{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "car.l": "http://www.carclo.co.uk/20260331", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.carclo.co.uk/xbrl/2026/21380078MEM399JPI956-2026-03-31.xsd" ] }, "facts": { "ConsolidatedIncomeStatement_Label_0026": { "value": "114211000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0025": { "value": "121219000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Revenue", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0034": { "value": "12600000.0", "decimals": -3, "dimensions": { "concept": "car.l:UnderlyingOperatingProfit", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_0033": { "value": "9838000.0", "decimals": -3, "dimensions": { "concept": "car.l:UnderlyingOperatingProfit", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00121": { "value": "-336000.0", "decimals": -3, "dimensions": { "concept": "car.l:NonUnderlyingItems", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00120": { "value": "-2258000.0", "decimals": -3, "dimensions": { "concept": "car.l:NonUnderlyingItems", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00122": { "value": "12264000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00123": { "value": "7580000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00124": { "value": "46000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00125": { "value": "571000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00127": { "value": "7478000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00126": { "value": "5499000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00248": { "value": "4832000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00249": { "value": "2652000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00250": { "value": "2137000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_NegatedLabel_00251": { "value": "1780000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00256": { "value": "2695000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00257": { "value": "872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00129": { "value": "2695000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00128": { "value": "872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00131": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00130": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00133": { "value": "2695000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_TotalLabel_00132": { "value": "872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedIncomeStatement_Label_00349": { "value": "0.037", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_00350": { "value": "0.012", "decimals": 3, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_00351": { "value": "0.036", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedIncomeStatement_Label_00352": { "value": "0.012", "decimals": 3, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0054": { "value": "2695000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0053": { "value": "872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0055": { "value": "51000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0056": { "value": "-15253000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0058": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0057": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0076": { "value": "51000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0075": { "value": "-15253000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0060": { "value": "506000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0059": { "value": "-955000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0061": { "value": "-141000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0062": { "value": "371000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0064": { "value": "1000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_NegatedLabel_0063": { "value": "-13000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0066": { "value": "364000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0065": { "value": "-571000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0067": { "value": "415000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0068": { "value": "-15824000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0069": { "value": "3110000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0070": { "value": "-14952000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0072": { "value": "3110000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_Label_0071": { "value": "-14952000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0073": { "value": "3110000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfComprehensiveIncome_TotalLabel_0074": { "value": "-14952000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00115": { "value": "2026-03-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "ConsolidatedStatementOfFinancialPosition_Label_002": { "value": "22531000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_001": { "value": "21801000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsAndGoodwill", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_003": { "value": "32247000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_004": { "value": "35842000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00353": { "value": "83000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00354": { "value": "641000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00368": { "value": "74000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ContractAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00367": { "value": "170000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ContractAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00380": { "value": "540000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00381": { "value": "594000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentReceivables", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00385": { "value": "55475000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00384": { "value": "59048000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_006": { "value": "11029000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_005": { "value": "9928000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Inventories", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_008": { "value": "1742000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentContractAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_007": { "value": "1551000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentContractAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0010": { "value": "18347000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_009": { "value": "15659000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0011": { "value": "5769000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0012": { "value": "10745000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00254": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00255": { "value": "104000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00387": { "value": "36887000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00386": { "value": "37987000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0013": { "value": "92362000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0014": { "value": "97035000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0015": { "value": "7568000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0016": { "value": "24844000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0018": { "value": "10250000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0017": { "value": "9697000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0020": { "value": "7705000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentPayables", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0019": { "value": "11094000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherCurrentPayables", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0022": { "value": "442000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0021": { "value": "752000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxLiabilitiesCurrent", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0024": { "value": "1737000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentContractLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0023": { "value": "1624000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentContractLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00389": { "value": "27702000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00388": { "value": "48011000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0027": { "value": "22108000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0028": { "value": "5105000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0030": { "value": "3467000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0029": { "value": "3041000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DeferredTaxLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0031": { "value": "969000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0032": { "value": "975000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentProvisions", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00376": { "value": "46785000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_00377": { "value": "51743000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00379": { "value": "73329000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_00378": { "value": "60864000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0036": { "value": "101031000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0035": { "value": "108875000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0037": { "value": "-8669000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0038": { "value": "-11840000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0039": { "value": "3671000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0040": { "value": "3671000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0042": { "value": "7359000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0041": { "value": "7359000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0043": { "value": "7014000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0044": { "value": "6650000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0046": { "value": "-26687000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0045": { "value": "-29494000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0048": { "value": "-8643000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0047": { "value": "-11814000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0049": { "value": "-26000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_Label_0050": { "value": "-26000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncontrollingInterests", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0052": { "value": "-8669000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfFinancialPosition_TotalLabel_0051": { "value": "-11840000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "Approved by the Board of Directors on 30 June 2026 and signed on its behalf by:
Frank Doorenbosch
Ian Tichias
Chief Executive Of\ufb01cer
Chief Financial Of\ufb01cer
Registered Number 00196249", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00143": { "value": "3671000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00135": { "value": "7359000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00145": { "value": "7221000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00141": { "value": "-15135000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00139": { "value": "3116000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00147": { "value": "-26000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00138": { "value": "3090000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00159": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00154": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00152": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00156": { "value": "872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00149": { "value": "872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00161": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00157": { "value": "872000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00167": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00170": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00172": { "value": "-955000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00175": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00169": { "value": "-955000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00163": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00165": { "value": "-955000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00179": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00181": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00186": { "value": "371000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00189": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00177": { "value": "371000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00183": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00188": { "value": "371000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00196": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00191": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00203": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00195": { "value": "-15253000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00198": { "value": "-15253000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00193": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00201": { "value": "-15253000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00215": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00210": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00206": { "value": "13000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00208": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00211": { "value": "13000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00213": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00217": { "value": "13000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00220": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00227": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00223": { "value": "-571000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00231": { "value": "-14381000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00219": { "value": "-14952000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00225": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00229": { "value": "-14952000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00244": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00241": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00235": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00243": { "value": "22000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00240": { "value": "22000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00234": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00233": { "value": "22000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00134": { "value": "3671000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00142": { "value": "7359000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00136": { "value": "6650000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00144": { "value": "-29494000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00140": { "value": "-11814000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00137": { "value": "-26000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodStartLabel_00146": { "value": "-11840000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00151": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00155": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00158": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00153": { "value": "2695000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00150": { "value": "2695000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00148": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00160": { "value": "2695000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00174": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00171": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00166": { "value": "506000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00173": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00164": { "value": "506000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00168": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00162": { "value": "506000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxExchangeDifferencesOnTranslation", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00180": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00185": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00187": { "value": "-141000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00182": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00184": { "value": "-141000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00178": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00176": { "value": "-141000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxHedgesOfNetInvestmentsInForeignOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00200": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00192": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00197": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00199": { "value": "51000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00202": { "value": "51000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00190": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00194": { "value": "51000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00204": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00216": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00207": { "value": "-1000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00205": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00212": { "value": "-1000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00214": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00209": { "value": "-1000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToComponentsOfOtherComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00226": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00230": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00222": { "value": "364000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00218": { "value": "2746000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00224": { "value": "3110000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00221": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00228": { "value": "3110000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00239": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00238": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00232": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00237": { "value": "61000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00236": { "value": "61000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00242": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_Label_00245": { "value": "61000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00361": { "value": "3671000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00360": { "value": "7359000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00363": { "value": "7014000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00366": { "value": "-26687000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00365": { "value": "-8643000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00364": { "value": "-26000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00362": { "value": "-8669000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_0077": { "value": "11993000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_0078": { "value": "19066000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0080": { "value": "3924000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0079": { "value": "3694000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0082": { "value": "1406000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0081": { "value": "1259000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0083": { "value": "2518000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInNetDefinedBenefitLiabilityAssetResultingFromAdministrationCostsNotReflectedInReturnOnPlanAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0084": { "value": "2633000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInNetDefinedBenefitLiabilityAssetResultingFromAdministrationCostsNotReflectedInReturnOnPlanAssets", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00372": { "value": "4145000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00371": { "value": "11480000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_0086": { "value": "36000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_0085": { "value": "85000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_0087": { "value": "46000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_0088": { "value": "571000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0089": { "value": "2522000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0090": { "value": "1054000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0091": { "value": "333000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0092": { "value": "49000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00356": { "value": "-2773000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00355": { "value": "-447000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_0094": { "value": "29911000.0", "decimals": -3, "dimensions": { "concept": "car.l:DrawingsOnExistingAndNewFacilities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_0093": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "car.l:DrawingsOnExistingAndNewFacilities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0095": { "value": "2544000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0096": { "value": "150000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0097": { "value": "5100000.0", "decimals": -3, "dimensions": { "concept": "car.l:AdditionalDenedBenetPensionSchemeContributionsPaidToReleaseSecurityForNewFinancingFacility", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0098": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "car.l:AdditionalDenedBenetPensionSchemeContributionsPaidToReleaseSecurityForNewFinancingFacility", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00100": { "value": "24870000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_0099": { "value": "2525000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00252": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "car.l:RepaymentOfOtherLoanFacilities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00253": { "value": "95000.0", "decimals": -3, "dimensions": { "concept": "car.l:RepaymentOfOtherLoanFacilities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00346": { "value": "2973000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00347": { "value": "4228000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00382": { "value": "-5576000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00383": { "value": "-6998000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00101": { "value": "-4204000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00102": { "value": "4035000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00104": { "value": "9980000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodStartLabel_00103": { "value": "5974000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00105": { "value": "-7000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00106": { "value": "-29000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:21380078MEM399JPI956", "period": "2024-04-01T00:00:00/2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00246": { "value": "5769000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_PeriodEndLabel_00247": { "value": "9980000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00108": { "value": "5769000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_Label_00107": { "value": "10745000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00109": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_NegatedLabel_00110": { "value": "765000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:BankOverdraftsClassifiedAsCashEquivalents", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00369": { "value": "5769000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380078MEM399JPI956", "period": "2026-04-01T00:00:00", "unit": "iso4217:GBP" } }, "ConsolidatedStatementOfCashFlows_TotalLabel_00370": { "value": "9980000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "1 Presentation of the \ufb01nancial statements
i) General information
Carclo plc (the \u201cCompany\u201d, together with its subsidiaries, the \u201cGroup\u201d) is a public limited company
whose shares are listed on the London Stock Exchange, is incorporated and domiciled in the UK and is
registered in England under the Companies Act 2006.
The principal activities of the Company and its subsidiaries (the \u201cGroup\u201d) and the nature of the Group\u2019s
operations are set out in note 3.
The \ufb01nancial statements are presented in sterling, which is Carclo plc\u2019s functional and presentational
currency. Certain Group subsidiary entities have functional currencies other than sterling. The \ufb01nancial
position and performance of all such subsidiary entities is translated into the presentational currency
(sterling) in accordance with the foreign currencies accounting policy as detailed within the accounting
policy section of this note. All amounts disclosed in the \ufb01nancial statements and notes have been
rounded off to the nearest thousand pounds unless otherwise stated.
Judgements made by the Directors in the application of these accounting policies that have a signi\ufb01cant
effect on the \ufb01nancial statements and estimates with a signi\ufb01cant risk of material adjustment in the next
year are discussed in note 2.
ii) Compliance with IFRS
The consolidated \ufb01nancial statements have been prepared and approved by the Directors in accordance
with UK-adopted International Accounting Standards and with the requirements of the Companies Act
2006.
The accounting policies have been applied consistently to all periods presented in the consolidated
\ufb01nancial statements, unless otherwise stated.
The Company has elected to prepare its parent company \ufb01nancial statements in accordance with
FRS 101; these are presented on pages 146 to 159.
iii) Going concern
A \u00a336 million asset-backed borrowing facility with BZ, that was announced on 24 April 2025, provides
available borrowings for a three-year term to April 2028. The level of borrowings is contingent upon
the value of current and non-current asset categories held by the Group\u2019s UK and US trading subsidiaries.
There are three primary \ufb01nancial covenants required to be tested under the BZ facility agreement,
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Covenant
De\ufb01nition
Threshold
Minimum EBITDA
Underlying Group EBITDA calculated on a last six
No less than 75% of
\u00a0
months basis
budget
Fixed Charge Cover
Underlying Group EBITDA divided by the sum
Until 31 March 2027
Ratio (\u201cFCCR\u201d)
of \ufb01xed charges comprising debt service costs,
no less than 1:1
\u00a0
debt repayments, pension scheme contributions,
After 31 March 2027
\u00a0
tax payments, capital expenditure and dividends
no less than 1.05:1
\u00a0
or other capital distributions calculated on a last
\u00a0
\u00a0
twelve months basis
\u00a0
CAPEX
Cash paid on tangible and intangible \ufb01xed assets
No more than 120%
\u00a0
measured annually for the twelve months to
of the annual budget
\u00a0
31 March
\u00a0
\n
The Group remained compliant with the Minimum EBITDA and FCCR \ufb01nancial covenants throughout
the year ended 31 March 2026. In accordance with the facility agreement, these covenants were tested
monthly from May 2025 and, following twelve months of compliance under the agreement, including
compliance in the two preceding quarters, testing has moved to a quarterly basis. The CAPEX covenant
is tested annually from the start of each reporting period.
The Group has prepared a forecast of \ufb01nancial projections for the three-year period to 31 March
2029, which has been utilised as the base case underpinning the going concern assessment for the
period through June 2027, being 15 months after the year end and 12 months from when the \ufb01nancial
statements are authorised for issue. These projections include assumptions around revenue growth,
modest margin improvements, consistent working capital trends and stable interest rates. The Directors
have reviewed cash \ufb02ow and covenant forecasts over this period considering the Group\u2019s available
borrowing facilities and the terms of the arrangements with the Group\u2019s lender and the UK de\ufb01ned
bene\ufb01t pension scheme. The forecast shows adequate headroom and supports the position the Group
can operate within its available borrowing facilities and in compliance with covenants throughout this
period.
The Group is subject to a number of key risks and uncertainties, as detailed in the principal risks and
uncertainties section on pages 42 to 48. Mitigating actions to address the risks are also set out in
that section of the report. These risks and uncertainties have been considered in the base case, and
downside sensitivities have been modelled accordingly. These sensitivities consider the uncertainties
facing the Group and model the impact of a range of severe but plausible downside scenarios, as well
as considering the impact of aggregating certain of these, and shows that the Group would be able to
operate within its available facilities and meet its agreed covenants were these scenarios to arise.
The speci\ufb01c climate-related matters set out in the TCFD section on pages 33 to 41 have been
considered and they are not expected to have a signi\ufb01cant impact on the Group\u2019s going concern.
The severe but plausible downside sensitivities modelled included reductions in forecast revenue of up
to 6.6%, a 4% increase in direct material costs (equivalent to approximately 2.2% contribution margin
erosion) and a 2% increase in interest rates. The downside scenario modelling assumes management
bonuses are not payable where the relevant performance conditions are not achieved but does not
include the bene\ufb01t of any other mitigating actions available to management.
Under each of the standalone downside scenarios modelled, the Group maintains adequate liquidity
throughout the assessment period and remains compliant with all \ufb01nancial covenants. The Directors
also assessed a combined downside scenario incorporating both a signi\ufb01cant reduction in forecast
revenue and a sustained increase in direct material costs. Under this combined scenario, no liquidity
shortfall arises; however, there is a temporary breach of the FCCR covenant. The Directors consider
the concurrent occurrence of these downside assumptions to be remote. Furthermore, the scenario
does not re\ufb02ect a range of mitigating actions available to management, including the reduction of
discretionary expenditure and the deferral of non-essential capital expenditure. Modelling performed
by management demonstrates that actions considered achievable and within management\u2019s control
would be suf\ufb01cient to restore covenant compliance under this scenario.
Given that FCCR represented the most sensitive covenant within the Group\u2019s \ufb01nancing arrangements,
the Directors performed additional covenant-focused downside testing, including scenarios in which
EBITDA remained broadly \ufb02at against FY26 levels and reduced by 10% compared with FY26. While
these scenarios resulted in reduced covenant headroom, management identi\ufb01ed speci\ufb01c mitigating
actions that are considered achievable and within management\u2019s control and which would be suf\ufb01cient
to maintain compliance with the Group\u2019s covenant requirements.
The Group is not exposed to high-risk sectors or countries but is dependent on certain key customers,
creating risks and uncertainties, which are documented in detail alongside mitigating actions in the
principal risks and uncertainties section.
It should be noted that the Group is operating in a period of material geopolitical and macroeconomic
uncertainty. The Directors continue to monitor these risks and their plausible impact; however, the
potential severity is dependent upon many external factors and is dif\ufb01cult to predict.
Accordingly, the
\ufb01nancial impact of these risks may materially differ from the Directors\u2019 current view.
At 31 March 2026, the Group reports net liabilities of \u00a38.7 million (FY25: \u00a311.8 million net liabilities)
largely attributable to the IAS 19 valuation of the UK de\ufb01ned bene\ufb01t pension liability of \u00a346.8 million
(FY25: \u00a351.8 million).
Pension contributions are funded from cash generated by operations and have
been re\ufb02ected in the cash \ufb02ow and covenant forecasts reviewed by the Directors. Given that these
amounts are considered manageable by the Directors, the balance sheet presentation of net liabilities at
31 March 2026 does not imply an inability for the Group to meet its third-party liabilities over the going
concern period.
On the basis of the base case forecast and the severe but plausible sensitivity testing, the Directors
have determined that it is reasonable to assume that the Group will continue to operate within available
borrowing facilities available and adhere to the covenant tests to which it is subject throughout at least
the 12 month period from the date of signing the \ufb01nancial statements through to June 2027.
Accordingly, these \ufb01nancial statements are prepared on a going concern basis.
iv) New standards, amendments and interpretations
The following new standards and amendments to existing standards became effective in January 2026
and have been adopted in the consolidated \ufb01nancial statements for the \ufb01rst time during the year ended
31 March 2026.
\u00a0 \u00a0
Effective for
\u00a0 \u00a0
accounting periods
\u00a0
Date issued
beginning on or after
Amendments to IFRS 9 Financial Instruments and IFRS 7
May 2024
January 2026
Financial Instruments: Disclosures
\u00a0 \u00a0
\u2022
Clari\ufb01es the classi\ufb01cation and measurement of \ufb01nancial
\u00a0 \u00a0
instruments.
\u00a0 \u00a0
Annual Improvements to IFRS Accounting Standards \u2013
June 2024
January 2026
Amendments to:
\u00a0 \u00a0
\u2022
IFRS 1 First-time Adoption of International Financial Reporting
\u00a0 \u00a0
Standards
\u00a0 \u00a0
\u2022
IFRS 7 Financial Instruments: Disclosures and its accompanying
\u00a0 \u00a0
guidance on implementing IFRS 7
\u00a0 \u00a0
\u2022
IFRS 9 Financial Instruments
\u00a0 \u00a0
\u2022
IFRS 10 Consolidated Financial Statements
\u00a0 \u00a0
\u2022
IAS 7 Statement of Cash Flows
\u00a0 \u00a0
\n
The above have been assessed as having no \ufb01nancial or disclosure impact on these consolidated
\ufb01nancial statements
The following standards, amendments and interpretations were in issue but were not yet effective at the
balance sheet date. These have been endorsed by the UK Endorsement Board. These standards have
not been applied when preparing the consolidated \ufb01nancial statements for the year ended 31 March
2026:
\u00a0 \u00a0
Effective for
\u00a0 \u00a0
accounting periods
\u00a0
Date issued
beginning on or after
IFRS 18 Presentation and Disclosure in Financial Statements
April 2024
January 2027
\u2022
Speci\ufb01es the requirements for presentation and disclosure of
\u00a0 \u00a0
information in \ufb01nancial statements for all entities applying IFRS.
\u00a0 \u00a0
IFRS 19 Subsidiaries without Public Accountability:
May 2024
January 2027
Disclosures
\u00a0 \u00a0
\u2022
Sets out the disclosure requirements an eligible entity is
\u00a0 \u00a0
permitted to apply instead of the disclosure requirements in
\u00a0 \u00a0
other IFRS Accounting Standards
\u00a0 \u00a0
\n
It is not anticipated that the application of the above will have a signi\ufb01cant \ufb01nancial impact in future
years, however IFRS 18 is likely to require presentational and disclosure changes to the \ufb01nancial
statements.
v) Accounting policies
a) Basis of accounting
The \ufb01nancial statements are prepared on the historical cost basis except that derivative \ufb01nancial
instruments, share options and de\ufb01ned bene\ufb01t pension plan assets are stated at their fair value.
Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair
value less costs to sell.
b) Basis of consolidation
The Group \ufb01nancial statements consolidate those of the Company and its subsidiaries (together
referred to as the \u201cGroup\u201d). The parent company \ufb01nancial statements present information about the
Company as a separate entity and not about its Group. The results of any subsidiaries sold or acquired
are included in the consolidated income statement up to, or from, the date control passes. Intra-group
transactions, balances and pro\ufb01ts are eliminated fully on consolidation. On acquisition of a subsidiary, all
of the identi\ufb01able assets and liabilities existing at the date of acquisition are recorded at their fair values
re\ufb02ecting their condition at that date.
i) Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which
is the date on which control is transferred to the Group. An entity is controlled by the Group regardless
of the level of the Group\u2019s equity interest in the entity, when the Group is exposed, or has the 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 currently are exercisable.
The Group measures goodwill at the acquisition date as:
\u2022
the fair value of the consideration transferred; plus
\u2022
the recognised amount of any non-controlling interests in the acquiree; plus
\u2022
if the business combination is achieved in stages, the fair value of the pre-existing equity interest in
the acquiree; less
\u2022
the net recognised amount of the identi\ufb01able assets acquired and liabilities assumed.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent
consideration is classi\ufb01ed as equity, it is not remeasured and settlement is accounted for within equity.
Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in pro\ufb01t
or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in pro\ufb01t or loss.
Transaction costs other than those associated with the issue of debt or equity securities, that the Group
incurs in connection with a business combination, are expensed as incurred.
ii) Acquisitions of non-controlling interests
Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity
as owners and therefore no goodwill is recognised as a result. Adjustments to non-controlling interests
arising from transactions that do not involve the loss of control are based on a proportionate amount of
the net assets of the subsidiary.
c) Goodwill
In respect of business combinations that occurred since 1 April 2004, goodwill arising on consolidation
represents the excess of the fair value of the consideration given over the fair value of the identi\ufb01able
net assets acquired. Goodwill arising on acquisition of subsidiaries, joint ventures and businesses is
capitalised as an asset.
In accordance with IFRS 1 and IFRS 3, goodwill at 1 April 2004 has been frozen and will not be amortised.
Goodwill is allocated to cash generating units and is subject to an annual impairment review, with any
impairment losses being recognised immediately in the income statement.
Any goodwill arising on the acquisition of an overseas subsidiary is retranslated at the balance sheet
date.
d) Other intangible assets
Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see
accounting policy e) and impairment losses (see accounting policy v).
Expenditure on research activities, undertaken with the prospect of gaining new scienti\ufb01c or technical
knowledge and understanding, is recognised in the income statement as an expense as incurred.
Expenditure on development activities, whereby research \ufb01ndings are applied to a plan or design
for the production of new or substantially improved products and processes, is capitalised if the
product or process is technically and commercially feasible and the Group has suf\ufb01cient resources to
complete development. The expenditure capitalised includes the cost of materials, direct labour and
an appropriate proportion of overheads. Other development expenditure is recognised in the income
statement as an expense as incurred. Capitalised development expenditure is stated at cost less
accumulated amortisation (see accounting policy e) and impairment losses (see accounting policy v).
Expenditure on internally generated goodwill and brands is recognised in the income statement as an
expense as incurred.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future
economic bene\ufb01ts embodied in the speci\ufb01c asset to which it relates. All other expenditure is expensed
as incurred.
e) Amortisation
Intangible assets, other than goodwill, are amortised on a straight-line basis to write off the cost of the
asset, less estimated residual value, over the estimated economic life of the asset when they become
available for use.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Patents and development costs
10 years
Customer-related intangibles
7 - 10 years
Computer software
3 - 5 years
\n
f) Property, plant and equipment
Items of property, plant and equipment are stated at cost, or at deemed cost, less accumulated
depreciation and impairment losses. Cost includes the original purchase price of the asset and the costs
attributable to bringing the asset to its working condition for its intended use.
Depreciation on property, plant and equipment is provided using the straight-line method to write off
the cost or valuation less estimated residual value, using the following estimated useful economic lives:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
20 - 50 years
Plant and equipment
3 - 12 years
\n
No depreciation is provided on freehold land.
g) Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period
of time in exchange for consideration. To assess whether a contract conveys the right to control the use
of an identi\ufb01ed asset, the Group uses the de\ufb01nition of a lease in IFRS 16.
As a lessee
At commencement or on modi\ufb01cation of a contract that contains a lease component, the Group
allocates the consideration in the contract to each lease component on the basis of its relative
standalone prices. However, for the leases of property, the Group has elected not to separate non-lease
components and account for the lease and non-lease components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the
underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset re\ufb02ects
that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated
over the useful life of the underlying asset, which is determined on the same basis as those of property,
plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if
any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Group\u2019s incremental borrowing rate. The incremental borrowing rate is the
rate the Group would have to pay to borrow the funds necessary to obtain a similar asset under similar
conditions.
The Group determines its incremental borrowing rate by obtaining interest rates from various external
\ufb01nancing sources and makes certain adjustments to re\ufb02ect the terms of the lease and the type of asset
leased.
Lease payments included in the measurement of the lease liability comprise the following:
\u2022
\ufb01xed payments, including in-substance \ufb01xed payments;
\u2022
variable lease payments that depend on an index or a rate, initially measured using the index or rate
as at the commencement date;
\u2022
amounts expected to be payable under a residual value guarantee; and
\u2022
the exercise price under a purchase option that the Group is reasonably certain to exercise, lease
payments in an optional renewal period if the Group is reasonably certain to exercise an extension
option, and penalties for early termination of a lease unless the Group is reasonably certain not to
terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee,
if the Group changes its assessment of whether it will exercise a purchase, extension or termination
option or if there is a revised in-substance \ufb01xed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the
carrying amount of the right-of-use asset, or is recorded in pro\ufb01t or loss if the carrying amount of the
right-of-use asset has been reduced to zero.
The Group presents right-of-use assets in \u201cproperty, plant and equipment\u201d and lease liabilities in \u201cloans
and borrowings\u201d in the statement of \ufb01nancial position.
Short-term leases and leases of low-value assets
The Group leases of\ufb01ce and IT equipment with contract terms typically between one and ten years. The
Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets
and short-term leases with a duration of one year or less. The Group recognises the lease payments
associated with these leases in the income statement as an expense on a straight-line basis over the
lease term.
h) Borrowings
The Group measures all debt instruments (whether \ufb01nancial assets or liabilities) initially at fair value, which
equates to the principal value of the consideration paid or received. Subsequent to initial measurement,
debt instruments are measured at amortised cost using the effective interest method. Transaction costs
(any such costs incremental and directly attributable to the issue of the \ufb01nancial instrument) are included
in the calculation of the effective interest rate and are amortised over the life of the instrument.
Debt instruments denominated in foreign currencies are revalued using period-end exchange rates, see
accounting policy t)v.
Borrowings are classi\ufb01ed as current liabilities unless the Group has a substantive right, at the end of
the reporting period, to defer settlement of the liability for at least twelve months. The classi\ufb01cation is
based solely on rights in place at the reporting date, regardless of expectations or subsequent events.
i) Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated
selling price in the ordinary course of business, less the estimated costs of completion and selling
expenses. The cost of inventory is based on the \ufb01rst-in, \ufb01rst-out principle and includes expenditure
incurred in acquiring the inventories and bringing them to their existing location and condition. In the
case of manufactured inventories and work in progress, cost includes an appropriate share of overheads
based on normal operating capacity.
j) Revenue recognition
Revenue arises on the Group\u2019s principal activities. Further details are set out in note 5.
To determine whether to recognise revenue, the Group follows the \ufb01ve-step process as prescribed in
IFRS 15:
1.
identifying the contract with a customer;
2. identifying the performance obligations;
3. determining the transaction price;
4. allocating the transaction price to the performance obligations; and
5.
recognising revenue when/or performance obligations are satis\ufb01ed.
The Group sometimes enters into transactions involving a range of the Group\u2019s products and services,
which in the CTP segment would be for design, engineering and production manufacturing.
The total transaction price for a contract is allocated among the various performance obligations based
on their relative standalone selling prices, or, in the absence of a standalone selling price, on a cost plus
margin basis. The transaction price for a contract excludes any amounts collected on behalf of third
parties.
Revenue is recognised either at a point in time or over time, when or as the Group satis\ufb01es performance
obligations by transferring the promised goods or services to its customers.
The Group recognises contract liabilities for consideration received in respect of unsatis\ufb01ed performance
obligations and reports these amounts as contract liabilities in the statement of \ufb01nancial position.
Similarly, if the Group satis\ufb01es a performance obligation before it receives the consideration, the Group
recognises either a contract asset or a receivable in its statement of \ufb01nancial position, depending on
whether something other than the passage of time is required before the consideration is due.
k) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date
are translated to functional currency at the foreign exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the income statement. Non-monetary assets and
liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in
foreign currencies that are stated at fair value are translated to sterling at foreign exchange rates ruling
at the dates the fair value was determined.
l) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
consolidation, are translated to sterling at foreign exchange rates ruling at the balance sheet date. The
revenues and expenses of foreign operations are translated to sterling at rates approximating to the
foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on
retranslation are recognised directly in a separate component of equity.
m) Net investment in foreign operations
Exchange differences arising from the translation of the net investment in foreign operations, and of
related hedges meeting the criteria for hedge accounting under IFRS 9, are taken to the translation
reserve. They are released into the income statement upon disposal.
n) Dividends
Dividends are only recognised as a liability to the extent that they are declared prior to the year end.
Unpaid dividends that do not meet these criteria are disclosed in the note to the \ufb01nancial statements.
o) Net operating expenses
Net operating expenses incurred by the business are written off to the income statement as incurred.
p) Financing revenue and expenses
Financing revenue and expenses comprise interest payable on borrowings calculated using an
approximation of the effective interest rate method, interest receivable on funds invested, dividend
income and gains and losses on hedging instruments that are recognised in the income statement.
Interest payable is a combination of principal interest and amortised arrangement fees, at each
reporting date, the resulting charge is tested against the effective interest rate method to demonstrate
they are materially in line.
Interest is recognised in the income statement as it accrues, using the effective interest method.
q) Cash and cash equivalents
Cash and cash equivalents comprise cash balances, cash deposits and bank overdrafts. Cash deposits
are those with original maturities of three months or less that are readily convertible to known amounts
of cash and subject to an insigni\ufb01cant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
management are included as a component of cash and cash equivalents for the purposes of the
statement of cash \ufb02ows.
Bank overdrafts are presented separately as borrowings within current liabilities in the statement of
\ufb01nancial position and are not offset against cash balances, irrespective of whether the overdraft facility
is subject to a netting arrangement or a \u00a3nil net limit.
r) Taxation
Income tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is
recognised in the income statement except to the extent that it relates to items recognised directly in
equity, in which case it is recognised in equity or the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the balance sheet date in the countries where the Group operates and any
adjustments to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts
used for taxation purposes. The following temporary differences are not provided for: goodwill not
deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting
nor taxable pro\ufb01t, and differences relating to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax
rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be
available against which the asset can be utilised.
Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t
will be realised.
Additional income taxes that arise from the distribution of dividends from foreign operations are
recognised at the same time as the liability to pay the related dividend.
Companies within the Group may be entitled to claim special tax deductions in relation to qualifying
research and development expenditure. The Group accounts for such allowances as tax credits, which
means that the allowance reduces the tax payable.
s) Retirement bene\ufb01t costs
The Group operates a de\ufb01ned bene\ufb01t pension scheme and also makes payments into de\ufb01ned
contribution pension schemes for employees. The pension payable under the de\ufb01ned bene\ufb01t pension
scheme is calculated based on years of service up to retirement and pensionable salary at the point of
retirement.
The net obligation in respect of the de\ufb01ned bene\ufb01t plan is the present value of the de\ufb01ned bene\ufb01t
obligations less the fair value of the plan\u2019s assets at the balance sheet date. The assumptions used to
calculate the present value of the de\ufb01ned bene\ufb01t obligations are detailed in note 21.
IFRIC 14 requires that where plan assets exceed the de\ufb01ned bene\ufb01t obligation, an asset is recognised to
the extent that an economic bene\ufb01t is available to the Group, in accordance with the terms of the plan
and applicable statutory requirements and the bene\ufb01t should be realisable during the life of the plan or
on the settlement of the plan liabilities.
The operating and \ufb01nancing costs of the scheme are recognised separately in the income statement as
incurred.
Payments to the de\ufb01ned contribution pension scheme are accounted for on an accruals basis. Once the
payments have been made the Group has no further obligation.
t) Financial instruments
i) Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated. All other
\ufb01nancial assets and \ufb01nancial liabilities are initially recognised when the Group becomes a party to the
contractual provisions of the instrument.
A \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nance component) or \ufb01nancial
liability is initially measured at fair value (plus transaction costs that are directly attributable to its
acquisition or issue for an item not at fair value through pro\ufb01t or loss (\u201cFVTPL\u201d)). A trade receivable
without a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
The fair value is the amount at which a \ufb01nancial instrument could be exchanged in an arm\u2019s length
transaction between third parties. Where available, market values are used to determine fair values,
otherwise fair values are calculated by discounting expected cash \ufb02ows at prevailing interest and
exchange rates.
ii) Classi\ufb01cation and subsequent measurement
On initial recognition, a \ufb01nancial asset is classi\ufb01ed as measured at: amortised cost; fair value through
other comprehensive income (\u201cFVOCI\u201d) - debt investment; FVOCI - equity investment; or FVTPL.
Financial assets are not reclassi\ufb01ed subsequent to their initial recognition unless the Group changes its
business model for managing \ufb01nancial assets, in which case all affected \ufb01nancial assets are reclassi\ufb01ed
on the \ufb01rst day of the \ufb01rst reporting period following the change in business model.
A \ufb01nancial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at FVTPL:
\u2022
it is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows;
and
\u2022
its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income
(\u201cOCI\u201d). This election is made on an investment-by-investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative \ufb01nancial assets. On initial recognition, the Group
may irrevocably designate a \ufb01nancial asset that otherwise meets the requirements to be measured at
amortised cost or at FVOCI as at FVTPL, if doing so eliminates or signi\ufb01cantly reduces an accounting
mismatch that would otherwise arise.
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any
interest or dividend income, are recognised in pro\ufb01t or loss.
Financial assets at amortised cost are subsequently measured at amortised cost using the effective
interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange
gains and losses and impairment are recognised in pro\ufb01t or loss. Any gain or loss on derecognition is
recognised in pro\ufb01t or loss.
Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as
income in the pro\ufb01t or loss unless the dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI and are never reclassi\ufb01ed to pro\ufb01t or loss.
