912
156,422
184,716
141,688
Assets held for sale
\u2013
2,869
4,947
\u2013
\u2013
Total assets
334,390
303,951
325,129
326,368
272,150
Share capital
1,887
1,882
1,891
1,889
1,889
Share premium
12,173
11,510
11,083
10,627
10,599
Treasury shares
\u2013
\u2013
(1,969)
\u2013
\u2013
Reserves
198,944
166,479
147,983
120,133
115,486
Equity of the Parent
213,004
179,871
158,988
132,649
127,974
Non-controlling interests
\u2013
\u2013
\u2013
\u2013
1,720
Total equity
213,004
179,871
158,988
132,649
129,694
Total non-current liabilities
34,806
47,561
71,076
94,039
68,900
Total current liabilities
86,580
76,519
95,065
99,680
73,556
Total equity and liabilities
334,390
303,951
325,129
326,368
272,150
Net cash (2024 and 2023 restated)
26,499
29,513
26,524
34,021
34,919
Note: The figures above have been extracted from the accounts for the relevant period and have not been adjusted for changes in accounting policies as a result of
adoption of new accounting standards.
Financial & operating statistics
2025
2024
2023
2022
2021
Capital expenditure \u2013 photobooth & vending
machines \u00a3\u2019000
52,976
45,878
39,122
27,205
22,563
Capital expenditure \u2013 research & development \u00a3\u2019000
928
918
2,337
1,418
1,802
EBITDA \u00a3\u2019000
120,435
114,224
106,639
92,241
65,077
EBITDA % of revenue
38.2%
37.1%
35.8%
35.5%
30.4%
Number of vending sites
49,200
48,200
47,600
43,900
43,800
", "dimensions": { "concept": "photomeinternational:DisclosureOfPeriodSummary", "language": "en", "entity": "scheme:2138006YJ65EKBYYYX41", "period": "2024-11-01T00:00:00/2025-11-01T00:00:00" } } } }