Financial liabilities are classi\ufb01ed as measured at amortised cost or FVTPL. A \ufb01nancial liability is classi\ufb01ed
as FVTPL if it is classi\ufb01ed as held-for-trading, it is a derivative or it is designated as such on initial
recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including
any interest expense, are recognised in pro\ufb01t and loss. Other \ufb01nancial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign exchange
gains and losses are recognised in pro\ufb01t and loss. Any gain or loss on derecognition is also recognised in
pro\ufb01t and loss.
iii) Derecognition
The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the
\ufb01nancial asset expire, or it transfers the rights to receive the contractual cash \ufb02ow in a transaction in
which substantially all of the risks and rewards of ownership of the \ufb01nancial asset are transferred or in
which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and
it does not retain control of the \ufb01nancial asset.
The Group derecognises a \ufb01nancial liability when its contractual obligations are settled, discharged,
cancelled, or expire. The Group also derecognises a \ufb01nancial liability when its terms are modi\ufb01ed and the
cash \ufb02ows of the modi\ufb01ed liability are substantially different, in which case a new \ufb01nancial liability based
on modi\ufb01ed terms is recognised at fair value. On derecognition of a \ufb01nancial liability, the difference
between the carrying amount extinguished and the consideration paid (including any non-cash assets
transferred or liabilities assumed) is recognised in pro\ufb01t or loss.
iv) Offsetting
Financial assets and \ufb01nancial liabilities are offset and the net amounts presented in the statement of
\ufb01nancial position when, and only when, the Group currently has a legally enforceable right to set off
the amounts and it intends to settle them on a net basis or to realise the asset and settle the liability
simultaneously.
v) Hedge accounting
When a non-derivative \ufb01nancial liability is designated as the hedging instrument in a hedge of a
net investment in a foreign operation, the effective portion of foreign exchange gains and losses is
recognised in OCI and presented in the translation reserve within equity. Any ineffective portion of the
foreign exchange gains and losses is recognised immediately in pro\ufb01t or loss. The amount recognised in
OCI is reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment on disposal of foreign operations.
u) Share-based payments
The Group issues awards structured as equity-settled share-based payments and cash-settled
share-based payments to certain employees in exchange for services rendered by them. The fair value
of the equity-settled share-based award is calculated at date of grant and is expensed on a straight-line
basis over the vesting period with a corresponding increase in equity. The fair value of the cash-settled
award is calculated at date of grant and recognised as an expense over the vesting period based upon
the cash expected to be paid. The fair value of cash-settled share-based payments is recalculated
at each reporting date and the liability revised accordingly. Both valuations are based on the Group\u2019s
estimate of share awards that will eventually vest and take into account movement of non-market
conditions, being service conditions and \ufb01nancial performance, if relevant.
v) Impairment
i) Non-\ufb01nancial assets
The carrying amounts of the Group\u2019s assets, other than inventories (see accounting policy i) and
deferred tax assets (see accounting policy r), are reviewed at each balance sheet date to determine
whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable
amount is estimated.
For goodwill, assets that have an inde\ufb01nite useful life and intangible assets that are not yet available for
use, the recoverable amount is estimated at each year-end date.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit
exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash generating units are allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to cash generating units or group of units and then to reduce
the carrying amount of the other assets in the unit or group of units on a pro-rata basis. The carrying
value of goodwill at 31 March 2026 is allocated wholly to the CTP cash generating unit.
ii) Financial assets
The Group applies the simpli\ufb01ed approach to measuring expected credit losses, as permitted by IFRS 9.
Under this approach, loss allowances are measured at an amount equal to lifetime expected credit
losses (\u201cECLs\u201d) for:
\u2022
\ufb01nancial assets measured at amortised cost; and
\u2022
contract assets (as de\ufb01ned in IFRS 15).
While cash and cash deposits are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed
impairment loss was immaterial.
Under the simpli\ufb01ed approach, the Group recognises lifetime ECLs from the point of initial recognition
of trade receivables and contract assets. Immediately after an individual trade receivable or contract
asset is assessed to be unlikely to be recovered, an impairment is recognised as the difference between
the carrying amount of the receivable and the present value of estimated future cash \ufb02ows. Customer-
speci\ufb01c factors are considered when identifying impairments, which can include the geographic location
and credit rating of a customer.
Where there are no speci\ufb01c concerns over recovery, other than the increasing age of a trade receivable
or contract asset balance past payment terms, the Group uses a provision matrix, where provision rates
are based on days past due. The provision matrix used re\ufb02ects estimates based on past experience,
current economic factors and consideration of forward-looking estimates of economic conditions. Trade
receivables and contract assets are written off where there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of recovery include, among 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.
w) Non-underlying items
In order for users of the accounts to better understand the underlying (de\ufb01ned on page 167)
performance of the Group, the Board has separately disclosed transactions which, while falling
within the ordinary activities of the Group, are, by virtue of their size or incidence, considered to be
exceptional in nature. Such transactions include, but are not limited to: rationalisation, restructuring
and re\ufb01nancing of the Group, costs of impairment, one-off retirement bene\ufb01t effects, pro\ufb01ts, losses
and associated costs arising on the disposal of surplus properties and businesses, litigation costs and
material bad debts.
x) Segment reporting
Segmental information is presented on the same basis as that used for internal reporting to the chief
operating decision maker.
y) Provisions
Provision is recognised when the Group has a present legal or constructive obligation as a result of a
past event, it is probable that an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation,
and the amount can be reliably estimated.
Provisions are measured by discounting the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects
current market assessments and the risks speci\ufb01c to the liability, where the effect of discounting is
material.
z) Current versus non-current disclosure
Current assets are generally assets due to be received within twelve months of the reporting date.
Current liabilities are generally those which are due to be settled within twelve months of the reporting
date, or where the Group does not have a substantive right to defer settlement for at least twelve
months after the reporting date. All other assets/ liabilities are classi\ufb01ed as non-current unless they are
held primarily for the purpose of trading.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00111": { "value": "Carclo plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "ii) Compliance with IFRS
The consolidated \ufb01nancial statements have been prepared and approved by the Directors in accordance
with UK-adopted International Accounting Standards and with the requirements of the Companies Act
2006.
The accounting policies have been applied consistently to all periods presented in the consolidated
\ufb01nancial statements, unless otherwise stated.
The Company has elected to prepare its parent company \ufb01nancial statements in accordance with
FRS 101; these are presented on pages 146 to 159. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "iii) Going concern
A \u00a336 million asset-backed borrowing facility with BZ, that was announced on 24 April 2025, provides
available borrowings for a three-year term to April 2028. The level of borrowings is contingent upon
the value of current and non-current asset categories held by the Group\u2019s UK and US trading subsidiaries.
There are three primary \ufb01nancial covenants required to be tested under the BZ facility agreement,
as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Covenant
De\ufb01nition
Threshold
Minimum EBITDA
Underlying Group EBITDA calculated on a last six
No less than 75% of
\u00a0
months basis
budget
Fixed Charge Cover
Underlying Group EBITDA divided by the sum
Until 31 March 2027
Ratio (\u201cFCCR\u201d)
of \ufb01xed charges comprising debt service costs,
no less than 1:1
\u00a0
debt repayments, pension scheme contributions,
After 31 March 2027
\u00a0
tax payments, capital expenditure and dividends
no less than 1.05:1
\u00a0
or other capital distributions calculated on a last
\u00a0
\u00a0
twelve months basis
\u00a0
CAPEX
Cash paid on tangible and intangible \ufb01xed assets
No more than 120%
\u00a0
measured annually for the twelve months to
of the annual budget
\u00a0
31 March
\u00a0
\n
The Group remained compliant with the Minimum EBITDA and FCCR \ufb01nancial covenants throughout
the year ended 31 March 2026. In accordance with the facility agreement, these covenants were tested
monthly from May 2025 and, following twelve months of compliance under the agreement, including
compliance in the two preceding quarters, testing has moved to a quarterly basis. The CAPEX covenant
is tested annually from the start of each reporting period.
The Group has prepared a forecast of \ufb01nancial projections for the three-year period to 31 March
2029, which has been utilised as the base case underpinning the going concern assessment for the
period through June 2027, being 15 months after the year end and 12 months from when the \ufb01nancial
statements are authorised for issue. These projections include assumptions around revenue growth,
modest margin improvements, consistent working capital trends and stable interest rates. The Directors
have reviewed cash \ufb02ow and covenant forecasts over this period considering the Group\u2019s available
borrowing facilities and the terms of the arrangements with the Group\u2019s lender and the UK de\ufb01ned
bene\ufb01t pension scheme. The forecast shows adequate headroom and supports the position the Group
can operate within its available borrowing facilities and in compliance with covenants throughout this
period.
The Group is subject to a number of key risks and uncertainties, as detailed in the principal risks and
uncertainties section on pages 42 to 48. Mitigating actions to address the risks are also set out in
that section of the report. These risks and uncertainties have been considered in the base case, and
downside sensitivities have been modelled accordingly. These sensitivities consider the uncertainties
facing the Group and model the impact of a range of severe but plausible downside scenarios, as well
as considering the impact of aggregating certain of these, and shows that the Group would be able to
operate within its available facilities and meet its agreed covenants were these scenarios to arise.
The speci\ufb01c climate-related matters set out in the TCFD section on pages 33 to 41 have been
considered and they are not expected to have a signi\ufb01cant impact on the Group\u2019s going concern.
The severe but plausible downside sensitivities modelled included reductions in forecast revenue of up
to 6.6%, a 4% increase in direct material costs (equivalent to approximately 2.2% contribution margin
erosion) and a 2% increase in interest rates. The downside scenario modelling assumes management
bonuses are not payable where the relevant performance conditions are not achieved but does not
include the bene\ufb01t of any other mitigating actions available to management.
Under each of the standalone downside scenarios modelled, the Group maintains adequate liquidity
throughout the assessment period and remains compliant with all \ufb01nancial covenants. The Directors
also assessed a combined downside scenario incorporating both a signi\ufb01cant reduction in forecast
revenue and a sustained increase in direct material costs. Under this combined scenario, no liquidity
shortfall arises; however, there is a temporary breach of the FCCR covenant. The Directors consider
the concurrent occurrence of these downside assumptions to be remote. Furthermore, the scenario
does not re\ufb02ect a range of mitigating actions available to management, including the reduction of
discretionary expenditure and the deferral of non-essential capital expenditure. Modelling performed
by management demonstrates that actions considered achievable and within management\u2019s control
would be suf\ufb01cient to restore covenant compliance under this scenario.
Given that FCCR represented the most sensitive covenant within the Group\u2019s \ufb01nancing arrangements,
the Directors performed additional covenant-focused downside testing, including scenarios in which
EBITDA remained broadly \ufb02at against FY26 levels and reduced by 10% compared with FY26. While
these scenarios resulted in reduced covenant headroom, management identi\ufb01ed speci\ufb01c mitigating
actions that are considered achievable and within management\u2019s control and which would be suf\ufb01cient
to maintain compliance with the Group\u2019s covenant requirements.
The Group is not exposed to high-risk sectors or countries but is dependent on certain key customers,
creating risks and uncertainties, which are documented in detail alongside mitigating actions in the
principal risks and uncertainties section.
It should be noted that the Group is operating in a period of material geopolitical and macroeconomic
uncertainty. The Directors continue to monitor these risks and their plausible impact; however, the
potential severity is dependent upon many external factors and is dif\ufb01cult to predict.
Accordingly, the
\ufb01nancial impact of these risks may materially differ from the Directors\u2019 current view.
At 31 March 2026, the Group reports net liabilities of \u00a38.7 million (FY25: \u00a311.8 million net liabilities)
largely attributable to the IAS 19 valuation of the UK de\ufb01ned bene\ufb01t pension liability of \u00a346.8 million
(FY25: \u00a351.8 million).
Pension contributions are funded from cash generated by operations and have
been re\ufb02ected in the cash \ufb02ow and covenant forecasts reviewed by the Directors. Given that these
amounts are considered manageable by the Directors, the balance sheet presentation of net liabilities at
31 March 2026 does not imply an inability for the Group to meet its third-party liabilities over the going
concern period.
On the basis of the base case forecast and the severe but plausible sensitivity testing, the Directors
have determined that it is reasonable to assume that the Group will continue to operate within available
borrowing facilities available and adhere to the covenant tests to which it is subject throughout at least
the 12 month period from the date of signing the \ufb01nancial statements through to June 2027.
Accordingly, these \ufb01nancial statements are prepared on a going concern basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "iv) New standards, amendments and interpretations
The following new standards and amendments to existing standards became effective in January 2026
and have been adopted in the consolidated \ufb01nancial statements for the \ufb01rst time during the year ended
31 March 2026.
\u00a0 \u00a0
Effective for
\u00a0 \u00a0
accounting periods
\u00a0
Date issued
beginning on or after
Amendments to IFRS 9 Financial Instruments and IFRS 7
May 2024
January 2026
Financial Instruments: Disclosures
\u00a0 \u00a0
\u2022
Clari\ufb01es the classi\ufb01cation and measurement of \ufb01nancial
\u00a0 \u00a0
instruments.
\u00a0 \u00a0
Annual Improvements to IFRS Accounting Standards \u2013
June 2024
January 2026
Amendments to:
\u00a0 \u00a0
\u2022
IFRS 1 First-time Adoption of International Financial Reporting
\u00a0 \u00a0
Standards
\u00a0 \u00a0
\u2022
IFRS 7 Financial Instruments: Disclosures and its accompanying
\u00a0 \u00a0
guidance on implementing IFRS 7
\u00a0 \u00a0
\u2022
IFRS 9 Financial Instruments
\u00a0 \u00a0
\u2022
IFRS 10 Consolidated Financial Statements
\u00a0 \u00a0
\u2022
IAS 7 Statement of Cash Flows
\u00a0 \u00a0
\n
The above have been assessed as having no \ufb01nancial or disclosure impact on these consolidated
\ufb01nancial statements
The following standards, amendments and interpretations were in issue but were not yet effective at the
balance sheet date. These have been endorsed by the UK Endorsement Board. These standards have
not been applied when preparing the consolidated \ufb01nancial statements for the year ended 31 March
2026:
\u00a0 \u00a0
Effective for
\u00a0 \u00a0
accounting periods
\u00a0
Date issued
beginning on or after
IFRS 18 Presentation and Disclosure in Financial Statements
April 2024
January 2027
\u2022
Speci\ufb01es the requirements for presentation and disclosure of
\u00a0 \u00a0
information in \ufb01nancial statements for all entities applying IFRS.
\u00a0 \u00a0
IFRS 19 Subsidiaries without Public Accountability:
May 2024
January 2027
Disclosures
\u00a0 \u00a0
\u2022
Sets out the disclosure requirements an eligible entity is
\u00a0 \u00a0
permitted to apply instead of the disclosure requirements in
\u00a0 \u00a0
other IFRS Accounting Standards
\u00a0 \u00a0
\n
It is not anticipated that the application of the above will have a signi\ufb01cant \ufb01nancial impact in future
years, however IFRS 18 is likely to require presentational and disclosure changes to the \ufb01nancial
statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "v) Accounting policies
a) Basis of accounting
The \ufb01nancial statements are prepared on the historical cost basis except that derivative \ufb01nancial
instruments, share options and de\ufb01ned bene\ufb01t pension plan assets are stated at their fair value.
Non-current assets and disposal groups held for sale are stated at the lower of carrying amount and fair
value less costs to sell.
b) Basis of consolidation
The Group \ufb01nancial statements consolidate those of the Company and its subsidiaries (together
referred to as the \u201cGroup\u201d). The parent company \ufb01nancial statements present information about the
Company as a separate entity and not about its Group. The results of any subsidiaries sold or acquired
are included in the consolidated income statement up to, or from, the date control passes. Intra-group
transactions, balances and pro\ufb01ts are eliminated fully on consolidation. On acquisition of a subsidiary, all
of the identi\ufb01able assets and liabilities existing at the date of acquisition are recorded at their fair values
re\ufb02ecting their condition at that date.
i) Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which
is the date on which control is transferred to the Group. An entity is controlled by the Group regardless
of the level of the Group\u2019s equity interest in the entity, when the Group is exposed, or has the 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 currently are exercisable.
The Group measures goodwill at the acquisition date as:
\u2022
the fair value of the consideration transferred; plus
\u2022
the recognised amount of any non-controlling interests in the acquiree; plus
\u2022
if the business combination is achieved in stages, the fair value of the pre-existing equity interest in
the acquiree; less
\u2022
the net recognised amount of the identi\ufb01able assets acquired and liabilities assumed.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent
consideration is classi\ufb01ed as equity, it is not remeasured and settlement is accounted for within equity.
Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in pro\ufb01t
or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in pro\ufb01t or loss.
Transaction costs other than those associated with the issue of debt or equity securities, that the Group
incurs in connection with a business combination, are expensed as incurred.
ii) Acquisitions of non-controlling interests
Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity
as owners and therefore no goodwill is recognised as a result. Adjustments to non-controlling interests
arising from transactions that do not involve the loss of control are based on a proportionate amount of
the net assets of the subsidiary.
c) Goodwill
In respect of business combinations that occurred since 1 April 2004, goodwill arising on consolidation
represents the excess of the fair value of the consideration given over the fair value of the identi\ufb01able
net assets acquired. Goodwill arising on acquisition of subsidiaries, joint ventures and businesses is
capitalised as an asset.
In accordance with IFRS 1 and IFRS 3, goodwill at 1 April 2004 has been frozen and will not be amortised.
Goodwill is allocated to cash generating units and is subject to an annual impairment review, with any
impairment losses being recognised immediately in the income statement.
Any goodwill arising on the acquisition of an overseas subsidiary is retranslated at the balance sheet
date.
d) Other intangible assets
Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see
accounting policy e) and impairment losses (see accounting policy v).
Expenditure on research activities, undertaken with the prospect of gaining new scienti\ufb01c or technical
knowledge and understanding, is recognised in the income statement as an expense as incurred.
Expenditure on development activities, whereby research \ufb01ndings are applied to a plan or design
for the production of new or substantially improved products and processes, is capitalised if the
product or process is technically and commercially feasible and the Group has suf\ufb01cient resources to
complete development. The expenditure capitalised includes the cost of materials, direct labour and
an appropriate proportion of overheads. Other development expenditure is recognised in the income
statement as an expense as incurred. Capitalised development expenditure is stated at cost less
accumulated amortisation (see accounting policy e) and impairment losses (see accounting policy v).
Expenditure on internally generated goodwill and brands is recognised in the income statement as an
expense as incurred.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future
economic bene\ufb01ts embodied in the speci\ufb01c asset to which it relates. All other expenditure is expensed
as incurred.
e) Amortisation
Intangible assets, other than goodwill, are amortised on a straight-line basis to write off the cost of the
asset, less estimated residual value, over the estimated economic life of the asset when they become
available for use.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Patents and development costs
10 years
Customer-related intangibles
7 - 10 years
Computer software
3 - 5 years
\n
f) Property, plant and equipment
Items of property, plant and equipment are stated at cost, or at deemed cost, less accumulated
depreciation and impairment losses. Cost includes the original purchase price of the asset and the costs
attributable to bringing the asset to its working condition for its intended use.
Depreciation on property, plant and equipment is provided using the straight-line method to write off
the cost or valuation less estimated residual value, using the following estimated useful economic lives:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
20 - 50 years
Plant and equipment
3 - 12 years
\n
No depreciation is provided on freehold land.
g) Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period
of time in exchange for consideration. To assess whether a contract conveys the right to control the use
of an identi\ufb01ed asset, the Group uses the de\ufb01nition of a lease in IFRS 16.
As a lessee
At commencement or on modi\ufb01cation of a contract that contains a lease component, the Group
allocates the consideration in the contract to each lease component on the basis of its relative
standalone prices. However, for the leases of property, the Group has elected not to separate non-lease
components and account for the lease and non-lease components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the
underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset re\ufb02ects
that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated
over the useful life of the underlying asset, which is determined on the same basis as those of property,
plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if
any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Group\u2019s incremental borrowing rate. The incremental borrowing rate is the
rate the Group would have to pay to borrow the funds necessary to obtain a similar asset under similar
conditions.
The Group determines its incremental borrowing rate by obtaining interest rates from various external
\ufb01nancing sources and makes certain adjustments to re\ufb02ect the terms of the lease and the type of asset
leased.
Lease payments included in the measurement of the lease liability comprise the following:
\u2022
\ufb01xed payments, including in-substance \ufb01xed payments;
\u2022
variable lease payments that depend on an index or a rate, initially measured using the index or rate
as at the commencement date;
\u2022
amounts expected to be payable under a residual value guarantee; and
\u2022
the exercise price under a purchase option that the Group is reasonably certain to exercise, lease
payments in an optional renewal period if the Group is reasonably certain to exercise an extension
option, and penalties for early termination of a lease unless the Group is reasonably certain not to
terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee,
if the Group changes its assessment of whether it will exercise a purchase, extension or termination
option or if there is a revised in-substance \ufb01xed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the
carrying amount of the right-of-use asset, or is recorded in pro\ufb01t or loss if the carrying amount of the
right-of-use asset has been reduced to zero.
The Group presents right-of-use assets in \u201cproperty, plant and equipment\u201d and lease liabilities in \u201cloans
and borrowings\u201d in the statement of \ufb01nancial position.
Short-term leases and leases of low-value assets
The Group leases of\ufb01ce and IT equipment with contract terms typically between one and ten years. The
Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets
and short-term leases with a duration of one year or less. The Group recognises the lease payments
associated with these leases in the income statement as an expense on a straight-line basis over the
lease term.
h) Borrowings
The Group measures all debt instruments (whether \ufb01nancial assets or liabilities) initially at fair value, which
equates to the principal value of the consideration paid or received. Subsequent to initial measurement,
debt instruments are measured at amortised cost using the effective interest method. Transaction costs
(any such costs incremental and directly attributable to the issue of the \ufb01nancial instrument) are included
in the calculation of the effective interest rate and are amortised over the life of the instrument.
Debt instruments denominated in foreign currencies are revalued using period-end exchange rates, see
accounting policy t)v.
Borrowings are classi\ufb01ed as current liabilities unless the Group has a substantive right, at the end of
the reporting period, to defer settlement of the liability for at least twelve months. The classi\ufb01cation is
based solely on rights in place at the reporting date, regardless of expectations or subsequent events.
i) Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated
selling price in the ordinary course of business, less the estimated costs of completion and selling
expenses. The cost of inventory is based on the \ufb01rst-in, \ufb01rst-out principle and includes expenditure
incurred in acquiring the inventories and bringing them to their existing location and condition. In the
case of manufactured inventories and work in progress, cost includes an appropriate share of overheads
based on normal operating capacity.
j) Revenue recognition
Revenue arises on the Group\u2019s principal activities. Further details are set out in note 5.
To determine whether to recognise revenue, the Group follows the \ufb01ve-step process as prescribed in
IFRS 15:
1.
identifying the contract with a customer;
2. identifying the performance obligations;
3. determining the transaction price;
4. allocating the transaction price to the performance obligations; and
5.
recognising revenue when/or performance obligations are satis\ufb01ed.
The Group sometimes enters into transactions involving a range of the Group\u2019s products and services,
which in the CTP segment would be for design, engineering and production manufacturing.
The total transaction price for a contract is allocated among the various performance obligations based
on their relative standalone selling prices, or, in the absence of a standalone selling price, on a cost plus
margin basis. The transaction price for a contract excludes any amounts collected on behalf of third
parties.
Revenue is recognised either at a point in time or over time, when or as the Group satis\ufb01es performance
obligations by transferring the promised goods or services to its customers.
The Group recognises contract liabilities for consideration received in respect of unsatis\ufb01ed performance
obligations and reports these amounts as contract liabilities in the statement of \ufb01nancial position.
Similarly, if the Group satis\ufb01es a performance obligation before it receives the consideration, the Group
recognises either a contract asset or a receivable in its statement of \ufb01nancial position, depending on
whether something other than the passage of time is required before the consideration is due.
k) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date
are translated to functional currency at the foreign exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the income statement. Non-monetary assets and
liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in
foreign currencies that are stated at fair value are translated to sterling at foreign exchange rates ruling
at the dates the fair value was determined.
l) Financial statements of foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
consolidation, are translated to sterling at foreign exchange rates ruling at the balance sheet date. The
revenues and expenses of foreign operations are translated to sterling at rates approximating to the
foreign exchange rates ruling at the dates of the transactions. Foreign exchange differences arising on
retranslation are recognised directly in a separate component of equity.
m) Net investment in foreign operations
Exchange differences arising from the translation of the net investment in foreign operations, and of
related hedges meeting the criteria for hedge accounting under IFRS 9, are taken to the translation
reserve. They are released into the income statement upon disposal.
n) Dividends
Dividends are only recognised as a liability to the extent that they are declared prior to the year end.
Unpaid dividends that do not meet these criteria are disclosed in the note to the \ufb01nancial statements.
o) Net operating expenses
Net operating expenses incurred by the business are written off to the income statement as incurred.
p) Financing revenue and expenses
Financing revenue and expenses comprise interest payable on borrowings calculated using an
approximation of the effective interest rate method, interest receivable on funds invested, dividend
income and gains and losses on hedging instruments that are recognised in the income statement.
Interest payable is a combination of principal interest and amortised arrangement fees, at each
reporting date, the resulting charge is tested against the effective interest rate method to demonstrate
they are materially in line.
Interest is recognised in the income statement as it accrues, using the effective interest method.
q) Cash and cash equivalents
Cash and cash equivalents comprise cash balances, cash deposits and bank overdrafts. Cash deposits
are those with original maturities of three months or less that are readily convertible to known amounts
of cash and subject to an insigni\ufb01cant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
management are included as a component of cash and cash equivalents for the purposes of the
statement of cash \ufb02ows.
Bank overdrafts are presented separately as borrowings within current liabilities in the statement of
\ufb01nancial position and are not offset against cash balances, irrespective of whether the overdraft facility
is subject to a netting arrangement or a \u00a3nil net limit.
r) Taxation
Income tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is
recognised in the income statement except to the extent that it relates to items recognised directly in
equity, in which case it is recognised in equity or the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the balance sheet date in the countries where the Group operates and any
adjustments to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts
used for taxation purposes. The following temporary differences are not provided for: goodwill not
deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting
nor taxable pro\ufb01t, and differences relating to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax
rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be
available against which the asset can be utilised.
Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t
will be realised.
Additional income taxes that arise from the distribution of dividends from foreign operations are
recognised at the same time as the liability to pay the related dividend.
Companies within the Group may be entitled to claim special tax deductions in relation to qualifying
research and development expenditure. The Group accounts for such allowances as tax credits, which
means that the allowance reduces the tax payable.
s) Retirement bene\ufb01t costs
The Group operates a de\ufb01ned bene\ufb01t pension scheme and also makes payments into de\ufb01ned
contribution pension schemes for employees. The pension payable under the de\ufb01ned bene\ufb01t pension
scheme is calculated based on years of service up to retirement and pensionable salary at the point of
retirement.
The net obligation in respect of the de\ufb01ned bene\ufb01t plan is the present value of the de\ufb01ned bene\ufb01t
obligations less the fair value of the plan\u2019s assets at the balance sheet date. The assumptions used to
calculate the present value of the de\ufb01ned bene\ufb01t obligations are detailed in note 21.
IFRIC 14 requires that where plan assets exceed the de\ufb01ned bene\ufb01t obligation, an asset is recognised to
the extent that an economic bene\ufb01t is available to the Group, in accordance with the terms of the plan
and applicable statutory requirements and the bene\ufb01t should be realisable during the life of the plan or
on the settlement of the plan liabilities.
The operating and \ufb01nancing costs of the scheme are recognised separately in the income statement as
incurred.
Payments to the de\ufb01ned contribution pension scheme are accounted for on an accruals basis. Once the
payments have been made the Group has no further obligation.
t) Financial instruments
i) Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated. All other
\ufb01nancial assets and \ufb01nancial liabilities are initially recognised when the Group becomes a party to the
contractual provisions of the instrument.
A \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nance component) or \ufb01nancial
liability is initially measured at fair value (plus transaction costs that are directly attributable to its
acquisition or issue for an item not at fair value through pro\ufb01t or loss (\u201cFVTPL\u201d)). A trade receivable
without a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
The fair value is the amount at which a \ufb01nancial instrument could be exchanged in an arm\u2019s length
transaction between third parties. Where available, market values are used to determine fair values,
otherwise fair values are calculated by discounting expected cash \ufb02ows at prevailing interest and
exchange rates.
ii) Classi\ufb01cation and subsequent measurement
On initial recognition, a \ufb01nancial asset is classi\ufb01ed as measured at: amortised cost; fair value through
other comprehensive income (\u201cFVOCI\u201d) - debt investment; FVOCI - equity investment; or FVTPL.
Financial assets are not reclassi\ufb01ed subsequent to their initial recognition unless the Group changes its
business model for managing \ufb01nancial assets, in which case all affected \ufb01nancial assets are reclassi\ufb01ed
on the \ufb01rst day of the \ufb01rst reporting period following the change in business model.
A \ufb01nancial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at FVTPL:
\u2022
it is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows;
and
\u2022
its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income
(\u201cOCI\u201d). This election is made on an investment-by-investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative \ufb01nancial assets. On initial recognition, the Group
may irrevocably designate a \ufb01nancial asset that otherwise meets the requirements to be measured at
amortised cost or at FVOCI as at FVTPL, if doing so eliminates or signi\ufb01cantly reduces an accounting
mismatch that would otherwise arise.
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any
interest or dividend income, are recognised in pro\ufb01t or loss.
Financial assets at amortised cost are subsequently measured at amortised cost using the effective
interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange
gains and losses and impairment are recognised in pro\ufb01t or loss. Any gain or loss on derecognition is
recognised in pro\ufb01t or loss.
Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as
income in the pro\ufb01t or loss unless the dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI and are never reclassi\ufb01ed to pro\ufb01t or loss.
Financial liabilities are classi\ufb01ed as measured at amortised cost or FVTPL. A \ufb01nancial liability is classi\ufb01ed
as FVTPL if it is classi\ufb01ed as held-for-trading, it is a derivative or it is designated as such on initial
recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including
any interest expense, are recognised in pro\ufb01t and loss. Other \ufb01nancial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign exchange
gains and losses are recognised in pro\ufb01t and loss. Any gain or loss on derecognition is also recognised in
pro\ufb01t and loss.
iii) Derecognition
The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the
\ufb01nancial asset expire, or it transfers the rights to receive the contractual cash \ufb02ow in a transaction in
which substantially all of the risks and rewards of ownership of the \ufb01nancial asset are transferred or in
which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and
it does not retain control of the \ufb01nancial asset.
The Group derecognises a \ufb01nancial liability when its contractual obligations are settled, discharged,
cancelled, or expire. The Group also derecognises a \ufb01nancial liability when its terms are modi\ufb01ed and the
cash \ufb02ows of the modi\ufb01ed liability are substantially different, in which case a new \ufb01nancial liability based
on modi\ufb01ed terms is recognised at fair value. On derecognition of a \ufb01nancial liability, the difference
between the carrying amount extinguished and the consideration paid (including any non-cash assets
transferred or liabilities assumed) is recognised in pro\ufb01t or loss.
iv) Offsetting
Financial assets and \ufb01nancial liabilities are offset and the net amounts presented in the statement of
\ufb01nancial position when, and only when, the Group currently has a legally enforceable right to set off
the amounts and it intends to settle them on a net basis or to realise the asset and settle the liability
simultaneously.
v) Hedge accounting
When a non-derivative \ufb01nancial liability is designated as the hedging instrument in a hedge of a
net investment in a foreign operation, the effective portion of foreign exchange gains and losses is
recognised in OCI and presented in the translation reserve within equity. Any ineffective portion of the
foreign exchange gains and losses is recognised immediately in pro\ufb01t or loss. The amount recognised in
OCI is reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment on disposal of foreign operations.
u) Share-based payments
The Group issues awards structured as equity-settled share-based payments and cash-settled
share-based payments to certain employees in exchange for services rendered by them. The fair value
of the equity-settled share-based award is calculated at date of grant and is expensed on a straight-line
basis over the vesting period with a corresponding increase in equity. The fair value of the cash-settled
award is calculated at date of grant and recognised as an expense over the vesting period based upon
the cash expected to be paid. The fair value of cash-settled share-based payments is recalculated
at each reporting date and the liability revised accordingly. Both valuations are based on the Group\u2019s
estimate of share awards that will eventually vest and take into account movement of non-market
conditions, being service conditions and \ufb01nancial performance, if relevant.
v) Impairment
i) Non-\ufb01nancial assets
The carrying amounts of the Group\u2019s assets, other than inventories (see accounting policy i) and
deferred tax assets (see accounting policy r), are reviewed at each balance sheet date to determine
whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable
amount is estimated.
For goodwill, assets that have an inde\ufb01nite useful life and intangible assets that are not yet available for
use, the recoverable amount is estimated at each year-end date.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit
exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash generating units are allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to cash generating units or group of units and then to reduce
the carrying amount of the other assets in the unit or group of units on a pro-rata basis. The carrying
value of goodwill at 31 March 2026 is allocated wholly to the CTP cash generating unit.
ii) Financial assets
The Group applies the simpli\ufb01ed approach to measuring expected credit losses, as permitted by IFRS 9.
Under this approach, loss allowances are measured at an amount equal to lifetime expected credit
losses (\u201cECLs\u201d) for:
\u2022
\ufb01nancial assets measured at amortised cost; and
\u2022
contract assets (as de\ufb01ned in IFRS 15).
While cash and cash deposits are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed
impairment loss was immaterial.
Under the simpli\ufb01ed approach, the Group recognises lifetime ECLs from the point of initial recognition
of trade receivables and contract assets. Immediately after an individual trade receivable or contract
asset is assessed to be unlikely to be recovered, an impairment is recognised as the difference between
the carrying amount of the receivable and the present value of estimated future cash \ufb02ows. Customer-
speci\ufb01c factors are considered when identifying impairments, which can include the geographic location
and credit rating of a customer.
Where there are no speci\ufb01c concerns over recovery, other than the increasing age of a trade receivable
or contract asset balance past payment terms, the Group uses a provision matrix, where provision rates
are based on days past due. The provision matrix used re\ufb02ects estimates based on past experience,
current economic factors and consideration of forward-looking estimates of economic conditions. Trade
receivables and contract assets are written off where there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of recovery include, among 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.
w) Non-underlying items
In order for users of the accounts to better understand the underlying (de\ufb01ned on page 167)
performance of the Group, the Board has separately disclosed transactions which, while falling
within the ordinary activities of the Group, are, by virtue of their size or incidence, considered to be
exceptional in nature. Such transactions include, but are not limited to: rationalisation, restructuring
and re\ufb01nancing of the Group, costs of impairment, one-off retirement bene\ufb01t effects, pro\ufb01ts, losses
and associated costs arising on the disposal of surplus properties and businesses, litigation costs and
material bad debts.
x) Segment reporting
Segmental information is presented on the same basis as that used for internal reporting to the chief
operating decision maker.
y) Provisions
Provision is recognised when the Group has a present legal or constructive obligation as a result of a
past event, it is probable that an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation,
and the amount can be reliably estimated.
Provisions are measured by discounting the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects
current market assessments and the risks speci\ufb01c to the liability, where the effect of discounting is
material.
z) Current versus non-current disclosure
Current assets are generally assets due to be received within twelve months of the reporting date.
Current liabilities are generally those which are due to be settled within twelve months of the reporting
date, or where the Group does not have a substantive right to defer settlement for at least twelve
months after the reporting date. All other assets/ liabilities are classi\ufb01ed as non-current unless they are
held primarily for the purpose of trading.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "b) Basis of consolidation
The Group \ufb01nancial statements consolidate those of the Company and its subsidiaries (together
referred to as the \u201cGroup\u201d). The parent company \ufb01nancial statements present information about the
Company as a separate entity and not about its Group. The results of any subsidiaries sold or acquired
are included in the consolidated income statement up to, or from, the date control passes. Intra-group
transactions, balances and pro\ufb01ts are eliminated fully on consolidation. On acquisition of a subsidiary, all
of the identi\ufb01able assets and liabilities existing at the date of acquisition are recorded at their fair values
re\ufb02ecting their condition at that date.
i) Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which
is the date on which control is transferred to the Group. An entity is controlled by the Group regardless
of the level of the Group\u2019s equity interest in the entity, when the Group is exposed, or has the 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 currently are exercisable.
The Group measures goodwill at the acquisition date as:
\u2022
the fair value of the consideration transferred; plus
\u2022
the recognised amount of any non-controlling interests in the acquiree; plus
\u2022
if the business combination is achieved in stages, the fair value of the pre-existing equity interest in
the acquiree; less
\u2022
the net recognised amount of the identi\ufb01able assets acquired and liabilities assumed.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent
consideration is classi\ufb01ed as equity, it is not remeasured and settlement is accounted for within equity.
Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in pro\ufb01t
or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in pro\ufb01t or loss.
Transaction costs other than those associated with the issue of debt or equity securities, that the Group
incurs in connection with a business combination, are expensed as incurred.
ii) Acquisitions of non-controlling interests
Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity
as owners and therefore no goodwill is recognised as a result. Adjustments to non-controlling interests
arising from transactions that do not involve the loss of control are based on a proportionate amount of
the net assets of the subsidiary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "i) Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which
is the date on which control is transferred to the Group. An entity is controlled by the Group regardless
of the level of the Group\u2019s equity interest in the entity, when the Group is exposed, or has the 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 currently are exercisable.
The Group measures goodwill at the acquisition date as:
\u2022
the fair value of the consideration transferred; plus
\u2022
the recognised amount of any non-controlling interests in the acquiree; plus
\u2022
if the business combination is achieved in stages, the fair value of the pre-existing equity interest in
the acquiree; less
\u2022
the net recognised amount of the identi\ufb01able assets acquired and liabilities assumed.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent
consideration is classi\ufb01ed as equity, it is not remeasured and settlement is accounted for within equity.
Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in pro\ufb01t
or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in pro\ufb01t or loss.
Transaction costs other than those associated with the issue of debt or equity securities, that the Group
incurs in connection with a business combination, are expensed as incurred.c) Goodwill
In respect of business combinations that occurred since 1 April 2004, goodwill arising on consolidation
represents the excess of the fair value of the consideration given over the fair value of the identi\ufb01able
net assets acquired. Goodwill arising on acquisition of subsidiaries, joint ventures and businesses is
capitalised as an asset.
In accordance with IFRS 1 and IFRS 3, goodwill at 1 April 2004 has been frozen and will not be amortised.
Goodwill is allocated to cash generating units and is subject to an annual impairment review, with any
impairment losses being recognised immediately in the income statement.
Any goodwill arising on the acquisition of an overseas subsidiary is retranslated at the balance sheet
date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "i) Business combinations
Business combinations are accounted for using the acquisition method as at the acquisition date, which
is the date on which control is transferred to the Group. An entity is controlled by the Group regardless
of the level of the Group\u2019s equity interest in the entity, when the Group is exposed, or has the 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 currently are exercisable.
The Group measures goodwill at the acquisition date as:
\u2022
the fair value of the consideration transferred; plus
\u2022
the recognised amount of any non-controlling interests in the acquiree; plus
\u2022
if the business combination is achieved in stages, the fair value of the pre-existing equity interest in
the acquiree; less
\u2022
the net recognised amount of the identi\ufb01able assets acquired and liabilities assumed.
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent
consideration is classi\ufb01ed as equity, it is not remeasured and settlement is accounted for within equity.
Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in pro\ufb01t
or loss.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognised in pro\ufb01t or loss.
Transaction costs other than those associated with the issue of debt or equity securities, that the Group
incurs in connection with a business combination, are expensed as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "ii) Acquisitions of non-controlling interests
Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity
as owners and therefore no goodwill is recognised as a result. Adjustments to non-controlling interests
arising from transactions that do not involve the loss of control are based on a proportionate amount of
the net assets of the subsidiary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "c) Goodwill
In respect of business combinations that occurred since 1 April 2004, goodwill arising on consolidation
represents the excess of the fair value of the consideration given over the fair value of the identi\ufb01able
net assets acquired. Goodwill arising on acquisition of subsidiaries, joint ventures and businesses is
capitalised as an asset.
In accordance with IFRS 1 and IFRS 3, goodwill at 1 April 2004 has been frozen and will not be amortised.
Goodwill is allocated to cash generating units and is subject to an annual impairment review, with any
impairment losses being recognised immediately in the income statement.
Any goodwill arising on the acquisition of an overseas subsidiary is retranslated at the balance sheet
date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "c) Goodwill
In respect of business combinations that occurred since 1 April 2004, goodwill arising on consolidation
represents the excess of the fair value of the consideration given over the fair value of the identi\ufb01able
net assets acquired. Goodwill arising on acquisition of subsidiaries, joint ventures and businesses is
capitalised as an asset.
In accordance with IFRS 1 and IFRS 3, goodwill at 1 April 2004 has been frozen and will not be amortised.
Goodwill is allocated to cash generating units and is subject to an annual impairment review, with any
impairment losses being recognised immediately in the income statement.
Any goodwill arising on the acquisition of an overseas subsidiary is retranslated at the balance sheet
date.
d) Other intangible assets
Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see
accounting policy e) and impairment losses (see accounting policy v).
Expenditure on research activities, undertaken with the prospect of gaining new scienti\ufb01c or technical
knowledge and understanding, is recognised in the income statement as an expense as incurred.
Expenditure on development activities, whereby research \ufb01ndings are applied to a plan or design
for the production of new or substantially improved products and processes, is capitalised if the
product or process is technically and commercially feasible and the Group has suf\ufb01cient resources to
complete development. The expenditure capitalised includes the cost of materials, direct labour and
an appropriate proportion of overheads. Other development expenditure is recognised in the income
statement as an expense as incurred. Capitalised development expenditure is stated at cost less
accumulated amortisation (see accounting policy e) and impairment losses (see accounting policy v).
Expenditure on internally generated goodwill and brands is recognised in the income statement as an
expense as incurred.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future
economic bene\ufb01ts embodied in the speci\ufb01c asset to which it relates. All other expenditure is expensed
as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "d) Other intangible assets
Intangible assets that are acquired by the Group are stated at cost less accumulated amortisation (see
accounting policy e) and impairment losses (see accounting policy v).
Expenditure on research activities, undertaken with the prospect of gaining new scienti\ufb01c or technical
knowledge and understanding, is recognised in the income statement as an expense as incurred.
Expenditure on development activities, whereby research \ufb01ndings are applied to a plan or design
for the production of new or substantially improved products and processes, is capitalised if the
product or process is technically and commercially feasible and the Group has suf\ufb01cient resources to
complete development. The expenditure capitalised includes the cost of materials, direct labour and
an appropriate proportion of overheads. Other development expenditure is recognised in the income
statement as an expense as incurred. Capitalised development expenditure is stated at cost less
accumulated amortisation (see accounting policy e) and impairment losses (see accounting policy v).
Expenditure on internally generated goodwill and brands is recognised in the income statement as an
expense as incurred.
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future
economic bene\ufb01ts embodied in the speci\ufb01c asset to which it relates. All other expenditure is expensed
as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "e) Amortisation
Intangible assets, other than goodwill, are amortised on a straight-line basis to write off the cost of the
asset, less estimated residual value, over the estimated economic life of the asset when they become
available for use.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Patents and development costs
10 years
Customer-related intangibles
7 - 10 years
Computer software
3 - 5 years
\n
\u00a0 \u00a0
Patents and
Customer-
\u00a0 \u00a0
\u00a0 \u00a0
development
related
Computer
\u00a0
\u00a0
Goodwill
costs
intangibles
software
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 31 March and 1 April 2024
23,131
16,802
588
1,681
42,202
Additions
\u2014
\u2014
\u2014
49
49
Disposals
\u2014
\u2014
\u2014
(307)
(307)
Effect of movements in foreign exchange
(339)
\u2014
\u2014
(7)
(346)
Balance at 31 March and 1 April 2025
22,792
16,802
588
1,416
41,598
Additions
\u2014
\u2014
\u2014
333
333
Reclassi\ufb01cation of assets under construction from PPE
\u2014
\u2014
\u2014
208
208
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in foreign exchange
285
\u2014
\u2014
(1)
284
Balance at 31 March 2026
23,077
16,802
588
1,956
42,423
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 31 March and 1 April 2024
1,104
16,802
588
1,511
20,005
Amortisation for the year
\u2014
\u2014
\u2014
87
87
Disposals
\u2014
\u2014
\u2014
(307)
(307)
Effect of movements in foreign exchange
18
\u2014
\u2014
(6)
12
Balance at 31 March and 1 April 2025
1,122
16,802
588
1,285
19,797
Amortisation for the year
\u2014
\u2014
\u2014
107
107
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in foreign exchange
(10)
\u2014
\u2014
(2)
(12)
Balance at 31 March 2026
1,112
16,802
588
1,390
19,892
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
22,027
\u2014
\u2014
170
22,197
At 31 March 2025
21,670
\u2014
\u2014
131
21,801
At 31 March 2026
21,965
\u2014
\u2014
566
22,531
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 April 2024
47,235
76,555
123,790
Additions
1,504
944
2,448
Disposals
(4,580)
(4,501)
(9,081)
Effect of movements in foreign exchange
(787)
(931)
(1,718)
Balance at 31 March and 1 April 2025
43,372
72,067
115,439
Additions
934
2,374
3,308
Disposals
(12)
(1,132)
(1,144)
Reassessment of lease value
(697)
21
(676)
Reclassi\ufb01cation of assets under construction
\u00a0 \u00a0 \u00a0
to intangibles
\u2014
(208)
(208)
Effect of movements in foreign exchange
(67)
(404)
(471)
Balance at 31 March 2026
43,530
72,718
116,248
Depreciation and impairment losses
\u00a0 \u00a0 \u00a0
Balance at 1 April 2024
23,579
59,810
83,389
Depreciation charge for the year
3,357
3,099
6,456
Disposals
(4,514)
(4,414)
(8,928)
Reversal of impairment
\u2014
(209)
(209)
Effect of movements in foreign exchange
(407)
(704)
(1,111)
Balance at 31 March and 1 April 2025
22,015
57,582
79,597
Depreciation charge for the year
3,020
2,876
5,896
Disposals
(12)
(1,108)
(1,120)
Effect of movements in foreign exchange
57
(429)
(372)
Balance at 31 March 2026
25,080
58,921
84,001
Carrying amounts
\u00a0 \u00a0 \u00a0
At 1 April 2024
23,656
16,745
40,401
At 1 April 2025
21,357
14,485
35,842
At 31 March 2026
18,450
13,797
32,247
Property, plant and equipment includes right-of-use assets as set out in note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "f) Property, plant and equipment
Items of property, plant and equipment are stated at cost, or at deemed cost, less accumulated
depreciation and impairment losses. Cost includes the original purchase price of the asset and the costs
attributable to bringing the asset to its working condition for its intended use.
Depreciation on property, plant and equipment is provided using the straight-line method to write off
the cost or valuation less estimated residual value, using the following estimated useful economic lives:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
20 - 50 years
Plant and equipment
3 - 12 years
\nNo depreciation is provided on freehold land.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "Depreciation on property, plant and equipment is provided using the straight-line method to write off
the cost or valuation less estimated residual value, using the following estimated useful economic lives:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Freehold buildings
20 - 50 years
Plant and equipment
3 - 12 years
No depreciation is provided on freehold land.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "g) Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is,
or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period
of time in exchange for consideration. To assess whether a contract conveys the right to control the use
of an identi\ufb01ed asset, the Group uses the de\ufb01nition of a lease in IFRS 16.
As a lessee
At commencement or on modi\ufb01cation of a contract that contains a lease component, the Group
allocates the consideration in the contract to each lease component on the basis of its relative
standalone prices. However, for the leases of property, the Group has elected not to separate non-lease
components and account for the lease and non-lease components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The
right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or before the commencement date, plus any initial direct
costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the
underlying asset or the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the end of the lease term, unless the lease transfers ownership of the
underlying asset to the Group by the end of the lease term or the cost of the right-of-use asset re\ufb02ects
that the Group will exercise a purchase option. In that case, the right-of-use asset will be depreciated
over the useful life of the underlying asset, which is determined on the same basis as those of property,
plant and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if
any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at
the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot
be readily determined, the Group\u2019s incremental borrowing rate. The incremental borrowing rate is the
rate the Group would have to pay to borrow the funds necessary to obtain a similar asset under similar
conditions.
The Group determines its incremental borrowing rate by obtaining interest rates from various external
\ufb01nancing sources and makes certain adjustments to re\ufb02ect the terms of the lease and the type of asset
leased.
Lease payments included in the measurement of the lease liability comprise the following:
\u2022
\ufb01xed payments, including in-substance \ufb01xed payments;
\u2022
variable lease payments that depend on an index or a rate, initially measured using the index or rate
as at the commencement date;
\u2022
amounts expected to be payable under a residual value guarantee; and
\u2022
the exercise price under a purchase option that the Group is reasonably certain to exercise, lease
payments in an optional renewal period if the Group is reasonably certain to exercise an extension
option, and penalties for early termination of a lease unless the Group is reasonably certain not to
terminate early.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured
when there is a change in future lease payments arising from a change in an index or rate, if there is a
change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee,
if the Group changes its assessment of whether it will exercise a purchase, extension or termination
option or if there is a revised in-substance \ufb01xed lease payment.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the
carrying amount of the right-of-use asset, or is recorded in pro\ufb01t or loss if the carrying amount of the
right-of-use asset has been reduced to zero.
The Group presents right-of-use assets in \u201cproperty, plant and equipment\u201d and lease liabilities in \u201cloans
and borrowings\u201d in the statement of \ufb01nancial position.
Short-term leases and leases of low-value assets
The Group leases of\ufb01ce and IT equipment with contract terms typically between one and ten years. The
Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets
and short-term leases with a duration of one year or less. The Group recognises the lease payments
associated with these leases in the income statement as an expense on a straight-line basis over the
lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "h) Borrowings
The Group measures all debt instruments (whether \ufb01nancial assets or liabilities) initially at fair value, which
equates to the principal value of the consideration paid or received. Subsequent to initial measurement,
debt instruments are measured at amortised cost using the effective interest method. Transaction costs
(any such costs incremental and directly attributable to the issue of the \ufb01nancial instrument) are included
in the calculation of the effective interest rate and are amortised over the life of the instrument.
Debt instruments denominated in foreign currencies are revalued using period-end exchange rates, see
accounting policy t)v.
Borrowings are classi\ufb01ed as current liabilities unless the Group has a substantive right, at the end of
the reporting period, to defer settlement of the liability for at least twelve months. The classi\ufb01cation is
based solely on rights in place at the reporting date, regardless of expectations or subsequent events. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "i) Inventories
Inventories are stated at the lower of cost and net realisable value. Net realisable value is the estimated
selling price in the ordinary course of business, less the estimated costs of completion and selling
expenses. The cost of inventory is based on the \ufb01rst-in, \ufb01rst-out principle and includes expenditure
incurred in acquiring the inventories and bringing them to their existing location and condition. In the
case of manufactured inventories and work in progress, cost includes an appropriate share of overheads
based on normal operating capacity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "j) Revenue recognition
Revenue arises on the Group\u2019s principal activities. Further details are set out in note 5.
To determine whether to recognise revenue, the Group follows the \ufb01ve-step process as prescribed in
IFRS 15:
1.
identifying the contract with a customer;
2. identifying the performance obligations;
3. determining the transaction price;
4. allocating the transaction price to the performance obligations; and
5.
recognising revenue when/or performance obligations are satis\ufb01ed.
The Group sometimes enters into transactions involving a range of the Group\u2019s products and services,
which in the CTP segment would be for design, engineering and production manufacturing.
The total transaction price for a contract is allocated among the various performance obligations based
on their relative standalone selling prices, or, in the absence of a standalone selling price, on a cost plus
margin basis. The transaction price for a contract excludes any amounts collected on behalf of third
parties.
Revenue is recognised either at a point in time or over time, when or as the Group satis\ufb01es performance
obligations by transferring the promised goods or services to its customers.
The Group recognises contract liabilities for consideration received in respect of unsatis\ufb01ed performance
obligations and reports these amounts as contract liabilities in the statement of \ufb01nancial position.
Similarly, if the Group satis\ufb01es a performance obligation before it receives the consideration, the Group
recognises either a contract asset or a receivable in its statement of \ufb01nancial position, depending on
whether something other than the passage of time is required before the consideration is due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "k) Foreign currency transactions
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the
transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date
are translated to functional currency at the foreign exchange rate ruling at that date. Foreign exchange
differences arising on translation are recognised in the income statement. Non-monetary assets and
liabilities that are measured in terms of historical cost in a foreign currency are translated using the
exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in
foreign currencies that are stated at fair value are translated to sterling at foreign exchange rates ruling
at the dates the fair value was determined.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "m) Net investment in foreign operations
Exchange differences arising from the translation of the net investment in foreign operations, and of
related hedges meeting the criteria for hedge accounting under IFRS 9, are taken to the translation
reserve. They are released into the income statement upon disposal.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "n) Dividends
Dividends are only recognised as a liability to the extent that they are declared prior to the year end.
Unpaid dividends that do not meet these criteria are disclosed in the note to the \ufb01nancial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "o) Net operating expenses Net operating expenses incurred by the business are written off to the income statement as incurred.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "p) Financing revenue and expenses
Financing revenue and expenses comprise interest payable on borrowings calculated using an
approximation of the effective interest rate method, interest receivable on funds invested, dividend
income and gains and losses on hedging instruments that are recognised in the income statement.
Interest payable is a combination of principal interest and amortised arrangement fees, at each
reporting date, the resulting charge is tested against the effective interest rate method to demonstrate
they are materially in line.
Interest is recognised in the income statement as it accrues, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "p) Financing revenue and expenses
Financing revenue and expenses comprise interest payable on borrowings calculated using an
approximation of the effective interest rate method, interest receivable on funds invested, dividend
income and gains and losses on hedging instruments that are recognised in the income statement.
Interest payable is a combination of principal interest and amortised arrangement fees, at each
reporting date, the resulting charge is tested against the effective interest rate method to demonstrate
they are materially in line.
Interest is recognised in the income statement as it accrues, using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "q) Cash and cash equivalents
Cash and cash equivalents comprise cash balances, cash deposits and bank overdrafts. Cash deposits
are those with original maturities of three months or less that are readily convertible to known amounts
of cash and subject to an insigni\ufb01cant risk of changes in value.
Bank overdrafts that are repayable on demand and form an integral part of the Group\u2019s cash
management are included as a component of cash and cash equivalents for the purposes of the
statement of cash \ufb02ows.
Bank overdrafts are presented separately as borrowings within current liabilities in the statement of
\ufb01nancial position and are not offset against cash balances, irrespective of whether the overdraft facility
is subject to a netting arrangement or a \u00a3nil net limit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "r) Taxation
Income tax on the pro\ufb01t or loss for the year comprises current and deferred tax. Income tax is
recognised in the income statement except to the extent that it relates to items recognised directly in
equity, in which case it is recognised in equity or the statement of comprehensive income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or
substantively enacted at the balance sheet date in the countries where the Group operates and any
adjustments to tax payable in respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts
used for taxation purposes. The following temporary differences are not provided for: goodwill not
deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting
nor taxable pro\ufb01t, and differences relating to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax
rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be
available against which the asset can be utilised.
Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t
will be realised.
Additional income taxes that arise from the distribution of dividends from foreign operations are
recognised at the same time as the liability to pay the related dividend.
Companies within the Group may be entitled to claim special tax deductions in relation to qualifying
research and development expenditure. The Group accounts for such allowances as tax credits, which
means that the allowance reduces the tax payable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Deferred tax is provided using the balance sheet liability method, providing for temporary differences
between the carrying amounts of assets and liabilities for \ufb01nancial reporting purposes and the amounts
used for taxation purposes. The following temporary differences are not provided for: goodwill not
deductible for tax purposes, the initial recognition of assets or liabilities that affect neither accounting
nor taxable pro\ufb01t, and differences relating to investments in subsidiaries to the extent that they will
probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the
expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax
rates enacted or substantively enacted at the balance sheet date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable pro\ufb01ts will be
available against which the asset can be utilised.
Deferred tax assets are reduced to the extent that it is no longer probable that the related tax bene\ufb01t
will be realised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "s) Retirement bene\ufb01t costs
The Group operates a de\ufb01ned bene\ufb01t pension scheme and also makes payments into de\ufb01ned
contribution pension schemes for employees. The pension payable under the de\ufb01ned bene\ufb01t pension
scheme is calculated based on years of service up to retirement and pensionable salary at the point of
retirement.
The net obligation in respect of the de\ufb01ned bene\ufb01t plan is the present value of the de\ufb01ned bene\ufb01t
obligations less the fair value of the plan\u2019s assets at the balance sheet date. The assumptions used to
calculate the present value of the de\ufb01ned bene\ufb01t obligations are detailed in note 21.
IFRIC 14 requires that where plan assets exceed the de\ufb01ned bene\ufb01t obligation, an asset is recognised to
the extent that an economic bene\ufb01t is available to the Group, in accordance with the terms of the plan
and applicable statutory requirements and the bene\ufb01t should be realisable during the life of the plan or
on the settlement of the plan liabilities.
The operating and \ufb01nancing costs of the scheme are recognised separately in the income statement as
incurred.
Payments to the de\ufb01ned contribution pension scheme are accounted for on an accruals basis. Once the
payments have been made the Group has no further obligation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "t) Financial instruments
i) Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated. All other
\ufb01nancial assets and \ufb01nancial liabilities are initially recognised when the Group becomes a party to the
contractual provisions of the instrument.
A \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nance component) or \ufb01nancial
liability is initially measured at fair value (plus transaction costs that are directly attributable to its
acquisition or issue for an item not at fair value through pro\ufb01t or loss (\u201cFVTPL\u201d)). A trade receivable
without a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
The fair value is the amount at which a \ufb01nancial instrument could be exchanged in an arm\u2019s length
transaction between third parties. Where available, market values are used to determine fair values,
otherwise fair values are calculated by discounting expected cash \ufb02ows at prevailing interest and
exchange rates.
ii) Classi\ufb01cation and subsequent measurement
On initial recognition, a \ufb01nancial asset is classi\ufb01ed as measured at: amortised cost; fair value through
other comprehensive income (\u201cFVOCI\u201d) - debt investment; FVOCI - equity investment; or FVTPL.
Financial assets are not reclassi\ufb01ed subsequent to their initial recognition unless the Group changes its
business model for managing \ufb01nancial assets, in which case all affected \ufb01nancial assets are reclassi\ufb01ed
on the \ufb01rst day of the \ufb01rst reporting period following the change in business model.
A \ufb01nancial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at FVTPL:
\u2022
it is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows;
and
\u2022
its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income
(\u201cOCI\u201d). This election is made on an investment-by-investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative \ufb01nancial assets. On initial recognition, the Group
may irrevocably designate a \ufb01nancial asset that otherwise meets the requirements to be measured at
amortised cost or at FVOCI as at FVTPL, if doing so eliminates or signi\ufb01cantly reduces an accounting
mismatch that would otherwise arise.
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any
interest or dividend income, are recognised in pro\ufb01t or loss.
Financial assets at amortised cost are subsequently measured at amortised cost using the effective
interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange
gains and losses and impairment are recognised in pro\ufb01t or loss. Any gain or loss on derecognition is
recognised in pro\ufb01t or loss.
Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as
income in the pro\ufb01t or loss unless the dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI and are never reclassi\ufb01ed to pro\ufb01t or loss.
Financial liabilities are classi\ufb01ed as measured at amortised cost or FVTPL. A \ufb01nancial liability is classi\ufb01ed
as FVTPL if it is classi\ufb01ed as held-for-trading, it is a derivative or it is designated as such on initial
recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including
any interest expense, are recognised in pro\ufb01t and loss. Other \ufb01nancial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign exchange
gains and losses are recognised in pro\ufb01t and loss. Any gain or loss on derecognition is also recognised in
pro\ufb01t and loss.
iii) Derecognition
The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the
\ufb01nancial asset expire, or it transfers the rights to receive the contractual cash \ufb02ow in a transaction in
which substantially all of the risks and rewards of ownership of the \ufb01nancial asset are transferred or in
which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and
it does not retain control of the \ufb01nancial asset.
The Group derecognises a \ufb01nancial liability when its contractual obligations are settled, discharged,
cancelled, or expire. The Group also derecognises a \ufb01nancial liability when its terms are modi\ufb01ed and the
cash \ufb02ows of the modi\ufb01ed liability are substantially different, in which case a new \ufb01nancial liability based
on modi\ufb01ed terms is recognised at fair value. On derecognition of a \ufb01nancial liability, the difference
between the carrying amount extinguished and the consideration paid (including any non-cash assets
transferred or liabilities assumed) is recognised in pro\ufb01t or loss.
iv) Offsetting
Financial assets and \ufb01nancial liabilities are offset and the net amounts presented in the statement of
\ufb01nancial position when, and only when, the Group currently has a legally enforceable right to set off
the amounts and it intends to settle them on a net basis or to realise the asset and settle the liability
simultaneously.
v) Hedge accounting
When a non-derivative \ufb01nancial liability is designated as the hedging instrument in a hedge of a
net investment in a foreign operation, the effective portion of foreign exchange gains and losses is
recognised in OCI and presented in the translation reserve within equity. Any ineffective portion of the
foreign exchange gains and losses is recognised immediately in pro\ufb01t or loss. The amount recognised in
OCI is reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment on disposal of foreign operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "i) Recognition and initial measurement
Trade receivables and debt securities issued are initially recognised when they are originated. All other
\ufb01nancial assets and \ufb01nancial liabilities are initially recognised when the Group becomes a party to the
contractual provisions of the instrument.
A \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nance component) or \ufb01nancial
liability is initially measured at fair value (plus transaction costs that are directly attributable to its
acquisition or issue for an item not at fair value through pro\ufb01t or loss (\u201cFVTPL\u201d)). A trade receivable
without a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.
The fair value is the amount at which a \ufb01nancial instrument could be exchanged in an arm\u2019s length
transaction between third parties. Where available, market values are used to determine fair values,
otherwise fair values are calculated by discounting expected cash \ufb02ows at prevailing interest and
exchange rates.
ii) Classi\ufb01cation and subsequent measurement
On initial recognition, a \ufb01nancial asset is classi\ufb01ed as measured at: amortised cost; fair value through
other comprehensive income (\u201cFVOCI\u201d) - debt investment; FVOCI - equity investment; or FVTPL.
Financial assets are not reclassi\ufb01ed subsequent to their initial recognition unless the Group changes its
business model for managing \ufb01nancial assets, in which case all affected \ufb01nancial assets are reclassi\ufb01ed
on the \ufb01rst day of the \ufb01rst reporting period following the change in business model.
A \ufb01nancial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at FVTPL:
\u2022
it is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows;
and
\u2022
its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income
(\u201cOCI\u201d). This election is made on an investment-by-investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative \ufb01nancial assets. On initial recognition, the Group
may irrevocably designate a \ufb01nancial asset that otherwise meets the requirements to be measured at
amortised cost or at FVOCI as at FVTPL, if doing so eliminates or signi\ufb01cantly reduces an accounting
mismatch that would otherwise arise.
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any
interest or dividend income, are recognised in pro\ufb01t or loss.
Financial assets at amortised cost are subsequently measured at amortised cost using the effective
interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange
gains and losses and impairment are recognised in pro\ufb01t or loss. Any gain or loss on derecognition is
recognised in pro\ufb01t or loss.
Equity investments at FVOCI are subsequently measured at fair value. Dividends are recognised as
income in the pro\ufb01t or loss unless the dividend clearly represents a recovery of part of the cost of the
investment. Other net gains and losses are recognised in OCI and are never reclassi\ufb01ed to pro\ufb01t or loss.
Financial liabilities are classi\ufb01ed as measured at amortised cost or FVTPL. A \ufb01nancial liability is classi\ufb01ed
as FVTPL if it is classi\ufb01ed as held-for-trading, it is a derivative or it is designated as such on initial
recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including
any interest expense, are recognised in pro\ufb01t and loss. Other \ufb01nancial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign exchange
gains and losses are recognised in pro\ufb01t and loss. Any gain or loss on derecognition is also recognised in
pro\ufb01t and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "A \ufb01nancial asset (unless it is a trade receivable without a signi\ufb01cant \ufb01nance component) or \ufb01nancial
liability is initially measured at fair value (plus transaction costs that are directly attributable to its
acquisition or issue for an item not at fair value through pro\ufb01t or loss (\u201cFVTPL\u201d)). A trade receivable
without a signi\ufb01cant \ufb01nancing component is initially measured at the transaction price.All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative \ufb01nancial assets. On initial recognition, the Group
may irrevocably designate a \ufb01nancial asset that otherwise meets the requirements to be measured at
amortised cost or at FVOCI as at FVTPL, if doing so eliminates or signi\ufb01cantly reduces an accounting
mismatch that would otherwise arise.
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any
interest or dividend income, are recognised in pro\ufb01t or loss.Financial liabilities are classi\ufb01ed as measured at amortised cost or FVTPL. A \ufb01nancial liability is classi\ufb01ed
as FVTPL if it is classi\ufb01ed as held-for-trading, it is a derivative or it is designated as such on initial
recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including
any interest expense, are recognised in pro\ufb01t and loss. Other \ufb01nancial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign exchange
gains and losses are recognised in pro\ufb01t and loss. Any gain or loss on derecognition is also recognised in
pro\ufb01t and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "On initial recognition, a \ufb01nancial asset is classi\ufb01ed as measured at: amortised cost; fair value through
other comprehensive income (\u201cFVOCI\u201d) - debt investment; FVOCI - equity investment; or FVTPL.
Financial assets are not reclassi\ufb01ed subsequent to their initial recognition unless the Group changes its
business model for managing \ufb01nancial assets, in which case all affected \ufb01nancial assets are reclassi\ufb01ed
on the \ufb01rst day of the \ufb01rst reporting period following the change in business model.
A \ufb01nancial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at FVTPL:
\u2022
it is held within a business model whose objective is to hold assets to collect contractual cash \ufb02ows;
and
\u2022
its contractual terms give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably
elect to present subsequent changes in the investment\u2019s fair value in other comprehensive income
(\u201cOCI\u201d). This election is made on an investment-by-investment basis.
All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described above are
measured at FVTPL. This includes all derivative \ufb01nancial assets. On initial recognition, the Group
may irrevocably designate a \ufb01nancial asset that otherwise meets the requirements to be measured at
amortised cost or at FVOCI as at FVTPL, if doing so eliminates or signi\ufb01cantly reduces an accounting
mismatch that would otherwise arise.
Financial assets at FVTPL are subsequently measured at fair value. Net gains and losses, including any
interest or dividend income, are recognised in pro\ufb01t or loss.
Financial assets at amortised cost are subsequently measured at amortised cost using the effective
interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange
gains and losses and impairment are recognised in pro\ufb01t or loss. Any gain or loss on derecognition is
recognised in pro\ufb01t or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "Financial liabilities are classi\ufb01ed as measured at amortised cost or FVTPL. A \ufb01nancial liability is classi\ufb01ed
as FVTPL if it is classi\ufb01ed as held-for-trading, it is a derivative or it is designated as such on initial
recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including
any interest expense, are recognised in pro\ufb01t and loss. Other \ufb01nancial liabilities are subsequently
measured at amortised cost using the effective interest method. Interest expense and foreign exchange
gains and losses are recognised in pro\ufb01t and loss. Any gain or loss on derecognition is also recognised in
pro\ufb01t and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "iii) Derecognition
The Group derecognises a \ufb01nancial asset when the contractual rights to the cash \ufb02ows from the
\ufb01nancial asset expire, or it transfers the rights to receive the contractual cash \ufb02ow in a transaction in
which substantially all of the risks and rewards of ownership of the \ufb01nancial asset are transferred or in
which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and
it does not retain control of the \ufb01nancial asset.
The Group derecognises a \ufb01nancial liability when its contractual obligations are settled, discharged,
cancelled, or expire. The Group also derecognises a \ufb01nancial liability when its terms are modi\ufb01ed and the
cash \ufb02ows of the modi\ufb01ed liability are substantially different, in which case a new \ufb01nancial liability based
on modi\ufb01ed terms is recognised at fair value. On derecognition of a \ufb01nancial liability, the difference
between the carrying amount extinguished and the consideration paid (including any non-cash assets
transferred or liabilities assumed) is recognised in pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "iv) Offsetting
Financial assets and \ufb01nancial liabilities are offset and the net amounts presented in the statement of
\ufb01nancial position when, and only when, the Group currently has a legally enforceable right to set off
the amounts and it intends to settle them on a net basis or to realise the asset and settle the liability
simultaneously.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "v) Hedge accounting
When a non-derivative \ufb01nancial liability is designated as the hedging instrument in a hedge of a
net investment in a foreign operation, the effective portion of foreign exchange gains and losses is
recognised in OCI and presented in the translation reserve within equity. Any ineffective portion of the
foreign exchange gains and losses is recognised immediately in pro\ufb01t or loss. The amount recognised in
OCI is reclassi\ufb01ed to pro\ufb01t or loss as a reclassi\ufb01cation adjustment on disposal of foreign operations.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "u) Share-based payments
The Group issues awards structured as equity-settled share-based payments and cash-settled
share-based payments to certain employees in exchange for services rendered by them. The fair value
of the equity-settled share-based award is calculated at date of grant and is expensed on a straight-line
basis over the vesting period with a corresponding increase in equity. The fair value of the cash-settled
award is calculated at date of grant and recognised as an expense over the vesting period based upon
the cash expected to be paid. The fair value of cash-settled share-based payments is recalculated
at each reporting date and the liability revised accordingly. Both valuations are based on the Group\u2019s
estimate of share awards that will eventually vest and take into account movement of non-market
conditions, being service conditions and \ufb01nancial performance, if relevant. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "v) Impairment
i) Non-\ufb01nancial assets
The carrying amounts of the Group\u2019s assets, other than inventories (see accounting policy i) and
deferred tax assets (see accounting policy r), are reviewed at each balance sheet date to determine
whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable
amount is estimated.
For goodwill, assets that have an inde\ufb01nite useful life and intangible assets that are not yet available for
use, the recoverable amount is estimated at each year-end date.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit
exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash generating units are allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to cash generating units or group of units and then to reduce
the carrying amount of the other assets in the unit or group of units on a pro-rata basis. The carrying
value of goodwill at 31 March 2026 is allocated wholly to the CTP cash generating unit.
ii) Financial assets
The Group applies the simpli\ufb01ed approach to measuring expected credit losses, as permitted by IFRS 9.
Under this approach, loss allowances are measured at an amount equal to lifetime expected credit
losses (\u201cECLs\u201d) for:
\u2022
\ufb01nancial assets measured at amortised cost; and
\u2022
contract assets (as de\ufb01ned in IFRS 15).
While cash and cash deposits are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed
impairment loss was immaterial.
Under the simpli\ufb01ed approach, the Group recognises lifetime ECLs from the point of initial recognition
of trade receivables and contract assets. Immediately after an individual trade receivable or contract
asset is assessed to be unlikely to be recovered, an impairment is recognised as the difference between
the carrying amount of the receivable and the present value of estimated future cash \ufb02ows. Customer-
speci\ufb01c factors are considered when identifying impairments, which can include the geographic location
and credit rating of a customer.
Where there are no speci\ufb01c concerns over recovery, other than the increasing age of a trade receivable
or contract asset balance past payment terms, the Group uses a provision matrix, where provision rates
are based on days past due. The provision matrix used re\ufb02ects estimates based on past experience,
current economic factors and consideration of forward-looking estimates of economic conditions. Trade
receivables and contract assets are written off where there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of recovery include, among 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "i) Non-\ufb01nancial assets
The carrying amounts of the Group\u2019s assets, other than inventories (see accounting policy i) and
deferred tax assets (see accounting policy r), are reviewed at each balance sheet date to determine
whether there is any indication of impairment. If any such indication exists, the asset\u2019s recoverable
amount is estimated.
For goodwill, assets that have an inde\ufb01nite useful life and intangible assets that are not yet available for
use, the recoverable amount is estimated at each year-end date.
An impairment loss is recognised whenever the carrying amount of an asset or its cash generating unit
exceeds its recoverable amount. Impairment losses are recognised in the income statement.
Impairment losses recognised in respect of cash generating units are allocated \ufb01rst to reduce the
carrying amount of any goodwill allocated to cash generating units or group of units and then to reduce
the carrying amount of the other assets in the unit or group of units on a pro-rata basis. The carrying
value of goodwill at 31 March 2026 is allocated wholly to the CTP cash generating unit. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "ii) Financial assets
The Group applies the simpli\ufb01ed approach to measuring expected credit losses, as permitted by IFRS 9.
Under this approach, loss allowances are measured at an amount equal to lifetime expected credit
losses (\u201cECLs\u201d) for:
\u2022
\ufb01nancial assets measured at amortised cost; and
\u2022
contract assets (as de\ufb01ned in IFRS 15).
While cash and cash deposits are also subject to the impairment requirements of IFRS 9, the identi\ufb01ed
impairment loss was immaterial.
Under the simpli\ufb01ed approach, the Group recognises lifetime ECLs from the point of initial recognition
of trade receivables and contract assets. Immediately after an individual trade receivable or contract
asset is assessed to be unlikely to be recovered, an impairment is recognised as the difference between
the carrying amount of the receivable and the present value of estimated future cash \ufb02ows. Customer-
speci\ufb01c factors are considered when identifying impairments, which can include the geographic location
and credit rating of a customer.
Where there are no speci\ufb01c concerns over recovery, other than the increasing age of a trade receivable
or contract asset balance past payment terms, the Group uses a provision matrix, where provision rates
are based on days past due. The provision matrix used re\ufb02ects estimates based on past experience,
current economic factors and consideration of forward-looking estimates of economic conditions. Trade
receivables and contract assets are written off where there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of recovery include, among 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "w) Non-underlying items
In order for users of the accounts to better understand the underlying (de\ufb01ned on page 167)
performance of the Group, the Board has separately disclosed transactions which, while falling
within the ordinary activities of the Group, are, by virtue of their size or incidence, considered to be
exceptional in nature. Such transactions include, but are not limited to: rationalisation, restructuring
and re\ufb01nancing of the Group, costs of impairment, one-off retirement bene\ufb01t effects, pro\ufb01ts, losses
and associated costs arising on the disposal of surplus properties and businesses, litigation costs and
material bad debts.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "x) Segment reporting
Segmental information is presented on the same basis as that used for internal reporting to the chief
operating decision maker. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "y) Provisions
Provision is recognised when the Group has a present legal or constructive obligation as a result of a
past event, it is probable that an out\ufb02ow of economic bene\ufb01ts will be required to settle the obligation,
and the amount can be reliably estimated.
Provisions are measured by discounting the expected future cash \ufb02ows at a pre-tax rate that re\ufb02ects
current market assessments and the risks speci\ufb01c to the liability, where the effect of discounting is
material.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "z) Current versus non-current disclosure
Current assets are generally assets due to be received within twelve months of the reporting date.
Current liabilities are generally those which are due to be settled within twelve months of the reporting
date, or where the Group does not have a substantive right to defer settlement for at least twelve
months after the reporting date. All other assets/ liabilities are classi\ufb01ed as non-current unless they are
held primarily for the purpose of trading.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "2 Accounting estimates and judgements
The preparation of the \ufb01nancial statements in conformity with IFRS requires management to make
judgements, estimates and assumptions that affect the application of policies and reported amounts of
assets and liabilities, income and expenses.
The estimates and assumptions are based on historical experience and various other factors that are
believed to be reasonable under the circumstances. These estimates and assumptions form the basis for
making judgements about the carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised if the revision affects only that
period, or in the period of revision and future periods if the revision affects both current and future
periods.
The following are the critical judgements and key sources of estimation uncertainty that the Directors
have made in the process of applying the Group\u2019s accounting policies and that have the most signi\ufb01cant
effect on the amounts recognised in the \ufb01nancial statements. Management has discussed these with
the Audit & Risk Committee. These should be read in conjunction with the signi\ufb01cant accounting policies
provided in the notes to the \ufb01nancial statements.
Going concern
Note 1 contains information about the preparation of these \ufb01nancial statements on a going concern
basis.
Key judgements
Management has exercised judgement over the likelihood of the Group being able to continue to
operate within its available borrowing facilities and in accordance with related lender covenants for
at least 12 months from the date of signing these \ufb01nancial statements. Judgement has been applied
over forecast pro\ufb01t, debt levels and interest rates, particularly base rates. This determines whether the
Group should operate the going concern basis of preparation for these \ufb01nancial statements.
Impairment of assets
Note 13 contains information about management\u2019s estimates of the recoverable amount of cash
generating units and their risk factors.
Key judgements
Management has applied judgement in determining that the net carrying value of goodwill at
31 March 2026 of \u00a322.0 million (31 March 2025: \u00a321.7 million) is allocated to the CTP cash generating
unit. The CTP segment is deemed to be the smallest cash generating unit with an identi\ufb01able group
of assets which generate cash in\ufb02ows largely independent of the cash in\ufb02ows from other assets or
groups of assets. The basis of this conclusion is that there are a number of senior global CTP roles with
executive powers over the segment rather than there being site-level management teams operating
autonomously; also, customer contracts are often held globally and served from multiple sites.
Management has also exercised judgement over the underlying assumptions within the valuation models
and consideration as to if there have been indications of impairment. These are key factors in their
assessment of whether there is any impairment in related goodwill or other assets. Where indications
exist, management has estimated recoverable amounts as detailed below.
Key sources of estimation uncertainty
The Group tests whether goodwill has suffered any impairment and considers whether there is any
indication of impairment in either this or other assets on at least an annual basis. As set out in more
detail in notes 13 and 14, the recoverable amounts may be based on either value in use calculations or fair
value less costs of disposal considerations. The former requires the estimation of future cash \ufb02ows and
the choice of a discount rate in order to calculate the present value of the future cash \ufb02ows, the latter
method requires the estimation of fair value.
Details of the sensitivity of assumptions are included in note 13.
De\ufb01ned bene\ufb01t pension assumptions
Note 21 contains information about management\u2019s estimate of the net liability for de\ufb01ned bene\ufb01t
obligations and their risk factors. The UK de\ufb01ned bene\ufb01t pension liability at 31 March 2026 amounts to
\u00a346.8 million (2025: \u00a351.7 million).
Key sources of estimation uncertainty
The value of the de\ufb01ned bene\ufb01t pension plan obligation is determined by long-term actuarial
assumptions. These assumptions include discount rates, in\ufb02ation rates and mortality rates. Differences
arising from actual experience or future changes in assumptions will be re\ufb02ected in the Group\u2019s
consolidated statement of comprehensive income. The Group exercises judgement in determining
the assumptions to be adopted after discussion with a quali\ufb01ed actuary. Details of the key actuarial
assumptions used and of the sensitivity of these assumptions are included within note 21.
In the year to 31 March 2022 and the year to 31 March 2021, the scheme introduced a right for members
to Pension Increase Exchange (\u201cPIE\u201d) and a Bridging Pension Option respectively. Having taken
actuarial advice, management exercised judgement that, for each, 40% of members would take the
options at retirement. There is no change to either assumption in the current year. Any change in
estimate would be recognised as remeasurement gains/(losses) through the consolidated statement of
comprehensive income.
Leases
There are imputed interest rates in lease liability calculations and certain leases contain break options.
Key judgements
Lease liabilities are measured initially at the present value of the lease payments discounted using
the rate implicit in the lease, or where not readily determinable as is generally the case, using the
incremental borrowing rate. This requires management to apply judgement.
Management has applied judgement when determining the expected certainty that a break option
within a lease will be exercised. Note 4 details the amount by which lease liabilities would decrease if the
Group were to exercise break options that at 31 March 2026 management are reasonably certain will not
be exercised as well as the amount by which lease liabilities have been adjusted where management are,
at 31 March 2026, reasonably certain that break options will be exercised.
Revenue recognition
As revenue from Design & Engineering contracts is recognised over time, the amount of revenue
recognised in a reporting period depends on the extent to which the performance obligations have been
satis\ufb01ed. See note 5, Revenue from contracts with customers, for information on contract balances at
31 March 2026.
Key judgements
Revenue recognised on contracts in the CTP segment requires management judgement in determining
the allocation of contract revenue to Design & Engineering obligations, for which a cost-plus basis is
usually applied, assessing whether design, tool manufacture/build and validation activities constitute
a single performance obligation under IFRS 15, and determining that a cost input method based on
costs incurred relative to total expected costs provides the most appropriate measure of progress for
recognising revenue over time.
Key sources of estimation uncertainty
Revenue recognised on Design & Engineering contracts in the CTP segment requires management
to estimate the remaining costs to complete the performance obligations in order to determine the
percentage of completion and revenue in respect of those performance obligations. Costs to complete
are reviewed throughout the life of each contract and determined through consultation with the
contract engineers. Changes to this estimate will therefore impact the amount of revenue and pro\ufb01t
recognised.
If costs to complete were 5% higher or lower than estimated at 31 March 2026, the impact to the Group
operating pro\ufb01t would be \u00a30.2 million, lower or higher respectively.
Recognition of deferred tax assets
Note 20 contains information about the deferred tax assets recognised in the consolidated statement
of \ufb01nancial position.
Key judgements
Management has exercised judgement over the level of future taxable pro\ufb01ts in the UK and the US
against which to relieve deferred tax assets. The Group has concluded that deferred tax assets of
\u00a30.9 million, net of off-setting deferred tax liabilities, which mostly relate to the Group\u2019s US subsidiaries,
will be recovered in the future. See below for the key sources of estimation uncertainty considered
when reaching this conclusion. In the UK, with the exception of a \u00a30.3 million deferred tax asset which
is available to offset against a deferred tax liability for the same amount arising on historic property
valuations (2025: \u00a30.3 million), management has applied judgement to determine that no UK deferred
tax assets will be recognised at either year end.
Key sources of estimation uncertainty
As the majority of the Group\u2019s deferred tax assets are in its US subsidiaries, management has prepared
an estimate of the future taxable income of its subsidiary trading company, CTP Carrera Inc. This
estimate is based upon the Board-approved budget and three-year business plan. All other things equal,
forecast EBIT could decrease by approximately 61% over the three years, before the deferred tax asset
is at risk of not being recovered within that three-year period. A similar working has been prepared for
the UK trading subsidiaries, including the plc company; however, as there is minimal headroom to cover
any reduction in EBIT of the trading entities, management does not believe that a UK deferred tax asset
can be supported currently. A 20% reduction in the underlying earnings before interest and tax of the
UK trading companies would eliminate any estimated taxable pro\ufb01ts against which to recover a deferred
tax asset.
Classi\ufb01cation of non-underlying items
Note 8 contains information about items classi\ufb01ed as exceptional.
Key judgements
Management has exercised judgement over whether items are non-underlying as set out in the Group\u2019s
accounting policy \u2013 see note 1 v) w).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "Impairment of assets
Note 13 contains information about management\u2019s estimates of the recoverable amount of cash
generating units and their risk factors.
Key judgements
Management has applied judgement in determining that the net carrying value of goodwill at
31 March 2026 of \u00a322.0 million (31 March 2025: \u00a321.7 million) is allocated to the CTP cash generating
unit. The CTP segment is deemed to be the smallest cash generating unit with an identi\ufb01able group
of assets which generate cash in\ufb02ows largely independent of the cash in\ufb02ows from other assets or
groups of assets. The basis of this conclusion is that there are a number of senior global CTP roles with
executive powers over the segment rather than there being site-level management teams operating
autonomously; also, customer contracts are often held globally and served from multiple sites.
Management has also exercised judgement over the underlying assumptions within the valuation models
and consideration as to if there have been indications of impairment. These are key factors in their
assessment of whether there is any impairment in related goodwill or other assets. Where indications
exist, management has estimated recoverable amounts as detailed below.
Key sources of estimation uncertainty
The Group tests whether goodwill has suffered any impairment and considers whether there is any
indication of impairment in either this or other assets on at least an annual basis. As set out in more
detail in notes 13 and 14, the recoverable amounts may be based on either value in use calculations or fair
value less costs of disposal considerations. The former requires the estimation of future cash \ufb02ows and
the choice of a discount rate in order to calculate the present value of the future cash \ufb02ows, the latter
method requires the estimation of fair value.
Details of the sensitivity of assumptions are included in note 13. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "Revenue recognition
As revenue from Design & Engineering contracts is recognised over time, the amount of revenue
recognised in a reporting period depends on the extent to which the performance obligations have been
satis\ufb01ed. See note 5, Revenue from contracts with customers, for information on contract balances at
31 March 2026.
Key judgements
Revenue recognised on contracts in the CTP segment requires management judgement in determining
the allocation of contract revenue to Design & Engineering obligations, for which a cost-plus basis is
usually applied, assessing whether design, tool manufacture/build and validation activities constitute
a single performance obligation under IFRS 15, and determining that a cost input method based on
costs incurred relative to total expected costs provides the most appropriate measure of progress for
recognising revenue over time.
Key sources of estimation uncertainty
Revenue recognised on Design & Engineering contracts in the CTP segment requires management
to estimate the remaining costs to complete the performance obligations in order to determine the
percentage of completion and revenue in respect of those performance obligations. Costs to complete
are reviewed throughout the life of each contract and determined through consultation with the
contract engineers. Changes to this estimate will therefore impact the amount of revenue and pro\ufb01t
recognised.
If costs to complete were 5% higher or lower than estimated at 31 March 2026, the impact to the Group
operating pro\ufb01t would be \u00a30.2 million, lower or higher respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "3 Segment reporting
The Group is organised into two, separately managed, business segments \u2013 CTP and Speciality. These
are the segments for which summarised management information is presented to the Group\u2019s chief
operating decision maker (comprising the main Board and Executive Committee).
The CTP segment supplies value-adding engineered solutions from mould design, automation
and production to assembly and printing, for the life science and precision component industries.
This business operates internationally in a fast-growing and dynamic market underpinned by rapid
technological development.
The Speciality segment delivers precise and durable components for the safety and performance of
aircraft manufacturing, aerospace and optical industries.
Central costs relate to the cost of running the Group, plc and non-trading companies.
Transfer pricing between business segments is set on an arm\u2019s length basis. Segmental revenues and
results presented are after the elimination of transfers between business segments. Those transfers are
eliminated on consolidation.
Analysis by business segment
The segment results for the year ended 31 March 2026 were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
CTP
Speciality
Central
Group total
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Consolidated income statement
\u00a0 \u00a0 \u00a0 \u00a0
Total revenue
101,719
16,455
\u2014
118,174
Less inter-segment revenue
(3,502)
(461)
\u2014
(3,963)
External revenue
98,217
15,994
\u2014
114,211
External expenses
(83,116)
(12,570)
(5,925)
(101,611)
Underlying operating pro\ufb01t/(loss)
15,101
3,424
(5,925)
12,600
Non-underlying operating items
(12)
160
(484)
(336)
Operating pro\ufb01t/(loss)
15,089
3,584
(6,409)
12,264
Net \ufb01nance expense
\u00a0 \u00a0 \u00a0
(7,432)
Income tax expense
\u00a0 \u00a0 \u00a0
(2,137)
Pro\ufb01t for the year
\u00a0 \u00a0 \u00a0
2,695
Consolidated statement of \ufb01nancial position
\u00a0 \u00a0 \u00a0 \u00a0
Segment assets
79,694
11,281
1,387
92,362
Segment liabilities
(23,426)
(4,683)
(72,922)
(101,031)
Net assets/(liabilities)
56,268
6,598
(71,535)
(8,669)
Other segmental information
\u00a0 \u00a0 \u00a0 \u00a0
Capital expenditure on property, plant and equipment
1,657
1,558
93
3,308
Capital expenditure on computer software
\u2014
\u2014
333
333
Depreciation
5,402
432
62
5,896
Amortisation of intangible assets
2
28
77
107
Prior year comparatives
\n
The segment results for the year ended 31 March 2025 were as follows:
\n\n \n
CTP
Speciality
Central
Group total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Consolidated income statement
External revenue
106,998
14,221
\u2014
121,219
External expenses
(94,670)
(11,420)
(5,291)
(111,381)
Underlying operating pro\ufb01t/(loss)
12,328
2,801
(5,291)
9,838
Non-underlying operating items
45
\u2014
(2,303)
(2,258)
Operating pro\ufb01t/(loss)
12,373
2,801
(7,594)
7,580
Net \ufb01nance expense
(4,928)
Income tax expense
(1,780)
Pro\ufb01t for the year
872
Consolidated statement of \ufb01nancial position
Segment assets
83,295
9,691
4,049
97,035
Segment liabilities
(27,393)
(3,311)
(78,171)
(108,875)
Net assets/(liabilities)
55,902
6,380
(74,122)
(11,840)
Other segmental information
Capital expenditure on property, plant and equipment
1,899
547
2
2,448
Capital expenditure on computer software
\u2014
\u2014
49
49
Depreciation
5,961
411
84
6,456
Reversal of impairment of property, plant and equipment
(209)
\u2014
\u2014
(209)
Amortisation of intangible assets
8
12
67
87
Analysis by geographical segment
The business operates across the following geographical regions: the United Kingdom, North America and in lower-cost regions including Czechia, China and India. The geographical analysis was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Expenditure on tangible
\u00a0
External revenue
Net segment (liabilities)/assets
and intangible \ufb01xed assets
\u00a0
2026
2025
2026
2025
2026
2025
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
United Kingdom
8,125
10,012
(51,008)
(51,342)
2,044
763
Rest of Europe
32,962
30,486
12,878
11,607
766
87
North America
38,093
44,230
22,062
20,840
583
266
Rest of world
35,031
36,491
7,399
7,055
248
1,381
\u00a0
114,211
121,219
(8,669)
(11,840)
3,641
2,497
\n
The analysis of segment revenue represents revenue from external customers based upon the location of the customer.
The analysis of segment assets and capital expenditure is based upon the location of the assets.
The material components of the Central assets and liabilities are retirement bene\ufb01t obligation net liability of \u00a346.8 million (31 March 2025: \u00a351.7 million), and net borrowings of \u00a322.9 million (31 March 2025:
\u00a320.6 million). One customer accounted for 32.4% (31 March 2025: 36.1%), another for 13.7% (31 March 2025: 16.3%) and a third for 13.4% (31 March 2025: 14.4%) of Group revenues and similar proportions of trade
receivables.
No other customer accounted for more than 10.0% of Group revenues from continuing operations in the year.
Deferred tax assets by geographical location are as follows: United Kingdom \u00a3nil (31 March 2025: \u00a3nil), Rest of Europe \u00a3nil (31 March 2025: \u00a3nil), North America \u00a30.9 million (31 March 2025: \u00a30.5 million), Rest of
world \u00a30.1 million (31 March 2025: \u00a30.1 million).
Total non-current assets by geographical location are as follows: United Kingdom \u00a317.5 million (31 March 2025: \u00a319.5 million), Rest of Europe \u00a311.6 million (31 March 2025: \u00a310.7 million), North America \u00a321.7 million
(31 March 2025: \u00a323.5 million), Rest of world \u00a34.6 million (31 March 2025: \u00a35.3 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "4 Leases
The Group\u2019s leases are principally for warehouse and manufacturing facilities and assets, with a small number of vehicles and other equipment.
Information about leases for which the Group is a lessee is presented below.
Amounts recognised in the statement of \ufb01nancial position
i) Right-of-use assets
Right-of-use assets related to leased properties and plant and equipment are presented as property, plant and equipment (see note 14).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
Balance at 1 April 2024
5,248
6,202
11,450
Depreciation charge for the year
(1,914)
(583)
(2,497)
Additions to right-of-use assets
1,303
121
1,424
Assets transferred between right-of-use assets and owned property, plant and equipment
202
(283)
(81)
Derecognition of right-of-use assets
(66)
\u2014
(66)
Effect of movements in foreign exchange
(39)
(106)
(145)
Balance at 31 March and 1 April 2025
4,734
5,351
10,085
Depreciation charge for the year
(1,832)
(385)
(2,217)
Additions to right-of-use assets
758
28
786
Remeasurement of lease liabilities
(697)
21
(676)
Assets transferred from right-of-use assets to owned property, plant and equipment
\u2014
(1,057)
(1,057)
Effect of movements in foreign exchange
65
(89)
(24)
Balance at 31 March 2026
3,028
3,869
6,897
\n
During the year, the Group exercised purchase options over certain items of leased equipment in the US. As a result, right-of-use assets with a carrying value of \u00a31.0 million were transferred from right-of-use
assets to owned property, plant and equipment.
On 3 July 2025, the Group signed reversionary leases for the Mitcham CTP UK properties. On signing the reversionary leases, a deed of variation to the existing property leases was agreed, under which the rent
payable for the following 18 months was reduced by 50%. The Group remeasured the related lease liabilities to re\ufb02ect the revised lease payments, resulting in a \u00a30.5 million reduction in both the lease liabilities and
the carrying value of the associated right-of-use assets.
The Group also recognised a \u00a30.2 million adjustment in respect of the CTP US site following a reallocation of rent, property taxes and insurance amounts within the lease accounting calculation.
ii) Lease liabilities
Lease liabilities have been presented as loans and borrowings, see note 19.
Amounts recognised in the income statement
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Interest on lease liabilities
458
679
Expenses relating to short-term leases
\u2014
3
Depreciation and impairment expense on right-of-use assets
2,217
2,497
\n
Amounts recognised in the consolidated statement of cash \ufb02ows
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Total cash out\ufb02ow for leases
2,973
4,228
\n
Break options
Some property leases contain break options exercisable by the Group, typically at the \ufb01ve-year
anniversary of the lease inception. Where practicable, the Group seeks to include break options in new
leases to provide operational \ufb02exibility. The Group assesses at lease commencement date whether it is
reasonably certain to exercise the break options. The Group reassesses whether it is reasonably certain to
exercise the options if there is a signi\ufb01cant event or signi\ufb01cant changes in circumstances within its control.
The Group has estimated that the potential future lease payments, should it exercise break options at
other sites, would result in a decrease in lease liabilities of \u00a30.9 million (2025: decrease: \u00a31.2 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00271": { "value": "i) Right-of-use assets
Right-of-use assets related to leased properties and plant and equipment are presented as property, plant and equipment (see note 14).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
Balance at 1 April 2024
5,248
6,202
11,450
Depreciation charge for the year
(1,914)
(583)
(2,497)
Additions to right-of-use assets
1,303
121
1,424
Assets transferred between right-of-use assets and owned property, plant and equipment
202
(283)
(81)
Derecognition of right-of-use assets
(66)
\u2014
(66)
Effect of movements in foreign exchange
(39)
(106)
(145)
Balance at 31 March and 1 April 2025
4,734
5,351
10,085
Depreciation charge for the year
(1,832)
(385)
(2,217)
Additions to right-of-use assets
758
28
786
Remeasurement of lease liabilities
(697)
21
(676)
Assets transferred from right-of-use assets to owned property, plant and equipment
\u2014
(1,057)
(1,057)
Effect of movements in foreign exchange
65
(89)
(24)
Balance at 31 March 2026
3,028
3,869
6,897
\n
During the year, the Group exercised purchase options over certain items of leased equipment in the US. As a result, right-of-use assets with a carrying value of \u00a31.0 million were transferred from right-of-use
assets to owned property, plant and equipment.
On 3 July 2025, the Group signed reversionary leases for the Mitcham CTP UK properties. On signing the reversionary leases, a deed of variation to the existing property leases was agreed, under which the rent
payable for the following 18 months was reduced by 50%. The Group remeasured the related lease liabilities to re\ufb02ect the revised lease payments, resulting in a \u00a30.5 million reduction in both the lease liabilities and
the carrying value of the associated right-of-use assets.
The Group also recognised a \u00a30.2 million adjustment in respect of the CTP US site following a reallocation of rent, property taxes and insurance amounts within the lease accounting calculation.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00272": { "value": "5 Revenue from contracts with customers
a) Nature of goods and services
The following is a description of the principal activities, separated by reportable segments, from
which the Group generates its revenues. For more detailed information about reportable segments,
see note 3.
i) CTP segment:
The CTP segment supplies value-adding engineered solutions from mould design, automation
and production to assembly and printing for the life science and precision component industries.
This business operates internationally in a fast-growing and dynamic market underpinned by rapid
technological development. CTP revenues comprise two typical project types: Manufacturing Solutions
and Design & Engineering.
Manufacturing Solutions
The majority of the CTP business is in manufacturing injection moulded product.
Control of manufactured \ufb01nished goods transfers to customers on delivery. Therefore revenue is
recognised at a point in time, on delivery of individual manufactured products to customers.
Design & Engineering
The CTP business designs, builds and validates injection moulding tools for customers. For tooling
contracts, the design, tool manufacture/build and validation activities are highly interdependent
and highly interrelated and are integrated to deliver a single combined output, being a validated
and functional injection moulding tool. Accordingly, these activities are accounted for as a single
performance obligation under IFRS 15.
Revenue from tooling contracts is recognised over time where the tooling has no alternative use to
the Group and the Group has an enforceable right to payment for performance completed to date.
Progress towards complete satisfaction of the tooling performance obligation is measured using an
input method based on costs incurred relative to total expected costs (the percentage of completion
method). Costs included in the measure of progress comprise external tool maker costs and internal
direct engineering labour associated with the design, project management and validation of the tooling.
Holding costs and other costs that do not depict the transfer of control to the customer are excluded
from the measure of progress.
The Group considers the cost input method to provide a faithful depiction of performance, as the
incurrence of costs is representative of the enhancement of the tooling and the transfer of control
to the customer over time.
Some CTP contracts include both tooling and Manufacturing Solutions performance obligations.
In these cases, the transaction price is allocated to each performance obligation based on the
contractual arrangement and there is generally no signi\ufb01cant variable consideration.
ii) Speciality segment:
The Speciality segment delivers precise and durable components for the safety and performance of
aircraft manufacturing, aerospace and optical industries.
Control of manufactured \ufb01nished goods transfers to customers on delivery. Therefore revenue is
recognised at a point in time, on delivery of individual manufactured products to customers.
b) Disaggregation of revenue
\n\n \n
CTP
CTP
Speciality
Speciality
Group total
Group total
2026
2025
2026
2025
2026
2025
Continuing operations:
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Major products/service lines
Manufacturing Solutions
88,487
93,443
15,994
14,221
104,481
107,664
Design & Engineering
9,730
13,555
\u2014
\u2014
9,730
13,555
98,217
106,998
15,994
14,221
114,211
121,219
Timing of revenue recognition
Products transferred at a point in time
88,487
93,552
15,994
14,221
104,481
107,773
Products and services transferred over time
9,730
13,446
\u2014
\u2014
9,730
13,446
98,217
106,998
15,994
14,221
114,211
121,219
\n
Refer to note 3 for information on reliance on major customers.
\n
c) Contract balances
\n
The following table provides information about receivables, contract assets and contract liabilities from contracts with customers.
\n\n \n
2026
2025
\u00a3000
\u00a3000
Trade receivables
14,488
10,575
Contract assets
1,816
1,721
Contract liabilities
(1,737)
(1,624)
14,567
10,672
\n
Contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date on its Design & Engineering contracts in the CTP segment.
\n
Contract liabilities relate to the advance consideration received from customers before the related revenue has been recognised; this applies to Design & Engineering contracts in the CTP segment.
\n
The following table provides information about revenue recognised in the current year that was included in the contract liability balance at the beginning of the year:
\n\n \n
2026
2025
\u00a3000
\u00a3000
Revenue recognised
1,352
2,831
d) Transaction price allocated to remaining performance obligations
The following table includes revenue expected to be recognised in the future related to performance obligations that are partially unsatis\ufb01ed at the reporting date.
The Group is making use of the practical expedient not to include revenue on contracts with an original expected duration of one year or less.
Revenue expected to be recognised
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2027
2028
\u00a0
\u00a3000
\u00a3000
Design & Engineering
1,638
1,094
\n
e) Signi\ufb01cant payment terms
Design & Engineering contracts are invariably billed in several clearly identi\ufb01able stages, with standard payment terms being either 30 or 60 days. Typically, these are linked to key milestones being design, build
and validate.
Billing of manufacturing product is typically on completion of particular production batches. Credit terms are usually negotiated between 30 and 60 days. Only pre-speci\ufb01ed conditions would confer any right to
the customer to return the product for a refund. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00117": { "value": "The following is a description of the principal activities, separated by reportable segments, from which the Group generates its revenues. For more detailed information about reportable segments, see note 3. i) CTP segment: The CTP segment supplies value-adding engineered solutions from mould design, automation and production to assembly and printing for the life science and precision component industries. This business operates internationally in a fast-growing and dynamic market underpinned by rapid technological development. CTP revenues comprise two typical project types: Manufacturing Solutions and Design & Engineering. Manufacturing Solutions The majority of the CTP business is in manufacturing injection moulded product. Control of manufactured \ufb01nished goods transfers to customers on delivery. Therefore revenue is recognised at a point in time, on delivery of individual manufactured products to customers. Design & Engineering The CTP business designs, builds and validates injection moulding tools for customers. For tooling contracts, the design, tool manufacture/build and validation activities are highly interdependent and highly interrelated and are integrated to deliver a single combined output, being a validated and functional injection moulding tool. Accordingly, these activities are accounted for as a single performance obligation under IFRS 15. Revenue from tooling contracts is recognised over time where the tooling has no alternative use to the Group and the Group has an enforceable right to payment for performance completed to date. Progress towards complete satisfaction of the tooling performance obligation is measured using an input method based on costs incurred relative to total expected costs (the percentage of completion method). Costs included in the measure of progress comprise external tool maker costs and internal direct engineering labour associated with the design, project management and validation of the tooling. Holding costs and other costs that do not depict the transfer of control to the customer are excluded from the measure of progress. The Group considers the cost input method to provide a faithful depiction of performance, as the incurrence of costs is representative of the enhancement of the tooling and the transfer of control to the customer over time. Some CTP contracts include both tooling and Manufacturing Solutions performance obligations. In these cases, the transaction price is allocated to each performance obligation based on the contractual arrangement and there is generally no signi\ufb01cant variable consideration. ii) Speciality segment: The Speciality segment delivers precise and durable components for the safety and performance of aircraft manufacturing, aerospace and optical industries. Control of manufactured \ufb01nished goods transfers to customers on delivery. Therefore revenue is recognised at a point in time, on delivery of individual manufactured products to customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "6 Operating pro\ufb01t
Operating pro\ufb01t from continuing operations is arrived at as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Revenue
114,211
121,219
(Increase)/decrease in stocks of \ufb01nished goods and work
\u00a0 \u00a0
in progress
(204)
305
Raw materials and consumables
42,667
47,371
Personnel expenses (see note 7)
34,833
36,142
Impairment (credit)/loss on trade and other receivables,
\u00a0 \u00a0
including contract assets (see note 17)
(75)
105
Amortisation of intangible assets
107
87
Depreciation of property, plant and equipment
5,896
6,456
Rent
207
82
Rates
855
703
Power
3,126
4,386
Carriage
1,644
1,585
Repairs and maintenance
3,142
2,437
Insurance
1,535
868
Computer costs
2,803
2,853
Gain on disposal of assets
(14)
\u2014
\n\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Auditor\u2019s remuneration:
\u00a0\u00a0
Fees payable to the Company\u2019s auditor for the audit of the
\u00a0\u00a0
Company\u2019s annual accounts
350
275
Fees payable to the Company\u2019s auditor and its associates for
\u00a0\u00a0
other services:
\u00a0\u00a0
The audit of the Company\u2019s subsidiaries, pursuant
\u00a0\u00a0
to legislation
258
499
Audit-related assurance services
35
46
Total fees payable to Company\u2019s auditor
643
820
Fees payable to the Company\u2019s previous auditor for overruns in
\u00a0\u00a0
respect to the prior year
200
46
Total auditor\u2019s remuneration
843
866
Non-underlying items: (see note 8)
\u00a0\u00a0
Re\ufb01nancing costs
270
2,137
Rationalisation costs
225
122
Insurance claim
(159)
\u2014
Settlement of legacy claims
\u2014
(1)
Total non-underlying items
336
2,258
Foreign exchange losses
73
133
Pension scheme administration costs
700
702
Other operating charges
1
3,473
6,300
\u00a0
101,947
113,639
Operating pro\ufb01t
12,264
7,580
\n
1.
Other operating charges includes other general costs relating to running the business, e.g. travel, welfare,
telephone, training, printing and stationery etc. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Auditor\u2019s remuneration:
\u00a0\u00a0
Fees payable to the Company\u2019s auditor for the audit of the
\u00a0\u00a0
Company\u2019s annual accounts
350
275
Fees payable to the Company\u2019s auditor and its associates for
\u00a0\u00a0
other services:
\u00a0\u00a0
The audit of the Company\u2019s subsidiaries, pursuant
\u00a0\u00a0
to legislation
258
499
Audit-related assurance services
35
46
Total fees payable to Company\u2019s auditor
643
820
Fees payable to the Company\u2019s previous auditor for overruns in
\u00a0\u00a0
respect to the prior year
200
46
Total auditor\u2019s remuneration
843
866
Non-underlying items: (see note 8)
\u00a0\u00a0
Re\ufb01nancing costs
270
2,137
Rationalisation costs
225
122
Insurance claim
(159)
\u2014
Settlement of legacy claims
\u2014
(1)
Total non-underlying items
336
2,258
Foreign exchange losses
73
133
Pension scheme administration costs
700
702
Other operating charges
1
3,473
6,300
\u00a0
101,947
113,639
Operating pro\ufb01t
12,264
7,580
\n
1.
Other operating charges includes other general costs relating to running the business, e.g. travel, welfare,
telephone, training, printing and stationery etc. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "7 Personnel expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Wages and salaries
29,810
30,725
Social security contributions
3,227
3,725
Charge in respect of de\ufb01ned contribution pension plans
1,683
1,248
Charge in respect of other pension plans
\u2014
412
Share-based payments (see note 24)
113
32
\u00a0
34,833
36,142
\n
Redundancy costs arising from Group restructuring of \u00a30.05 million (2025: \u00a30.4 million) and \u00a3nil of
other personnel costs (2025: \u00a30.3 million) are excluded from the above analysis and are included within
rationalisation costs, part of non-underlying items as set out in note 8.
Directors\u2019 remuneration and emoluments, which are included in this analysis, are described in the
Directors\u2019 remuneration report on pages 61 to 75.
The Group recognised a net charge of \u00a30.1 million in the consolidated income statement in the year to
31 March 2026 (2025: \u00a30.03 million charge) for share-based payments. As well as adjusting for awards
forfeited by leavers, the cumulative charge recognised over the vesting period requires adjustment
to re\ufb02ect the recalculated fair value of cash-settled share-based payments, and assessment of likely
vesting for awards subject to non-market-based vesting conditions at each reporting date.
The average monthly number of persons employed by the Group during the year was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Number of
Number of
\u00a0
employees
employees
By segment
\u00a0\u00a0
Central
23
21
CTP
787
846
Speciality
97
91
\u00a0
907
958
By geographic location
\u00a0\u00a0
United Kingdom
318
325
North America
244
278
Rest of Europe
100
111
Rest of world
245
244
\u00a0
907
958
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "8 Non-underlying items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Re\ufb01nancing costs
(270)
(2,137)
Rationalisation costs
(225)
(122)
Net proceeds of insurance claim
159
\u2014
Settlement of legacy claims
\u2014
1
\u00a0
(336)
(2,258)
\u00a0
(336)
(2,258)
\n
The cash element of non-underlying items is a net out\ufb02ow of \u00a30.01 million (2025: \u00a33.3 million).
\u00a30.3 million re\ufb01nancing costs, incurred in 2026, are costs arising as a result of the Group having
re\ufb01nanced with BZ Commercial Finance DAC (\u201cBZ\u201d), which are not deemed by the Group as directly
attributable to the re\ufb01nancing arrangement and have not therefore been capitalised against the BZ loan
balance. These are mostly costs incurred as a result of the accelerated charge of the remaining HSBC
costs which were expensed when the loans were repaid. Re\ufb01nancing costs in the prior periods were legal
and professional costs incurred by the Group up until 14 February 2025, on which date the Carclo plc
Board of Directors agreed BZ as the preferred lender with whom the Group subsequently completed its
re\ufb01nancing on 24 April 2025.
Current period rationalisation costs are non-underlying pension administration costs. Rationalisation
costs of \u00a30.1 million in the prior period relate to the restructuring of the Group.
This is largely costs
and credits arising from the US facility closures as part of the turnaround plan and includes the
following: \u00a30.7 million employee-related costs for severance and retention bonuses, \u00a30.4 million other
closure-related costs including costs to relocate plant and equipment, less \u00a31.0 million of balance sheet
credits, being \u00a30.7 million provisions and property lease liabilities released following surrender of the
leased properties at the Tucson, Arizona facility and \u00a30.3 million for the reversal of asset provisions
booked at 31 March 2024 no longer required.
An insurance claim was processed for damage following a break-in at the Bruntons location; an amount
of \u00a30.2 million proceeds net of restitution costs has been received in the period ended 31 March 2026.
The credit in the prior period on settlement of legacy claims is the release of provisions booked for
speci\ufb01c claims that have not been fully utilised following \ufb01nal settlement. ", "dimensions": { "concept": "car.l:DisclosureOfNonUnderlyingItemsTextBlock", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "9 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Finance income comprises:
\u00a0 \u00a0
Interest receivable on cash and cash deposits
46
535
Other interest
\u2014
36
Finance income
46
571
Finance expense comprises:
\u00a0 \u00a0
Interest payable on bank loans and overdrafts
(3,766)
(3,075)
Lease interest
(458)
(679)
Interest on the net de\ufb01ned bene\ufb01t pension liability
(2,711)
(1,745)
Other interest
(543)
\u2014
Finance expense
(7,478)
(5,499)
Net \ufb01nance expense
(7,432)
(4,928)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "9 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Finance income comprises:
\u00a0 \u00a0
Interest receivable on cash and cash deposits
46
535
Other interest
\u2014
36
Finance income
46
571
Finance expense comprises:
\u00a0 \u00a0
Interest payable on bank loans and overdrafts
(3,766)
(3,075)
Lease interest
(458)
(679)
Interest on the net de\ufb01ned bene\ufb01t pension liability
(2,711)
(1,745)
Other interest
(543)
\u2014
Finance expense
(7,478)
(5,499)
Net \ufb01nance expense
(7,432)
(4,928)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "9 Finance income and expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Finance income comprises:
\u00a0 \u00a0
Interest receivable on cash and cash deposits
46
535
Other interest
\u2014
36
Finance income
46
571
Finance expense comprises:
\u00a0 \u00a0
Interest payable on bank loans and overdrafts
(3,766)
(3,075)
Lease interest
(458)
(679)
Interest on the net de\ufb01ned bene\ufb01t pension liability
(2,711)
(1,745)
Other interest
(543)
\u2014
Finance expense
(7,478)
(5,499)
Net \ufb01nance expense
(7,432)
(4,928)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "10 Income tax (expense)/credit
The income tax (expense)/credit recognised in the consolidated income statement comprises:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
United Kingdom corporation tax:
\u00a0 \u00a0
Corporation tax on losses for the current year
26
\u2014
Current tax
\u2014
\u2014
Adjustments for prior years
(26)
(13)
Overseas taxation:
\u00a0 \u00a0
Current tax
(1,245)
(1,379)
Adjustments for prior years
91
(1)
Total current tax net expense
(1,154)
(1,393)
Deferred tax
\u00a0 \u00a0
Deferred tax
(918)
(409)
Adjustments for prior years
(69)
13
Rate change
4
9
Total deferred tax expense \u2013 see note 20
(983)
(387)
Total income tax expense recognised
\u00a0 \u00a0
in the consolidated income statement
(2,137)
(1,780)
\n
Reconciliation of tax (expense)/credit for the year
The Group has reported an effective tax rate
1
for the period of 44.2% (2025: 67.1%) which is above the
standard rate of UK corporation tax of 25% (2025: 25%).
The differences are explained as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
%
\u00a3000
%
Pro\ufb01t before tax
4,832
\u00a0
2,652
\u00a0
Income tax using standard rate
\u00a0 \u00a0 \u00a0 \u00a0
of UK corporation tax of 25%
\u00a0 \u00a0 \u00a0 \u00a0
(2025: 25%)
(1,208)
(25.0)
(663)
(25.0)
Expenses not deductible for
\u00a0 \u00a0 \u00a0 \u00a0
tax purposes
(306)
(6.3)
(221)
(8.3)
Income not taxable
102
2.1
66
2.5
Adjustments in respect of
\u00a0 \u00a0 \u00a0 \u00a0
overseas tax rates
290
6.0
127
4.8
Unprovided deferred tax
\u00a0 \u00a0 \u00a0 \u00a0
movement
(787)
(16.3)
(654)
(24.7)
Adjustment to current tax in
\u00a0 \u00a0 \u00a0 \u00a0
respect of prior periods
\u00a0 \u00a0 \u00a0 \u00a0
(UK and overseas)
117
2.4
(14)
(0.5)
Adjustments to deferred tax in
\u00a0 \u00a0 \u00a0 \u00a0
respect of prior periods
\u00a0 \u00a0 \u00a0 \u00a0
(UK and overseas)
(69)
(1.4)
13
0.5
Foreign taxes expensed
\u00a0 \u00a0 \u00a0 \u00a0
in the UK
(295)
(6.1)
(434)
(16.4)
Rate change on deferred tax
4
0.1
9
0.3
Foreign exchange currency loss
15
0.3
(9)
(0.3)
Total income tax
\u00a0 \u00a0 \u00a0 \u00a0
expense
(2,137)
(44.2)
(1,780)
(67.1)
\n
1.
See the glossary on page 167.
Tax on items credited outside of the consolidated income statement
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Recognised in other comprehensive income:
\u00a0 \u00a0
Foreign exchange movements
(1)
13
Total income tax credited to other comprehensive
\u00a0 \u00a0
income \u2014 see note 20
(1)
13
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "11 Earnings per share
The calculation of basic earnings per share is based on the pro\ufb01t attributable to equity holders of the
parent company divided by the weighted average number of ordinary shares outstanding during the
year.
The calculation of diluted earnings per share is based on the pro\ufb01t attributable to equity holders of the
parent company divided by the weighted average number of ordinary shares outstanding during the
year (adjusted for dilutive options).
The result and average number of shares used in calculating the basic and diluted earnings per share are
shown below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Pro\ufb01t after tax
2,695
872
Pro\ufb01t attributable to non-controlling interests
\u2014
\u2014
Pro\ufb01t attributable to equity holders of the parent
2,695
872
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Shares
Shares
Weighted average number of ordinary shares in the year
73,419,193
73,419,193
Effect of dilutive share options in issue
1
923,712
546,306
Weighted average number of ordinary shares (diluted) in the year
\u00a0\u00a0
for underlying earnings per share calculation
2
74,342,905
73,965,499
\n
1.
There are 15,974 vested shares outstanding that are not yet issued. 806,729 share options granted on
21 September 2023, 57,990 share options granted on 9 September 2025 under the Deferred Bonus Plan 2025
and 43,063 share options granted on 9 September 2025 are included in the calculation of the weighted average
number of dilutive shares for earnings per share in the current year.
2. See the glossary on page 167.
In addition to the above, the Company also calculates an earnings per share based on underlying pro\ufb01t
as the Board believes this provides a more useful comparison of business trends and performance.
The following table reconciles the Group\u2019s pro\ufb01t to underlying pro\ufb01t used in calculating underlying
earnings per share:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Pro\ufb01t attributable to equity holders of the parent
2,695
872
Non-underlying \u2013 re\ufb01nancing costs, net of tax
270
2,096
Non-underlying \u2013 rationalisation
and restructuring costs, net of tax
216
173
Non-underlying \u2013 settlement in respect to legacy claims, net of tax
\u2014
(1)
Non-underlying \u2013 insurance proceeds from Bruntons, net of tax
(159)
\u2014
Underlying pro\ufb01t after tax, attributable to equity holders
\u00a0\u00a0
of the parent
3,022
3,140
\n
The following table reconciles the Group\u2019s underlying pro\ufb01t after tax attributable to equity holders of
the parent:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Underlying operating pro\ufb01t
12,600
9,838
Finance income
46
571
Finance expense
(7,478)
(5,499)
Income tax expense
(2,146)
(1,770)
Underlying pro\ufb01t after tax attributable to equity holders
\u00a0 \u00a0
of the parent
3,022
3,140
The following table summarises the earnings per share \ufb01gures based on the above data:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Pence
Pence
Basic earnings per share
3.7
1.2
Diluted earnings per share
3.6
1.2
Basic underlying earnings per share
4.1
4.3
Diluted underlying earnings per share
4.1
4.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "12 Dividends paid and proposed
The current focus is on cash \ufb02ow generation to support strategic growth and with the Company
currently having insuf\ufb01cient distributable reserves, no dividend is proposed in respect of the year ended
31 March 2026 (2025: nil). The Board will continue to review the Group \ufb01nancial performance, capital
allocation and reserves regularly to determine the appropriate time for dividend payments.
Under the terms of the previous HSBC borrowing facility agreement, in place up to the BZ re\ufb01nancing
completed in April 2025, the Company was not permitted to make a dividend payment to shareholders
up to the period ending 31 December 2025. Under the BZ borrowing facility agreement, dividend
payments are permitted, but they require prior approval of the lender.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "13 Intangible assets
\u00a0 \u00a0
Patents and
Customer-
\u00a0 \u00a0
\u00a0 \u00a0
development
related
Computer
\u00a0
\u00a0
Goodwill
costs
intangibles
software
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 31 March and 1 April 2024
23,131
16,802
588
1,681
42,202
Additions
\u2014
\u2014
\u2014
49
49
Disposals
\u2014
\u2014
\u2014
(307)
(307)
Effect of movements in foreign exchange
(339)
\u2014
\u2014
(7)
(346)
Balance at 31 March and 1 April 2025
22,792
16,802
588
1,416
41,598
Additions
\u2014
\u2014
\u2014
333
333
Reclassi\ufb01cation of assets under construction from PPE
\u2014
\u2014
\u2014
208
208
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in foreign exchange
285
\u2014
\u2014
(1)
284
Balance at 31 March 2026
23,077
16,802
588
1,956
42,423
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 31 March and 1 April 2024
1,104
16,802
588
1,511
20,005
Amortisation for the year
\u2014
\u2014
\u2014
87
87
Disposals
\u2014
\u2014
\u2014
(307)
(307)
Effect of movements in foreign exchange
18
\u2014
\u2014
(6)
12
Balance at 31 March and 1 April 2025
1,122
16,802
588
1,285
19,797
Amortisation for the year
\u2014
\u2014
\u2014
107
107
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in foreign exchange
(10)
\u2014
\u2014
(2)
(12)
Balance at 31 March 2026
1,112
16,802
588
1,390
19,892
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
22,027
\u2014
\u2014
170
22,197
At 31 March 2025
21,670
\u2014
\u2014
131
21,801
At 31 March 2026
21,965
\u2014
\u2014
566
22,531
\n
During the year, the Group has incurred research and development costs of \u00a30.3 million (2025: \u00a30.2 million) which did not meet the criteria to be capitalised and have been included within operating expenses in
the consolidated income statement.
Impairment tests for cash generating units containing goodwill
Goodwill acquired in a business combination is allocated at acquisition to the cash generating units
(\u201cCGUs\u201d) that are expected to bene\ufb01t from that business combination. The carrying amount of goodwill
is allocated to the Group\u2019s principal CGUs, being the operating segments described in the operating
segment descriptions in note 3.
The carrying value of goodwill at 31 March 2026 and 31 March 2025 is allocated wholly to the CTP cash
generating unit as follows:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
CTP
21,965
21,670
At 31 March 2026, the recoverable amount of the CTP CGU was determined using a value in use
calculation, which exceeded the carrying amount of the CGU by \u00a353.5 million (31 March 2025:
\u00a333.3 million). Accordingly, no impairment of goodwill was identi\ufb01ed.
The value in use calculation is based on cash \ufb02ow projections derived from the Group\u2019s Board-approved
strategic plan covering a three-year period. Cash \ufb02ows for years four and \ufb01ve have been assumed
to remain at year three levels, re\ufb02ecting a prudent transition to a steady-state operating position.
A terminal value has then been calculated using long-term growth rates ranging from 1.5% to 4.0%
(31 March 2025: 0.6% to 4.5%), depending on the market served. These growth rates do not exceed
management\u2019s long-term expectations for the relevant markets.
Future cash \ufb02ows have been discounted using pre-tax discount rates appropriate to the markets in
which the CGU operates, with a weighted average pre-tax discount rate of 17.0% (31 March 2025: 17.1%).
The discount rates are derived from the Group\u2019s weighted average cost of capital and re\ufb02ect market-
speci\ufb01c risks and the time value of money.
The key assumptions underpinning the assessment relate to forecast revenue growth, operating
margins, long-term growth rates and discount rates. These assumptions are based on management\u2019s
expectations of future trading performance, taking into account historical experience, current trading
conditions and the Group\u2019s strategic plans.
Sensitivity analysis has been performed on the key assumptions used in the value in use calculation. All
other assumptions remaining unchanged, an increase in the pre-tax discount rate from 17.0% to 30.5%
(31 March 2025: 17.1% to 24.2%), a 12.1% reduction in forecast revenue or a reduction in forecast EBIT
of 33.5% (31 March 2025: 31.5%) would reduce the headroom of the CTP CGU to \u00a3nil. No reasonably
possible change in any other key assumption would cause the carrying amount of the CGU to exceed its
recoverable amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "13 Intangible assets
\u00a0 \u00a0
Patents and
Customer-
\u00a0 \u00a0
\u00a0 \u00a0
development
related
Computer
\u00a0
\u00a0
Goodwill
costs
intangibles
software
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 31 March and 1 April 2024
23,131
16,802
588
1,681
42,202
Additions
\u2014
\u2014
\u2014
49
49
Disposals
\u2014
\u2014
\u2014
(307)
(307)
Effect of movements in foreign exchange
(339)
\u2014
\u2014
(7)
(346)
Balance at 31 March and 1 April 2025
22,792
16,802
588
1,416
41,598
Additions
\u2014
\u2014
\u2014
333
333
Reclassi\ufb01cation of assets under construction from PPE
\u2014
\u2014
\u2014
208
208
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in foreign exchange
285
\u2014
\u2014
(1)
284
Balance at 31 March 2026
23,077
16,802
588
1,956
42,423
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 31 March and 1 April 2024
1,104
16,802
588
1,511
20,005
Amortisation for the year
\u2014
\u2014
\u2014
87
87
Disposals
\u2014
\u2014
\u2014
(307)
(307)
Effect of movements in foreign exchange
18
\u2014
\u2014
(6)
12
Balance at 31 March and 1 April 2025
1,122
16,802
588
1,285
19,797
Amortisation for the year
\u2014
\u2014
\u2014
107
107
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in foreign exchange
(10)
\u2014
\u2014
(2)
(12)
Balance at 31 March 2026
1,112
16,802
588
1,390
19,892
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
22,027
\u2014
\u2014
170
22,197
At 31 March 2025
21,670
\u2014
\u2014
131
21,801
At 31 March 2026
21,965
\u2014
\u2014
566
22,531
\n
During the year, the Group has incurred research and development costs of \u00a30.3 million (2025: \u00a30.2 million) which did not meet the criteria to be capitalised and have been included within operating expenses in
the consolidated income statement.
Impairment tests for cash generating units containing goodwill
Goodwill acquired in a business combination is allocated at acquisition to the cash generating units
(\u201cCGUs\u201d) that are expected to bene\ufb01t from that business combination. The carrying amount of goodwill
is allocated to the Group\u2019s principal CGUs, being the operating segments described in the operating
segment descriptions in note 3.
The carrying value of goodwill at 31 March 2026 and 31 March 2025 is allocated wholly to the CTP cash
generating unit as follows:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
CTP
21,965
21,670
At 31 March 2026, the recoverable amount of the CTP CGU was determined using a value in use
calculation, which exceeded the carrying amount of the CGU by \u00a353.5 million (31 March 2025:
\u00a333.3 million). Accordingly, no impairment of goodwill was identi\ufb01ed.
The value in use calculation is based on cash \ufb02ow projections derived from the Group\u2019s Board-approved
strategic plan covering a three-year period. Cash \ufb02ows for years four and \ufb01ve have been assumed
to remain at year three levels, re\ufb02ecting a prudent transition to a steady-state operating position.
A terminal value has then been calculated using long-term growth rates ranging from 1.5% to 4.0%
(31 March 2025: 0.6% to 4.5%), depending on the market served. These growth rates do not exceed
management\u2019s long-term expectations for the relevant markets.
Future cash \ufb02ows have been discounted using pre-tax discount rates appropriate to the markets in
which the CGU operates, with a weighted average pre-tax discount rate of 17.0% (31 March 2025: 17.1%).
The discount rates are derived from the Group\u2019s weighted average cost of capital and re\ufb02ect market-
speci\ufb01c risks and the time value of money.
The key assumptions underpinning the assessment relate to forecast revenue growth, operating
margins, long-term growth rates and discount rates. These assumptions are based on management\u2019s
expectations of future trading performance, taking into account historical experience, current trading
conditions and the Group\u2019s strategic plans.
Sensitivity analysis has been performed on the key assumptions used in the value in use calculation. All
other assumptions remaining unchanged, an increase in the pre-tax discount rate from 17.0% to 30.5%
(31 March 2025: 17.1% to 24.2%), a 12.1% reduction in forecast revenue or a reduction in forecast EBIT
of 33.5% (31 March 2025: 31.5%) would reduce the headroom of the CTP CGU to \u00a3nil. No reasonably
possible change in any other key assumption would cause the carrying amount of the CGU to exceed its
recoverable amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "13 Intangible assets
\u00a0 \u00a0
Patents and
Customer-
\u00a0 \u00a0
\u00a0 \u00a0
development
related
Computer
\u00a0
\u00a0
Goodwill
costs
intangibles
software
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Cost
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 31 March and 1 April 2024
23,131
16,802
588
1,681
42,202
Additions
\u2014
\u2014
\u2014
49
49
Disposals
\u2014
\u2014
\u2014
(307)
(307)
Effect of movements in foreign exchange
(339)
\u2014
\u2014
(7)
(346)
Balance at 31 March and 1 April 2025
22,792
16,802
588
1,416
41,598
Additions
\u2014
\u2014
\u2014
333
333
Reclassi\ufb01cation of assets under construction from PPE
\u2014
\u2014
\u2014
208
208
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in foreign exchange
285
\u2014
\u2014
(1)
284
Balance at 31 March 2026
23,077
16,802
588
1,956
42,423
Amortisation
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Balance at 31 March and 1 April 2024
1,104
16,802
588
1,511
20,005
Amortisation for the year
\u2014
\u2014
\u2014
87
87
Disposals
\u2014
\u2014
\u2014
(307)
(307)
Effect of movements in foreign exchange
18
\u2014
\u2014
(6)
12
Balance at 31 March and 1 April 2025
1,122
16,802
588
1,285
19,797
Amortisation for the year
\u2014
\u2014
\u2014
107
107
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Effect of movements in foreign exchange
(10)
\u2014
\u2014
(2)
(12)
Balance at 31 March 2026
1,112
16,802
588
1,390
19,892
Carrying amounts
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 April 2024
22,027
\u2014
\u2014
170
22,197
At 31 March 2025
21,670
\u2014
\u2014
131
21,801
At 31 March 2026
21,965
\u2014
\u2014
566
22,531
\n
During the year, the Group has incurred research and development costs of \u00a30.3 million (2025: \u00a30.2 million) which did not meet the criteria to be capitalised and have been included within operating expenses in
the consolidated income statement.
Impairment tests for cash generating units containing goodwill
Goodwill acquired in a business combination is allocated at acquisition to the cash generating units
(\u201cCGUs\u201d) that are expected to bene\ufb01t from that business combination. The carrying amount of goodwill
is allocated to the Group\u2019s principal CGUs, being the operating segments described in the operating
segment descriptions in note 3.
The carrying value of goodwill at 31 March 2026 and 31 March 2025 is allocated wholly to the CTP cash
generating unit as follows:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
CTP
21,965
21,670
At 31 March 2026, the recoverable amount of the CTP CGU was determined using a value in use
calculation, which exceeded the carrying amount of the CGU by \u00a353.5 million (31 March 2025:
\u00a333.3 million). Accordingly, no impairment of goodwill was identi\ufb01ed.
The value in use calculation is based on cash \ufb02ow projections derived from the Group\u2019s Board-approved
strategic plan covering a three-year period. Cash \ufb02ows for years four and \ufb01ve have been assumed
to remain at year three levels, re\ufb02ecting a prudent transition to a steady-state operating position.
A terminal value has then been calculated using long-term growth rates ranging from 1.5% to 4.0%
(31 March 2025: 0.6% to 4.5%), depending on the market served. These growth rates do not exceed
management\u2019s long-term expectations for the relevant markets.
Future cash \ufb02ows have been discounted using pre-tax discount rates appropriate to the markets in
which the CGU operates, with a weighted average pre-tax discount rate of 17.0% (31 March 2025: 17.1%).
The discount rates are derived from the Group\u2019s weighted average cost of capital and re\ufb02ect market-
speci\ufb01c risks and the time value of money.
The key assumptions underpinning the assessment relate to forecast revenue growth, operating
margins, long-term growth rates and discount rates. These assumptions are based on management\u2019s
expectations of future trading performance, taking into account historical experience, current trading
conditions and the Group\u2019s strategic plans.
Sensitivity analysis has been performed on the key assumptions used in the value in use calculation. All
other assumptions remaining unchanged, an increase in the pre-tax discount rate from 17.0% to 30.5%
(31 March 2025: 17.1% to 24.2%), a 12.1% reduction in forecast revenue or a reduction in forecast EBIT
of 33.5% (31 March 2025: 31.5%) would reduce the headroom of the CTP CGU to \u00a3nil. No reasonably
possible change in any other key assumption would cause the carrying amount of the CGU to exceed its
recoverable amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "14 Property, plant and equipment
\u00a0
Land and
Plant and
\u00a0
\u00a0
buildings
equipment
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
Cost
\u00a0 \u00a0 \u00a0
Balance at 1 April 2024
47,235
76,555
123,790
Additions
1,504
944
2,448
Disposals
(4,580)
(4,501)
(9,081)
Effect of movements in foreign exchange
(787)
(931)
(1,718)
Balance at 31 March and 1 April 2025
43,372
72,067
115,439
Additions
934
2,374
3,308
Disposals
(12)
(1,132)
(1,144)
Reassessment of lease value
(697)
21
(676)
Reclassi\ufb01cation of assets under construction
\u00a0 \u00a0 \u00a0
to intangibles
\u2014
(208)
(208)
Effect of movements in foreign exchange
(67)
(404)
(471)
Balance at 31 March 2026
43,530
72,718
116,248
Depreciation and impairment losses
\u00a0 \u00a0 \u00a0
Balance at 1 April 2024
23,579
59,810
83,389
Depreciation charge for the year
3,357
3,099
6,456
Disposals
(4,514)
(4,414)
(8,928)
Reversal of impairment
\u2014
(209)
(209)
Effect of movements in foreign exchange
(407)
(704)
(1,111)
Balance at 31 March and 1 April 2025
22,015
57,582
79,597
Depreciation charge for the year
3,020
2,876
5,896
Disposals
(12)
(1,108)
(1,120)
Effect of movements in foreign exchange
57
(429)
(372)
Balance at 31 March 2026
25,080
58,921
84,001
Carrying amounts
\u00a0 \u00a0 \u00a0
At 1 April 2024
23,656
16,745
40,401
At 1 April 2025
21,357
14,485
35,842
At 31 March 2026
18,450
13,797
32,247
Property, plant and equipment includes right-of-use assets as set out in note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "17 Trade and other receivables
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Amounts due within one year
\u00a0 \u00a0
Trade receivables
14,488
10,764
Less impairment provisions
(70)
(189)
\u00a0
14,418
10,575
Prepayments
2,397
3,761
Other debtors
1,532
1,323
Trade and other receivables \u2013 due within one year
18,347
15,659
Amounts due after one year
\u00a0 \u00a0
Other debtors and prepayments
540
594
Trade and other receivables \u2013 due after one year
540
594
\n
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses which uses a
lifetime expected loss allowance for all trade receivables.To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. On that basis, the loss allowance as at 31 March 2026 was determined
as follows for trade receivables:
\u00a0
2026
2025
\u00a0
Gross carrying
\u00a0 \u00a0
Gross carrying
\u00a0 \u00a0
\u00a0
amount
Loss allowance
Expected loss rate
amount
Loss allowance
Expected loss rate
\u00a0
\u00a3000
\u00a3000
%
\u00a3000
\u00a3000
%
Not past due
12,824
67
0.5%
9,668
110
1.1%
Past due 0 - 30 days
1,456
1
0.1%
913
3
0.3%
Past due 31 - 60 days
136
\u2014
0.0%
107
4
3.7%
Past due 61 - 120 days
70
\u2014
0.0%
21
17
81.0%
More than 120 days
2
2
100.0%
55
55
100.0%
\u00a0
14,488
70
0.5%
10,764
189
1.8%
\n
The movement in the allowance for impairment in respect of trade receivables and contract assets during the year was as follows:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Balance at 1 April
189
694
Amounts written off
(44)
(610)
Net measurement of loss allowance
(75)
105
Balance at 31 March
70
189
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "15 Inventories
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Raw materials and consumables
4,745
4,680
Work in progress
910
894
Finished goods
5,374
4,354
\u00a0
11,029
9,928
\n
The value of inventories is stated after impairment for obsolescence and write downs to net realisable
value of \u00a30.7 million (2025: \u00a30.5 million). Cost of inventories recognised as an expense which are
included as a part of cost of sales are set out in note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "16 Contract assets
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Contract assets \u2013 amounts due within one year
1,742
1,551
Contract assets \u2013 amounts due in more than one year
74
170
\u00a0
1,816
1,721
\n
The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses which uses a
lifetime expected loss allowance for all contract assets.
To measure the expected credit losses, contract assets have been grouped based on shared credit
risk characteristics. The contract assets relate to unbilled work in progress and are therefore not past
due. The Group has reviewed the risk characteristics and considers them to be the same as the trade
receivables not past due for the same types of contracts. The Group has concluded that the expected
loss rates for contract assets in both the current and prior year would be immaterial.
Against an opening contract asset balance of \u00a31.7 million at 31 March 2025, \u00a31.4 million has been
invoiced during the year to 31 March 2026. ", "dimensions": { "concept": "car.l:DisclosureOfContractAssetsExplanatoryTextBlock", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "The Group applies the IFRS 9 simpli\ufb01ed approach to measuring expected credit losses which uses a
lifetime expected loss allowance for all contract assets.
To measure the expected credit losses, contract assets have been grouped based on shared credit
risk characteristics. The contract assets relate to unbilled work in progress and are therefore not past
due. The Group has reviewed the risk characteristics and considers them to be the same as the trade
receivables not past due for the same types of contracts. The Group has concluded that the expected
loss rates for contract assets in both the current and prior year would be immaterial.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "18 Cash and cash deposits
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Cash at bank and in hand
5,769
10,745
\u00a0
5,769
10,745
\n
At 31 March 2026, \u00a31.5 million cash was held on deposit (2025: \u00a31.4 million).
The above \ufb01gure reconciles to the amount of cash shown in the statement of cash \ufb02ows at the end of the \ufb01nancial year as follows:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Balance as above
5,769
10,745
Bank overdrafts (see note 19)
\u2014
(765)
Balance per statement of cash \ufb02ows
5,769
9,980
\n
Until 26 March 2025, the Group had a net UK multi-party, multi-currency overdraft facility with a \u00a3nil net limit and a \u00a312.5 million gross limit per party. Since that date, the Group does not have an overdraft facility
available. At 31 March 2025, Carclo plc was brie\ufb02y overdrawn due to timing of cash \ufb02ows; however, the balance was immediately repaid on 1 April 2025, with no adverse consequence. The overdraft of \u00a30.8 million
from the year ended 31 March 2025 is presented within note 19.
Restricted cash totalled \u00a30.2 million at 31 March 2026 (2025: \u00a30.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "19 Loans and borrowings \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Current
\u00a0 \u00a0
Bank overdrafts
\u2014
765
Bank loans:
\u00a0 \u00a0
Term loan
3,985
21,233
Revolving credit facility
1,189
\u2014
Lease liabilities:
\u00a0 \u00a0
Land and buildings
1,178
1,642
Plant and equipment
1,150
1,116
Other loans:
\u00a0 \u00a0
Other
66
88
\u00a0
7,568
24,844
Non-current
\u00a0 \u00a0
Bank loans repayable between one and two years:
\u00a0 \u00a0
Term loan
19,684
\u2014
Revolving credit facility
(226)
\u2014
Lease liabilities:
\u00a0 \u00a0
Land and buildings
2,120
2,981
Plant and equipment
498
2,027
Other loans:
\u00a0 \u00a0
Other loans repayable between one and two years
32
66
Other loans repayable between two and \ufb01ve years
\u2014
31
\u00a0
22,108
5,105
Total loans and borrowings
29,676
29,949
\n
On 24 April 2025, the Group concluded the re\ufb01nancing of its primary external borrowing facility
with a three-year multi-currency borrowing facility agreement with BZ Commercial Finance DAC
(\u201cBZ\u201d), comprising a term loan facility of \u00a327.0 million and a revolving credit facility of \u00a39.0 million. At
commencement, \u00a329.9 million was borrowed under the BZ facility, of which \u00a326.8 million was drawn
under the term loan and \u00a33.1 million was drawn under the revolving credit facility. \u00a321.3 million was
paid to discharge all amounts owing under the previous borrowing arrangement with HSBC, including
accrued interest, and \u00a35.1 million of additional contributions were paid to the Group\u2019s de\ufb01ned bene\ufb01t
pension scheme, allowing securitised assets marked in favour of the pension scheme to be reassigned to
the new lender.
The BZ facility is an asset-based lending arrangement with drawings permitted against the value of
various classes of assets held by the UK and US businesses. Of the \u00a327.0 million term loan element,
\u00a38.0 million is designated against the value of owned land and buildings, \u00a35.0 million is designated
against the value of owned plant and machinery and the balance of \u00a314.0 million is designated as a cash
\ufb02ow loan that is non-asset speci\ufb01c. Of the \u00a39.0 million revolving credit facility, \u00a37.0 million is designated
against the value of trade receivables and \u00a32.0 million against the value of inventory.
The facility permits borrowings in GBP, EUR and USD. The named Group companies currently permitted
to borrow under the facility are Carclo plc, Carclo Technical Plastics Limited and Bruntons Aero
Products Limited. Group companies subject to cross guarantees under the BZ facility are the named
borrowing companies and material subsidiaries, as de\ufb01ned in the facility agreement.
Repayments on the term loan commenced in November 2025. At 31 March 2026, balances of the term
loan and the revolving credit facility were respectively: \u00a323.7m and \u00a31m.
Interest is calculated at SONIA, SOFR or \u20acSTR for loans denominated in GBP, USD or EUR respectively,
plus a margin of 4.5% for the receivables facility, 6.0% for the inventory, plant and machinery and
property facilities, and 7.5% for the cash \ufb02ow facility. In addition, 2.0% is payable on the undrawn portion
of the \u00a39.0 million revolving credit facility.
Bank facilities at 31 March 2026 were subject to three monthly covenant tests as follows:
1.
minimum EBITDA;
2. \ufb01xed charge ratio cover; and
3. CAPEX.
Further details of the covenants can be found in note 1.
The Group has complied with the \ufb01nancial covenants of its borrowing facilities during the \ufb01nancial
reporting period.
Reconciliation of movements of liabilities to cash \ufb02ows arising from \ufb01nancing activities
\n\n \n
Bank
Term
Revolving
Lease
Other
overdraft
loan
credit facility
liabilities
loans
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance at 1 April 2024
4,479
23,682
300
11,167
282
39,910
Changes from \ufb01nancing cash \ufb02ows
Transaction costs associated with the issue of debt
\u2014
(150)
\u2014
\u2014
\u2014
(150)
Repayment of borrowings
\u2014
(2,225)
(300)
(4,907)
(95)
(7,527)
Changes in bank overdraft
(4,184)
\u2014
\u2014
\u2014
\u2014
(4,184)
Interest paid
470
\u2014
\u2014
\u2014
\u2014
470
(3,714)
(2,375)
(300)
(4,907)
(95)
(11,391)
Effect of changes in foreign exchange rates
\u2014
(371)
\u2014
(161)
(2)
(534)
Liability-related other changes
Drawings on new facilities
\u2014
\u2014
\u2014
1,327
\u2014
1,327
Reassessment of lease liability
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Termination of facilities
\u2014
\u2014
\u2014
(339)
\u2014
(339)
Interest expense \u2013 presented within non-underlying items
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest expense \u2013 presented within \ufb01nance expense
\u2014
297
\u2014
679
\u2014
976
\u2014
297
\u2014
1,667
\u2014
1,964
Equity-related other changes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance at 1 April 2025
765
21,233
\u2014
7,766
185
29,949
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Bank
Term
Revolving
Lease
Other
\u00a0
\u00a0
overdraft
loan
credit facility
liabilities
loans
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance at 1 April 2025
765
21,233
\u2014
7,766
185
29,949
Changes from \ufb01nancing cash \ufb02ows
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Drawings on new facilities
\u2014
26,812
3,099
\u2014
\u2014
29,911
Transaction costs associated with the issue of debt
\u2014
(1,908)
(636)
\u2014
\u2014
(2,544)
Repayment of HSBC facility
\u2014
(21,255)
\u2014
\u2014
\u2014
(21,255)
Repayment of borrowing
(765)
(1,877)
(1,698)
(3,431)
(63)
(7,834)
Changes in bank overdraft
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Interest paid
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u00a0
(765)
1,772
765
(3,431)
(63)
(1,722)
Effect of changes in foreign exchange rates
\u2014
(171)
\u2014
43
(24)
(152)
Liability-related other changes
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Drawings on new facilities
\u2014
\u2014
\u2014
786
\u2014
786
Reassessment of lease liability
\u2014
\u2014
\u2014
(676)
\u2014
(676)
Amortisation of transaction costs \u2013 presented within \ufb01nance expense
\u2014
645
198
\u2014
\u2014
843
Amortisation of transaction costs \u2013 presented within non-underlying items
\u2014
190
\u2014
\u2014
\u2014
190
Interest expense
\u2014
\u2014
\u2014
458
\u2014
458
\u00a0
\u2014
835
198
568
\u2014
1,601
Equity-related other changes
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Balance at 31 March 2026
\u2014
23,669
963
4,946
98
29,676
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "20 Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Assets:
\u00a0 \u00a0
Property, plant and equipment
328
323
Short-term timing differences
137
286
Tax losses
800
648
Offset with deferred tax liabilities
(1,182)
(616)
Deferred tax assets
83
641
Liabilities:
\u00a0 \u00a0
Intangible assets
(2,417)
(2,441)
Property, plant and equipment
(1,758)
(854)
Short-term timing differences
(80)
(71)
Tax losses
\u2014
\u2014
Foreign tax on undistributed foreign pro\ufb01ts
(394)
(291)
Offset with deferred tax assets
1,182
616
Deferred tax liabilities
(3,467)
(3,041)
Net deferred tax liability
(3,384)
(2,400)
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Tax losses \u2013 trading
6,460
5,997
Tax losses \u2013 capital
50
50
Tax losses \u2013 non-trading
914
737
Property, plant and equipment
2,969
3,021
Short-term timing differences
2,378
1,616
Employee bene\ufb01ts
11,947
12,936
\u00a0
24,718
24,357
Deferred tax assets have not been recognised on the balance sheet to the extent that the underlying
timing differences are not expected to reverse. The nature of the tax regimes in certain regions in which
the Group operates are such that tax losses may arise even though the business is pro\ufb01table. This
situation is expected to continue in the medium term.
Capital losses will be recognised at the point when a transaction gives rise to an offsettable capital gain;
this was not the case at 31 March 2026. Similarly, non-trading losses will only be utilised against future
non-trading pro\ufb01ts. No such non-trading pro\ufb01ts are foreseen at 31 March 2026.
At 31 March 2026, \u00a30.4 million of deferred tax liabilities were recognised for taxes that would be
deductible on the unremitted earnings of the Group\u2019s overseas subsidiary undertakings (2025: \u00a30.3
million). As the Group policy is to continually reinvest in those businesses, provision has not been made
against unremitted earnings that are not planned to be remitted. If all earnings were remitted it is
estimated that \u00a30.6 million of additional tax would be payable (2025: \u00a30.7 million).
Deferred tax assets and liabilities at 31 March 2026 have been calculated based on the rates
substantively enacted at the balance sheet date.
The main rate of corporation tax became 25% from 1 April 2023. Deferred tax on future UK balances
has been calculated based on this rate. Overseas taxes are calculated at the rates prevailing in the
respective jurisdictions.
Reconciliation of movement in net recognised deferred tax liabilities
\u00a0 \u00a0 \u00a0
Recognised
\u00a0
\u00a0
Balance
\u00a0
in other
Balance
\u00a0
as at
Recognised
comprehensive
as at
\u00a0
1 April 2025
in income
income
31 March 2026
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Property, plant and equipment
(531)
(872)
(26)
(1,429)
Intangible assets
(2,441)
\u2014
24
(2,417)
Short-term timing differences
215
(157)
(1)
57
Tax losses
648
149
2
799
Foreign tax on undistributed foreign pro\ufb01ts
(291)
(103)
\u2014
(394)
\u00a0
(2,400)
(983)
(1)
(3,384)
\u00a0 \u00a0 \u00a0
Recognised
\u00a0
\u00a0
Balance
\u00a0
in other
Balance
\u00a0
as at
Recognised
comprehensive
as at
\u00a0
1 April 2024
in income
income
31 March 2025
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Property, plant and equipment
(553)
23
(1)
(531)
Intangible assets
(2,475)
\u2014
34
(2,441)
Short-term timing differences
1,045
(830)
\u2014
215
Tax losses
76
591
(19)
648
Foreign tax on undistributed foreign pro\ufb01ts
(119)
(171)
(1)
(291)
\u00a0
(2,026)
(387)
13
(2,400)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "21 Retirement bene\ufb01t obligations
The Group operates a UK de\ufb01ned bene\ufb01t pension scheme which provides pensions based on service
and \ufb01nal pay. Outside of the UK, retirement bene\ufb01ts are determined according to local practice and
funded accordingly.
In the UK, Carclo plc sponsors the Carclo Group Pension Scheme (the \u201cScheme\u201d), a funded de\ufb01ned
bene\ufb01t pension scheme which provides de\ufb01ned bene\ufb01ts for some of its members. This is a legally
separate, trustee-administered fund holding the Scheme\u2019s assets to meet long-term pension liabilities
for some 2,269 current and past employees as at 31 March 2026.
The Trustee of the Scheme is required to act in the best interest of the Scheme\u2019s bene\ufb01ciaries.
The appointment of the Trustee is determined by the Scheme\u2019s trust documentation. For the year ended
31 March 2026 the Trustees currently comprised of two Company nominated trustees (of which one is an
independent professional Trustee and one is the Independent professional Chairperson) as well as one
member-nominated trustee. As at 1 April 2026 the Trustee is a sole independent professional trustee
and PAN Sole Trustees Limited was appointed in this role on 1 April 2026. The Trustee is also responsible
for the investment of the Scheme\u2019s assets.
The Scheme provides pensions and lump sums to members on retirement and to their dependants on
death. The level of retirement bene\ufb01t is principally based on \ufb01nal pensionable salary prior to leaving
active service and is linked to changes in in\ufb02ation up to retirement. The de\ufb01ned bene\ufb01t section is closed
to new entrants who instead have the option of entering into the de\ufb01ned contribution section of the
Scheme, and the Group has elected to cease future accrual for existing members of the de\ufb01ned bene\ufb01t
section such that members who have not yet retired are entitled to a deferred pension.
The Company currently pays contributions to the Scheme as determined by regular actuarial valuations.
The trustees are required to use prudent assumptions to value the liabilities and costs of the Scheme
whereas the accounting assumptions that support the IAS 19 calculation must be best estimates.
The Scheme is subject to the funding legislation, which came into force on 30 December 2005,
outlined in the Pensions Act 2004. This, together with documents issued by the Pensions Regulator and
Guidance Notes adopted by the Financial Reporting Council, set out the framework for funding de\ufb01ned
bene\ufb01t occupational pension plans in the UK.
A full actuarial valuation was carried out as at 31 March 2024 in accordance with the scheme funding
requirements of the Pensions Act 2004. The funding of the Scheme is agreed between the Group
and the trustees in line with those requirements. These, in particular, require the surplus or de\ufb01cit to
be calculated using prudent, as opposed to best estimate, actuarial assumptions. The 31 March 2024
actuarial valuation showed a de\ufb01cit of \u00a364.5 million (31 March 2021 actuarial valuation de\ufb01cit: \u00a382.8
million). Under the recovery plan agreed with the trustees following the 2024 valuation, the Group
agreed that it would aim to eliminate the de\ufb01cit, over a period of 13 years and 7 months commencing
1 April 2024 and continuing until 31 October 2037, by the payment of annual contributions combined
with the assumed asset returns in excess of gilt yields. The trustees and the Group have agreed that
contributions will be paid to the Scheme as follows: \u00a33.5 million per annum payable monthly for a
period of \ufb01ve years from 1 April 2024 to 31 March 2029 and \u00a35.75 million per annum payable monthly
for a period of eight years and seven months from 1 April 2029 to 31 October 2037, plus \u00a35.1 million as a
one-off lump sum payment on 24 April 2025. These contributions include an allowance of \u00a30.6 million
in respect of the expenses of running the Scheme and the Pension Protection Fund (\u201cPPF\u201d) levy in years
ending 31 March 2026 onwards.
At each triennial valuation, the schedule of contributions is reviewed and reconsidered between the
employer and the trustees; the next review being no later than by 30 June 2028 after the results of the
31 March 2027 triennial valuation are known.
On 14 August 2020, security was granted by certain Group companies to the Scheme trustees. As at
31 March 2025, the gross value of the assets secured, which includes applicable intra-group balances,
goodwill and investments in subsidiaries at net book value in the relevant component companies\u2019
accounts, but which eliminate in the Group upon consolidation, amounted to \u00a3122.8 million. Excluding
the assets which eliminate in the Group upon consolidation, the value of the security was \u00a330.5 million.
This security was released in 2026 following the payment of a \u00a35.1 million lump sum payment.
For the purposes of IAS 19, the results of the actuarial valuation as at 31 March 2025, which was carried
out by a quali\ufb01ed independent actuary, have been updated on an approximate basis to 31 March 2026.
There have been no changes in the valuation methodology adopted for this year\u2019s disclosures compared
to the previous year\u2019s disclosures.
The Scheme exposes the Group to actuarial risks and the key risks are set out in the table presented
below. In each instance these risks would detrimentally impact the Group\u2019s statement of \ufb01nancial
position and may give rise to increased interest costs in the Group income statement. The trustees
could require higher cash contributions or additional security from the Group.
The trustees manage governance and operational risks through a number of internal controls policies,
including a risk register and integrated risk management.
\n \n
Risk
Description
Mitigation
Investment risk
Weaker than expected investment returns result in a
The trustee continually monitors investment risk and performance and dedicates speci\ufb01c time at each meeting for such
worsening in the Scheme\u2019s funding position.
duties. In addition, speci\ufb01c investment-focused meetings, which include a Group representative, take place to consider
investment strategy. The trustee is advised by professional investment advisors.
The Scheme currently invests approximately 60% of its asset value in liability-driven investments and cash \ufb02ow
matching credit funds, 28% in a portfolio of diversi\ufb01ed growth funds and 12% in cash and liquidity funds. The objective
of the growth portfolio is that in combination, the matching credit, liability-driven investments and cash components
generate suf\ufb01cient return to meet the overall portfolio return objective.
Interest rate risk
A decrease in corporate bond yields increases the
The trustee\u2019s investment strategy includes investing in liability-driven investments and bonds whose values increase
present value of the IAS 19 de\ufb01ned bene\ufb01t obligations.
with decreases in interest rates.
A decrease in gilt yields results in a worsening in the
At the end of the Group\u2019s accounting period, the strategy targets that 75% of the Scheme\u2019s liabilities are hedged on the
Scheme\u2019s funding position.
Scheme\u2019s technical provisions basis against interest rates using liability-driven investments.
It should be noted that the Scheme hedges interest rate risk on a statutory and long-term funding basis (gilts) whereas
AA corporate bonds are implicit in the IAS 19 discount rate and so there is some mismatching risk to the Group should
yields on gilts and corporate bonds diverge.
In\ufb02ation risk
An increase in in\ufb02ation results in higher bene\ufb01t increases
The trustee\u2019s investment strategy at the end of the Group\u2019s accounting period included investing in liability-driven
for members which in turn increases the Scheme\u2019s
investments which will move with in\ufb02ation expectations with approximately 75% of the Scheme\u2019s in\ufb02ation-linked
liabilities.
liabilities being hedged on the Scheme\u2019s technical provisions basis.
The growth assets held are expected to provide protection over in\ufb02ation in the long term.
Mortality risk
An increase in life expectancy leads to bene\ufb01ts being
The Scheme actuary provides regular updates on mortality, based on scheme experience, and the assumption continues
payable for a longer period which results in an increase in
to be reviewed.
the Scheme\u2019s liabilities.
\n
The amounts recognised in the statement of \ufb01nancial position in respect of the de\ufb01ned bene\ufb01t scheme were as follows:
\n\n \n
2026
2025
\u00a3000
\u00a3000
Present value of funded obligations
(129,711)
(133,155)
Fair value of Scheme assets
82,926
81,412
Recognised liability for de\ufb01ned bene\ufb01t obligations
(46,785)
(51,743)
\n
The present value of Scheme liabilities is measured by discounting the best estimate of future cash \ufb02ows to be paid out of the Scheme using the projected unit credit method. The value calculated in this way is
\n
re\ufb02ected in the net liability in the statement of \ufb01nancial position as shown above.
\n
The projected unit credit method is an accrued bene\ufb01ts valuation method in which allowance is made for projected earnings increases. The accumulated bene\ufb01t obligation is an alternative actuarial measure of the
\n
Scheme\u2019s liabilities whose calculation differs from that under the projected unit credit method in that it includes no assumption for future earnings increases. In this case, as the Scheme is closed to future accrual,
\n
the accumulated bene\ufb01t obligation is equal to the valuation using the projected unit credit method.
\n
All actuarial remeasurement gains and losses will be recognised in the year in which they occur in other comprehensive income.
\n
The cumulative remeasurement net loss reported in the statement of comprehensive income since 1 April 2004 is \u00a369.3 million.
\n
IFRIC 14 has no effect on the \ufb01gures disclosed because the Company has an unconditional right to a refund under the resulting trust principle.
Movements in the net liability for de\ufb01ned bene\ufb01t obligations recognised in the
consolidated statement of \ufb01nancial position
\n \n
2026
2025
\u00a3000
\u00a3000
Net liability for de\ufb01ned bene\ufb01t obligations at the start of the year
(51,743)
(37,186)
Contributions paid
8,600
3,208
Net expense recognised in the consolidated income statement
(see below)
(3,693)
(2,512)
Remeasurement gains/(losses) recognised in other
comprehensive income
51
(15,253)
Net liability for de\ufb01ned bene\ufb01t obligations at the end
of the year
(46,785)
(51,743)
Movements in the present value of de\ufb01ned bene\ufb01t obligations
\n \n
2026
2025
\u00a3000
\u00a3000
De\ufb01ned bene\ufb01t obligation at the start of the year
133,155
130,420
Interest expense
7,230
6,089
Actuarial loss due to scheme experience
555
5,809
Actuarial loss due to changes in demographic assumptions
2,467
11,051
Actuarial gain due to changes in \ufb01nancial assumptions
(3,178)
(10,332)
Bene\ufb01ts paid
(10,518)
(9,882)
De\ufb01ned bene\ufb01t obligation at the end of the year
129,711
133,155
There have been no plan amendments, curtailments or settlements during the year.
The English High Court ruling in Lloyds Banking Group Pension Trustees Limited v Lloyds Bank plc and
others was published on 26 October 2018, and held that UK pension schemes with Guaranteed Minimum
Pensions (\u201cGMPs\u201d) accrued from 17 May 1990 must equalise for the different effects of these GMPs
between men and women. The case also gave some guidance on related matters, including the methods
for equalisation.
The trustees of the plan will need to obtain legal advice covering the impact of the ruling on the plan,
before deciding with the employer on the method to adopt. The legal advice will need to consider
(among other things) the appropriate GMP equalisation solution, whether there should be a time limit
on the obligation to make back-payments to members (the \u201clook-back\u201d period) and the treatment of
former members (members who have died without a spouse and members who have transferred out for
example).
In the year to 31 March 2020, the trustees commissioned scheme-speci\ufb01c calculations to determine
the likely impact of the ruling on the Scheme. An allowance for the impact of GMP equalisation was
included within the accounting \ufb01gures for that year, increasing liabilities by 1.68%, and a resulting past
service cost of \u00a33.6 million was recognised in the income statement at that time. The Scheme has not
yet implemented GMP equalisation and therefore the allowance made in 2019 has been maintained for
accounting disclosures.
On 20 November 2020, the High Court issued a supplementary ruling in the Lloyds Bank GMP
equalisation case with respect to members that have transferred out of their scheme prior to the ruling.
The results mean that trustees are obliged to make top-up payments that re\ufb02ect equalisation bene\ufb01ts
and to make top-up payments where this was not the case in the past. Also, a de\ufb01ned bene\ufb01t scheme
that received a transfer is concurrently obliged to provide equalised bene\ufb01ts in respect to the transfer
payments and, \ufb01nally, there were no exclusions on the grounds of discharge forms, CETV legislation,
forfeiture provisions or the Limitation Act 1980.
The impact of this ruling was estimated to cost \u00a30.2 million (approximately 0.1% of liabilities). This
additional service cost was recognised through the income statement as a past service cost in the year
ended 31 March 2021 and was presented within non-underlying items and therefore the impact of the
ruling is allowed for in the \ufb01gures presented at 31 March 2026.
During the year to 31 March 2024, the trustees of the Scheme identi\ufb01ed that a group of members
required an adjustment to their bene\ufb01ts in respect of the requirement to provide equal bene\ufb01ts to
males and females following the Barber judgement in 1990. In summary, the adjustment consisted of
decreasing the normal retirement age from 65 to 60 for some members\u2019 bene\ufb01ts, for some elements
of service after 17 May 1990. This resulted in additional liabilities in the Scheme which were accounted
for as a \u00a31.0 million past service cost in the income statement, recognised as a non-underlying cost
(approximately 0.8% of liabilities) in the year ended 30 March 2024.
In June 2023, the judgement in the Virgin Media v NTL Pension Trustees Limited case was handed
down. The case decided that amendments made to the Virgin Media scheme were invalid because
the scheme\u2019s actuary did not provide the associated Section 37 certi\ufb01cate necessary. The case was
subsequently reviewed by the Court of Appeal in July 2024 which upheld the High Court\u2019s decision.
In June 2025, the Department for Work and Pensions (\u201cDWP\u201d) con\ufb01rmed that the Government will
introduce legislation to give affected pension schemes the ability to retrospectively obtain written
actuarial con\ufb01rmation that historic bene\ufb01t changes met the necessary standards. Further detail on
the approach and process for this retrospective con\ufb01rmation is expected to follow in due course.
The decision has a wide range of implications, affecting other schemes that were contracted out on
a salary-related basis, and made amendments between April 1997 and April 2016. Historic scheme
amendments without the appropriate certi\ufb01cation might now be considered invalid, leading to additional
unforeseen liabilities.
The Carclo Group scheme was contracted out and amendments were made during the relevant period.
As such, the ruling could have implications for the Company. Carclo has been supporting the trustees
of the Scheme to begin the process of investigating any potential impact for the Scheme. This has
included compiling a list of all the relevant deeds and amendments made over the relevant period and
determining which of these could have a material impact on member bene\ufb01ts and identifying areas
where further investigation is required.
As the detailed investigation is currently ongoing, the amount of any potential impact on the de\ufb01ned
bene\ufb01t obligation cannot be con\ufb01rmed and/or measured with suf\ufb01cient certainty at 31 March 2026. As
such, it is identi\ufb01ed as a potential contingent liability at the 2026 year end. The situation will be reviewed
again at the next reporting date when there may be further clarity. Until then, the Company and the
trustees will continue to seek legal advice on the matter and will act accordingly.
The Scheme liabilities are split between active, deferred and pensioner members at 31 March as follows:
\n \n
2026
2025
%
%
Active
\u2014
\u2014
Deferred
28
27
Pensioners
72
73
100
100
Movements in the fair value of Scheme assets
\n \n
2026
2025
\u00a3000
\u00a3000
Fair value of Scheme assets at the start of the year
81,412
93,234
Interest income
4,519
4,344
Loss on Scheme assets excluding interest income
(105)
(8,725)
Contributions by employer
8,600
3,208
Bene\ufb01ts paid
(10,518)
(9,882)
Expenses paid
(982)
(767)
Fair value of Scheme assets at the end of the year
82,926
81,412
Actual gain/(loss) on Scheme assets
4,414
(4,381)
The fair value of Scheme asset investments was as follows:
\n \n
2026
2025
\u00a3000
\u00a3000
Diversi\ufb01ed growth funds
23,470
26,160
Bonds and liability-driven investment funds
49,799
52,011
Cash and liquidity funds
10,182
3,241
Less accrued fees
(525)
\u2014
Total assets
82,926
81,412
None of the fair values of the assets shown include any of the Group\u2019s own \ufb01nancial instruments or any
property occupied, or other assets used by, the Group.
All of the Scheme assets have a quoted market price in an active market with the exception of the
trustees\u2019 bank account balance.
Diversi\ufb01ed growth funds are pooled funds invested across a diversi\ufb01ed range of assets with the aim of
giving long-term investment growth with lower short-term volatility than equities.
It is the policy of the trustees and the Group to review the investment strategy at the time of each
funding valuation. The trustees\u2019 investment objectives and the processes undertaken to measure and
manage the risks inherent in the Scheme are set out in the Statement of Investment Principles.
A proportion of the Scheme\u2019s assets is invested in the BMO LDI Nominal Dynamic LDI Fund and in the
BMO LDI Real Dynamic LDI Fund which provides a degree of asset liability matching.
The net expense recognised in the consolidated income statement was as follows:
\n \n
2026
2025
\u00a3000
\u00a3000
Net interest on the net de\ufb01ned bene\ufb01t liability
2,711
1,745
Scheme administration expenses
982
767
3,693
2,512
The net expense recognised in the following line items in the consolidated income statement was as
follows:
\n \n
2026
2025
Note
\u00a3000
\u00a3000
Charged to operating pro\ufb01t
746
482
Charged to non-underlying items
8
236
285
Other \ufb01nance revenue and expense \u2013 net interest
on the net de\ufb01ned bene\ufb01t liability
2,711
1,745
3,693
2,512
The principal actuarial assumptions at the balance sheet date (expressed as weighted averages) were:
\n\n \n
2026
2025
%
%
Discount rate at 31 March
5.95
5.65
Future salary increases
N/A
N/A
In\ufb02ation (RPI) (non-pensioner)
3.35
3.2
In\ufb02ation (CPI) (non-pensioner)
2.95
2.7
Allowance for revaluation of deferred pensions of RPI or 5% p.a. if less
3.3
3.3
Allowance for revaluation of deferred pensions of CPI or 5% p.a. if less
2.8
2.8
Allowance for pension in payment increases of RPI or 5% p.a. if less
3.1
3.0
Allowance for pension in payment increases of CPI or 3% p.a. if less
2.25
2.1
Allowance for pension in payment increases of RPI or 5% p.a. if less, minimum 3% p.a.
3.75
3.75
Allowance for pension in payment increases of RPI or 5% p.a. if less, minimum 4% p.a.
4.30
4.30
\n
The mortality assumptions adopted at 31 March 2026 are 127% of each of the standard tables S3PMA/S3PFA (2025: 127% of S3PMA/S3PFA respectively), year of birth, no age rating for males and females,
\n
projected using CMI_2025 (2025: CMI_2023) converging to 1.0% p.a. (2025: 1.0%) with a smoothing parameter 7.0% (2025: 7.0%).
\n\n \n
2026
2025
Life expectancy for a male (current pensioner) aged 65
20 years
19.3 years
Life expectancy for a female (current pensioner) aged 65
21.7 years
21.3 years
Life expectancy at 65 for a male aged 45
20.9 years
20.2 years
Life expectancy at 65 for a female aged 45
22.9 years
22.5 years
\n
It is assumed that 80% of the post A-Day maximum for active and deferred members will be commuted for cash (2025: 80%).
\n
Pension Increase Exchange take-up was estimated to be 40% on implementation in the year ended 31 March 2022; there has been no change made to this assumption nor to the 2021 bridging pension option
\n
take-up of 40%.
\n
The pension scheme liabilities are derived using actuarial assumptions for in\ufb02ation, future salary increases, discount rates, mortality rates and commutation. Due to the relative size of the Scheme\u2019s liabilities, small
\n
changes to these assumptions can give rise to a signi\ufb01cant impact on the pension scheme de\ufb01cit reported in the Group statement of \ufb01nancial position.
The sensitivity to the principal actuarial assumptions of the present value of the de\ufb01ned bene\ufb01t obligation is shown in the following table:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2026
2025
2025
\u00a0
%
\u00a3000
%
\u00a3000
Discount rate
1
\u00a0 \u00a0 \u00a0 \u00a0
Increase of 0.25% per annum
(2.23%)
(2,892)
(2.19%)
(2,913)
Decrease of 0.25% per annum
2.32%
3,008
2.27%
3,028
Decrease of 1.0% per annum
9.86%
12,789
9.66%
12,869
In\ufb02ation
2
\u00a0 \u00a0 \u00a0 \u00a0
Increase of 0.25% per annum
0.63%
816
0.46%
610
Increase of 1.0% per annum
2.32%
3,010
2.22%
2,951
Decrease of 1.0% per annum
(2.32%)
(3,003)
(2.25%)
(2,994)
Life expectancy
\u00a0 \u00a0 \u00a0 \u00a0
Increase of 1 year
3.83%
4,966
4.03%
5,361
\n
1.
At 31 March 2026, the assumed discount rate is 5.95% (2025: 5.65%).
2. At 31 March 2026, the assumed rate of RPI in\ufb02ation is 3.35% and CPI in\ufb02ation 2.95% (2025: RPI 3.2% and CPI 2.7%).
The sensitivities shown above are approximate. Each sensitivity considers one change in isolation. The in\ufb02ation sensitivity includes the impact of changes to the assumptions for revaluation and pension increases.
The weighted average duration of the de\ufb01ned bene\ufb01t pension obligation at 31 March 2026 is ten years (2025: ten years).
The life expectancy assumption at 31 March 2026 is based upon increasing the age rating assumption by one year (2025: one year).
Other than those speci\ufb01cally mentioned above, there were no changes in the methods and assumptions used in preparing the sensitivity analysis from the prior year.
The history of the Scheme\u2019s de\ufb01cits and experience gains and losses is shown in the following table:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Present value of funded obligation
(129,711)
(133,155)
Fair value of Scheme asset investments
82,926
81,412
Recognised liability for de\ufb01ned bene\ufb01t obligations
(46,785)
(51,743)
Actual gain/(loss) on Scheme assets
4,414
(4,381)
Actuarial loss due to scheme experience
(555)
(5,809)
Actuarial losses due to changes in demographic assumptions
(2,467)
(11,051)
Actuarial gains due to changes in \ufb01nancial assumptions
3,178
10,332
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "22 Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Property
\u00a0
Tucson, US
Legacy
Property
\u00a0
\u00a0
dilapidation
Total
restructuring
health claims
dilapidation
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance at 1 April
975
975
709
12
900
1,621
Provision established in the year
\u2014
\u2014
\u2014
\u2014
75
75
Provisions used in the year
\u2014
\u2014
(261)
(11)
\u2014
(272)
Provision released in the year
\u2014
\u2014
(448)
(1)
\u2014
(449)
Effect of movements in foreign exchange
(6)
(6)
\u2014
\u2014
\u2014
\u2014
Balance at 31 March
(969)
(969)
\u2014
\u2014
975
975
Non-current
(969)
(969)
\u2014
\u2014
975
975
Current
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u00a0
(969)
(969)
\u2014
\u2014
975
975
\n
The amount of provision for dilapidation is management\u2019s best estimate of the cost per sq ft to make good the properties should they be vacated at any time in the future. The provisions are not discounted as the
impact of discounting is not signi\ufb01cant. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "23 Trade and other payables - falling due within one year
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Trade payables
10,250
9,697
Other taxes and social security costs
696
806
Other payables
1,886
1,830
Accruals
5,123
8,458
\u00a0
17,955
20,791
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "24 Ordinary share capital
Ordinary shares of 5 pence each
\u00a0
Number
\u00a0
\u00a0
of shares
\u00a3000
Issued and fully paid at 31 March 2025 and 2026
73,419,193
3,671
There are 15,974 vested shares outstanding in respect of a buyout award granted to a former Director of
the Company. These are yet to be issued.
There are 3,313,537 potential share options outstanding under the performance share plan at 31 March
2026 (2025: 3,113,862). 68,300 shares vested during the year to 31 March 2026 (2025: nil).
The Group operates a number of share schemes for certain employees of the Group, as follows:
\u2022
2023 Long-Term Incentive Plan (\u201cLTIP\u201d)
\u2022
2025 Long-Term Incentive Plan (\u201cLTIP\u201d)
\u2022
2025 Deferred Bonus Plan (\u201cDBP\u201d)
Conditional share awards have been granted to Executive Directors and senior managers within the
Group under the above schemes. In addition, a number of managers have been granted conditional
cash awards linked to the future value of Carclo plc shares, which also fall within the scope of IFRS 2
Share-based Payments .
The vesting conditions for the outstanding cash and equity awards are linked to continued employment
and satisfaction of market-based and non-market-based performance conditions.
As required under IFRS 2, a charge is recognised for the conditional share awards and conditional cash
awards granted under the PSP, and awards are valued using a Monte Carlo model and a Black-Scholes
model. Additional awards granted to Executive Directors are subject to a two-year post-vesting holding
period applicable to the post-tax number of shares acquired on vest. For these awards, a discount for
lack of marketability (\u201cDLOM\u201d) has been calculated using a Finnerty model.
Awards outstanding during the year ended 31 March 2026 under the performance share plan are as
follows:
\u00a0
Date
Number of
\u00a0
Earliest
\u00a0
granted
shares
Price
date of vesting
2023 Long-Term Incentive Plan
21 September
\u00a0 \u00a0
21 September
(\u201cLTIP\u201d)
2023
2,355,000
nil
2026
2025 Long-Term Incentive Plan
9 September
\u00a0 \u00a0
9 September
(\u201cLTIP\u201d)
2025
750,000
nil
2028
2025 Deferred Bonus Plan
9 September
\u00a0 \u00a0
9 September
(\u201cDBP\u201d)
2025
208,537
nil
2027
There were two awards granted under the performance share plan in the year ended 31 March 2026,
one under a deferred bonus scheme and one performance share plan award.
Deferred bonus scheme
Under the Group\u2019s Deferred Bonus Plan, Executive Directors are awarded an annual bonus, 70%
achieved in cash and 30% is awarded in the form of shares, for which there is a compulsory holding
period of two years and a requirement for continued employment before these fully vest to the
employee (\u201cdeferred shares\u201d).
\u00a0
2026
Deferred bonus scheme \u2013 date granted 9 September 2026
Equity award
Number of shares per tranche
208,537
Fair value at grant date
N/A
Share price at grant date
59p
Exercise price
nil
Risk-free rate
N/A
Expected volatility
N/A
Expected dividend yield
0%
Long-Term Incentive Plans
\u00a0
2026
\u00a0
Equity award
Equity award
Performance share plan \u2013 date granted 9 September 2025
TSR
EPS
Number of shares per tranche
375,000
375,000
Fair value at grant date
7p
42p
Share price at grant date
53.5p
53.5p
Exercise price
0.0p
0.0p
Risk-free rate
4.00%
4.00%
Expected volatility
60.00%
60.00%
Expected dividend yield
0%
0%
Restricted equity awards are subject to a two-year post-vesting holding period.
The equity and restricted equity awards issued under the performance share plan on 9 September 2025
have a split performance condition whereby half of the awards would vest after three years based on
performance compared to total shareholder return (\u201cTSR\u201d) and the remaining half would vest based on
earnings per share (\u201cEPS\u201d) performance. For those granted on 9 September 2025, 100% of the awards
subject to the TSR performance condition will vest where the Company\u2019s average share price during
the 60 days prior to vest (the \u201cmeasurement period\u201d) is at least 125 pence and 0% vest if the average
is lower than 65 pence, with options vesting in a straight-line apportionment between 65 pence and
120 pence.
100% of awards granted on 9 September 2025, subject to the EPS condition, will vest in full if Carclo
plc\u2019s EPS for the \ufb01nancial year ending 31 March 2028 is at least 11.5 pence and 0% will vest if less than
7.5 pence. Between 11.5 pence and 7.5 pence, awards will vest on a straight-line apportionment.
The expected volatility is based on the historical volatility (calculated based on the weighted average
remaining life of the share options), adjusted for any expected changes to future volatility due to
publicly available information.
The amounts recognised in the income statement arising from equity-settled share-based payments
was a charge of \u00a30.1 million (2025: charge of \u00a30.03 million).
The number and weighted average exercise price of the outstanding awards under the PSP are set out in
the following table:
\u00a0
2026
2025
\u00a0
Weighted
\u00a0
Weighted
\u00a0
\u00a0
average exercise
\u00a0
average exercise
\u00a0
\u00a0
price
Number
price
Number
\u00a0
pence
of shares
pence
of shares
Outstanding at 1 April
\u2014
3,129,836
\u2014
4,622,931
Lapsed during the year
\u2014
(690,562)
\u2014
(1,493,095)
Settled/exercised during
\u00a0 \u00a0 \u00a0 \u00a0
the year
\u2014
(68,300)
\u2014
\u2014
Granted during the year
\u2014
958,537
\u2014
\u2014
Outstanding at the end
\u00a0 \u00a0 \u00a0 \u00a0
of the year
\u2014
3,329,511
\u2014
3,129,836
Exercisable at 31 March
\u00a0
15,974
\u00a0
15,974
Weighted average remaining
\u00a0 \u00a0 \u00a0 \u00a0
contractual life at 31 March
\u00a0
0.98 years
\u00a0
1.27 years
25 Reserves
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the
\ufb01nancial statements of foreign subsidiaries, as well as from the translation of liabilities that hedge the
Company\u2019s net investment in a foreign subsidiary.
Retained earnings
The Company maintains an employee share ownership plan for the bene\ufb01t of employees and which
can be used in conjunction with any of the Group\u2019s share option schemes. As at 31 March 2026, the
plan held 3,077 of its own shares (31 March 2025: 3,077 shares). The original cost of these shares was
\u00a30.003 million (2025: \u00a30.003 million). The cost of the shares was charged against the pro\ufb01t and loss
account and is included in retained earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "24 Ordinary share capital
Ordinary shares of 5 pence each
\u00a0
Number
\u00a0
\u00a0
of shares
\u00a3000
Issued and fully paid at 31 March 2025 and 2026
73,419,193
3,671
There are 15,974 vested shares outstanding in respect of a buyout award granted to a former Director of
the Company. These are yet to be issued.
There are 3,313,537 potential share options outstanding under the performance share plan at 31 March
2026 (2025: 3,113,862). 68,300 shares vested during the year to 31 March 2026 (2025: nil).
The Group operates a number of share schemes for certain employees of the Group, as follows:
\u2022
2023 Long-Term Incentive Plan (\u201cLTIP\u201d)
\u2022
2025 Long-Term Incentive Plan (\u201cLTIP\u201d)
\u2022
2025 Deferred Bonus Plan (\u201cDBP\u201d)
Conditional share awards have been granted to Executive Directors and senior managers within the
Group under the above schemes. In addition, a number of managers have been granted conditional
cash awards linked to the future value of Carclo plc shares, which also fall within the scope of IFRS 2
Share-based Payments .
The vesting conditions for the outstanding cash and equity awards are linked to continued employment
and satisfaction of market-based and non-market-based performance conditions.
As required under IFRS 2, a charge is recognised for the conditional share awards and conditional cash
awards granted under the PSP, and awards are valued using a Monte Carlo model and a Black-Scholes
model. Additional awards granted to Executive Directors are subject to a two-year post-vesting holding
period applicable to the post-tax number of shares acquired on vest. For these awards, a discount for
lack of marketability (\u201cDLOM\u201d) has been calculated using a Finnerty model.
Awards outstanding during the year ended 31 March 2026 under the performance share plan are as
follows:
\u00a0
Date
Number of
\u00a0
Earliest
\u00a0
granted
shares
Price
date of vesting
2023 Long-Term Incentive Plan
21 September
\u00a0 \u00a0
21 September
(\u201cLTIP\u201d)
2023
2,355,000
nil
2026
2025 Long-Term Incentive Plan
9 September
\u00a0 \u00a0
9 September
(\u201cLTIP\u201d)
2025
750,000
nil
2028
2025 Deferred Bonus Plan
9 September
\u00a0 \u00a0
9 September
(\u201cDBP\u201d)
2025
208,537
nil
2027
There were two awards granted under the performance share plan in the year ended 31 March 2026,
one under a deferred bonus scheme and one performance share plan award.
Deferred bonus scheme
Under the Group\u2019s Deferred Bonus Plan, Executive Directors are awarded an annual bonus, 70%
achieved in cash and 30% is awarded in the form of shares, for which there is a compulsory holding
period of two years and a requirement for continued employment before these fully vest to the
employee (\u201cdeferred shares\u201d).
\u00a0
2026
Deferred bonus scheme \u2013 date granted 9 September 2026
Equity award
Number of shares per tranche
208,537
Fair value at grant date
N/A
Share price at grant date
59p
Exercise price
nil
Risk-free rate
N/A
Expected volatility
N/A
Expected dividend yield
0%
Long-Term Incentive Plans
\u00a0
2026
\u00a0
Equity award
Equity award
Performance share plan \u2013 date granted 9 September 2025
TSR
EPS
Number of shares per tranche
375,000
375,000
Fair value at grant date
7p
42p
Share price at grant date
53.5p
53.5p
Exercise price
0.0p
0.0p
Risk-free rate
4.00%
4.00%
Expected volatility
60.00%
60.00%
Expected dividend yield
0%
0%
Restricted equity awards are subject to a two-year post-vesting holding period.
The equity and restricted equity awards issued under the performance share plan on 9 September 2025
have a split performance condition whereby half of the awards would vest after three years based on
performance compared to total shareholder return (\u201cTSR\u201d) and the remaining half would vest based on
earnings per share (\u201cEPS\u201d) performance. For those granted on 9 September 2025, 100% of the awards
subject to the TSR performance condition will vest where the Company\u2019s average share price during
the 60 days prior to vest (the \u201cmeasurement period\u201d) is at least 125 pence and 0% vest if the average
is lower than 65 pence, with options vesting in a straight-line apportionment between 65 pence and
120 pence.
100% of awards granted on 9 September 2025, subject to the EPS condition, will vest in full if Carclo
plc\u2019s EPS for the \ufb01nancial year ending 31 March 2028 is at least 11.5 pence and 0% will vest if less than
7.5 pence. Between 11.5 pence and 7.5 pence, awards will vest on a straight-line apportionment.
The expected volatility is based on the historical volatility (calculated based on the weighted average
remaining life of the share options), adjusted for any expected changes to future volatility due to
publicly available information.
The amounts recognised in the income statement arising from equity-settled share-based payments
was a charge of \u00a30.1 million (2025: charge of \u00a30.03 million).
The number and weighted average exercise price of the outstanding awards under the PSP are set out in
the following table:
\u00a0
2026
2025
\u00a0
Weighted
\u00a0
Weighted
\u00a0
\u00a0
average exercise
\u00a0
average exercise
\u00a0
\u00a0
price
Number
price
Number
\u00a0
pence
of shares
pence
of shares
Outstanding at 1 April
\u2014
3,129,836
\u2014
4,622,931
Lapsed during the year
\u2014
(690,562)
\u2014
(1,493,095)
Settled/exercised during
\u00a0 \u00a0 \u00a0 \u00a0
the year
\u2014
(68,300)
\u2014
\u2014
Granted during the year
\u2014
958,537
\u2014
\u2014
Outstanding at the end
\u00a0 \u00a0 \u00a0 \u00a0
of the year
\u2014
3,329,511
\u2014
3,129,836
Exercisable at 31 March
\u00a0
15,974
\u00a0
15,974
Weighted average remaining
\u00a0 \u00a0 \u00a0 \u00a0
contractual life at 31 March
\u00a0
0.98 years
\u00a0
1.27 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "25 Reserves
Translation reserve
The translation reserve comprises all foreign exchange differences arising from the translation of the
\ufb01nancial statements of foreign subsidiaries, as well as from the translation of liabilities that hedge the
Company\u2019s net investment in a foreign subsidiary.
Retained earnings
The Company maintains an employee share ownership plan for the bene\ufb01t of employees and which
can be used in conjunction with any of the Group\u2019s share option schemes. As at 31 March 2026, the
plan held 3,077 of its own shares (31 March 2025: 3,077 shares). The original cost of these shares was
\u00a30.003 million (2025: \u00a30.003 million). The cost of the shares was charged against the pro\ufb01t and loss
account and is included in retained earnings.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "26 Financial instruments
The Group\u2019s \ufb01nancial instruments comprise bank loans and overdrafts, cash and short-term deposits.
These \ufb01nancial instruments are used for the purpose of funding the Group\u2019s operations. In addition,
the Group has other \ufb01nancial instruments such as trade receivables, trade payables and lease liabilities
which arise directly from its operational activities.
The Group is exposed to a range of \ufb01nancial risks as part of its day-to-day activities. These include
credit risk, interest rate risk, liquidity risk and foreign currency risk.
a) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or \ufb01nancial institution fails to meet its
contractual obligations. The Group\u2019s credit risk is mainly attributable to its trade receivables which the
Group mitigates by way of credit insurance. Credit insurance, covering insolvency, default and political
risk, is sought for all customers where exposure is in excess of \u00a30.02 million. Trade receivables are shown
after making due provision for any credit loss provision.
The Group maintains any surplus cash balances on deposit accounts or legal offset accounts with the
Group\u2019s principal bank, which has a high credit rating assigned by independent international credit rating
agencies. In addition, the Group had undrawn revolving credit facilities of \u00a39.0 million at 31 March 2026
(2025: \u00a33.5 million).
The maximum exposure to credit risk as at 31 March was:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Trade receivables, net of attributable impairment
\u00a0\u00a0
provisions (see note 17)
14,418
10,575
Cash and cash deposits (see note 18)
5,769
10,745
Contract assets (see note 16)
1,816
1,721
\u00a0
22,003
23,041
Carclo is a worldwide supplier of components and systems. As a consequence, the Group\u2019s trade
receivables and contract assets reside across a broad spectrum of countries with potentially higher
attributable credit risk in certain territories. The following tables analyse the geographical location of
trade receivables (net of attributable impairment provisions) and of contract assets:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
United Kingdom
7,046
1,008
Rest of Europe
1,822
3,432
North America
4,040
2,756
Rest of world
1,510
3,379
Trade receivables, net of attributable impairment provisions
14,418
10,575
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
United Kingdom
478
178
Rest of Europe
246
533
North America
1,041
972
Rest of world
51
38
Contract assets, net of attributable impairment provisions
1,816
1,721
b) Interest rate risk
The Group\u2019s borrowings are on \ufb01xed and \ufb02oating rate terms, no borrowings are non-interest bearing.
The interest rate pro\ufb01le of \ufb01nancial liabilities by currency of the Group as at 31 March was as follows:
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate interest
rate interest
\u00a0
\u00a0
payable
payable
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
\u00a0 \u00a0 \u00a0
Sterling
1,851
18,899
20,750
US dollar
1,223
5,765
6,988
Euro
362
\u2014
362
Other
1,510
66
1,576
\u00a0
4,946
24,730
29,676
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate interest
rate interest
\u00a0
\u00a0
payable
payable
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2025
\u00a0 \u00a0 \u00a0
Sterling
3,033
7,588
10,621
US dollar
2,633
10,301
12,934
Euro
942
4,109
5,051
Other
1,343
\u2014
1,343
\u00a0
7,951
21,998
29,949
The interest rate pro\ufb01le of \ufb01nancial assets by currency of the Group as at 31 March was as follows:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Floating
Non-interest
\u00a0
\u00a0
rate interest
bearing
\u00a0
\u00a0
receivable
receivable
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
\u00a0\u00a0\u00a0
Sterling
685
907
1,592
US dollar
448
223
671
Euro
109
338
447
Other
263
2,796
3,059
\u00a0
1,505
4,264
5,769
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Floating
Non-interest
\u00a0
\u00a0
rate interest
bearing
\u00a0
\u00a0
receivable
receivable
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2025
\u00a0 \u00a0 \u00a0
Sterling
1,250
3,760
5,010
US dollar
\u2014
2,395
2,395
Euro
84
1,460
1,544
Other
76
1,720
1,796
\u00a0
1,410
9,335
10,745
During the year ended 31 March 2026, \ufb02oating interest earned was from cash balances placed on money
market deposits earning between 1.7% - 4.5%.
c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due.
The Group manages this risk by maintaining a mixture of term loans, revolving credit facilities and,
until recently, short-term overdraft facilities which were established to ensure that adequate funding is
available for its operating, investing and \ufb01nancing activities. Refer to note 19 for further details.
As detailed in note 19, at 31 March 2026, the Group had committed term loans outstanding of
\u00a323.7 million (2025: \u00a321.2 million) and a committed revolving credit facility available of \u00a39.0 million
which was \u00a31.0 million drawn (2025: \u00a33.5 million facility, \u00a3nil drawn).
The Group\u2019s net debt at 31 March 2026 was \u00a323.9 million (2025: \u00a319.2 million). The net debt comprised
\u00a329.7 million interest-bearing loans and borrowings, see note 19, less \u00a35.8 million cash and cash
deposits, see note 18.
At 31 March 2026, the Group\u2019s term loan and revolving credit facilities are available in the UK.
The Group performs detailed, weekly, rolling 13-week cash \ufb02ow forecasts to help manage its short-term
liquidity risk. Additionally, the Board monitors a monthly twelve-month Group cash \ufb02ow forecast,
comparing it to internal targets and covenants and thresholds established with the Group\u2019s lenders.
The maturity of \ufb01nancial liabilities of the Group on an undiscounted cash \ufb02ow basis at 31 March was as follows:
\n\n \n
Trade
Bank
Term
Revolving credit
Lease
payables
overdraft
loan
facility
Other loans
liabilities
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
Within 1 year
10,250
\u2014
3,985
1,401
66
1,178
16,880
Within 1 to 2 years
\u2014
\u2014
3,981
\u2014
32
2,120
6,133
Within 2 to 5 years
\u2014
\u2014
15,701
\u2014
\u2014
1,150
16,851
More than 5 years
\u2014
\u2014
\u2014
\u2014
\u2014
497
497
10,250
\u2014
23,667
1,401
98
4,945
40,361
\n\n \n
Trade
Bank
Term
Revolving credit
Lease
payables
overdraft
loan
facility
Other loans
liabilities
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2025
Within 1 year
9,697
765
21,233
\u2014
88
3,598
35,381
Within 1 to 2 years
\u2014
\u2014
\u2014
\u2014
66
2,662
2,728
Within 2 to 5 years
\u2014
\u2014
\u2014
\u2014
31
1,775
1,806
More than 5 years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9,697
765
21,233
\u2014
185
8,035
39,915
d) Foreign currency risk
\n
The Group has a number of overseas subsidiary operations. The major overseas subsidiaries are located in the United States, France, Czechia, China and India. As a result, the balance sheet of the Group can
\n
be affected by the applicable conversion rates, the sterling/US dollar exchange rate in particular. It is the Group\u2019s policy to hedge the effect of such structural currency exposures by having borrowings in the
\n
appropriate currencies where it is considered ef\ufb01cient to do so. A loan of $9.0 million (2025: $13.3 million) is designated as the hedging instrument against foreign currency exposures in the net investment in the
\n
trading subsidiaries in the United States. Under this hedge accounting, foreign exchange gains and losses on non-GBP loans are recognised, not in the income statement, but in other comprehensive income.
\n
In addition, the Group is subject to transactional foreign currency exposures arising from the sale and purchase of goods and services in currency other than the Company\u2019s local currency. Historically it has been
\n
the Group\u2019s policy to hedge such exposure by reviewing the forecasted exposure on a monthly basis where the net exposure in any one currency exceeds an estimated \u00a350,000 for that month using forward
\n
contracts. However, within the UK operations, opportunities have been exploited to naturally hedge in\ufb02ows in currency with similar out\ufb02ows. It is the Group\u2019s policy not to undertake any speculative transactions.
\n
The balance sheet exposure to currency at the year end arising from trading activities is illustrated in the following analysis by currency of the Group\u2019s trade receivables and trade payables:
\n\n \n
Sterling
US dollar
Euro
Other
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
Trade receivables, net of attributable impairment provisions (see note 17)
6,416
4,809
1,483
1,710
14,418
Trade payables (see note 23)
(4,112)
(3,837)
(1,972)
(329)
(10,250)
Net
2,304
972
(489)
1,381
4,168
As at 31 March 2025
Trade receivables, net of attributable impairment provisions (see note 17)
4,800
2,794
1,955
1,026
10,575
Trade payables (see note 23)
(3,811)
(4,200)
(782)
(904)
(9,697)
Net
989
(1,406)
1,173
122
878
The following table summarises the main exchange rates used during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Reporting date
\u00a0
Average rate
mid-market rate
\u00a0
2026
2025
2026
2025
Sterling/US dollar
1.34
1.28
1.32
1.30
Sterling/euro
1.15
1.19
1.45
1.20
Sterling/Czech koruna
28.24
29.95
28.13
29.89
Sterling/Chinese yuan
9.49
9.21
9.09
9.40
Sterling/Indian rupee
118.88
108.05
123.75
110.67
\n
Fair values
The fair value is the amount at which a \ufb01nancial instrument could be exchanged in an arm\u2019s length transaction between third parties. Where available, market values are used to determine fair values, otherwise
fair values are calculated by discounting expected cash \ufb02ows at prevailing interest and exchange rates. The fair value of the derivatives and \ufb01nancial instruments was not materially different to the book value at
31 March 2026 and 31 March 2025. Unrecognised and deferred gains and losses in respect of derivatives and \ufb01nancial instruments at 31 March 2026 were insigni\ufb01cant.
Hedges of net investments in foreign operations
The Group has net investments in foreign operations in its subsidiaries in North America, France, Czechia, China and India.
A foreign currency exposure arises from the Group\u2019s net investments in subsidiaries with foreign currencies i.e. functional currencies other than sterling. The risk arises from the \ufb02uctuations in spot exchange rates
between these foreign currencies and sterling (in particular the sterling/US dollar exchange rate), which causes the amount of the Group\u2019s net investment to vary when translated into sterling.
Parts of the Group\u2019s net investments in these overseas subsidiaries are hedged by foreign currency denominated, secured loans, as detailed in note 19. This mitigates the foreign currency risks arising from the
subsidiary\u2019s net assets. The loan is designated as a hedging instrument for the changes in the value of the net investments that are attributable to changes in the spot exchange rates.
A summary of the Group\u2019s hedges of net investments in foreign operations is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Carrying amount
Carrying amount
\u00a0
Loans and
\u00a0 \u00a0
Loans and
\u00a0 \u00a0
\u00a0
borrowings
Assets
Liabilities
borrowings
Assets
Liabilities
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
US dollar
5,765
30,773
(8,711)
10,301
31,862
(11,022)
Euro
\u2014
3,103
(1,261)
4,109
5,291
(1,258)
Other currencies
\u2014
24,226
5,791
\u2014
23,221
(6,108)
\n
To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the debt that is attributable
to a change in the spot rate with changes in the investment in the foreign operation due to movements in the spot rate (the offset method). The Group\u2019s policy is to hedge the net investment only to the extent of
the debt principal.
During the year a gain of \u00a30.2 million (2025: \u00a30.4 million gain) was recognised on these hedging instruments within other comprehensive income. During the year there has been no hedge ineffectiveness
recognised in pro\ufb01t or loss.
In managing interest rate and currency risks the Group aims to reduce the impact of short-term
\ufb02uctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in
foreign exchange and interest rates would have an impact on consolidated earnings. In the year ended
31 March 2026, it is estimated that a general increase of one percentage point in interest rates would
have decreased the Group\u2019s pro\ufb01t before tax by approximately \u00a30.3 million (2025: \u00a30.2 million
decrease).
It is estimated that a general increase of 10% in the value of sterling against the above-noted main
currencies would have decreased the Group\u2019s pro\ufb01t before tax by approximately \u00a30.7 million for the
year ended 31 March 2026 (2025: \u00a30.3 million decrease) which is detailed by currency in the following
table:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
US dollar
284
75
Euro
124
85
Czech koruna
75
84
Other
248
193
\u00a0
731
437
Capital risk management
The capital structure of the Group consists of net debt, comprising borrowings as detailed in note 19
offset by cash and cash deposits as detailed in note 18, and equity of the Group comprising issued share
capital, reserves and retained earnings as detailed in the statement of changes in equity.
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a
going concern in order to provide returns for shareholders and bene\ufb01ts for other stakeholders and to
maintain an appropriate capital structure. In order to maintain or adjust the capital structure, the Group
will take into account the amount of dividends paid to shareholders, the level of debt and the number
of shares in issue. Close control of deployment of capital is maintained by detailed management review
procedures for authorisation of signi\ufb01cant capital commitments, such as land acquisition, capital
targets for local management and a system of internal interest charges, ensuring capital cost impact is
understood and considered by all management tiers.
Decisions regarding the balance of equity and borrowings, dividend policy and all major borrowing
facilities are reserved for the Board.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "The Group is exposed to a range of \ufb01nancial risks as part of its day-to-day activities. These include
credit risk, interest rate risk, liquidity risk and foreign currency risk.
a) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or \ufb01nancial institution fails to meet its
contractual obligations. The Group\u2019s credit risk is mainly attributable to its trade receivables which the
Group mitigates by way of credit insurance. Credit insurance, covering insolvency, default and political
risk, is sought for all customers where exposure is in excess of \u00a30.02 million. Trade receivables are shown
after making due provision for any credit loss provision.
The Group maintains any surplus cash balances on deposit accounts or legal offset accounts with the
Group\u2019s principal bank, which has a high credit rating assigned by independent international credit rating
agencies. In addition, the Group had undrawn revolving credit facilities of \u00a39.0 million at 31 March 2026
(2025: \u00a33.5 million).
The maximum exposure to credit risk as at 31 March was:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Trade receivables, net of attributable impairment
\u00a0\u00a0
provisions (see note 17)
14,418
10,575
Cash and cash deposits (see note 18)
5,769
10,745
Contract assets (see note 16)
1,816
1,721
\u00a0
22,003
23,041
Carclo is a worldwide supplier of components and systems. As a consequence, the Group\u2019s trade
receivables and contract assets reside across a broad spectrum of countries with potentially higher
attributable credit risk in certain territories. The following tables analyse the geographical location of
trade receivables (net of attributable impairment provisions) and of contract assets:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
United Kingdom
7,046
1,008
Rest of Europe
1,822
3,432
North America
4,040
2,756
Rest of world
1,510
3,379
Trade receivables, net of attributable impairment provisions
14,418
10,575
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
United Kingdom
478
178
Rest of Europe
246
533
North America
1,041
972
Rest of world
51
38
Contract assets, net of attributable impairment provisions
1,816
1,721
b) Interest rate risk
The Group\u2019s borrowings are on \ufb01xed and \ufb02oating rate terms, no borrowings are non-interest bearing.
The interest rate pro\ufb01le of \ufb01nancial liabilities by currency of the Group as at 31 March was as follows:
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate interest
rate interest
\u00a0
\u00a0
payable
payable
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
\u00a0 \u00a0 \u00a0
Sterling
1,851
18,899
20,750
US dollar
1,223
5,765
6,988
Euro
362
\u2014
362
Other
1,510
66
1,576
\u00a0
4,946
24,730
29,676
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fixed
Floating
\u00a0
\u00a0
rate interest
rate interest
\u00a0
\u00a0
payable
payable
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2025
\u00a0 \u00a0 \u00a0
Sterling
3,033
7,588
10,621
US dollar
2,633
10,301
12,934
Euro
942
4,109
5,051
Other
1,343
\u2014
1,343
\u00a0
7,951
21,998
29,949
The interest rate pro\ufb01le of \ufb01nancial assets by currency of the Group as at 31 March was as follows:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Floating
Non-interest
\u00a0
\u00a0
rate interest
bearing
\u00a0
\u00a0
receivable
receivable
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
\u00a0\u00a0\u00a0
Sterling
685
907
1,592
US dollar
448
223
671
Euro
109
338
447
Other
263
2,796
3,059
\u00a0
1,505
4,264
5,769
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Floating
Non-interest
\u00a0
\u00a0
rate interest
bearing
\u00a0
\u00a0
receivable
receivable
Total
\u00a0
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2025
\u00a0 \u00a0 \u00a0
Sterling
1,250
3,760
5,010
US dollar
\u2014
2,395
2,395
Euro
84
1,460
1,544
Other
76
1,720
1,796
\u00a0
1,410
9,335
10,745
During the year ended 31 March 2026, \ufb02oating interest earned was from cash balances placed on money
market deposits earning between 1.7% - 4.5%.
c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due.
The Group manages this risk by maintaining a mixture of term loans, revolving credit facilities and,
until recently, short-term overdraft facilities which were established to ensure that adequate funding is
available for its operating, investing and \ufb01nancing activities. Refer to note 19 for further details.
As detailed in note 19, at 31 March 2026, the Group had committed term loans outstanding of
\u00a323.7 million (2025: \u00a321.2 million) and a committed revolving credit facility available of \u00a39.0 million
which was \u00a31.0 million drawn (2025: \u00a33.5 million facility, \u00a3nil drawn).
The Group\u2019s net debt at 31 March 2026 was \u00a323.9 million (2025: \u00a319.2 million). The net debt comprised
\u00a329.7 million interest-bearing loans and borrowings, see note 19, less \u00a35.8 million cash and cash
deposits, see note 18.
At 31 March 2026, the Group\u2019s term loan and revolving credit facilities are available in the UK.
The Group performs detailed, weekly, rolling 13-week cash \ufb02ow forecasts to help manage its short-term
liquidity risk. Additionally, the Board monitors a monthly twelve-month Group cash \ufb02ow forecast,
comparing it to internal targets and covenants and thresholds established with the Group\u2019s lenders.
\n\n\n\n
The maturity of \ufb01nancial liabilities of the Group on an undiscounted cash \ufb02ow basis at 31 March was as follows:
\n\n \n
Trade
Bank
Term
Revolving credit
Lease
payables
overdraft
loan
facility
Other loans
liabilities
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
Within 1 year
10,250
\u2014
3,985
1,401
66
1,178
16,880
Within 1 to 2 years
\u2014
\u2014
3,981
\u2014
32
2,120
6,133
Within 2 to 5 years
\u2014
\u2014
15,701
\u2014
\u2014
1,150
16,851
More than 5 years
\u2014
\u2014
\u2014
\u2014
\u2014
497
497
10,250
\u2014
23,667
1,401
98
4,945
40,361
\n\n \n
Trade
Bank
Term
Revolving credit
Lease
payables
overdraft
loan
facility
Other loans
liabilities
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2025
Within 1 year
9,697
765
21,233
\u2014
88
3,598
35,381
Within 1 to 2 years
\u2014
\u2014
\u2014
\u2014
66
2,662
2,728
Within 2 to 5 years
\u2014
\u2014
\u2014
\u2014
31
1,775
1,806
More than 5 years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9,697
765
21,233
\u2014
185
8,035
39,915
\n\n\n
d) Foreign currency risk
\n
The Group has a number of overseas subsidiary operations. The major overseas subsidiaries are located in the United States, France, Czechia, China and India. As a result, the balance sheet of the Group can
\n
be affected by the applicable conversion rates, the sterling/US dollar exchange rate in particular. It is the Group\u2019s policy to hedge the effect of such structural currency exposures by having borrowings in the
\n
appropriate currencies where it is considered ef\ufb01cient to do so. A loan of $9.0 million (2025: $13.3 million) is designated as the hedging instrument against foreign currency exposures in the net investment in the
\n
trading subsidiaries in the United States. Under this hedge accounting, foreign exchange gains and losses on non-GBP loans are recognised, not in the income statement, but in other comprehensive income.
\n
In addition, the Group is subject to transactional foreign currency exposures arising from the sale and purchase of goods and services in currency other than the Company\u2019s local currency. Historically it has been
\n
the Group\u2019s policy to hedge such exposure by reviewing the forecasted exposure on a monthly basis where the net exposure in any one currency exceeds an estimated \u00a350,000 for that month using forward
\n
contracts. However, within the UK operations, opportunities have been exploited to naturally hedge in\ufb02ows in currency with similar out\ufb02ows. It is the Group\u2019s policy not to undertake any speculative transactions.
\n
The balance sheet exposure to currency at the year end arising from trading activities is illustrated in the following analysis by currency of the Group\u2019s trade receivables and trade payables:
\n\n \n
Sterling
US dollar
Euro
Other
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
Trade receivables, net of attributable impairment provisions (see note 17)
6,416
4,809
1,483
1,710
14,418
Trade payables (see note 23)
(4,112)
(3,837)
(1,972)
(329)
(10,250)
Net
2,304
972
(489)
1,381
4,168
As at 31 March 2025
Trade receivables, net of attributable impairment provisions (see note 17)
4,800
2,794
1,955
1,026
10,575
Trade payables (see note 23)
(3,811)
(4,200)
(782)
(904)
(9,697)
Net
989
(1,406)
1,173
122
878
The following table summarises the main exchange rates used during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Reporting date
\u00a0
Average rate
mid-market rate
\u00a0
2026
2025
2026
2025
Sterling/US dollar
1.34
1.28
1.32
1.30
Sterling/euro
1.15
1.19
1.45
1.20
Sterling/Czech koruna
28.24
29.95
28.13
29.89
Sterling/Chinese yuan
9.49
9.21
9.09
9.40
Sterling/Indian rupee
118.88
108.05
123.75
110.67
\n
Fair values
The fair value is the amount at which a \ufb01nancial instrument could be exchanged in an arm\u2019s length transaction between third parties. Where available, market values are used to determine fair values, otherwise
fair values are calculated by discounting expected cash \ufb02ows at prevailing interest and exchange rates. The fair value of the derivatives and \ufb01nancial instruments was not materially different to the book value at
31 March 2026 and 31 March 2025. Unrecognised and deferred gains and losses in respect of derivatives and \ufb01nancial instruments at 31 March 2026 were insigni\ufb01cant.
Hedges of net investments in foreign operations
The Group has net investments in foreign operations in its subsidiaries in North America, France, Czechia, China and India.
A foreign currency exposure arises from the Group\u2019s net investments in subsidiaries with foreign currencies i.e. functional currencies other than sterling. The risk arises from the \ufb02uctuations in spot exchange rates
between these foreign currencies and sterling (in particular the sterling/US dollar exchange rate), which causes the amount of the Group\u2019s net investment to vary when translated into sterling.
Parts of the Group\u2019s net investments in these overseas subsidiaries are hedged by foreign currency denominated, secured loans, as detailed in note 19. This mitigates the foreign currency risks arising from the
subsidiary\u2019s net assets. The loan is designated as a hedging instrument for the changes in the value of the net investments that are attributable to changes in the spot exchange rates.
A summary of the Group\u2019s hedges of net investments in foreign operations is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Carrying amount
Carrying amount
\u00a0
Loans and
\u00a0 \u00a0
Loans and
\u00a0 \u00a0
\u00a0
borrowings
Assets
Liabilities
borrowings
Assets
Liabilities
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
US dollar
5,765
30,773
(8,711)
10,301
31,862
(11,022)
Euro
\u2014
3,103
(1,261)
4,109
5,291
(1,258)
Other currencies
\u2014
24,226
5,791
\u2014
23,221
(6,108)
\n
To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the debt that is attributable
to a change in the spot rate with changes in the investment in the foreign operation due to movements in the spot rate (the offset method). The Group\u2019s policy is to hedge the net investment only to the extent of
the debt principal.
During the year a gain of \u00a30.2 million (2025: \u00a30.4 million gain) was recognised on these hedging instruments within other comprehensive income. During the year there has been no hedge ineffectiveness
recognised in pro\ufb01t or loss.
In managing interest rate and currency risks the Group aims to reduce the impact of short-term
\ufb02uctuations on the Group\u2019s earnings. Over the longer term, however, permanent changes in
foreign exchange and interest rates would have an impact on consolidated earnings. In the year ended
31 March 2026, it is estimated that a general increase of one percentage point in interest rates would
have decreased the Group\u2019s pro\ufb01t before tax by approximately \u00a30.3 million (2025: \u00a30.2 million
decrease).
It is estimated that a general increase of 10% in the value of sterling against the above-noted main
currencies would have decreased the Group\u2019s pro\ufb01t before tax by approximately \u00a30.7 million for the
year ended 31 March 2026 (2025: \u00a30.3 million decrease) which is detailed by currency in the following
table:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
US dollar
284
75
Euro
124
85
Czech koruna
75
84
Other
248
193
\u00a0
731
437
Capital risk management
The capital structure of the Group consists of net debt, comprising borrowings as detailed in note 19
offset by cash and cash deposits as detailed in note 18, and equity of the Group comprising issued share
capital, reserves and retained earnings as detailed in the statement of changes in equity.
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a
going concern in order to provide returns for shareholders and bene\ufb01ts for other stakeholders and to
maintain an appropriate capital structure. In order to maintain or adjust the capital structure, the Group
will take into account the amount of dividends paid to shareholders, the level of debt and the number
of shares in issue. Close control of deployment of capital is maintained by detailed management review
procedures for authorisation of signi\ufb01cant capital commitments, such as land acquisition, capital
targets for local management and a system of internal interest charges, ensuring capital cost impact is
understood and considered by all management tiers.
Decisions regarding the balance of equity and borrowings, dividend policy and all major borrowing
facilities are reserved for the Board.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "a) Credit risk
Credit risk is the risk of \ufb01nancial loss to the Group if a customer or \ufb01nancial institution fails to meet its
contractual obligations. The Group\u2019s credit risk is mainly attributable to its trade receivables which the
Group mitigates by way of credit insurance. Credit insurance, covering insolvency, default and political
risk, is sought for all customers where exposure is in excess of \u00a30.02 million. Trade receivables are shown
after making due provision for any credit loss provision.
The Group maintains any surplus cash balances on deposit accounts or legal offset accounts with the
Group\u2019s principal bank, which has a high credit rating assigned by independent international credit rating
agencies. In addition, the Group had undrawn revolving credit facilities of \u00a39.0 million at 31 March 2026
(2025: \u00a33.5 million).
The maximum exposure to credit risk as at 31 March was:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Trade receivables, net of attributable impairment
\u00a0\u00a0
provisions (see note 17)
14,418
10,575
Cash and cash deposits (see note 18)
5,769
10,745
Contract assets (see note 16)
1,816
1,721
\u00a0
22,003
23,041
Carclo is a worldwide supplier of components and systems. As a consequence, the Group\u2019s trade
receivables and contract assets reside across a broad spectrum of countries with potentially higher
attributable credit risk in certain territories. The following tables analyse the geographical location of
trade receivables (net of attributable impairment provisions) and of contract assets:
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
United Kingdom
7,046
1,008
Rest of Europe
1,822
3,432
North America
4,040
2,756
Rest of world
1,510
3,379
Trade receivables, net of attributable impairment provisions
14,418
10,575
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
United Kingdom
478
178
Rest of Europe
246
533
North America
1,041
972
Rest of world
51
38
Contract assets, net of attributable impairment provisions
1,816
1,721
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "c) Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its \ufb01nancial obligations as they fall due.
The Group manages this risk by maintaining a mixture of term loans, revolving credit facilities and,
until recently, short-term overdraft facilities which were established to ensure that adequate funding is
available for its operating, investing and \ufb01nancing activities. Refer to note 19 for further details.
As detailed in note 19, at 31 March 2026, the Group had committed term loans outstanding of
\u00a323.7 million (2025: \u00a321.2 million) and a committed revolving credit facility available of \u00a39.0 million
which was \u00a31.0 million drawn (2025: \u00a33.5 million facility, \u00a3nil drawn).
The Group\u2019s net debt at 31 March 2026 was \u00a323.9 million (2025: \u00a319.2 million). The net debt comprised
\u00a329.7 million interest-bearing loans and borrowings, see note 19, less \u00a35.8 million cash and cash
deposits, see note 18.
At 31 March 2026, the Group\u2019s term loan and revolving credit facilities are available in the UK.
The Group performs detailed, weekly, rolling 13-week cash \ufb02ow forecasts to help manage its short-term
liquidity risk. Additionally, the Board monitors a monthly twelve-month Group cash \ufb02ow forecast,
comparing it to internal targets and covenants and thresholds established with the Group\u2019s lenders.
\n\n\n\n
The maturity of \ufb01nancial liabilities of the Group on an undiscounted cash \ufb02ow basis at 31 March was as follows:
\n\n \n
Trade
Bank
Term
Revolving credit
Lease
payables
overdraft
loan
facility
Other loans
liabilities
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
Within 1 year
10,250
\u2014
3,985
1,401
66
1,178
16,880
Within 1 to 2 years
\u2014
\u2014
3,981
\u2014
32
2,120
6,133
Within 2 to 5 years
\u2014
\u2014
15,701
\u2014
\u2014
1,150
16,851
More than 5 years
\u2014
\u2014
\u2014
\u2014
\u2014
497
497
10,250
\u2014
23,667
1,401
98
4,945
40,361
\n\n \n
Trade
Bank
Term
Revolving credit
Lease
payables
overdraft
loan
facility
Other loans
liabilities
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2025
Within 1 year
9,697
765
21,233
\u2014
88
3,598
35,381
Within 1 to 2 years
\u2014
\u2014
\u2014
\u2014
66
2,662
2,728
Within 2 to 5 years
\u2014
\u2014
\u2014
\u2014
31
1,775
1,806
More than 5 years
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
9,697
765
21,233
\u2014
185
8,035
39,915
\n\n\n
d) Foreign currency risk
\n
The Group has a number of overseas subsidiary operations. The major overseas subsidiaries are located in the United States, France, Czechia, China and India. As a result, the balance sheet of the Group can
\n
be affected by the applicable conversion rates, the sterling/US dollar exchange rate in particular. It is the Group\u2019s policy to hedge the effect of such structural currency exposures by having borrowings in the
\n
appropriate currencies where it is considered ef\ufb01cient to do so. A loan of $9.0 million (2025: $13.3 million) is designated as the hedging instrument against foreign currency exposures in the net investment in the
\n
trading subsidiaries in the United States. Under this hedge accounting, foreign exchange gains and losses on non-GBP loans are recognised, not in the income statement, but in other comprehensive income.
\n
In addition, the Group is subject to transactional foreign currency exposures arising from the sale and purchase of goods and services in currency other than the Company\u2019s local currency. Historically it has been
\n
the Group\u2019s policy to hedge such exposure by reviewing the forecasted exposure on a monthly basis where the net exposure in any one currency exceeds an estimated \u00a350,000 for that month using forward
\n
contracts. However, within the UK operations, opportunities have been exploited to naturally hedge in\ufb02ows in currency with similar out\ufb02ows. It is the Group\u2019s policy not to undertake any speculative transactions.
\n
The balance sheet exposure to currency at the year end arising from trading activities is illustrated in the following analysis by currency of the Group\u2019s trade receivables and trade payables:
\n\n \n
Sterling
US dollar
Euro
Other
Total
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
As at 31 March 2026
Trade receivables, net of attributable impairment provisions (see note 17)
6,416
4,809
1,483
1,710
14,418
Trade payables (see note 23)
(4,112)
(3,837)
(1,972)
(329)
(10,250)
Net
2,304
972
(489)
1,381
4,168
As at 31 March 2025
Trade receivables, net of attributable impairment provisions (see note 17)
4,800
2,794
1,955
1,026
10,575
Trade payables (see note 23)
(3,811)
(4,200)
(782)
(904)
(9,697)
Net
989
(1,406)
1,173
122
878
The following table summarises the main exchange rates used during the year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Reporting date
\u00a0
Average rate
mid-market rate
\u00a0
2026
2025
2026
2025
Sterling/US dollar
1.34
1.28
1.32
1.30
Sterling/euro
1.15
1.19
1.45
1.20
Sterling/Czech koruna
28.24
29.95
28.13
29.89
Sterling/Chinese yuan
9.49
9.21
9.09
9.40
Sterling/Indian rupee
118.88
108.05
123.75
110.67
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Fair values
The fair value is the amount at which a \ufb01nancial instrument could be exchanged in an arm\u2019s length transaction between third parties. Where available, market values are used to determine fair values, otherwise
fair values are calculated by discounting expected cash \ufb02ows at prevailing interest and exchange rates. The fair value of the derivatives and \ufb01nancial instruments was not materially different to the book value at
31 March 2026 and 31 March 2025. Unrecognised and deferred gains and losses in respect of derivatives and \ufb01nancial instruments at 31 March 2026 were insigni\ufb01cant.
Hedges of net investments in foreign operations
The Group has net investments in foreign operations in its subsidiaries in North America, France, Czechia, China and India.
A foreign currency exposure arises from the Group\u2019s net investments in subsidiaries with foreign currencies i.e. functional currencies other than sterling. The risk arises from the \ufb02uctuations in spot exchange rates
between these foreign currencies and sterling (in particular the sterling/US dollar exchange rate), which causes the amount of the Group\u2019s net investment to vary when translated into sterling.
Parts of the Group\u2019s net investments in these overseas subsidiaries are hedged by foreign currency denominated, secured loans, as detailed in note 19. This mitigates the foreign currency risks arising from the
subsidiary\u2019s net assets. The loan is designated as a hedging instrument for the changes in the value of the net investments that are attributable to changes in the spot exchange rates.
A summary of the Group\u2019s hedges of net investments in foreign operations is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
Carrying amount
Carrying amount
\u00a0
Loans and
\u00a0 \u00a0
Loans and
\u00a0 \u00a0
\u00a0
borrowings
Assets
Liabilities
borrowings
Assets
Liabilities
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
\u00a3000
US dollar
5,765
30,773
(8,711)
10,301
31,862
(11,022)
Euro
\u2014
3,103
(1,261)
4,109
5,291
(1,258)
Other currencies
\u2014
24,226
5,791
\u2014
23,221
(6,108)
\n
To assess hedge effectiveness, the Group determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the debt that is attributable
to a change in the spot rate with changes in the investment in the foreign operation due to movements in the spot rate (the offset method). The Group\u2019s policy is to hedge the net investment only to the extent of
the debt principal.
During the year a gain of \u00a30.2 million (2025: \u00a30.4 million gain) was recognised on these hedging instruments within other comprehensive income. During the year there has been no hedge ineffectiveness
recognised in pro\ufb01t or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "Capital risk management
The capital structure of the Group consists of net debt, comprising borrowings as detailed in note 19
offset by cash and cash deposits as detailed in note 18, and equity of the Group comprising issued share
capital, reserves and retained earnings as detailed in the statement of changes in equity.
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a
going concern in order to provide returns for shareholders and bene\ufb01ts for other stakeholders and to
maintain an appropriate capital structure. In order to maintain or adjust the capital structure, the Group
will take into account the amount of dividends paid to shareholders, the level of debt and the number
of shares in issue. Close control of deployment of capital is maintained by detailed management review
procedures for authorisation of signi\ufb01cant capital commitments, such as land acquisition, capital
targets for local management and a system of internal interest charges, ensuring capital cost impact is
understood and considered by all management tiers.
Decisions regarding the balance of equity and borrowings, dividend policy and all major borrowing
facilities are reserved for the Board.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "27 Cash generated from operations \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Pro\ufb01t for the year
2,695
872
Adjustments for:
\u00a0\u00a0
Pension scheme costs settled by the Scheme
\u2014
192
Depreciation charge
5,896
6,456
Amortisation charge
107
87
Non-underlying rationalisation costs
\u2014
(1,041)
Non-underlying settlement of legacy claims
\u2014
(1)
Loss on disposal of other plant and equipment
\u2014
2
Pro\ufb01t on disposal of intangible non-current assets
(14)
\u2014
Share-based payment charge
61
32
Financial income
(46)
(571)
Financial expense
7,478
5,499
Taxation expense
2,137
1,780
Operating cash \ufb02ow before changes in working capital
18,314
13,307
Changes in working capital
\u00a0\u00a0
(Increase)/decrease in inventories
(1,099)
1,310
Increase in contract assets
(112)
(93)
(Increase)/decrease in trade and other receivables
(2,434)
2,269
(Increase)/decrease in trade and other payables
(2,774)
3,862
Decrease/(increase) in contract liabilities
92
(1,317)
Decrease/(increase) in provisions
6
(272)
Cash generated from operations
11,993
19,066
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "28 Financial commitments \n \n
2026
2025
\u00a3000
\u00a3000
Contracted future capital expenditure
385
49
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "28 Financial commitments \n \n
2026
2025
\u00a3000
\u00a3000
Contracted future capital expenditure
385
49
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "29 Related parties
Identity of related parties
During the year to 31 March 2026, the Group paid \u00a30.6 million (2025: \u00a30.7 million) to Thingtrax
Limited, a company that offers intelligent manufacturing infrastructure as a service; the cost has been
recognised in the income statement. Frank Doorenbosch, a Carclo plc Executive Director, is also a
Non-Executive Director of Thingtrax Limited and, as such, the company is identi\ufb01ed as a related party.
There is no balance outstanding as at 31 March 2026 (FY25: \u00a3nil outstanding).
On 30 September 2025, Carclo plc settled a liability of \u00a329,500 on behalf of Frank Doorenbosch,
Chief Executive Of\ufb01cer, in connection with the purchase of Carclo plc shares on market in his name.
The amount was repaid in full on 2 October 2025, together with interest and costs, with no loss to the
Company.
There have been no other changes to related parties in the year ended 31 March 2026.
Transactions with key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing
and controlling the activities of the Group. This includes all Executive and Non-Executive Directors and
other members of the senior management team who meet the above criteria. Total compensation for
key management personnel during the year was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Short-term bene\ufb01ts
1,978
2,130
Share-based payments
29
5
Total compensation
2,007
2,135
\n
The remuneration of the Directors of Carclo plc can be found in the Directors\u2019 remuneration report on
pages 61 to 75.
Group pension scheme
A third-party professional \ufb01rm is engaged to administer the Group\u2019s UK de\ufb01ned bene\ufb01t pension scheme
(the Carclo Group Pension Scheme). The associated investment costs are borne by the Scheme in full. It
has been agreed with the trustees of the pension Scheme that, under the terms of the recovery plan, the
Scheme would bear its own administration costs.
Contributions agreed with the trustees of the Group pension Scheme were \u00a30.3 million per month
during the year to 31 March 2025 to incorporate both de\ufb01cit recovery contributions and Scheme
expenses including the PPF levy. The monthly cost will remain the same in the year to 31 March 2027.
Carclo incurred Scheme administration costs of \u00a30.6 million during the year which have been charged
to the consolidated income statement (2025: \u00a31.0 million). Costs of \u00a3nil were incurred to manage the
plan\u2019s assets (2025: \u00a3nil). The total of de\ufb01cit reduction contributions and administration costs paid by
the Group during the year was \u00a38.3 million (2025: \u00a33.2 million), which included \u00a35.1 million additional
contributions allowing securitised assets marked in favour of the Group pension Scheme to be
reassigned to BZ, the new lender. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "Transactions with key management personnel
Key management personnel are those persons having authority and responsibility for planning, directing
and controlling the activities of the Group. This includes all Executive and Non-Executive Directors and
other members of the senior management team who meet the above criteria. Total compensation for
key management personnel during the year was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2026
2025
\u00a0
\u00a3000
\u00a3000
Short-term bene\ufb01ts
1,978
2,130
Share-based payments
29
5
Total compensation
2,007
2,135
\n
The remuneration of the Directors of Carclo plc can be found in the Directors\u2019 remuneration report on
pages 61 to 75.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "30 Group entities
The Group\u2019s ultimate parent company is Carclo plc which is incorporated in England.
The ordinary share capital of the subsidiary undertakings is owned by the Company except where indicated.
Investments in subsidiaries
The Company and Group have the following investments in subsidiaries:
\u00a0
Registered
Principal place
\u00a0
Class of
2026
2025
Company
of\ufb01ce address
of business
Status
shares held
%
%
Acre Mills (UK) Limited
1
UK
Dormant
Ordinary
100
100
Arthur Lee & Sons (Hot Rolling Mills) Limited
1
UK
Dormant
Ordinary
100
100
Australian Card Clothing Limited
1
UK
Dormant
Ordinary
100
100
Bruntons Aero Products Limited
1
UK
Active
Ordinary
100
100
Bruntons (Musselburgh) Limited
2
UK
Dormant
Ordinary
100
100
Brymill Stockholders Limited
1
UK
Dormant
Ordinary
100
100
Carclo Diagnostic Solutions Limited
1
UK
Dormant
Ordinary
100
100
Carclo Group Services Limited
1
UK
Dormant
Ordinary
100
100
Carclo Holding Corporation
One Nexus Way, Camana Bay,
Cayman Islands
Active
Ordinary
100
100
\u00a0
Grand Cayman, KY1-9005
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Carclo Holding Limited
1
UK
Dormant
Ordinary
100
100
Carclo Investments Limited
1
UK
Dormant
Ordinary
100
100
Carclo Overseas Holdings Limited
1
UK
Active
Ordinary
100
100
Carclo Platt Nederland BV
1
UK
Active
Ordinary
100
100
Carclo Technical Plastics Limited
1
UK
Active
Ordinary
100
100
Carclo Technical Plastics Private Co. Limited
27A (2) KIADB Industrial Area,
India
Active
Ordinary
100
100
\u00a0
Doddabalapur, Bangalore - 561203, Karnataka
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Carclo Technical Plastics (Mitcham) Limited
1
UK
Dormant
Ordinary
100
100
Carclo Technical Plastics (Slough) Limited
1
UK
Dormant
Ordinary
100
100
Carclo Zephyr Limited
1
UK
Dormant
Ordinary
100
100
CIT Technology Limited
1
UK
Dormant
Ordinary
100
100
Critchley, Sharp & Tetlow Limited
1
UK
Dormant
Ordinary
100
100
Crowther & Gee Limited
1
UK
Dormant
Ordinary
100
100
CTP Davall Limited
2
UK
Dormant
Ordinary
100
100
\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA.
\n \n
Registered
Principal place
Class of
2026
2025
Company
of\ufb01ce address
of business
Status
shares held
%
%
CTP Lich\ufb01eld Limited
1
UK
Dormant
Ordinary
100
100
CTP Silleck Limited
1
UK
Dormant
Ordinary
100
100
CTP Silleck Scotland Limited
2
UK
Dormant
Ordinary
100
100
CTP White Knight Limited
1
UK
Dormant
Ordinary
100
100
Dell Baler Limited
1
UK
Dormant
Ordinary
100
100
Edwin Stead & Sons Limited
1
UK
Dormant
Ordinary
100
100
Fairbank Brearley Limited
1
UK
Dormant
Ordinary
100
100
Finespark (Horsham) Limited
1
UK
Dormant
Ordinary
100
100
High\ufb01eld Mills Limited
1
UK
Dormant
Ordinary
100
100
Hills Diecasting Company Limited
1
UK
Dormant
Ordinary
100
100
Hills Non Ferrous Limited
1
UK
Dormant
Ordinary
100
100
Horsfall & Bickham Limited
1
UK
Dormant
Ordinary
100
100
Horsfall Card Clothing Limited
1
UK
Dormant
Ordinary
100
100
Ironfoil Limited
1
UK
Dormant
Ordinary
100
100
John Sharp (Wire) Limited
1
UK
Dormant
Ordinary
100
100
J.W.& H. Platt Limited
1
UK
Dormant
Ordinary
100
100
Lee of Shef\ufb01eld Limited
1
UK
Dormant
Ordinary
100
100
Lee Stainless Steel Services Limited
1
UK
Dormant
Ordinary
100
100
Leeplas Limited
1
UK
Dormant
Ordinary
100
100
Metallic Card Clothing Company Limited (The)
1
UK
Dormant
Ordinary
100
100
Norseman (Cables & Extrusions) Limited
1
UK
Dormant
Ordinary
100
100
Novoplex Limited
1
UK
Dormant
Ordinary
100
100
Pratt, Levick and Company Limited
1
UK
Dormant
Ordinary
100
100
Rumbold Securities Limited
1
UK
Dormant
Ordinary
100
100
Seymour Plastics Limited
1
UK
Dormant
Ordinary
100
100
Shef\ufb01eld Wire Rope Company Limited (The)
1
UK
Dormant
Ordinary
100
100
\n\n\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
\n
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA.
\n \n
Registered
Principal place
Class of
2026
2025
Company
of\ufb01ce address
of business
Status
shares held
%
%
Shepley Investments Limited
1
UK
Dormant
Ordinary
100
100
Smith Wires Limited
1
UK
Dormant
Ordinary
100
100
Station Road (UK) Limited
1
UK
Dormant
Ordinary
100
100
Streamline Aerospace Limited
1
UK
Dormant
Ordinary
100
100
Texture Rolled Limited
1
UK
Dormant
Ordinary
100
100
Thomas White & Sons Limited
2
UK
Dormant
Ordinary
100
100
Trubrite Limited
1
UK
Dormant
Ordinary
100
100
Tru-Grit Limited
1
UK
Dormant
Ordinary
100
100
Woodcock & Booth Limited
1
UK
Dormant
Ordinary
100
100
Woodhead Limited
1
UK
Dormant
Ordinary
100
100
Yorkshire Engineering Supplies Limited
1
UK
Dormant
Ordinary
100
100
\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
\n
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA.
Group entities
\n\n \n
Registered
Principal place
Class of
2026
2025
Group
of\ufb01ce address
of business
Status
shares held
%
%
Apollo Steels Limited
1
UK
Dormant
Ordinary
100
100
Carclo France SAS
40 bis Avenue d\u2019Orleans, 28000, Chartres
France
Active
Ordinary
100
100
Carclo Securities Limited
1
UK
Dormant
Ordinary
100
100
Carclo Technical Plastics (Brno) s.r.o
Turanka 98, 627000, Brno
Czechia
Active
Ordinary
100
100
Carclo US Finance No. 2
1
UK
Dormant
Ordinary
100
100
Carclo US Holdings Inc
600 Depot St. Latrobe, PA. 15650
USA
Active
Ordinary
100
100
Chapmans Springs Limited
1
UK
Dormant
Ordinary
100
100
CTP Alan Limited
1
UK
Dormant
Ordinary
100
100
CTP Carrera Inc
600 Depot St. Latrobe, PA. 15650
USA
Active
Ordinary
100
100
CTP Moulded Gears Limited
1
UK
Dormant
Ordinary
100
100
CTP Precision Tooling Limited
1
UK
Dormant
Ordinary
100
100
CTP Taicang Co., Ltd
No. 8 Xixin Road, Chengxiang Town, Taicang
China
Active
Ordinary
100
100
City, Jiangsu Province 215411
Datacall Limited
1
UK
Dormant
Ordinary
100
100
D.B.T. (Motor Factors) Limited
1
UK
Dormant
Ordinary
100
100
Douglas Campbell Limited
2
UK
Dormant
Ordinary
100
100
European Card Clothing Company Limited
1
UK
Dormant
Ordinary
100
100
Electro-Medical Limited
1
UK
Dormant
A1 ordinary
64
64
& ordinary
Finemoulds Limited
1
UK
Dormant
Ordinary
100
100
Finespark (Singapore) PTE. Limited
One Raf\ufb02es Place, #10-62, Tower
2
Singapore
Member\u2019s
Ordinary
Voluntary
Liquidation
100
100
\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
\n
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Registered
Principal place
\u00a0
Class of
2026
2025
Group
of\ufb01ce address
of business
Status
shares held
%
%
Gilby-Brunton Limited
2
UK
Dormant
Ordinary
100
100
Industates Limited
1
UK
Dormant
Ordinary
100
100
Jacottet Industrie SAS
40 bis Avenue d\u2019Orleans, 28000, Chartres
France
Active
Ordinary
100
100
John Shaw Lifting & Testing Services Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead (Manchester) Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead (Ossett) Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead (Shef\ufb01eld) Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead & Sons Limited
1
UK
Dormant
Ordinary
100
100
K.A.S. Precision Engineering Limited
1
UK
Dormant
Ordinary
100
100
Platform Diagnostics Limited
1
UK
Dormant
A1 ordinary
64
64
Rumbold Investments Limited
1
UK
Dormant
Ordinary
100
100
Shepley Securities Limited
1
UK
Dormant
Ordinary
100
100
Sima Plastics Limited
1
UK
Dormant
Ordinary
100
100
Squires Steel Stockholders Limited
1
UK
Dormant
Ordinary
100
100
Sybro Limited
1
UK
Dormant
Ordinary
100
100
Toledo Woodhead Springs Limited
1
UK
Dormant
Ordinary
100
100
Tolwood Engineering Limited
1
UK
Dormant
Ordinary
100
100
Woodhead Components Limited
1
UK
Dormant
Ordinary
100
100
Woodhead Construction Services Limited
1
UK
Dormant
Ordinary
100
100
Woodhead Steel Limited
1
UK
Dormant
Ordinary
100
100
\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00114": { "value": "Carclo plc ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00118": { "value": "Carclo plc ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "plc ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00119": { "value": "England.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00116": { "value": "England.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00112": { "value": "England.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "Investments in subsidiaries
The Company and Group have the following investments in subsidiaries:
\u00a0
Registered
Principal place
\u00a0
Class of
2026
2025
Company
of\ufb01ce address
of business
Status
shares held
%
%
Acre Mills (UK) Limited
1
UK
Dormant
Ordinary
100
100
Arthur Lee & Sons (Hot Rolling Mills) Limited
1
UK
Dormant
Ordinary
100
100
Australian Card Clothing Limited
1
UK
Dormant
Ordinary
100
100
Bruntons Aero Products Limited
1
UK
Active
Ordinary
100
100
Bruntons (Musselburgh) Limited
2
UK
Dormant
Ordinary
100
100
Brymill Stockholders Limited
1
UK
Dormant
Ordinary
100
100
Carclo Diagnostic Solutions Limited
1
UK
Dormant
Ordinary
100
100
Carclo Group Services Limited
1
UK
Dormant
Ordinary
100
100
Carclo Holding Corporation
One Nexus Way, Camana Bay,
Cayman Islands
Active
Ordinary
100
100
\u00a0
Grand Cayman, KY1-9005
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Carclo Holding Limited
1
UK
Dormant
Ordinary
100
100
Carclo Investments Limited
1
UK
Dormant
Ordinary
100
100
Carclo Overseas Holdings Limited
1
UK
Active
Ordinary
100
100
Carclo Platt Nederland BV
1
UK
Active
Ordinary
100
100
Carclo Technical Plastics Limited
1
UK
Active
Ordinary
100
100
Carclo Technical Plastics Private Co. Limited
27A (2) KIADB Industrial Area,
India
Active
Ordinary
100
100
\u00a0
Doddabalapur, Bangalore - 561203, Karnataka
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Carclo Technical Plastics (Mitcham) Limited
1
UK
Dormant
Ordinary
100
100
Carclo Technical Plastics (Slough) Limited
1
UK
Dormant
Ordinary
100
100
Carclo Zephyr Limited
1
UK
Dormant
Ordinary
100
100
CIT Technology Limited
1
UK
Dormant
Ordinary
100
100
Critchley, Sharp & Tetlow Limited
1
UK
Dormant
Ordinary
100
100
Crowther & Gee Limited
1
UK
Dormant
Ordinary
100
100
CTP Davall Limited
2
UK
Dormant
Ordinary
100
100
\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA.
\n\n\n \n
Registered
Principal place
Class of
2026
2025
Company
of\ufb01ce address
of business
Status
shares held
%
%
CTP Lich\ufb01eld Limited
1
UK
Dormant
Ordinary
100
100
CTP Silleck Limited
1
UK
Dormant
Ordinary
100
100
CTP Silleck Scotland Limited
2
UK
Dormant
Ordinary
100
100
CTP White Knight Limited
1
UK
Dormant
Ordinary
100
100
Dell Baler Limited
1
UK
Dormant
Ordinary
100
100
Edwin Stead & Sons Limited
1
UK
Dormant
Ordinary
100
100
Fairbank Brearley Limited
1
UK
Dormant
Ordinary
100
100
Finespark (Horsham) Limited
1
UK
Dormant
Ordinary
100
100
High\ufb01eld Mills Limited
1
UK
Dormant
Ordinary
100
100
Hills Diecasting Company Limited
1
UK
Dormant
Ordinary
100
100
Hills Non Ferrous Limited
1
UK
Dormant
Ordinary
100
100
Horsfall & Bickham Limited
1
UK
Dormant
Ordinary
100
100
Horsfall Card Clothing Limited
1
UK
Dormant
Ordinary
100
100
Ironfoil Limited
1
UK
Dormant
Ordinary
100
100
John Sharp (Wire) Limited
1
UK
Dormant
Ordinary
100
100
J.W.& H. Platt Limited
1
UK
Dormant
Ordinary
100
100
Lee of Shef\ufb01eld Limited
1
UK
Dormant
Ordinary
100
100
Lee Stainless Steel Services Limited
1
UK
Dormant
Ordinary
100
100
Leeplas Limited
1
UK
Dormant
Ordinary
100
100
Metallic Card Clothing Company Limited (The)
1
UK
Dormant
Ordinary
100
100
Norseman (Cables & Extrusions) Limited
1
UK
Dormant
Ordinary
100
100
Novoplex Limited
1
UK
Dormant
Ordinary
100
100
Pratt, Levick and Company Limited
1
UK
Dormant
Ordinary
100
100
Rumbold Securities Limited
1
UK
Dormant
Ordinary
100
100
Seymour Plastics Limited
1
UK
Dormant
Ordinary
100
100
Shef\ufb01eld Wire Rope Company Limited (The)
1
UK
Dormant
Ordinary
100
100
\n\n\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
\n
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA.
\n\n\n \n
Registered
Principal place
Class of
2026
2025
Company
of\ufb01ce address
of business
Status
shares held
%
%
Shepley Investments Limited
1
UK
Dormant
Ordinary
100
100
Smith Wires Limited
1
UK
Dormant
Ordinary
100
100
Station Road (UK) Limited
1
UK
Dormant
Ordinary
100
100
Streamline Aerospace Limited
1
UK
Dormant
Ordinary
100
100
Texture Rolled Limited
1
UK
Dormant
Ordinary
100
100
Thomas White & Sons Limited
2
UK
Dormant
Ordinary
100
100
Trubrite Limited
1
UK
Dormant
Ordinary
100
100
Tru-Grit Limited
1
UK
Dormant
Ordinary
100
100
Woodcock & Booth Limited
1
UK
Dormant
Ordinary
100
100
Woodhead Limited
1
UK
Dormant
Ordinary
100
100
Yorkshire Engineering Supplies Limited
1
UK
Dormant
Ordinary
100
100
\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
\n
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA.
\n\n\n
Group entities
\n\n \n
Registered
Principal place
Class of
2026
2025
Group
of\ufb01ce address
of business
Status
shares held
%
%
Apollo Steels Limited
1
UK
Dormant
Ordinary
100
100
Carclo France SAS
40 bis Avenue d\u2019Orleans, 28000, Chartres
France
Active
Ordinary
100
100
Carclo Securities Limited
1
UK
Dormant
Ordinary
100
100
Carclo Technical Plastics (Brno) s.r.o
Turanka 98, 627000, Brno
Czechia
Active
Ordinary
100
100
Carclo US Finance No. 2
1
UK
Dormant
Ordinary
100
100
Carclo US Holdings Inc
600 Depot St. Latrobe, PA. 15650
USA
Active
Ordinary
100
100
Chapmans Springs Limited
1
UK
Dormant
Ordinary
100
100
CTP Alan Limited
1
UK
Dormant
Ordinary
100
100
CTP Carrera Inc
600 Depot St. Latrobe, PA. 15650
USA
Active
Ordinary
100
100
CTP Moulded Gears Limited
1
UK
Dormant
Ordinary
100
100
CTP Precision Tooling Limited
1
UK
Dormant
Ordinary
100
100
CTP Taicang Co., Ltd
No. 8 Xixin Road, Chengxiang Town, Taicang
China
Active
Ordinary
100
100
City, Jiangsu Province 215411
Datacall Limited
1
UK
Dormant
Ordinary
100
100
D.B.T. (Motor Factors) Limited
1
UK
Dormant
Ordinary
100
100
Douglas Campbell Limited
2
UK
Dormant
Ordinary
100
100
European Card Clothing Company Limited
1
UK
Dormant
Ordinary
100
100
Electro-Medical Limited
1
UK
Dormant
A1 ordinary
64
64
& ordinary
Finemoulds Limited
1
UK
Dormant
Ordinary
100
100
Finespark (Singapore) PTE. Limited
One Raf\ufb02es Place, #10-62, Tower
2
Singapore
Member\u2019s
Ordinary
Voluntary
Liquidation
100
100
\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
\n
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Registered
Principal place
\u00a0
Class of
2026
2025
Group
of\ufb01ce address
of business
Status
shares held
%
%
Gilby-Brunton Limited
2
UK
Dormant
Ordinary
100
100
Industates Limited
1
UK
Dormant
Ordinary
100
100
Jacottet Industrie SAS
40 bis Avenue d\u2019Orleans, 28000, Chartres
France
Active
Ordinary
100
100
John Shaw Lifting & Testing Services Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead (Manchester) Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead (Ossett) Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead (Shef\ufb01eld) Limited
1
UK
Dormant
Ordinary
100
100
Jonas Woodhead & Sons Limited
1
UK
Dormant
Ordinary
100
100
K.A.S. Precision Engineering Limited
1
UK
Dormant
Ordinary
100
100
Platform Diagnostics Limited
1
UK
Dormant
A1 ordinary
64
64
Rumbold Investments Limited
1
UK
Dormant
Ordinary
100
100
Shepley Securities Limited
1
UK
Dormant
Ordinary
100
100
Sima Plastics Limited
1
UK
Dormant
Ordinary
100
100
Squires Steel Stockholders Limited
1
UK
Dormant
Ordinary
100
100
Sybro Limited
1
UK
Dormant
Ordinary
100
100
Toledo Woodhead Springs Limited
1
UK
Dormant
Ordinary
100
100
Tolwood Engineering Limited
1
UK
Dormant
Ordinary
100
100
Woodhead Components Limited
1
UK
Dormant
Ordinary
100
100
Woodhead Construction Services Limited
1
UK
Dormant
Ordinary
100
100
Woodhead Steel Limited
1
UK
Dormant
Ordinary
100
100
\n
1.
Registered of\ufb01ce address is: 47 Wates Way, Mitcham, Surrey, CR4 4HR.
2. Registered of\ufb01ce address is: C/O Bruntons Aero Products, Units 1-3, Block 1, Inveresk Industrial Estate, Musselburgh, East Lothian, EH21 7PA", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00113": { "value": "47 Wates Way, Mitcham, Surrey, CR4 4HR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00390": { "value": "31 Contingent asset
The Group is pursuing additional recoveries under certain insurance policies in respect of an insured
event. Management considers the receipt of further insurance proceeds to be probable. However, due
to the current status of discussions and claims assessment processes, the amount and timing of any
additional recovery cannot be estimated reliably at the reporting date. Accordingly, no asset has been
recognised in respect of the potential additional proceeds.", "dimensions": { "concept": "car.l:DisclosureOfContingentAssetExplanatoryTextBlock", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "Company balance sheet \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2026
2025
\u00a0
Notes
\u00a3000
\u00a3000
Non-current assets
\u00a0 \u00a0 \u00a0
Intangible assets
C4
181
72
Property, plant and equipment
C3
20
79
Investments in subsidiary undertakings
C5
23,560
23,560
Debtors \u2013 amounts falling due after more than one year
C6
\u2014
805
Deferred tax assets
C10
283
283
\u00a0 \u00a0
24,044
24,799
Current assets
\u00a0 \u00a0 \u00a0
Debtors \u2013 amounts falling due within one year
C6
33,560
40,530
Cash at bank and in hand
\u00a0
118
1,468
\u00a0 \u00a0
33,678
41,998
Creditors \u2013 amounts falling due within one year
\u00a0 \u00a0 \u00a0
Trade and other creditors
C8
(58,403)
(135,197)
\u00a0 \u00a0
(58,403)
(135,197)
Net current liabilities
\u00a0
(24,725)
(93,199)
Total assets less current liabilities
\u00a0
(681)
(68,400)
Creditors \u2013 amounts falling due after more than one year
C8, C9
(41,909)
(9,893)
\n \n
2026
2025
Notes
\u00a3000
\u00a3000
Net assets excluding pension liability
(42,590)
(78,293)
Pension liability
C11
(46,785)
(51,743)
Net liabilities
(89,375)
(130,036)
Capital and reserves
Called-up share capital
24
3,671
3,671
Share premium account
7,359
7,359
Pro\ufb01t and loss account
(100,405)
(141,066)
Shareholders\u2019 de\ufb01cit
(89,375)
(130,036)
\n
The Company reported a pro\ufb01t after tax for the year of \u00a340.5 million (2025: loss of \u00a39.0 million). Pro\ufb01t for the year includes dividend income of \u00a352m relating to the waiving of an intercompany loan. For further
\n
detail see note C8.
\n
These accounts were approved by the Board of Directors on 30 June 2026 and were signed on its behalf by:
\n
Frank Doorenbosch
Ian Tichias
\n
Chief Executive Of\ufb01cer
Chief Financial Of\ufb01cer
\n
Registered Number 00196249
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Share
Share
Pro\ufb01t and
Total
\u00a0
capital
premium
loss account
equity
\u00a0
\u00a3000
\u00a3000
\u00a3000
\u00a3000
Balance at 1 April 2024
3,671
7,359
(116,840)
(105,810)
Loss for the year
\u2014
\u2014
(8,995)
(8,995)
Other comprehensive expense
\u00a0 \u00a0 \u00a0 \u00a0
Remeasurement losses on de\ufb01ned bene\ufb01t scheme
\u2014
\u2014
(15,253)
(15,253)
Taxation on items above
\u2014
\u2014
\u2014
\u2014
Total comprehensive expense for the year
\u2014
\u2014
(24,248)
(24,248)
Transactions with owners recorded directly in equity
\u00a0 \u00a0 \u00a0 \u00a0
Share-based payments
\u2014
\u2014
22
22
Balance at 31 March and 1 April 2025
3,671
7,359
(141,066)
(130,036)
Pro\ufb01t for the year
\u2014
\u2014
40,469
40,469
Other comprehensive expense
\u00a0 \u00a0 \u00a0 \u00a0
Remeasurement losses on de\ufb01ned bene\ufb01t scheme
\u2014
\u2014
51
51
Taxation on items above
\u2014
\u2014
\u2014
\u2014
Total comprehensive income for the year
\u2014
\u2014
40,520
40,520
Transactions with owners recorded directly in equity
\u00a0 \u00a0 \u00a0 \u00a0
Share-based payments
\u2014
\u2014
61
61
Net investment hedge
\u2014
\u2014
80
80
Balance at 31 March 2026
3,671
7,359
(100,405)
(89,375)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:21380078MEM399JPI956", "period": "2025-04-01T00:00:00/2026-04-01T00:00:00" } } } }